Wed, 13/07/2016 - 13:10
Lendix has launched what it says is the first European Long Term Investment Fund (ELTIF) dedicated to lending to very small businesses and SMEs.
Lendix SME Loans fund II has received the agreement of the Autorité des Marchés Financiers (AMF) and is the first SME dedicated ELTIF authorised in Europe.
The new European regulation, which gave birth to the ELTIF format and which became applicable by the Member States on 9 December 2015, aims to promote long-term investment in the real economy and fits into the 2020 Capital Markets Union action plan.
"This new fund format, passportable everywhere within the European Union, fits perfectly with the core business of Lendix and in particular the opening of our platform across Europe," says Olivier Goy, president and founder of Lendix. “Thanks to this new fund, investors can lend directly to European companies, starting with France where we have operated since April 2015, Spain where we have just received our agreement and soon Italy.”
The second Lendix fund is raising EUR50 million to EUR75 million and has already several leading investors, including CNP Assurances, Zencap AM (OFI Group) and the fund 'Prêtons Ensemble' managed by Eiffel Investment Group and sponsored by Aviva France and AG2R La Mondiale.
“Our fund ‘Prêtons Ensemble’ selects the best European platforms, amongst which Lendix. Their new investment vehicle will allow us to finance thousands of French SMEs,” says Fabrice Dumonteil, CEO of Eiffel Investment Group.
Lendix allows SMEs to borrow EUR 30 000 to EUR 1,500,000 over periods ranging from three to 84 months to finance their development. The average loan size is EUR250,000.
“The median SME borrowing on Lendix has EUR 2.4 million of turnover, EUR240,000 of operating result and employs 11 people. It’s under the radar of all existing debt funds, so it's a new asset class for investors,” says Patrick de Nonneville, chief operating officer of Lendix. "Lendix strengthens its objective to serve both private investors selecting their loans directly on the marketplace and institutional investors investing through the fund.”
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