Kartesia has enjoyed a milestone year in 2017. On the fundraising side, we closed Kartesia Credit Opportunities IV, a 862 million fund that continues Kartesia’s strategy of investing in primary and secondary debt and CLO transactions for small and middle market companies in Europe. We are delighted to welcome new world-renowned investors from the USA, Europe and Israel, and we are equally pleased by the renewed faith shown by our KCO III investors.
Foraco, a leading global mineral drilling services company facing the challenges of industry-wide overcapacity
Foraco International is a leading global mineral drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the world’s third-largest global drilling firm, with a presence in 22 countries across five continents.
Kartesia is pursuing its strategy of investing opportunistically in the collateralised loan obligation (CLO) market, thereby continuing KCO III investment thesis. In July, KCO IV closed its first CLO deal by acquiring the majority of the subordinated notes of BNP Paribas AM 2017 CLO, a new European CLO vehicle.
Finding the best deal on a favourable CLO market
In May 2017, Kartesia provided a €25 million convertible loan to insurance software group Vet+a. Investment Manager Tomás Neuhaus, who handled the deal alongside Founding Partner Jaime Prieto, describes how the Spanish company leverages technology to serve insurance companies.
We are pleased to welcome Laura Martinez, who joins Kartesia offices in Madrid. Her role as Operating Director will include attendance to meetings of the Board of Directors of some portfolio companies, assistance to the execution team of Kartesia on the due diligence of new investment opportunities and helping Kartesia and the management team of portfolio companies in its monitoring.
Kartesia’s 2017 Offsite Day was a little bit special. It may have taken place in the southern French village of Collioure, but there were no dips in the sea or suntan sessions. Instead, military fatigues and army boots were the order of the day. All the Kartesia team members went on a four-day course provided by St-Cyr Executive Education at a military base. Focusing on team efficiency and leadership skills, the course included simulation challenges with gradually increasing complexity, with close monitoring by an ex-military mentor.