KKR, UniCredit, Intesa, set up bad loans vehicle


Italian_flagPrivate equity major KKR has joined forces with Italian banks UniCredit and Intesa Sanpaolo to set up a bad loans fund.

The banks and the private equity firm have signed a memorandum of understanding to pool their restructured loans into a fund that could be worth several billions of euros, according to the FT.

The deal that also includes restructuring services group Alvares and Marsal has not been finalised and talks are ongoing, said the banks.

In February this year UniCredit sold a €700m portfolio of non-performing loans to private equity firm Anacap Financial Partners.

The deal came only a few weeks after Anacap bought a €551m portfolio of performing salary secured loans from Gruppo Monte dei Paschi di Siena in Italy.

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