KBRA Upgrades the Rating for a Subscription Line Facility Provided by BNP Paribas to Crown Secondaries Special Opportunities II S.C.S.
9 Aug 2024 | London
KBRA UK (KBRA) has completed a surveillance review of a subscription line facility in the form of a multi-currency revolving facility (the "Facility") to Crown Secondaries Special Opportunities II S.C.S. ("CSSO II" or the "Fund") provided by BNP Paribas (the "Lender"). The review resulted in an upgrade of the outstanding rating to AA- from A+. The Outlook is Stable. This rating was requested by BNP Paribas. Neither Crown Secondaries Special Opportunities II S.C.S. nor any of its associates has requested this report or the rating, and this report has not been prepared for or approved by them.
The rating action reflects the increase in the amount of commitments that have been called by the Fund, a reduction in the Facility commitment, and continued strong performance of the Fund’s investments. As of March 2024, The Fund had called approximately 81% of the Limited Partner commitments, compared to 71% last year. The Facility commitment amount has reduced from $200 million to $120 million.
Crown Secondaries Special Opportunities II S.C.S is a 2019 vintage fund which had its final close in May 2021, with $1,566.4 million in commitments from more than 300 investors. The Fund’s investment strategy is to generate long-term capital appreciation from a portfolio of globally diversified private equity investments, making minority equity investments and secondary private equity investments. As of 31 March 2024, the Fund had made 40 investments with a NAV of $1,631.2 million.
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Click here to view the report.