European Small-Cap Direct Lending Manager of the Year

Anthilia Capital

During 2023, despite financial markets being affected by global conflicts and high levels of inflation, Anthilia’s Private Debt division managed to conclude 17 deals, with a total invested amount above €100m. In 2013 Anthilia has been a pioneer in the Italian Private Debt market and, after 10 years of activity, the 100-deal milestone was achieved in early 2024. All deals have been characterized by a good level of diversification in terms of sector, structure and guarantees. 2023 was marked by the beginning of Anthilia GAP fund, whose investment strategy is based on hybrid capital interventions to support Italian SMEs turnaround. Worth mentioning is the investment in DigitalPlatforms S.p.A., an Italian company specialized in IoT and Cybersecurity. Anthilia structured a flexible and tailor-made financial solution with a €15m ticket to support the Group's development. Such amount comprised a €10m bond with PIK option and a €5m semi-equity financial instrument.  

Investec Private Debt

Investec Direct Lending has been a consistent and dedicated lender to European lower mid-market corporates since 2010. Despite the slow M&A market in 2023, we committed €910m across 50+ unique investments with both new and existing sponsors, marking it as one of our strongest deployment years in our 13-year history. Our focus is on the overlooked and underserved lower mid-market, where our platform size, dedication, and consistency make us a great partner for borrowers seeking certainty of delivery. As interest rates rose in 2023 and borrowers became more cautious about interest burdens, our flexible mandate, offering a range of financing solutions, including senior, stretched senior, unitranche, subordinated, and revolving credit facilities (RCF), positioned us as an attractive "one-stop-shop" for borrowers. In line with our commitment to both growth and sustainability, in 2023 we expanded our team in continental Europe and appointed a Head of ESG to progress our sustainability strategy.

Fiduciam

Small businesses are crucial to our economy, yet often overlooked by banks and major lenders.  Fiduciam stands out for its dedication to small companies, serving a broad spectrum of sectors across various European countries. This commitment has earned Fiduciam the top position in Debtwire's European Small-cap Direct Lender Ranking for two consecutive years, 2022 and 2023. The financing needs of small companies can be as complex as those of large companies.  A recent example of Fiduciam’s capabilities is the financing of the transformation of a greenhouse complex into a grid stabilization facility, requiring 100,000 sqm of solar panels and an energy storage system.  Benefiting from a high-voltage grid connection, at peak demand times the plant feeds in electricity from its battery storage system.  In periods of excess grid supply, the borrower gets paid for switching on 5,500 electricity-intensive lamps to grow the crops, using a new cultivation technique, also called dark farming.   

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