Financial services private equity firm AnaCap Financial Partners has taken advantage of investor appetite for funds exploiting European deleveraging by closing its latest fund on its £350m (€435.8m) hard cap.
AnaCap Credit Opportunities Fund II managed to raise £265m in five months by January and has secured the remainder since then.
This puts the firm way ahead of its peers, with the average fundraising taking nearly 21 months for funds closed in the first quarter, and signals LPs' recognition of Europe's need to restructure private debt.
LPs are increasingly looking for managers with sector specialisation as large generalist funds that bought at the top of the cycle have failed to produce returns.
The fund will buy up performing and non-performing SME and consumer debt from banks, which continue to trim their balance sheets.
Financial services businesses now account for 30 per cent of European GDP after years of unchecked growth, according to the European Central Bank.
European banks have advanced piles of debt and their assets currently account for 200 per cent of GDP, compared with 75 per cent in the US, data from Bloomberg shows.
AnaCap will buy up debt from banks as new regulation, weak economic performance and rising unemployment forces the continent's financial system to restructure.