In the first half of 2018 a newly formed debt fund dedicated to investments in shipping is expected to kick off supporting new deals.
Some sources familiar with the matter reported to Splash that RiverRock Capital Partners is in the process of launching in the coming months a new financial product called RiverRock Maritime Debt Fund with the support of the Italian private equity and advisory firm Venice Shipping & Logistics headed by Fabrizio Vettosi.
The latter, while publicly speaking at some gatherings in Italy and abroad in the last few years, stressed several times the need for some different form of capital providers inside the ship finance market following the reduction in traditional lending from European banks.
The new debt fund next year will act as a bank, thus providing finance for investments in ships and in maritime infrastructure, mainly terminal operators. RiverRock Maritime Debt Fund will be based in Luxembourg and will aim to raise €60m ($70.6m) to begin with, then increasing the fundraising to €100m ($117m) and then going further according to market conditions. New deals have to be closed before 2020 and, once completed the initial investment period, the fund will have five years to stay in the market with the aim of obtaining capital yield up to 9%.