The European Investment Fund (EIF) will support the new Premium Maritime Credit Fund (“PMCF” or “the Fund”) managed by NRP Maritime Asset Management AS (”MAM”), investing up to USD 60 million in the Fund, in addition to the funds in place from other European institutional investors and family offices.
PMCF was launched in January 2022, as an investment fund providing new medium-term financing for a large number of SMEs and small mid-caps, ship-owning companies operating waterborne transportation services, predominantly based in the EU (e.g. Greece, Germany, Nordics and Benelux). The Fund targets up to USD 200 million in total commitments, to be invested in financing secured by 1st priority mortgages on vessels operating in any segment within the maritime sector except for vessels transporting fossil fuels, .
PMCF is advised by MAM, headed by Nicolai Heidenreich, alongside Wilhelm Magelssen (portfolio manager), and Mathias Børresen (junior manager).
The EIF seeks to support MAM to foster more private capital towards the lower end of the market and play a catalytic effect in attracting new investors looking for opportunities in the asset-based lending space.
Nicolai Heidenreich, CEO and Managing Partner of MAM: "With this investment fund, MAM is adding another platform to its growing family of direct investment funds focused on the maritime industry. We look forward to be able to assist European shipping companies with financing enabling our lending clients to take part of the technological shift currently taking place within the Maritime industry. We are delighted by the support the EIF is showing with its investment in this fund.”
Alain Godard, EIF Chief Executive, also added: “Throughout the pandemic, our main goal has been to maintain access to finance for those companies that need it most. This kind of targeted fund is key for specific sectors to overcome the economic fallout posed by the pandemic.”
Background information
The European Investment Fund is part of the European Investment Bank Group. The EIF designs and develops both venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. The EIF is also active in supporting Climate and Infrastructure fund investments with a strong focus on climate action & environmental sustainability. Through its activities, the EIF fosters EU objectives in support of countering climate change as well as fostering innovation, research and development, entrepreneurship, growth and employment.
The European Guarantee Fund (EGF) was created by the EIB Group with contributions from EU Member States to protect companies that are struggling in the crisis caused by COVID-19. With almost €25 billion in guarantees, the EGF allows the EIB and EIF to offer companies, mostly SMEs and mid-caps, access to loans, guarantees, asset-backed securities, capital and other financial instruments. The EGF forms part of the package of recovery measures put in place by the European Union, with the objective of providing a total of €540 billion to support the hardest hit sectors of the EU economy.
NRP Maritime Asset Management AS is a Norwegian based asset management company with a strong focus on direct investments in the maritime industry. As part of the Ness Risan group, with over 20 years of history, it currently manages and advises on about USD 200 million across several investment vehicles. Figures as of 31 December 2021.
