Press Release|Funds

KBRA Assigns an A- Rating to BNP Paribas' Participation in a Capital Call Facility to Keensight Nova VI A

28 Dec 2023   |   London


KBRA UK (KBRA) assigns a rating to BNP Paribas' ("BNPP") participation in a capital call facility in the form of a committed, secured facility (the “Facility”) to Keensight Nova VI A S.L.P (the “Borrower” or the “Fund”). The Facility is provided by a consortium of lenders including BNPP. The rating assigned was requested by BNPP as a participating lender in the transaction. Neither Keensight Capital 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. KBRA has assigned an A- rating and stable outlook to BNPP's €144 million commitment to the €606.75 million Facility.

The Facility may be used to finance investments, costs, fees and expenses incurred in connection with investments as well as to finance any other expenses permitted within the Fund’s governing documents. The Borrowing Base is divided into Qualifying Investors and Non-Qualifying Investors, with Qualifying Investors required to be approved by the Lenders to be included in the Borrowing Base. The Lenders’ recourse, however, is to all LPs of the Fund, including Non-Qualifying Investors. Availability under the Facility is restricted to the lower of: (i) 30% of the aggregate Capital Commitments; and (ii) 100% of the total undrawn commitments. The uncalled commitment test requires the Fund to maintain uncalled commitments of 1.5x the amount of all Fund indebtedness, or 1.3x once 50% of the capital commitments have been called on the basis of Qualifying Investors only.

Established in 2013 following a spin-out from Rothschild, Keensight Capital is a pan-European Growth Buyout firm that has a 21-year track record. Across its six funds, the Keensight team has invested in 69 companies and completed 48 exits, generating an overall gross IRR of 39% and an average gross multiple of 3.4x. Keensight Nova VI is the sixth vintage in Keensight's flagship strategy targeting high-growth lower to mid-market companies in Western Europe, with equity ticket needs ranging from €50 million to €400 million. Keensight Nova VI is comprised of two partnerships, Keensight Nova VI A and Keensight Nova VI B. The two funds invest in parallel, however Keensight Nova VI A is the sole borrower under the Facility Agreement. The Fund had its final close on 19 October 2023 and has received a total of €2,022.5 million in commitments from over 100 investors.

To access rating and relevant documents, click here.

Click here to view the report.



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

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

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.


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.

Doc ID: 1002916

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2024 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.