Press Release|Funds

KBRA Assigns an A+ Rating to BNP Paribas' Participation in a Capital Call Facility to Crown Global Secondaries VI

27 Mar 2024   |   London

Contacts

KBRA UK (KBRA) assigns an A+ rating and Stable outlook to BNP Paribas' participation in a capital call facility in the form of a senior secured revolving credit facility (the "Facility") to Crown Global Secondaries VI ("CGS VI" or the "Fund"). The Facility is provided by a consortium of lenders including BNP Paribas. The rating was requested by BNP Paribas as a participating lender in the transaction. Neither LGT Capital Partners nor any of its associates has requested this report or the rating, and this report has not been prepared for or approved by any of them. As of February 2024, BNP Paribas had committed $100 million to the $600 million Facility.

The Facility is a multi-currency, senior secured revolving subscription facility. The Facility has a two-year tenor, with an extension option of one year with prior consent from the Agent and Lenders. The Lenders' security package includes (i) Luxembourg law security over the uncalled capital commitment of the investors, including a right to issue capital calls, enforce payments and to make and receive capital contributions of each Borrower and Guarantor; (ii) Luxembourg law pledge collateral account; and (iii) following a continuing Event of Default, the Agent has the right to accelerate the Facility and issue a capital call for the purpose of repaying all amounts due under the Facility after certain grace periods.

CGS VI is the sixth vintage fund in LGT Capital Partners’ secondaries strategy, targeting mid-sized transactions (<$100 million), predominantly in the buyout stage across the U.S, Europe and Asia. As of January 2024, the Fund had received approximately $4.4 billion of commitments from approximately 200 investors. The Fund has a target of $6-7 billion of total commitments at Final Close.

LGT Capital Partners is an alternative investment specialist with over $100 billion in assets under management and more than 700 institutional clients in 44 countries. An international team of over 800 professionals is responsible for managing a wide range of investment programs focusing on private markets, multi-alternatives and diversifying strategies, as well as sustainable and impact strategies. Headquartered in Pfaeffikon (SZ), Switzerland, the Firm has 15 offices around the world.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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