Intesa Sanpaolo, through its IMI Corporate & Investment Banking Division, and Tenax Capital have signed a Memorandum of Understanding to establish the debt fund, Tenax Sustainable Credit Fund, that will be managed by Tenax Capital and invest in the Italian corporate market. The target fund size is at least 300 million euro, which the fund will reach by involving Italian and European institutional investors active in the private debt market. This initiative will see Intesa Sanpaolo in the dual role of anchor investor and non-exclusive originator of the fund assets and should enable the Bank to expand the ways in which it finances Italian businesses, sharing its origination capacity with Tenax Capital and the fund’s investors as part of an originate-to-share model that is increasingly strategic for the Division. This approach will make it possible to expand creditworthiness while continuing to devote attention to risks and efficient capital allocation. Tenax Capital will be responsible for analysing, selecting and approving the Tenax Sustainable Credit Fund’s investments, managing the fund and placing units with institutional and insurer investors. The latter will benefit from favourable Solvency II Directive capital requirements since the fund is eligible for the guarantees provided by the European Investment Fund, which Tenax Capital’s other funds effectively received.
The new debt fund will have a strong ESG focus, preferring projects and transactions that meet sustainability criteria.
Read the press release.