Hypages explores new growth paths. He Service ha created a vehicle to invest in mortgage debt next to KKRyour reference shareholder. Start with one Initial endowment of 100 million of euros and focus on Acquire small wallets in Spain and Portugal of loans (non performing loans) and real estate (Inmates) through transactions that compromise between 5 and 25 million euros. The idea began to take shape at the end of 2023, last summer crystallized with the assembly of the corporate structure to close its first purchase and Since September has already completed four transactionsreveals a electionomista.es Pelayo Puche, Executive Director Advisory of hypoges and vehicle promoter.
The background, Baptized as PSD Lux“is the First society that hypages mounts specifically to buy portfolios actively“explains the manager. Among the Servicers It is common for them to participate in coinversions with customers to “align interest” and hypoges has some similar transactions, although they are almost exceptional and due to very limited amounts. Until now I had not actively sought to acquire wallets. His Plan for 2025 goes to take advantage of the Expertise accumulated for years with Big Porpholios Management from Bankingto focus their work towards business development with financial institutions.
The rationality of the bet is that it detects an opportunity in “three very clear needs” of the market. On the one hand, it aspires to Give additional service to bank customers to those who already manage porpholians of unproductive assets: “Our usual customers have a portfolio size from which they do not pay attention because it is not large enough and the work that has a small portfolio is practically the same as that of a large one,” repaires Puche. That is to say, There are unattended porpholians who intend to pay attention being able to reinforce ties with current or new customers.
Of another sees opportunities in the secondary market through the purchase of wallets that the bank sold a long time ago and that, after managing them for five, six or eight years “they also begin to remain small and the owners, the funds that bought them in their day, begin to stop paying attention Because they are too small. “They are the so-called” queues “portfolios and here their vision is double: get wallets-client wallets for” that they keep the management in hypoges “and” win a little more assets in management “bidding for similar porpholios that the funds have in others Servicers. Since the new vehicle launched, the company has closed four transactions with bank assets that had not come out to the market, all with Spanish entities. “To close four, we will have seen 40 since September,” he reveals.
Movements in the sector
The launch of the vehicle takes place in a context where Servicers They are reinforcing or redesigning the strategies to improve their positioning in the medium also of the concentration process that has been experiencing the sector for a few years and that, that, that, that, that, that, Potentially, it could include the KKR output of hypoges. According to some media, the American giant would have probed the appetite by the Serviceawakening interest of funds like Dovalue, Arrow Global Group, JC Flowers & CO or Pollen Street Group. KKR bought 84% of hypages in 2017 and the rest of the capital is in the hands of several managers of the Service. A departure, which does not have to culminate, It would be framed within the natural rotation of assets in venture capital firms. The company avoid commenting on the hypothetical operation.
The alliance with KKR verifies the Good harmony with the shareholderwho did not want to miss the project, while hypoges advances in its largest strategyn to reinforce market positioning and Do not depend so much on Core Business of Servicing with which he started activity in Spain in 2008. The creation of the Fund is, in fact, an initiative of Hypoges, in whose teams the responsibility for the assets that is incorporated. “The cParadigm ambio with the PSD is that they give us much more independence than in a portfolio of the greats. They put almost all the capital, but they do less work than they would do in a normal portfolio, they delegate more in the team of Advisory and of hypages, “says Puche.
The 100 million equipped in the vehicle is starting budget. “The idea is to try to invest 100 million in the first year or twoand when they finish we see how it goes and Kkr will decide if it gives another 100 million or what to do, “he says. The only type of assets that, a priori, is discarded for the fund is the credit without guarantee or consumption. Their priority is active alienated with the Core Business of hypoges, very focused on residential mortgages of natural persons, together with loan of companies and especially promoter, and real estate. In financing its appetite includes both delinquent operations and refinancing or loans up to date with payment, even if they had an incidence in the last year (the so -called RPL or reperforming loans).
Hypoges is the leading platform in asset management of banking in southern Europe. The portfolio of assets under management reaches 50,000 million of euros. These assets include residential and awarded mortgages, promoter loans, consumption, SMEs and with large corporations or invoices with the administration. He ‘Service‘Closed 2024 with more than 1,800 employees in staff and outstanding presence in Spain, Portugal, Italy and Greece.
#Hypages #Kkr #launch #background #million #invest #mortgage #debt
