Kartesia Asset Finance deploys €88m across three asset-backed deals

Kartesia Asset Finance has completed three financings totalling €88m across Spanish search-and-rescue helicopters, Spanish logistics equipment and US offshore-wind vessels, the firm said, as reported by Alternative Credit Investor.

The three financings follow the close of KAF III at €366m, a fund with €50m of European Investment Fund commitments and a stated target size of €500m.

The €17m tranche refinances three helicopters operated in Spain for search and rescue missions. The €36m tranche finances a diversified portfolio of Spanish logistics assets, including semi-trailers and refrigerated containers. The €35m tranche refinances a fleet of specialised marine vessels serving the US offshore wind sector.

Kartesia Asset Finance aims to deploy €300m to €400m a year across its asset finance strategies, managing partner Fabrice Fraikin said in comments reported by Alternative Credit Investor. He said completing three transactions worth €88m in a few months showed the depth of the platform's pipeline and its ability to convert opportunities while keeping to its underwriting discipline.

KAF III expects to back a further 15 to 20 transactions secured against assets essential to borrowers' operations, according to the report.

The European Investment Fund's role has a precedent in our coverage — it was among eight institutions anchoring Prime Capital's €305m infrastructure debt fund closed in September, a book built on asset count rather than asset size.

Florian de Sigy, chairman and managing partner of Kartesia Asset Finance, said the firm is entering a new phase of growth, pointing to the completed deployment of its FTAIF II fund and recent senior investment hires, with further hires planned. Kartesia Asset Finance is managed by Flexam Invest, which lends to European mid-cap companies and SMEs against mobile assets that also include maritime crew transfer vessels and warehouse automation solutions.