KBRA Affirms the Rating Assigned to ABN AMRO Bank N.V.'s Participation in a Senior Secured Subscription Facility to InfraVia European Fund V
9 Oct 2026 | London
KBRA UK (KBRA) affirms the rating assigned to to ABN AMRO Bank N.V.'s ("ABN AMRO") participation in a senior secured subscription facility (the “Facility”) to partnerships comprising InfraVia European Fund V (“InfraVia V”, the “Partnership” or the “Fund”), provided by a consortium of lenders. The Outlook is Stable. The rating was requested by ABN AMRO as a participating lender in the transaction. Neither InfraVia Capital Partners (“InfraVia” or the “Manager”) 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.
The Facility, structured as a replenishable term loan, was amended in July 2026, reducing its size from €1,200.0 million to €1,000.0 million. Subsequently, ABN AMRO's commitment decreased from €255.7 million to €213.1 million. Additionally, the maturity date of the Facility was extended from September 2026 to September 2027, with further extensions subject to Lenders’ discretion. The Facility remains available to fund follow-on investments, management fees and other costs and expenses, financing costs, and other permitted purposes.
The rating reflects the credit quality and diversification of the limited partner (LP) base, the Fund’s stage within its lifecycle, the Manager’s track record and KBRA’s assessment of the LPs’ willingness and ability to meet capital calls to support repayment of the Facility. The rating also considers KBRA's assessment of InfraVia, an independent private equity firm focused on real assets and technology investments.
InfraVia V is a 2021 vintage fund managed by InfraVia and represents the fifth vintage of its flagship infrastructure strategy. The Fund primarily focuses on mid-market infrastructure assets across the Eurozone, targeting a range of sectors, including transportation, energy, social infrastructure, utilities, communications, and related services.
Established in 2008 and headquartered in Paris, InfraVia is an independent private equity firm focused on real assets and technology investments. As of March 2026, the Firm employed approximately 100 professionals and had raised approximately €21 billion of capital. InfraVia manages investment strategies across infrastructure, growth equity, critical metals and real estate. Its infrastructure activities include investments across digital infrastructure, energy and energy transition, healthcare and social infrastructure, transportation and mobility, while its growth equity activities focus on European business-to-business technology companies.
Key Credit Considerations
Investment fund ratings are based on quantitative and qualitative factors. The five key quantitative determinants are as follows:
- In the Asset Quality determinant, KBRA generally measures the quality of the collateral based on a weighted average scoring. For Subscription Facilities (“Sublines”), this includes an assessment using a matrix-based approach that reflects the creditworthiness of the Fund’s LP base.
- The Asset Coverage determinant measures the relative sufficiency of the pledged collateral value to repay the principal amount of the rated debt. For Sublines, this includes an evaluation of the covenants included in the Facility linked to uncalled committed capital (UCC) and net asset value (NAV) of the Fund, and/or advance rates applied to the UCC.
- The Liquidity determinant reflects KBRA’s assessment of the relative price discount that the underlying collateral may incur if the assets are subject to conversion into cash in order to meet scheduled or accelerated debt service requirements. Under the Liquidity determinant, KBRA considers three factors (type, complexity and price discovery / transparency) and scores these factors individually on a scale of zero to two, with two being the most liquid.
- In the Duration determinant, KBRA examines the tenor profile of the pledged collateral relative to the rated debt, and the associated vulnerability to changes in price of collateral over time.
- When appropriate, KBRA will perform a cash flow analysis in order to test the transaction’s ability to meet its rated interest and principal payment obligations under various economic, financial, and market scenarios. This is not applicable to Subscription Facilities, as LP capital calls typically occur on a non-periodic basis and the primary source of repayment for Sublines is the Fund’s UCC so once a capital call is issued, the LP is typically required to meet the capital call within a short window. Therefore, repayment capacity is analysed in the context of the prior rating determinants.
The above quantitative determinants produce a quantitative rating outcome. In addition to the above quantitative determinants, KBRA’s analysis considers a variety of qualitative factors, which can lead to upward or downward adjustments in the final rating outcome and these are assessed in the context of: (i) Manager Review; (ii) Legal Review, and (iii) Other Factors including alignment of interests, incentives to fund future capital calls and diversification within the LP base.
Rating Sensitivities
It should be noted that many aspects, including but not limited to, the rating sensitivities listed below, macroeconomic factors, market conditions, competitive landscape, and a fund manager’s investment acumen can impact the performance of the fund and influence KBRA’s rating decisions. If performance of the transaction differs meaningfully from the expected levels, KBRA may consider making a rating change.
Decline in LP Credit Quality
A decline in the credit quality of the Fund’s LPs as a result of: (i) deterioration in the credit quality of underlying LPs; (ii) transfer of interests to LPs of lower credit quality characteristics; (iii) inclusion of LPs with weak credit quality characteristics; and (iv) weaker than expected LP diversification, may result in negative rating changes.
Improvement in LP Credit Quality
An overall higher credit quality of the Fund’s LPs as a result of: (i) improvement in the credit quality of underlying LPs; (ii) transfer of interests to LPs with better credit characteristics; (iii) inclusion of LPs with strong credit quality characteristics; and (iv) stronger than expected LP diversification, may result in positive rating changes.
Underperformance of Fund Assets or Investments
A decrease in the Fund’s NAV due to underperformance of the Fund’s underlying assets or investments may jeopardise debt repayment as the deterioration of the Fund may, for example, elicit hesitation of the Fund’s LPs to fund their respective capital calls regardless of their contractual obligations to do so and the underlying LPs’ security and protections to the Lender.
To access ratings and relevant documents, click here.
Click here to view the report.