KBRA Assigns a Rating to BNP Paribas' Capital Call Facility to ACP Secondaries 4, FCR
18 Jun 2024 | London
KBRA UK (KBRA) assigns an A rating to BNP Paribas' Capital Call Facility (the "Facility") to ACP Secondaries 4, FCR (the "Fund"). The Outlook is Stable. The rating was requested by BNP Paribas as the sole lender in the transaction. Neither AltamarCAM 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.
The Facility is a senior secured revolving subscription facility with a current commitment amount of €100 million. The Facility maturity date is November 2024, with an extension option of one year at the discretion of the Lender. The Lender benefits from a security package including (i) a Spanish 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) a Spanish pledge collateral account. Following an Event of Default which is continuing, 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 following a grace period.
ACP Secondaries 4, FCR is the fourth vintage fund in AltamarCAM Partners’ (the “Firm”) secondaries strategy, targeting a broadly diversified portfolio of private equity funds through the acquisition of third-party interests and in co-investments globally, in Western Europe, North America and the emerging markets, without geography or sector limits. The Fund’s Final Close occurred in November 2021 having received approximately €1.03 billion of commitments from 1,636 investors surpassing its target of €750 million.
AltamarCAM Partners is an independent, partner-led, private asset manager and solutions provider with more than €18.7 billion in assets under management and over 13,000 retail clients. An international team manages a wide range of investment programs focusing on private equity, venture capital, infrastructure, real estate, private debt, and life sciences. The Firm was established in 2021, following the merger of Spanish investment manager, Altamar Capital Partners (founded in 2004), and German private equity firm, CAM Private Equity (founded in 1998). AltamarCAM Partners is headquartered in Madrid, Spain, with seven offices globally and an international team of over 280 team members, including over 80 investment professionals.
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