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Juncker Plan: Acofi’s Predirec ABL-2 Fund for collateralised financing of SMEs and mid-caps finalises new closing with the European Investment Fund

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    Date: 29 March 2019

The investment capacity of the Predirec ABL-2 (Asset-Based Lending 2) Fund, created and managed by Acofi Gestion, amounts to €160m with the arrival of new institutional players firmly established in the financing of French and European companies. This operation comes under the Juncker Plan.

Predirec ABL-2 is a fund dedicated to financing medium-sized companies that have limited access to conventional bank or bond financing. The finance made available by the fund, which can independently and directly grant loans or enter into similar transactions, is secured by the collateralisation of fixed assets or current assets owned by the company (industrial plant, real estate, inventory, etc.).

This broad range of collateral types compared to the previous fund (Predirec Leasing Stratégique) enables Predirec ABL-2 to serve more companies in a wider variety of business sectors. At least half of the fund's activity is focused on companies with fewer than 500 employees and at least 60% concerns French firms. The fund’s final fundraising objective is €350m and its next closing is scheduled for the second quarter of 2019. The European Investment Fund (EIF) and new institutional players are joining the original financing pool, which at end-December 2017 comprised financial and industrial investors. The EIF's contribution is guaranteed by the European Fund for Strategic Investments, which is at the heart of the Investment Plan for Europe, also known as the Juncker Plan. 

EIF Chief Executive Pier Luigi Gilibert confirmed that “the EIF is diversifying its sources of financing for SMEs in Europe by supporting new, alternative investment funds for institutional investors and proposing innovative solutions in various regions and countries. The EIF-managed EFSI Private Credit Programme aims to deploy €1bn in funds dedicated to financing SMEs in Europe, and Predirec ABL-2 is a natural candidate for the new investment programme.”

European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici, commented: “I welcome this agreement as the financial assistance that we provide to French SMEs has a direct, positive impact on growth and competitiveness in France. This is why the Juncker Plan is so focused on providing businesses with the resources they need to succeed – more than 237 000 SMEs have already received EFSI support in the country.”

Acofi Gestion’s Deputy CEO Nicolas Fourt, stated: “This initiative corresponds exactly to Acofi Gestion's traditional focus on all business sectors and, specifically in relation to the “mid-market”, on transactions secured by identified, transparent collateral under detailed, protective contracts rather than under “open” financing agreements whose recovery rate would be lower in the event of default. This unique expertise systematically favours bilateral transactions, which clearly distinguishes Acofi Gestion from other operators in the private debt segment.”

About Acofi

Acofi creates investment products and solutions to meet the needs of large institutional investors. With over €2.2bn in assets under management, its initiatives focus mainly on financing real assets and direct lending to the economy, covering four key sectors of activity: specialist financing of industrial enterprises, commercial real estate, energy sector infrastructure, and the public sector. Acofi Gestion is an AIFM portfolio management company, approved by the AMF since 1997, and has been an affiliate of La Française Group (Crédit Mutuel Nord Europe Group) since 2014. www.acofi.com

About the European Investment Fund  

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its main goal is to help microenterprises and SMEs to access financing. The EIF designs and deploys venture capital, growth capital, guarantee and microfinance instruments specifically targeted at this market segment. Its activities foster EU objectives promoting innovation, research and development, enterprise creation, growth, and job creation. (www.eif.org / www.eib.org)

About the Investment Plan for Europe

The Investment Plan for Europe (Juncker Plan) was launched in November 2014 to reverse the downward trend in investment levels and put Europe on the path to economic recovery. Its innovative approach based on the use of an EU budget guarantee provided to the EIB Group has enabled and continues to enable substantial public and private sector funds to be mobilised for investment into strategic sectors of the European economy. The Juncker Plan has already generated almost €390bn of investment, including almost €64.3bn in France, and supported 929 000 companies across Europe.

Press contacts

Acofi - FARGO Agency
Féten Ben Hariz:
Tel. 01 44 82 66 77
fbenhariz@fargo.agency

Hana Ditta:
01 44 82 95 48
hditta@fargo.agency

EIF:
Cyrille Lachèvre

Tel. +352 43 79 73 984
c.lachevre@ext.eib.org

 

 

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