The investment platform, managed by IDeA Capital Funds SGR and developed with support and funding from the anchor investor Bayside Capital, a credit affiliate of global investment firm H.I.G. Capital, will invest in Italian mid-sized enterprises in distressed situations, aiming to help them restructure and turnaround, and consequently help banks maximize the recovery of their original loans.
Managed by a team led by Francesco Gori, former CEO of Pirelli Tyre and Managing Director of Pirelli & C., and Vincenzo Manganelli, responsible for the financial restructuring process, IDeA CCR (Corporate Credit Recovery) I includes two-sub funds: a Credit Fund and a New Money Fund.
The Credit Fund consists of the loans in eight companies contributed by seven leading banks in Italy: UniCredit, BNL/BNP Paribas, Banca Popolare di Vicenza, MPS, BPM and Biverbanca. The loans have been contributed in exchange for units of the fund. The New Money Fund provides new capital to support the turnaround and growth of the companies in the Credit Fund. H.I.G. Bayside has underwritten 50% of the fund, IDeA Capital and third party investors contributed the balance.
Raffaele Legnani, Managing Director and Head of H.I.G. Capital in Italy, and Giuseppe Mirante, Managing Director of H.I.G. Bayside, will join the investment committee of the Fund.