London-based asset management firm Tenax Capital has launched a fund focused on providing credit to Italian SMEs.
Tenax Credit Italian Fund is a seven year vehicle with a raise target of €150m. It will invest in SMEs with a turnover of €50m/€250m and financial leverage 4.5 times lower than EBITDA and a 5-6% profit target.
Mediolanum Group, via Mediolanum Vita, invested €5m in the fund.
Established in 2004 by Massimo Figna and Nick Watkins, the firm invests in and provide credit to non-financial European borrowers.