Andersen advises Santander on new SME fund
Andersen has advised Santander Alternative Investments on tax matters related to the creation of a new Luxembourg corporate lending fund named Asset Backed Corporate Lending Fund II (ABCL II). The firm’s teams in Spain and Luxembourg worked on the tax side of the fund’s formation process, from structuring through to its first closing, which took place recently.
The Fund is designed to provide financing backed by corporate recourse and hard-asset collateral to small and medium-sized enterprises operating mainly in Spain, Italy, Germany and France. Investors participating in the first close included Santander Group, the European Investment Fund, and other institutional investors, with the Fund launching at first close with assets under management in excess of EUR 150 million. The Fund is targeting a total capital raise of EUR 500 million, with a final close scheduled for June 2027.
The team
The mandate was led by Bernabé de Marcelino, tax partner at Andersen in Spain. He was supported by Marina Cabeza Bestard, tax associate at Andersen in Spain, alongside the Luxembourg tax team formed by partners Asbed Chahbazian and Ina Nöetzel , together with senior associate Dimitra Papanikolaou.
