Private Credit Is Targeting Void Left by Banks in Latin America
- Former Credit Suisse, Bladex bankers launching $600m fund
- Private credit asset class grew 74% in region last year
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Former Credit Suisse Group AG and Bladex bankers are launching a private credit fund focused on Latin America, hoping to use one of Wall Street’s hottest products to fill a void left by international banks cutting back on lending.
ArtCap Strategies is raising $600 million for its first fund and is targeting gross annual returns in the “mid-teens,” said Antonio Navarro, a managing partner at the firm and a former banker at Credit Suisse. Navarro said the firm will make loans across Latin America and the Caribbean, and sees a sweet spot in the market for corporate loans of at least $25 million.