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Edito 2021

Kartesia reaches fundraising milestones

The private debt model has continued to display its resilience to the impact of the coronavirus which, despite the encouraging rollout of vaccines and lifting of global lockdown restrictions, continues to bring volatility to public equity and fixed income markets. We have been able to continue deploying capital, providing essential financing for the exciting growth of key sectors of Europe’s economies, with recent deals announced in the UK, Italy, France and Spain, evidence of our growing impact and footprint in an increasing number of markets. 

This year has also seen Kartesia close its two largest funds ever, demonstrating the continual rise in investor appetite for this resilient private debt model and the need for non-bank financing among Europe’s small and medium sized businesses. Kartesia Senior Opportunities I (KSO I), the inaugural senior debt strategy launched in 2019, raised €1bn on its final close in March and now has on-the-ground representation in our main markets of the UK, France, Germany and Spain. The fund has made nearly 20 investments since it started investing and has a strong pipeline for the rest of this year. 

We were also very pleased to close the fifth vintage of our flagship Kartesia Credit Opportunities (KCO) strategy at €1.5bn, almost double the size of KCO IV. We have already deployed over €500m from this fund over 27 investments and are excited about the rest of the year in both primary and secondary markets. While the senior debt fund still commits 50% of its capital to private equity sponsored transactions, KCO V largely targets sponsorless transactions (76% of the more than €500m committed so far), which is a fast growing but less competitive segment of the lower mid-market and reduces our dependence on private equity dry powder. We believe this will continue to provide us with significant opportunities and give competitive advantage over some of our peers. 

While it is always pleasing to close larger funds and enjoy the advantages this increased scale provides, we were particularly happy with the fact that both KSO I and KCO V attracted brand new capital from a broader geographic and type base. 53% and 65% of committed capital to KCO and KSO respectively was from new investors, evidence of the sharp rise in interest in the asset class in Europe and the proven track record of Kartesia in the lower mid-market. We also want to thank our loyal existing investors who committed additional capital to these funds, without whom our success so far would not have been possible!

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