Fasanara Capital is marketing a new ‘best ideas’ fund that will draw on the firm’s private credit strategies, and is hoping to raise up to $500m in capital commitments for the vehicle, according to a source familiar with the matter.
The Fasanara Tactical Private Credit Fund or F-TAC invests in the highest yielding assets across Fasanara’s receivables, consumer loans, real estate loans, sports lending, special situations and liquid credit strategies, targeting a 20% net IRR. Receivables and consumer loans are expected to account for about 70% of the portfolio.
The fund’s investments are focused on short duration receivables. This ranges from 60 – 90 days for SME receivables to up to 12 months for consumer loans.
F-TAC is understood to have been seeded with $10m in September 2023 and has since grown to over $100m. It has made about 18% on an annualised basis net of fees.
Assets in the fund are sourced from 140 origination partners operating in some 60 countries worldwide. F-TAC has the capability to use 30-50% leverage, unlike Fasanara’s other strategies which don’t use leverage.
Sources said that Fasanara is looking to soft close F-TAC, which is structured as a Luxembourg-domiciled SICAV-RAIF, with a Cayman feeder, in the coming months at about $250m.
Fasanara has drawn allocations from a range of over 50 institutional investors worldwide. In 2018, the European Investment Fund backed the firm’s SME receivables fund.
Fasanara, headed by CEO and founder Francesco Filia, manages about $4.5bn across a range of fintech lending strategies. It was founded in 2011, is headquartered in London and last year hired Jennifer Cahill and Bill Kelsey to lead its investor relations efforts in the US.
Fasanara declined to comment.
