Unicaja and Zenon Management have established a strategic alliance to strengthen private lending solutions aimed at companies.
This collaboration includes the launch of Seneca Direct Lending, SICC, a new private investment vehicle dedicated to financing Spanish businesses. It will be managed by Unicaja Asset Management (formerly Unigest), the asset management company of the Unicaja Group, with investment advisory services provided by Zenon.
The new vehicle will start with an initial capital commitment exclusively earmarked for private loans to SMEs, benefiting from portfolio guarantees provided by the European Investment Fund (EIF), made possible through the contribution of the Regional Resilience Fund (FRA), financed by Next Generation EU. The goal of Unicaja and Zenon is to further expand their private lending activities through this alliance, deploying capital from the bank alongside financing from institutional investors.
As part of the agreement, Unicaja will initially acquire a minority stake in Zenon, with the option to increase its participation in the future.
Supporting Businesses
Isidro Rubiales, CEO of Unicaja, stated: “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 businesses across Spain. The EIF’s substantial guarantee commitment underscores the strength of our proposal and its positive impact on the Spanish economy.”
Ignacio Díez Torca, Managing Partner at Zenon, commented: “Our alliance with Unicaja represents a transformative transaction for Zenon, as we aim to become the preferred private credit 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 acted as Unicaja’s exclusive financial advisor for this alliance, with external legal advice provided by Garrigues.
About Unicaja
Unicaja is one of the leading banks in the Spanish financial system and a listed company on the IBEX 35, with a solid base of four million clients. It is a reference institution in six autonomous communities (Andalusia, Asturias, Cantabria, Castilla-La Mancha, Castilla y León, and Extremadura), and is also present in other markets such as Madrid, Ceuta, and Melilla. The bank is characterized by its universal banking model and sustainable business approach, focused on retail banking, under a prudent management of its commercial strategy and risk profile. It is socially responsible and places a high priority on quality, innovation, and digital transformation, incorporating technology to improve customer service and operational efficiency.
About Zenon
Zenon specializes in private debt management with a focus on non-sponsored transactions and family-owned businesses. The team has raised over €1 billion 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 ranked #2 in 2022 by the Private Debt Investor Awards
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