Denne nyhed er på engelsk:
On behalf of our clients, we are initiating a search for a European direct lending manager that is currently in fundraising mode or will consider an SMA. The commitment will be EUR 75 – 150m—most likely around EUR 100m. Going forward, Spektrum expects to make a new private debt commitment at least every other year.
Spektrum is a Danish investment management firm and advisor for long-term investors such as family offices, foundations, companies and pension funds.
For the first round RPP, we will ask you to provide the following:
- Standard presentation of the fund (long version)
- Standard DDQ for the fund
- Fill out the questions in the Light DDQ (Please contact us if you want to receive this)
- Fill out the information in the GP Fact Sheet (Please contact us if you want to receive this)
Please send the requested information to Christian Folke (firstname.lastname@example.org) with the subject line "European direct lending 2020".
Deadline: 25 June (End of day). Please note that only managers that have provided the above information will be considered.
Based on the information received in the first round RPP, Spektrum will invite a number of managers to participate in the in-depth due diligence process in H2 2020.
Please note: Managers that are not selected for the shortlist will receive feedback once the search is finalised—and not during the search.
Summary of the mandate:
- Commitment: EUR 75 – 150m (most likely around EUR 100m)
- Asset class: Private corporate debt. Not infrastructure or real estate.
- Seniority: Primarily Senior / Unitranche
- Return target: 6 – 9% Net IRR (unlevered), which will hopefully be 200 – 400 bps p.a. in excess return to syndicated loans / HY
- Sources of returns: Libor+Margin, Floor, Origination Fees, Prepayment Penalties, Equity Co-invest, etc.
- Geography: Diversification across regional markets is preferred, however, country-focused funds are not disqualified
- Market segment: Both upper and lower mid market managers are considered
- Sector: Broad diversification is preferred. Limited commodity exposure. No oil / tobacco exposure
- Fund term: 7 – 8 years
- Investment period: 2 – 3 years
- Holdings: More than 20 underlying issuers are preferred
- Fund structure: Luxembourg SICAV or similar. SMA is a possibility. Only closed ended funds/mandates
- Tax code of conduct: Managers that comply with below tax code of conduct are preferred
For questions related to the search (written questions are preferred):