Private Debt
Tages is operating in this asset class through two distinct solutions: a pan European multimanager strategy and an Italian single manager fund as follows:
Single-manager (Tages Credit Fund)
- Focus: Italy
- Flexible financing solutions, in the form of Senior Secured, Unitranche and Subordinated Debt and residually through equity instruments, ancillary to debt
- Concentrated portfolio of 15-20 positions
- Focus on businesses characterized by constant cashflow generation and operating in non-cyclical sectors
- Classifies as Art.8 of the SFDR as it includes ESG factors within investment decisions
Multi – manager (Solaris)
- Focus: Europe
- Investment universe: direct lending, managers operating in the lower and upper middle market segment of the private debt space, to capture improved risk-adjusted opportunities.
- Diversified portfolio: capital allocation of underlying Managers diversified by geographic exposure, EBITDA ranges and sponsor or sponsor-less transactions. Vintage I and II include 11 and 8 managers, respectively.
- Preference for high-cash-yielding managers that invest on the top of the capital structure, mainly 1st Lien or Unitranche. Limited exposure to mezzanine or special situation funds.
- Attention is on loan protections (covenants, securities on assets).
Team
- Tages Capital SGR team dedicated to single-manager solutions with proven experience in the private debt sector
- The multi-manager solution of Investcorp-Tages leverages the skills of professionals with accumulated experience of about 40 years in manager selection
This business is carried out through
Single-manager solution:
www.tagescapitalsgr.com
Multi-manager solution:
www.investcorptages.com