Marketing communication · Professional investors and eligible counterparties only
Alternatives · Private debt · Asset-backed · Iberia
Terram Capital II
Terram Capital · Madrid
An asset-backed private debt fund. Terram Capital’s value proposition is centred on moderate-risk situations backed by collateral, with the goal of becoming the private-debt leader in the Iberian asset-backed mid-market.
Closed-endedAsset-backedIberiaAtitlan as anchor investor
There are few private-debt players in the Iberian mid-market, above all in the lower-risk segment: international players have limited local presence and there are very few local players in Terram’s target segment.
Why we represent this fund
01A market not covered by local players. A lack of financing alternatives in the asset-backed alternative debt segment, with international players focused on tickets above 30 million euros.
02Asset-backed, lender-friendly structures. Transactions backed and collateralised by real assets, with flexibility in sector, structure and investment horizon. A capital-preservation approach built on structures favourable to the lender.
03Private-equity-style analysis. The investment approach resembles a private-equity analysis, covering commercial viability, value assessment (market value and value on enforcement), possible value levers and other tangible and intangible aspects of the collateral, with the capacity to contribute capital and take effective control if necessary.
04Local knowledge and certainty of closing. Deep knowledge of the local market from a commercial, operational and legal standpoint, including financing and debt acquisition, insolvency proceedings and direct access to local financial and legal advisers, always prioritising certainty of closing.
05Atitlan as anchor investor. Atitlan acts as anchor investor and general partner of the fund and contributes its experience in the investment committee, complementing Terram’s investment team with specific industrial knowledge in sectors such as real estate and agriculture.
Principal risks
01Objectives are not guaranteed. The objectives contained in the manager’s materials are forecasts that may not be met and are not guaranteed; they are therefore not a reliable indicator of future performance.
02Projections rest on subjective assumptions. Any projection or analysis may be based on subjective hypotheses and assumptions and should not be treated as fact or relied upon as an accurate prediction of future results.
03Value can fall as well as rise. The value of investments may go down as well as up, and past results are not indicative of future returns.
04Currency risk. Investments not denominated in euros may be subject to exchange-rate fluctuations.
Marketing communication. Addressed exclusively to professional investors and eligible counterparties as defined in Directive 2014/65/EU (MiFID II); it is not intended for retail clients. This is not an offer, solicitation or recommendation, and no subscription documentation is made available through this website. Private market investments are illiquid and speculative: there is no right of redemption, capital is committed and drawn down over time, valuations are infrequent estimates, and investors may lose the entire amount invested. Returns are typically negative in the early years of a fund’s life. Information about prior vehicles, seed assets or the track record of individuals is not indicative of the results of this fund. Fees, including any additional layer of fees in fund-of-funds structures, reduce net returns. Full terms, risk factors, fees and conflicts of interest are set out in the fund’s legal documentation, which must be read before any investment decision. Marketing of this fund in Spain is subject to the applicable registration and notification requirements and availability may be restricted. Any reference to an investor, anchor investor or public institution does not constitute an endorsement, recommendation or guarantee. Sustainability-related information is set out in the fund’s SFDR pre-contractual disclosures; an SFDR article classification is a disclosure regime, not a quality rating or a label. Tax treatment depends on each investor’s individual circumstances; this is not tax advice. South Hub Investments, S.L. is a tied agent of Ursus-3 Capital, A.V., S.A. (CNMV reg. no. 251), acting in its name and under its responsibility; no investment advice or discretionary portfolio management services are provided.
