By Cecilia Butini

 

Banco Santander SA said Wednesday that it is committing to invest up to 300 million euros ($355.9 million) in a new fund dedicated to small-medium enterprises which will be managed by its asset-management subsidiary.

The Alternative Leasing hedge fund will focus on machinery and equipment for SMEs, the Spanish bank said.

The aim of the fund--which has already been registered with the Spanish securities market commission--is to reach EUR750 million from different institutional investors, Santander said.

The investment can be for companies that are primarily based in Spain, France, Portugal, and the Benelux region.

Santander added that the fund will make about 50 investments, each averaging EUR10 million to EUR15 million and with a maximum maturity of eight years.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

November 18, 2020 07:23 ET (12:23 GMT)

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