Lending fund launched for Spain

Listed private equity firm JZ Capital Partners yesterday launched a lending fund to back small and medium sized businesses in Spain. The company has joined forces with Wall Street firm Avenue Capital Group to launch the business, called Toro Finance, which aims to lend €400m (£335m). JZ has stumped up €26m to take a 50 per cent stake in the start-up vehicle alongside management. The fund will invest in Spain’s financial sector.