INTRODUCTION
Sammasan Capital provides debt financing solutions to mid-market corporates and sponsor owned businesses, catering for a wide range of situations including project/expansion/capex financings, LBOs, M&A, promoter financings, bridge loans, pre-IPO loans, real estate developer financings, recapitalizations and restructurings.
We work with a wide network of investors and capital providers to ensure that we can find the right financing solution for your business. In addition, the Sammasan Capital Asia Credit Opportunities Fund I is being raised with the objective of becoming a premium provider of capital to mid-market corporates and sponsors across the Asia Pacific region. Once launched, the Fund will provide direct lending and structured credit solutions to mid-market corporates and sponsor owned businesses by investing in senior, senior subordinated and mezzanine debt.
The founders of Sammasan Capital have a proven track record of proprietary origination and disciplined investing in structured credit and have deployed $5.8 Bn in debt financings in the 25+ years that each of them has spent working in the Asia Pacific financing markets. Prior to establishing Sammasan Capital they were part of the GE Capital Asia leadership team where they were instrumental in establishing GE Capital’s structured lending business in Asia.
FOR CUSTOMERS
Sammasan Capital provides debt financing solutions to cater for a wide range of situations including project/expansion/capex financings, LBOs, M&A, promoter financings, bridge loans, pre-IPO loans, real estate developer financings, recapitalizations and restructurings.
We work with corporates, sponsor owned/controlled businesses as well as financial advisors and can provide financing on a sole basis or as part of a syndicate of credit providers.
We have a history of working closely with customers to provide flexible, bespoke solutions. We are sector agnostic and look to finance established businesses with EBITDA> US$ 5 MM, a track record of cash flow generation, defensible market positions, stable revenue/margins and working capital cycle and a strong management team.
Sammasan Capital provides loans of US$10 -100 MM with tenors of up to 6 years. We can be flexible on collateral packages which can include a combination of fixed asset security, share pledges and security on specific equipment and assets.
We target double digit returns which can be structured as a combination of fees, cash interest, PIK interest, redemption premium and equity linked structures.
Specific transaction types that are in Sammasan Capital’s strike zone include:
Asset based loans
Receivable financing
Equipment financing
Real estate backed loans
Leveraged loans
Multi-jurisdictional cashflow loans
Cross-border loans
Share/promoter financing
Unitranche loans
Holdco/structurally subordinated loans
Second lien/contractually subordinated loans
Mezzanine & convertibles
Super priority/DIP financings
We finance businesses operating across the Asia Pacific region including in the following countries: North Asia (China, Japan, Korea, Taiwan, Hong Kong), S & SE Asia (India, Malaysia, Singapore, Thailand, Indonesia, Vietnam) and ANZ.
FOR INVESTORS
Sammasan Capital will provide capital to Asian mid-market corporates and sponsors primarily through direct lending and structured credit by investing in senior, senior subordinated and mezzanine debt. A fund is being raised for this purpose.
Asian structured credit is an emerging asset class which offers strong downside protection and highly predictable contractual returns which are uncorrelated to investment cycles. Asian mid-market loans offer better terms and superior structural protection vs high yield bonds or private credit lending to large corporates since they typically have lower leverage as well as covenants, information and step-in rights. The pricing on these loans is typically at a premium to HY bonds as well as loans to large corporates.
The founders of Sammasan Capital have worked together for over 7 years at GE Capital. They have invested over $5.8 Bn of capital in structured loans over their careers in 138 transactions and have a strong track record of delivering stable returns which are uncorrelated to investment cycles, with minimal credit losses.
The founders have deep experience in the structured credit space including origination, underwriting, due diligence, deal execution and portfolio management across a wide range of structures incl. leveraged & sponsor, corporate aircraft, corporate loans, project finance, CBs, P2Ps, structured equity, real estate, asset based loans, equipment loans, receivable financing and commercial distribution finance.
Sammasan Capital has an extensive proprietary deal origination network across corporates, sponsors, commercial banks, investment banks, accounting firms, restructuring advisors, brokers and other intermediaries. In addition, the founders have directly worked on deals in and have a detailed understanding of legal/regulatory regimes across North Asia, S & SE Asia and Australia/New Zealand.
TEAM
Stephen Ezekiel
Founder
Chairman and CEO
Rahul Mathur
Founder
Managing Partner
Erwan Stervinou
Partner
Managing Director
Erwan is a Partner and Managing Director of Sammasan Capital. Erwan brings over 18 years of experience in commercial and investment banking in Asia.
In 2015-2019, he led the structured finance syndicate of Credit Agricole CIB Asia, and prior to that was a key structured finance execution team member at GE Capital in 2012-2015. Prior to 2012, Erwan held positions with UOB and Calyon where he was a key contributor to newly established leveraged finance and financial sponsor coverage teams, and with Merrill Lynch in corporate finance.
Erwan has extensive experience in structured finance origination, structuring, execution and syndication and has executed over 35 arranger transactions across the region spanning project/infrastructure finance, leveraged finance, cash flow and asset-based finance.
Erwan holds a management degree from Dauphine University, Paris, and an MBA from INSEAD.
Stephen is the Chairman and CEO of Sammasan Capital. He has over 25 years’ experience in leadership positions in financial services, private equity and media/telecom. He was previously the CEO of GE Capital Hong Kong and Singapore & Commercial Distribution Finance. Earlier he was the head of GE Equity Asia, GE Capital’s private equity arm.
Stephen founded and led from 2006 – 2015 the GE Capital Asia businesses focusing on leveraged & sponsor finance, corporate lending, corporate aircraft finance and commercial distribution finance (i.e. distributor, dealer and channel financing). Prior to that Stephen worked at GE Equity from 2001 - 2006, initially as general counsel and eventually as MD and Head of Asia.
Prior to 2001, Stephen was a lawyer in a variety of private practice and in house roles in Sydney, Hong Kong and Tokyo, including working for British Telecom from 1997-2001 as lead M&A counsel for Asia. Stephen has a B.Com/LLB degree from the University of New South Wales, Sydney.
Rahul Mathur is the Managing Partner of Sammasan Capital. He has over 25 years’ experience in the banking and financial services industry. He was previously a managing director and head of leveraged finance at GE Capital Asia where he was responsible for client coverage and execution of sponsor led transactions across Asia.
Prior to GE Capital he was the head of leveraged finance at Sumitomo Mitsui Banking Corporation where he founded the business unit and led a team covering the ex-Japan Asia Pacific region focussing on non-recourse financing to sponsors and corporates. Earlier he was active in project finance arranging and advisory in both developed and developing Asia while at SMBC as well as at ANZ Investment Bank.
Rahul has extensive experience in structured lending having closed over 40 transactions, over a quarter of them in a lead structuring / underwriting role. He has lead the origination, structuring and execution of credit facilities across project finance, leveraged finance, corporate lending, real estate finance, asset based lending and receivable financing.
Rahul has a bachelors degree in electronics engineering from the Aligarh Muslim University and an MBA from the Indian Institute of Management at Calcutta.
ADVISORY COMMITTEE
Steve Sargent
Steve Sargent has vast international experience in the financial services industry, energy industry and healthcare industry. Steve spent over 25 years at General Electric, where he became a member of GE’s 45 member Corporate Executive Council and one of it's180 Officers.
One of Steve’s key executive roles was President and CEO of GE Capital Asia Pacific. Subsequently he was also President and CEO of GE A&NZ responsible for all of GE’s operations (Energy, Healthcare, GE Capital, Oil & Gas, Transportation).
Steve is currently Chairman at OFX Group Ltd (a global fintech company), Non-Executive Director at Origin Energy Ltd (an integrated energy company), Deputy Chairman and Lead Independent Director at Nanosonics Ltd (a global bioscience/medtech company specialising in infection prevention), Non-Executive Director at Lumitron Technology, Inc. (a US based laser imaging technology company) and Non-Executive Director at the Great Barrier Reef Foundation.
Rod Sutton
Rod Sutton has over 25 years of experience in business advisory. This includes appointments as an Advisor, Director, Chief Restructuring Officer (CRO), Receiver or Liquidator, Investigative Accountant and Forensic Accounting Expert. Rod is currently a Special Advisor via his consulting company to the Asia Pacific region of FTI Consulting and is based in Hong Kong and Singapore.
Previously, Rod was the Chairman of the Asia Pacific region of FTI Consulting which included overseeing the Forensic & Litigation Consulting segment in Asia Pacific. He is a highly respected forensic accountant, court appointed nominee and expert witness with a demonstrated proficiency in the field.
Rod has been appointed by the Department of Justice in Hong Kong as a forensic accountant and expert in money laundering on numerous occasions.
PRESS
Sammasan Capital Press Release
November 2019
Asian Venture Capital Journal
January 2020
Asian Venture Capital Journal
May 2020
Reorg. Asia Bi-Weekly
February 2020
Asian Venture Capital Journal
April 2021
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Hennessey Road, Wan Chai
Hong Kong
+852 38950956