DunPort Capital Management, a private credit manager, and Vertis Capital Partners, a UK-based alternative investment firm focused on asset-backed finance and private credit, announced a partnership.
As part of the transaction Vertis will take an initial minority stake in DunPort which is expected to “increase in the future based on various milestones.”
DunPort’s Executive Directors Pat Walsh and Ross Morrow will “continue to lead the business.”
The partnership strengthens DunPort’s position “as a premier lender to lower mid-market companies across Europe.”
Since inception in 2017, DunPort has deployed “over €1.3 billion to 68 borrowers across its core markets.”
The investment aligns with DunPort’s fundraising for Willow Corporate Credit DAC, its fourth private credit fund, which aims “to raise up to €1 billion to expand its lending platform across selected European jurisdictions.”
DunPort announced a €200 million cornerstone commitment “from their existing Investors for Willow in December 2024 and continues to actively fundraise for its lower mid-market credit strategy.”
Through the transaction, DunPort will work closely “with Vertis and its affiliate, Henry Costa Partners, a specialist merchant bank, to accelerate institutional fundraising and provide tailored fundraising solutions to channel capital from insurance companies and other long-term investors into the real economy.”
As part of the strategic partnership:
- Dermot Browne, former CEO of Aviva Ireland and a former senior executive at Zurich Insurance, joins DunPort’s Board as an Independent Non-Executive Director.
- Ralf Ackermann, co-founder of Vertis, will join DunPort’s Investment Committee.
- Henrik Matsen, founder of Henry Costa Partners, also joins DunPort’s Board of Directors serving alongside its Chairman David O’Flanagan and the existing NED’s Iain Burnett and Eugenee Mulhern.
Ralf Ackermann, co-founder of Vertis, said:
“DunPort has built an outstanding franchise with rigorous and disciplined credit selection focusing on downside protection. Our investment reflects Vertis’ strategy to back high-quality platforms across Europe and help scale them through enhanced institutional connectivity and structuring expertise.”
Pat Walsh, Executive Director at DunPort, commented:
“This partnership marks an exciting new chapter for DunPort. The combination of Vertis’ institutional relationships and Henry Costa’s structuring expertise will be invaluable as we continue to scale our platform and expand our geographical reach in a targeted way. The addition of Dermot and Henrik to our Board further strengthens our governance as we enter this next phase of growth.”
Ross Morrow, Executive Director at DunPort, added:
“Through our partnership with Vertis and Henry Costa, we are well-positioned to accelerate DunPort’s growth across key European markets, including the Benelux, DACH and Nordic regions, while continuing to serve Ireland and the UK. Their combined expertise complements our proven credit and origination strengths, enabling us to target larger, more complex transactions in the lower mid-market while maintaining the disciplined investment approach that has been central to our success.”
Financial terms of the transaction were “not disclosed.”
Ashcombe Advisers LLP and McCann FitzGerald LLP acted as financial and legal advisers to DunPort.
William Fry LLP acted as legal counsel to Vertis.
