Investment firm Ness, Risan & Partners (NRP) has created a new maritime fund. The Premium Maritime Credit Fund created by NRP Maritime Asset Management has just closed, backed by significant European institutional investors and family offices. The fund will now actively pursue building a portfolio of first lien maritime loans with a strong focus on lending to European small to midsize shipping companies.
“There is currently great interest in and demand for specialised private debt structures focused on industries where flight of capital is driven mainly by regulation. We believe the timing for a balanced portfolio of attractively priced maritime debt provides an excellent opportunity for our investors to capitalise on the current strong supply/demand imbalance in shipping credit markets,” said fund manager, Wilhelm Magelssen from NRP Asset Management.
Over $110m of the fund’s $200m was successfully raised in the first close. NRP is targeting its next closing before the end of the year.
The fund’s strategy is to provide senior first lien debt mainly to shipowning companies with a European presence and little opportunity to raise traditional bank debt.