Commodities
| Sector | Financial Markets |
| Sub-sector | Fixed Income and Currencies, Fund Finance |
| Location | London |
AnaCap established a Continuation Fund to acquire interests in two investments that were partially exited earlier in the year. This transaction unlocked the option of full liquidity at valuations set in competitive M&A processes and enabled an extension of the hold period for two highly successful investments, ensuring that the investment horizon of new shareholders is fully aligned, along with additional growth capital for both businesses.
The primary purpose of executing the Continuation Fund deferral facility was to enable the sale of the two assets to the fund by providing a bridge for a portion of the purchase price.
These assets comprised a leading independent German insurance broker consolidation platform and a leading Spanish tax management software provider servicing public administrations.
Macquarie Capital previously advised on the partial sale and debt refinancing of one of the underlying portfolio companies.
Outcome
This allowed AnaCap to bridge investor commitments and allow for additional borrowing capacity for bolt-on acquisitions.
The Continuation Fund gives Limited Partners the option for liquidity or to reinvest in the next stage of growth.
It demonstrates Macquarie Fund Finance’s ability to execute and underwrite highly structured facilities with European private equity managers.
We are confident that the successful execution of AnaCap’s maiden Continuation Fund facility will lead to future financing transactions and further opportunities for Macquarie businesses more broadly.”
Steven Mansy
Head of Fund Finance Origination EMEA
Macquarie Fund Finance, Commodities and Global Markets
Established in 2010, Macquarie Fund Finance is a leading provider of financing solutions to General Partners and their funds throughout the fund lifecycle. The product offering includes subscription lines, bridge loans, NAV facilities and management company loans. Fund Finance operates across all major geographies with staff in New York, London and Sydney.
Learn more
