Direct Private Debt
Direct Private Debt
Strong sourcing capabilities
The Strategies
Direct private debt
European SMEs
Senior secured debt
Sustainable debt
Commitment
Professionals: 11
Offices: Milan, Paris, Frankfurt
We are at the threshold of a new era for investment opportunities in private debt
Current unfavourable macroeconomic conditions, the continued withdrawal of the banking sector, and the trend towards increased regulation should continue to favour private debt as an attractive credit source of choice, especially for Small and Medium-sized Enterprises (SMEs) that may suffer the most from these circumstances.
A Targeted Direct Lending Strategy aiming to having an impact on real economy
That’s why we manage a direct lending strategy that invests in the debt of European SMEs willing to improve their ESG1 profiles. The SME segment in Italy, France, Spain, and Germany comprises over 13 million companies2, allowing for both diversification and selectivity. The strategy favours senior secured and unitranche debt in particular, and aims to provide stable income3, regardless of the market environment.
Experienced team
The senior investment team’s sourcing capabilities are distinguished by their diverse experience across banking, private debt and equity, and their local, on-the-ground expertise, with Italian, French, German and Spanish nationalities.
Strategic Leverage from Group Generali
The strategy also benefits from the well-established brand and considerable history of Group Generali’s indirect private debt and private equity networks. This enables the team to engage with banks, private equity firms, and debt advisories in a comprehensive manner, facilitating a robust approach to identifying and securing direct private debt opportunities.
Sandrine Richard
Head of Direct Private Debt
Industry experience: 26

Strategy in focus: Direct Private Debt
Key features

3.5 - 4-5x target average net leverage of portfolio companies at closing

SENIOR PRIVATE DEBT for European SMEs

DIVERSIFIED PORTFOLIO across sectors
Offering diversified private debt exposure to sustainable European SMEs
A long-term investment strategy aiming for potential stable income3 and capital preservation at its core.
Diversified exposure to senior secured free-floating private debt supporting sustainable SMEs with an ESG focus across continental Europe.
Reflecting its “all-weather” approach, the strategy targets a maximum investment period of 3 years.
With over 13 million SMEs in Italy, France, Spain and Germany, European SMEs offer both diversification and selectivity.
Why choose this strategy?
SECULAR MARKET OPPORTUNITY
The European private debt market is a growing, diversified investment universe with defensive investment qualities
AIM TO IMPACT ON THE REAL ECONOMY
Targets €700m of underlying investments in first lien secured floating debt, supporting European SMEs with an ESG focus, aiming to deliver stable income with low volatility
INVEST ALONGSIDE GENERALI GROUP
Unique opportunity to invest alongside Generali Group, the cornerstone investors and one of the world’s largest asset owners
EXPERIENCED TEAM AND TRACK RECORD
Managed by a dedicated, seasoned investment team with local coverage and an established reputation
Insights and News
Source: Generali Asset Management S.p.A. Società di gestione del risparmio (“Generali AM”) as of end Q2 2025, gross of double-counting.
1: Some of the funds within the Generali Asset Management ecosystem promote environmental and/or social criteria as per Article 8 or have sustainable investment as an objective as per Article 9 of the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”). For the Funds that do not promote environmental and/or social criteria and do not have a sustainable investment as an objective, investments may in such case include issuers or sectors with a low ESG profile. Before making any investment decision, please read the Key Information Document (KID), the Prospectus / Issuing Document / Private Placement Memorandum, its SFDR Appendix and the SFDR website product disclosures to consider all characteristics, objectives, binding elements of the selection process and methodological limits.
2: Source: SME Investment and Innovation – France, Germany, Italy and Spain | KfW
3: Income is not guaranteed. All investments involve risk, including potential loss of capital.



