Banor Senior Debt is the new sub-fund of Banor Alternative Assets dedicated to senior real estate credit in the European market.
The Fund aims to generate attractive risk-adjusted returns by providing senior loans secured by real estate assets located in Italy, the United Kingdom and Spain.
The Fund provides financing to borrowers primarily involved in the development and execution of real estate projects, focusing on markets where the management team has a local presence or can rely on a well-established network of relationships built over time. The strategy may also include investments in loans acquired on the secondary market, asset-backed transactions, asset-backed securities (ABS) and other structured credit instruments.
The Fund mainly focuses on the living segment of the real estate market, particularly mid- to high-end residential properties, hospitality and student housing, as well as transactions where the value of the underlying property represents the primary security for the loan.
The Fund finances different types of projects across a range of asset classes and stages of development:
The Fund is actively managed: the team monitors the progress of each project, maintains an ongoing dialogue with the sponsor and may take an active role in the management of the underlying real estate through contractually agreed control mechanisms.
The typical investment size ranges from €10 million to €40 million, with a fundraising target of between €300 million and €400 million. The portfolio will be built with transactions appropriately balanced by size, geography, asset type and counterparty.
As with any investment in illiquid instruments, the Fund involves risks that may result in partial loss of the invested capital and delays in repayments.
The main risk factors include credit, market and liquidity risk, risks related to the real estate market and project execution, valuation and counterparty risk, risks arising from the use of leverage, as well as operational and sustainability risks. The investment process includes a number of risk mitigation measures, such as first-ranking mortgage security, conservative loan-to-value ratios, financial covenants, ongoing monitoring and specific intervention rights. The sponsor’s own equity contribution also represents an important layer of protection.
Banor Senior Debt is managed by the Investment Manager as part of the Banor Real Estate Credit Opportunities strategy.
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Type |
Closed-end fund with a senior secured real estate credit strategy |
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Management style |
Actively managed with no reference benchmark |
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Objective |
Generate attractive returns through prudent risk management, including, among other mitigation measures, the use of collateral over a diversified portfolio of real assets |
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Investment Universe |
Italy, Spain, UK |
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Investment Horizon |
4-year investment period from final closing, followed by a 2-year divestment period, with optional extensions of up to 1 year |
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Subscription window |
- Start: 05/27/2026 |
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Investors |
Institutional, Professional and Well Informed |
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First NAV |
12/31/2026 |
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NAV |
Quarterly |
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SFDR |
Compliant with Article 8* |
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Investment Manager |
Banor Capital Limited |
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AIFM |
Altum Management Company (Luxembourg) S.A. |
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Vehicle |
Banor Alternative Assets SICAV-RAIF |
Risk level
BRECO (Banor Real Estate Credit Opportunities) is the business line dedicated to a range of private real estate credit strategies, leveraging strong local origination capabilities, a rigorous underwriting process and active asset management.
BRECO’s two flagship solutions are Banor Special Situations I (BSS I) and Banor Special Situations II (BSS II), closed-end funds reserved for professional investors and focused on real estate-backed special situations. Banor Special Situations I raised €115 million, with its final closing in April 2019, investing in real estate assets and credit. BSS II raised €275 million, with its final closing in March 2024, and invested exclusively in credit, both senior and subordinated.
In addition, BRECO manages a portfolio of hotels worth approximately €140 million, bringing BRECO’s total assets under management to over €500 million.
The BRECO strategy is supported by a team of 15 professionals with backgrounds at leading global financial institutions and extensive experience working together, operating across London, Milan and Madrid.
PORTFOLIO MANAGER at BANOR CAPITAL
COO & Investor Relations at BANOR CAPITAL
Marketing communication.
Please refer to the Offering Document and the Key Information Document (KID) before making any final investment decision. The Offering Document is available in English and the KID in Italian. These documents are available on the website manco.altumgroup.com and at the registered office of placement agents, also in hard copy. A summary of investor rights is available in English at manco.altumgroup.com/policies/. Returns are shown net of sub-fund expenses and before tax. Past performance is no guarantee of future results. The investment involves the acquisition of shares of the Sub-Fund and not a particular underlying asset which remains the property of the Sub-Fund; accordingly, the capital originally invested may not be recovered in whole or in part. Fluctuations in exchange rates may affect the value of the investment and costs when expressed in a currency other than the investor’s reference currency. Information on the specifics of the Sub-Fund and the general sustainability aspects (ESG) pursuant to Regulation (EU) 2019/2088 can be found in the Prospectus. If the Fund is marketed in countries other than the country of origin, the AIFM has the right to terminate the marketing agreements based on the withdrawal of the notification process provided for in Directive 2011/61/UE.
