EIF commits €30m to Ture Invest Partners’ private credit fund
Nordic direct lender Ture Invest Partners has secured a €30m (£25.2m) commitment from the European Investment Fund (EIF) for its latest private credit fund.
Ture Credit Fund III provides financing to small- and medium-sized enterprises in the Nordic region with strong environmental, social and governance (ESG) standards.
The fund aims to close its capital raising in 2024 with a target size of €500m, focusing on institutional investors.
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“We are thrilled to welcome the EIF as an investor in the Ture Credit Fund III,” said Magnus Kihlgren, responsible for international investor relations at Ture Invest Partners. “We firmly believe that access to bespoke financing solutions for SMEs is a key driver of European growth, and we are delighted to have the support of the EIF. Our partnership with the EIF is a testament to the quality of our value proposition as a financial institution and the attractiveness of our offering to both investors and borrowers.”
The commitment from the EU development lender is supported by the InvestEU programme, which mobilises investments in support of EU policy priorities such as the green transition.
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This is the first time that InvestEU has supported a senior private credit fund operating in the Nordic countries.
“Small businesses need the right financing to grow and contribute to a dynamic European economy,” said EIF chief executive Marjut Falkstedt. “Our investment in the Ture Credit Fund III shows our commitment to supporting sustainable and inclusive growth in Europe. This partnership will help small and mid-sized companies in the Nordic region with relevant financial support to succeed.”
Stockholm-headquartered Ture Invest Partners has provided over 90 loans to SMEs and manages assets of more than €1.4bn.
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