EIF backs NRP Maritime Asset Management’s Private Maritime Credit Fund

Source: press release, 1 February 2022

The European Investment Fund Chief Executive, Alain Godard
The European Investment Fund Chief Executive, Alain Godard (photo: EIF)

The European Investment Fund (EIF) will support the new Premium Maritime Credit Fund (PMCF) 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, says, “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, adds, “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.”