Italian railways scheme launches search for private debt managers

first_imgEurofer, the Italian railway workers’ pension scheme, has launched a search for private debt fund managers.The €1bn second-pillar scheme will select one or more closed-end private debt funds, aiming to invest up to €25m, according to a document published on Eurofer’s website.The investment will be allocated to the ‘Bilanciato’ fund, the largest of its three funds (Garantito, Bilanciato and Dinamico) that the scheme offers. The Bilanciato fund had around €886m in assets as of June this year.Eurofer said it wanted funds investing mainly in the European Union or the European Economic Area. Successful bidders would invest primarily in debt financing for infrastructure projects, real estate projects or unlisted real estate companies, the pension fund said.It expressed a preference for medium-term loans to be held to maturity. The scheme intends to evaluate the risk profile and seniority level of the underlying investments. It aims to obtain a net return of between 5% and 8%.The funds must comply with AIFMD rules and have a target size of at least €250m.Consultancy firm Bfinance is assisting Eurofer in the selection process. More information can be found on its website.Eurofer, an industry-wide scheme, was among the first Italian schemes in its category to invest in real estate when it backed a pan-European real estate fund in 2012.In 2016, the scheme added to its alternatives portfolio with an investment in a core infrastructure equity fund.Italian pension funds increased their allocation to alternative assets in general throughout 2017 and managers expect the trend to continue this year.Private debt investments in Italy grew 35% in 2017, according to AIFI, the Italian private equity, venture capital and private debt association. Last year managers invested €641m, bringing the size of the market to over €1.5bn.last_img read more

Pirate treasure discovered off the coast of Madagascar

first_imgMassive Gas field discovered off the coast of Egypt More than 50 migrant bodies discovered off coast of Libya Madagascar Election 2013 Videoscenter_img A team of American explorers on Thursday claimed to have discovered silver treasure from the infamous 17th-century Scottish pirate William Kidd in a shipwreck off the coast of Madagascar.Marine archaeologist Barry Clifford told reporters he had found a 110-pound silver bar in the wreck of Kidd’s ship the “Adventure Gallery”, close to the small island of Sainte Marie.But UNESCO, the United Nations’ cultural body, immediately criticized Clifford’s methods and said he may have damaged a precious archeological site in his hunt for treasure.Captain Kidd, who was born in Scotland in about 1645, was first employed by British authorities to hunt pirates, before he himself turned into a ruthless criminal of the high seas.After looting a ship laden with valuable cargo in 1698, he was caught, imprisoned and questioned by the British parliament before being executed in Wapping, close to the River Thames, in 1701.The fate of much of his booty, however, has remained a mystery, sparking intrigue and excitement for generations of treasure-hunters.Clifford, who was filmed by a documentary crew lifting the silver ingot off the sea bed, handed it over to Madagascan President Hery Rajaonarimampianina on Sainte Marie on Thursday.Soldiers guarded the apparent treasure at the ceremony, which was attended by the U.S. and British ambassadors.“We discovered 13 ships in the bay,” Clifford said. “We’ve been working on two of them over the last 10 weeks.“One of them is the ‘Fire Dragon’, the other is Captain Kidd’s ship, the ‘Adventure Galley’.”October Films, the British production team behind the project, struck a more cautious note, saying that the silver ingot was of the correct date and appeared similar to other ingots linked to Kidd.“Further analysis of the ingot will be required to confirm these preliminary findings,” the company added.Archaeologist John de Bry, who attended the ceremony, said the shipwreck and silver bar were “irrefutable proof that this is indeed the treasure of the ‘Adventure Gallery’.”The ship, which was armed with 34 big guns, is thought to have been scuttled by Kidd during an expedition to the Indian Ocean.–AFPRelatedlast_img read more