Sienna Investment Managers has expanded into Italy and boosted its private debt offering with the acquisition of Ver Capital.

Sienna is a pan-European asset manager with €34bn (£29.2bn) under management that has a footprint covering eight countries following the acquisition.

Milan-based Ver Capital focuses on European corporate debt, offering exposure to leveraged loans, high-yield bonds, private debt, transition energy and special situations.

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The combined firms will manage around €3bn in private debt, delivering investment solutions to investors in France and Italy, with plans to grow their reach to a broader international client base.

Sienna’s existing private debt business has a track record in asset-backed financing in real assets – encompassing real estate, infrastructure and public sector – and direct lending.

Following the acquisition, Ver Capital will add European high-yield, leverage loans and local private debt expertise to Sienna’s existing offering.

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“By joining forces, we will have the scale needed in both countries to offer a particularly large range of products and services, and to benefit French and Italian clients from our presence in Europe,” said Sienna’s chief executive Paul de Leusse.

“We are also delighted to welcome [Ver Capital chief executive] Andrea Pescatori who will bring his network of Italian investors and his deep-rooted knowledge of the local asset management industry to our leadership team.”

Pescatori, said: “We are very excited to kick off the partnership with the Sienna Group that will mark a new chapter for Ver Capital, with a more international perspective and with the aim to create a comprehensive international platform in the European credit space with a solid experience and track records in our relevant sectors”.

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