We identify investment opportunities across the CEE and SEE region, targeting portfolio transactions as well as acquisitions of operating entities with portfolios on the books.

We invest from funds advised by APS and funded by institutional investors and family offices. On a deal-by-deal basis we also co-invest alongside reputable institutional distressed-debt investors.

We are a trusted partner of the world’s top financial institutions and private investors, including IFC, a member of the World Bank.

By investing in distressed debts, we not only bring value to our clients, but also provide solutions to help debtors with repayment and spur local economies.

Our Performance

  • €5.3 billion NV* of acquired assets

    *Based on nominal value at acquisition

  • 13 years of servicing experience

  • >20% average realised IRR for APS investor

    * Based on track record from reached collection for portfolios with recovery history of three years and longer.

  • 78 acquired distressed-debt portfolios in the region

With our international team and extensive network throughout the region, we are experts in local markets and culture. This allows us to adapt to changes quickly and evaluate investments to bring our client’s the returns they expect.

Total Cummulative
of Acquired Assets

Fund Management

We provide investment advisory to four investment funds, both non-regulated and regulated, and advise distressed-debt dedicated institutional investors that co-invest with APS funds.

Investment Acquisition

We cover a full acquisition process of the portfolio. Starting with underwriting investment opportunities and in-depth due diligence, followed by analysis and valuations. These steps result in loan portfolio valuation to support pricing and investment decisions.

Administration & Recovery of Debt Portfolio

Using a variety of collection and performance management tools, we assist our clients with administering the acquired portfolios and holding vehicles.

Successful Exit

We help our clients achieve a successful exit at the end of their portfolio’s life cycle tailored to the standards of local markets and their legal requirements.

APS-advised funds are tailored to address institutional investors and family offices with diversified capital commitments. We choose the optimal targets and strategies for each investor, whilst also providing for diversification of risk. The structure of our advised funds and accounts accommodate investors seeking deal-by-deal discretionary decisions, as well as investors who prefer decisions based on a commingled fund basis.

Disclaimer:
This page is not an offer to sell or buy the Fund’s securities. Investments in the Fund are available only to qualified investors. The Fund’s investments are subject to substantial risks including loss of all or a substantial quantity of the investment. All investors should consider carefully before investing. Past performance of the funds is not an indicator of future performance.

Advised Funds

Serraghis Loan Management

Non-regulated investment vehicle

APS’s first investment vehicle for regional institutional investors and family offices

  • Investment mandate

    • Invested in 31 portfolios with a nominal value of €590 million
    • All types of non-performing loans and distressed debt
    • CEE and SEE Region
    • APS was the exclusive investment advisor
  • Timing

    • Investment period between 2010 and 2012
    • Created in 2009

APS Fund ALPHA

Regulated Qualified Investors Fund

Regulated by the Czech National Bank
Czech jurisdiction and domicile
For Local Investors

  • Investment mandate

    • Invested in 14 portfolios with nominal value of €1.2 billion
    • All types of NPLs and distressed debt
    • CEE and SEE regions
    • APS was the exclusive investment advisor
  • Timing

    • Investment period between 2013 and 2014
    • Created in July 2013
    • Fully invested in December 2014

APS Fund BETA

Regulated Qualified Investors Fund

Special “managed account” created by APS to partner with the IFC

Fund vehicle with IFC as principal lender
Regulated by the Czech National Bank
Czech jurisdiction and domicile

  • Investment mandate

    • All types of NPLs and distressed debt
    • Bulgaria, Montenegro, Romania, Serbia
    • APS was the exclusive investment advisor
  • Timing

    • Investment period ongoing

APS DELTA

Luxembourg securitisation vehicle for investors that prefer to invest on a deal-by-deal basis

Potential investors: APS advised investors with commitment of €10 to 30 million each
APS Delta allows sophisticated investors to mix on a case-by-case basis
Allows investors to build their own portfolio of NPL to meet their required returns and risk profile

  • Structure

    • Luxembourg non-regulated securitisation vehicle with an independent Luxembourg-based administrator
    • Assets held transparently through a dedicated bankruptcy remote compartment.
    • Investors receive distribution of free cash flow on mothly basis.
    • Investors hold bonds issued by the compartment.
  • Status & Timing

    • First investments in Q1-Q2/2016 being placed with additional resources pre-committed
    • Open for Investment