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MAR 21, 2024


EUROPEAN INVESTMENT FUND COMMITS 30 MILLION EUROS TO VICENDA'S DEBT
OPPORTUNITIES FUND



Baar/Zug, March 21, 2024 – The Swiss-based Vicenda Group, a private credit
specialist, has secured equity commitments amounting to approximately 100
million Euros for its Vicenda Debt Opportunities SCA SICAV-RAIF (VDOF).

Following seed investments from private investors, including shareholders and
operational partners of Vicenda itself, the European Investment Fund (EIF) has
scaled-up VDOF with a commitment of 30 million Euros. Vicenda is now in
intensive discussions with potential additional institutional investors from
Germany in view to reaching the 250 million Euros target fund size.

The VDOF invests in senior secured loans to small and medium-sized enterprises
(SMEs) primarily located in the countries of the DACH region (Germany, Austria,
Switzerland).

Philipp Schneider, Executive Board Member and Sales Director of Vicenda Group,
explains: "Despite challenging market conditions, the Vicenda Debt Opportunities
Fund has successfully secured substantial capital commitments since its
inception. The financial commitments of Vicenda’s shareholders and operational
partners demonstrate a strong alignment of interest and reaffirm our joint
commitment to the fund's goals. The fund focuses particularly on smaller and
medium-sized enterprises, which are often inadequately served by traditional
debt providers, including banks, partly due to regulatory restrictions. Our
confidence in SMEs is based on their crucial role as the backbone of our
economy. SMEs constitute the majority of the economic structure in Europe and
have repeatedly proven their robustness and adaptability by successfully
overcoming various challenges.”


 


SUSTAINABILITY CONSIDERATIONS IN THE INVESTMENT PROCESS

 

Typical loan amounts granted by VDOF range from 5 million to 25 million Euros.
VDOF, designed as an Article 8 fund according to the EU Disclosure Regulation
(SFDR), promotes environmental and social characteristics, which are also
incorporated into the investment selection process. With the commitment of the
EIF, the fund also includes a minimum target of loans aligned with the EIF
Climate Action and Environmental Sustainability Criteria (CA&ES).

Marjut Falkstedt, Chief Executive at the European Investment Fund, says: "With
the backing of the InvestEU programme, the EIF is happy to be in position to
support Vicenda’s Debt Opportunities Fund, offering flexible and tailor-made
alternative financing solutions for small and medium-sized businesses in the
DACH region, while also including environmental and social considerations
alongside SME competitiveness within the investment process."

 


AT LEAST 90 PERCENT OF LOANS ARE SENIOR SECURED

 

The loans of VDOF are granted for tenors of up to four years, with at least 90
percent being senior secured, and the ordinary term of the fund ending in
October 2028. The fund management expects to finance up to 40 loans during the
planned six-year term. Additionally, VDOF pursues a diversification strategy
based on industry-specific and geographical criteria. Vicenda aims for annual
cash distributions of more than 4-5 percent above the reference rate,
distributed semi-annually, and targets net IRR returns after fees of 11 percent
per annum.

The first loans granted by the fund were to companies based in Germany, active
in sectors, such as industrial, media, software, and telecommunications.

 

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About Vicenda Group AG

Vicenda Group is a partner-led international investment boutique focusing on
various private debt strategies. The Vicenda team consists of 17 experts with
complementary backgrounds in credit, law, taxes, and transaction structuring.
Vicenda offers tailor-made credit solutions for companies and attractive
investment opportunities for investors. The group is particularly active in the
DACH region but also engages across Europe. Founded in 2013, Vicenda has
arranged alternative financings amounting to 1.2 billion Euros in the past five
years alone. Investors in corporate financings have realized an IRR of 12.6%
(with an average loan-to-value of 26.1% and an average EBITDA leverage of 2.8x).
The group is headquartered in Baar (Canton of Zug) and has offices in Zurich,
Frankfurt am Main, and London.

Press Contact

Sabine Bernstein
Feldhoff & Cie. GmbH
Mobil: +49 152 21 90 33 48
sb@feldhoff-cie.de
www.feldhoff-cie.de
 


************************************** 

 
The European Investment Fund (EIF) is part of the European Investment Bank
Group. Its central mission is to support Europe's micro, small and medium-sized
businesses by helping them to access finance. The EIF designs and develops
venture and growth capital, guarantees and microfinance instruments that
specifically target this market segment.
 

The InvestEU programme provides the European Union with crucial long-term
funding by leveraging substantial private and public funds in support of a
sustainable recovery. It also helps mobilise private investments for the
European Union’s policy priorities, such as the European Green Deal and the
digital transition. The InvestEU programme brings together under one roof the
multitude of EU financial instruments currently available to support investment
in the European Union, making funding for investment projects in Europe simpler,
more efficient and more flexible. The programme consists of three components:
the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The
InvestEU Fund is implemented through financial partners that will invest in
projects using the EU budget guarantee of €26.2 billion. The entire budget
guarantee will back the investment projects of the implementing partners,
increase their risk-bearing capacity and thus mobilise at least €372 billion in
additional investment.

Press Contact
 
EIB: Donata Riedel, d.riedel@eib.org, tel.: +49 30 590 04 79-0, mobile: +49 151
14659021
Website: www.eib.org/press, press@eib.org

 

**************************************

 

This is marketing communication. Please refer to the Offering Document of the
AIF before making any final investment decisions.

This document constitutes advertising material and is for information purposes
only. Outside Switzerland, it is addressed solely to professional investors as
defined in Annex II of the Directive 2014/65/EU (as amended). The Fund qualifies
as a foreign collective investment scheme pursuant to Art. 119 para. 2 of the
Swiss Federal Act on Collective Investment Schemes (the CISA) and has not been
and will not be approved by the Swiss Financial Market Supervisory Authority
(the FINMA) to be offered in Switzerland to non-qualified investors. Therefore,
the shares in the Fund will only be offered and sold to qualified investors
pursuant to Art. 10 para. 3 and para. 3ter CISA (the Qualified Investors).
Qualified Investors include professional and institutional investors pursuant to
Art. 4 para. 3-5 and Art. 5 para. 1 and 4 of the Swiss Financial Services Act
(the FinSA). As the Fund will not be subject to the supervision by the FINMA,
holders of shares in the Fund will not benefit from the specific investor
protection under the CISA and the FinSA, respectively, and the supervision by
the FINMA. Neither this document nor any other offering or marketing material
relating to the Fund constitutes a prospectus pursuant to the FinSA, and this
document or any other offering or marketing material relating to the Fund may be
made available in Switzerland solely to Qualified Investors. While the
information is based on sources Vicenda Group AG (VG) considers to be reliable,
VG does not guarantee its accuracy and completeness. VG expressly states that
this document does not constitute a solicitation to purchase the Fund or any
financial instruments and VG does not provide any financial advice or advisory
services to (prospective) investors. Investment decisions by any prospective
investor should be based solely on the terms described in the offering document
of the Fund or any equivalent documentation for the Fund. Any projections,
market outlooks, or estimates in this document are forward looking statements
and are based upon certain assumptions. Other events which were not taken into
account may occur and may significantly affect the returns or performance of the
Fund. Any projections, outlooks, or assumptions should not be construed to be
indicative of the actual events which will occur. Prospective investors must
refer to the offering document of the Fund or any equivalent documentation for
the Fund. The Fund structure may be subject to change. The final Fund structure
will be described in the offering document of the Fund, or an equivalent
documentation for the Fund, that will be provided to prospective investors. Any
prospective investor must rely on that offering document of the Fund, or an
equivalent documentation, to assess the risks and characteristics of the Fund
and should not rely on statements made in this document in making any eventual
investment decision. This document is being furnished to you on the condition
that it will not form a primary basis for any investment decision. VG reserves
the right to change any terms of the offering, including investment parameters,
at any time, and VG disclaims any obligation to update this document to reflect
subsequent developments. This document is strictly confidential and is intended
exclusively for the use of the person to whom it was delivered by VG. This
document may not be reproduced or redistributed in whole or in part. You and
your advisor(s) should consider any legal, tax, accounting matters relevant to
any investments discussed herein or arising therefrom. The value of the shares
of the Fund may fall as well as rise and the prospective investor may not get
back the amount initially invested. Investing in the Fund involves risk
including the possible loss of capital.

 



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