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EFSI Private Credit Programme

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    Date: 21 December 2018 - 31 October 2020

Update as at 1 November 2020:

The application period for the EFSI Private Credit programme has closed. We are updating the list of selected financial intermediaries on an ongoing basis.

Diversified debt funds are an alternative source of flexible, tailor-made debt financing for businesses, including SMEs, in Europe. This market emerged in response to the retrenchment of banks and other traditional lenders after the financial crisis. Today it provides SMEs with a broader choice of financing options, as well as offering investors an asset class that links institutional savings with real economic growth.

The goal of the EFSI Private Credit Programme is to:

  • Channel private institutional investment into diversified debt funds
  • Increase the volume and diversity of alternative debt financing available to European SMEs and small mid-caps
  • Support market-based, tailor-made funding solutions
  • Contribute to the development of a Capital Markets Union by supporting pan-European investment activity

The programme is a continuation, and expansion, of the EIF’s existing support of diversified debt funds. So far, the EIF has committed around EUR 550m to 12 diversified debt funds, expected to mobilise over EUR 5bn debt financing for the benefit of approximately 1800 SMEs and small mid-caps.

What does the EFSI Private Credit Programme provide?

The EIF makes an equity investment in eligible diversified debt funds selected after a detailed due diligence and negotiation process. In some circumstances, the EIF may also provide bilateral, unfunded credit protection to investors, further encouraging support to this nascent asset class.

Who is eligible for participation in the EFSI Private Credit Programme?

The EIF aims to select diversified debt funds (financial intermediaries) managed by both established and new private fund managers. Eligible diversified debt funds shall apply a portfolio approach, investing in a relatively high number of predominantly senior financing facilities to be extended to SMEs and small mid-caps in the EU. In turn, the selected funds will offer institutional investors an attractive alternative fixed income product, with an adequate risk profile benefiting from broad portfolio diversification.

For complete eligibility criteria, please see the application documents below.

Financial intermediaries - How to apply

Are you interested in becoming a financial intermediary under the EFSI Private Credit Programme?
Apply by downloading and submitting your application documents by 31 October 2020 (date of reception by the EIF). The EIF will assess applications for pre-selection based on the Expressions of Interest, and on a ‘first come, first served’ basis. 

  • Call for Expression of Interest PDF
  • Annex I – Expression of Interest DOC PDF
  • Annex II – Investment Guidelines PDF
The EIF selects financial intermediaries according to a standard process involving due diligence and proof of compliance with relevant standards and legislation. For further questions, please contact: efsiprivatecredit@eif.org.

List the funds / managers the EIF has invested in so far: 

Fund Fund manager Geography Website
Acofi ABL 2 Acosfi gestion FR / D / ES www.acofi.com
Anthilia BIT3 Anthilia SGR IT www.anthilia.it
SP Eurocreance 2018 Schelcher Prince Gestion FR / EU www.sp-gestion.fr
France Economie Reelle Delta AM FR www.delta-am.com
October SME IV October Factory FR / NL/ IT / ES / DE www.october.eu
Ver Capital Credit Partners SMEs VII Ver Capital Partners SGR IT / FR / DE www.vercapital.com
Creditshelf Loan Fund Creditshelf DE www.creditshelf.com
Cardinal SME Finance Cardinal IE www.cardinalcapitalgroup.com
Fondo PMI Italia II FININT SGR IT www.finintsgr.com
Fasanara European Alternative Credit Fasanara EU www.fasanara.com
Idinvest Private Debt V Idinvest Partners EU www.idinvest.com
German Mittelstand Loan ODDO BHF AM DE / EU www.oddo-bhf.com
CEE I Fund CVI PL / RO / CZE www.cvi.pl
KCI Real Economy I Kepler Chevreux IFE FR / DE / BE / NO www.kcim.eu
 

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