Mezzanine JV for DrKW and Anschutz

Dresdner Kleinwort Wasserstein and the Anschutz Investment Company have created a joint venture to invest in the growing European mezzanine debt sector. Dresdner Anschutz Mezzinvest (DAM) will be based in Luxembourg and focus on mezzanine debt for corporate clients.

DAM will benefit from Anschutz’s principal investment expertise and DrKW’s integrated credit business. The arranging and underwriting capabilities of DrKW will be enhanced with DAM as a principal and anchor investor in mezzanine debt. DAM has a target to originate €500m worth of transactions in its first year of operation.

Dirk van Daele, managing director at DrKW and co-chairman of DAM, said: “We believe that the differentiating factor in a more competitive mezzanine market is not the size of a fund but its capacity to originate and structure bespoke deal flow that is not reliant on the private equity world for transactions.”

The joint venture is Anschutz’s first foray into mezzanine. The group is headquartered in the US, but also invests in Europe and has invested in a broad range of sectors such as oil and gas, real estate, telecommunications, transportation, media and sports and entertainment.