Unicaja and Zenon Management have reached a strategic alliance to strengthen private lending solutions for companies.
This collaboration includes the launch of Seneca Direct Lending, SICC, a new private investment vehicle dedicated to financing Spanish businesses, which will be managed by Unicaja Asset Management (formerly Unigest), a management company of Grupo Unicaja, with investment advice from Zenon.
This new vehicle will start with an initial capital commitment exclusively for private lending to SMEs, benefiting from portfolio guarantees from the European Investment Fund (EIF), which is signed thanks to the contribution from the Regional Resilience Fund (ARF), financed by Next Generation EU.
Precisely, Unicaja and Zenon aim to further expand their private lending activities through this alliance, deploying capital from the bank, together with funding from institutional investors.
As part of this agreement, Unicaja will initially acquire a minority stake in Zenon, with the option to increase it in the future.
Support to companies
Unicaja's CEO, Isidro Rubiales, said, "This strategic alliance marks a significant milestone in the bank's commitment to Spanish SMEs. By combining traditional banking services with innovative private debt solutions, we are enhancing our ability to meet the diverse financing needs of companies throughout Spain. The substantial guarantee commitment from the European Investment Fund underscores the strength of our proposition and its positive impact on the Spanish economy."
Ignacio Díez Torca, Zenon’s managing partner, said, "Our alliance with Unicaja represents a transformational transaction for Zenon, which aims to become the preferred private lending partner for Spanish SMEs. By leveraging our expertise in direct lending, together with Unicaja's extensive network and resources, we will offer flexible and efficient financing solutions that support business growth and innovation throughout Spain".
Spencer House Partners has acted in this alliance as exclusive financial advisor to Unicaja, with external legal advice provided by Garrigues.
About Unicaja
Unicaja is one of the main banks in the Spanish financial system and a listed company on the IBEX 35, with a solid base of four million customers. It is a main player in six autonomous communities (Andalusia, Asturias, Cantabria, Castilla-La Mancha, Castilla y León and Extremadura), and is present in other markets such as Madrid, Ceuta and Melilla. It is characterized by its model of universal banking and sustainable business oriented to retail business, under a prudent management of its commercial strategy and its risk profile, socially responsible, which places quality, innovation and digital transformation as a priority, and incorporates technology to improve customer service and the efficiency of the institution.
About Zenon
Zenon specializes in private debt management with a focus on sponsorless transactions and family-owned companies. The team has raised over 1,000 million euros from institutional investors. Operating from Barcelona, Madrid and Valencia, it maintains strong direct relationships throughout Spain. The firm has been recognized as Best SME Lender in Europe (2018 and 2021) and runner-up in 2022 at the Private Debt Investor Awards.
