Ashcombe advises Dunport Capital Management on strategic partnership with Vertis Capital Partners
Ashcombe is pleased to announce that it has acted as exclusive financial advisor to DunPort Capital Management (“DunPort”), a leading private credit manager, on the strategic partnership recently entered into with Vertis Capital Partners (“Vertis”), a UK-based alternative investment firm focused on asset-backed finance and private credit. As part of the transaction, Vertis will take an initial minority stake in DunPort, which is expected to increase in the future based on various milestones. DunPort’s Executive Directors Pat Walsh and Ross Morrow will continue to lead the business.
The strategic partnership strengthens DunPort’s position as a premier lender to lower mid-market companies across Europe. Since inception in 2017, DunPort has deployed over €1.3bn to 68 borrowers across its core markets. The investment aligns with DunPort’s fundraising for Willow Corporate Credit DAC, its fourth private credit fund, which aims to raise up to €1 billion to expand its lending platform across selected European jurisdictions. DunPort announced a €200 million first close for Willow in December 2024 and continues to actively fundraise for its lower mid-market credit strategy.
Through the transaction, DunPort will collaborate closely with Vertis and its affiliate, Henry Costa Partners (“Henry Costa”), a specialist merchant bank, to accelerate institutional fundraising and provide tailored fundraising solutions to channel capital from insurance companies and other long-term investors into the real economy.
Pat Walsh and Ross Morrow, Executive Directors at DunPort, commented:
“This partnership marks an exciting new chapter for DunPort. The combination of Vertis’ institutional relationships and Henry Costa’s structuring expertise will be invaluable as we continue to scale our platform and expand our geographical reach across key European markets — including the Benelux, DACH, and Nordic regions — while continuing to serve Ireland and the UK. We will now be able to target larger, more complex transactions in the lower mid-market, while maintaining the disciplined investment approach that has been central to our success. Ashcombe’s global relationships in the private capital space and their expertise in structuring transactions of this kind were instrumental in getting the Vertis partnership done.”
Andreas Wesemann, Partner at Ashcombe, commented:
“Pat and Ross have built a profitable, very differentiated direct lending GP in the lower mid-market in the UK, Ireland, and Benelux with an excellent performance track record. Their disciplined underwriting, consistent deployment, and ability to source off-market transactions have made DunPort one of the most credible independent credit platforms in Europe. This transaction reflects the strong interest from institutional investors in scalable, asset-backed private credit strategies, and we are delighted to have supported DunPort in securing a value-added partner in Vertis that shares their long-term vision.”