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Fundraising and deal-making have dropped sharply at European private debt funds, new data shows. Faisal Ramzan, a partner at law firm Proskauer Rose who advises private credit funds, said he was not seeing default. "There's plenty of dry powder," said Fidelity International's head of private credit strategies Michael Curtis, referring to capital raised already. Joanna Layton, managing director of European private credit at Alcentra, one of Europe's largest private debt managers, added there was "no rush" to deploy capital. High rates have also made private credit less appealing to institutional investors, analysts said.
Persons: Henry Nicholls, Francesco Sandrini, BoE, Andrew Cruickshank, Cruickshank, Pictet, Patrick Marshall, Faisal Ramzan, Proskauer Rose, Michael Curtis, Joanna Layton, Mark Brenke, Ardian, Chris Sier, Sier, Dhara Ranasinghe, Catherine Evans Organizations: City, REUTERS, Reuters Graphics Reuters, The Bank of, European Central Bank, Graphics, Deloitte, Fitch, Federated Hermes, Fidelity International, ClearGlass, Thomson Locations: London's, London, Britain, The Bank of England
MILAN, July 24 (Reuters) - Mediobanca (MDBI.MI) will partner with London-based Founders Factory, an early-stage investor in new businesses, to promote fintech start-ups, the two companies said, as the Italian bank works to grow its international and tech footprint. Mediobanca will invest 12 million euros ($13 million) in a joint venture with Founders Factory with a view to building up 35 fintech ventures over the next five years. Founders Factory has invested so far in more than 300 tech companies, including nearly 50 financial technology ventures. "The (Mediobanca-Founders Factory) venture studio will build, finance and launch new fintech ventures that utilise advanced technologies, such as blockchain and artificial intelligence, to innovate the financial services market", the companies said. ($1 = 0.9029 euros)Reporting by Elvira Pollina; editing by Valentina Za and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.
Persons: Alberto Nagel, Mediobanca, Nagel, Elvira Pollina, Valentina Za, Gavin Jones Organizations: MILAN, Factory, fintech, Founders Factory, Arma Partners, Thomson Locations: London, Acre
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