KBRA Assigns a Rating to the Capital Call Facility provided by ABN AMRO to GCF IV Holding C.V
31 Jan 2025 | Dublin
KBRA Europe (KBRA) assigns an A rating to ABN AMRO's Capital Call Facility (the "Facility") to GCF IV Holding C.V., an investment vehicle owned by Avedon Growth Capital Fund IV C.V. and Avedon Growth Capital Fund IV Coöperatief U.A. (together, “Fund IV” or the "Fund”). The Outlook is Stable. The rating was requested by ABN AMRO as the sole lender in the transaction. Neither Avedon Growth Capital Fund IV C.V. 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 is a bilateral revolving capital call facility with a current commitment amount of €100 million. The Facility matures in August 2025, with the option of extensions at Lender's discretion. The Facility can be used for financing new and follow-on investments, payment of fees and expenses relating to investments, general management of fund and the Facility. The Lender benefits from a market standard full security package including: (i) pledge over capital call rights; and (ii) pledge over bank accounts into which capital call proceeds are paid. In addition, the Lender can also request to create security over the Fund’s receivables following an Event of Default which is continuing beyond ten business days.
The Fund is the fourth vintage of Avedon Capital Partners B.V. (“Avedon” or the “Firm”), focusing on growth capital opportunities as a lead investor in low and mid-market companies with an enterprise value of €25-150 million in the Benelux and DACH region. The Fund’s equity investment range between €20m-€120 million, with flexibility to deploy higher amounts. The Fund’s final close occurred in July 2021, having received approximately €612 million of commitments from 58 investors.
Avedon was founded in 2003 as part of NIBC, a merchant bank based in the Netherlands. As NIBC Capital Partners, the team invested over €250m in growth capital and managed an independent fund, Avedon I. In 2011 the partners acquired 100% of the management company, and the Firm was rebranded to Avedon Capital Partners.
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