KBRA Assigns a Rating to a Capital Call Facility to AlpInvest Co-Investment Fund IX
29 Dec 2023 | London
KBRA UK (KBRA) assigns a rating to a capital call facility in the form of revolving credit facilities (the "Facilities") to AlpInvest Co-Investment Fund IX (the "Fund"). KBRA has assigned an A+ rating and stable outlook to the Facilities.
The Fund is the ninth vintage fund in AlpInvest Partners B.V.’s (“AlpInvest” or the “Firm”) flagship equity co-investments strategy. As of December 2023, the Fund had received the equivalent of approximately $2.2 billion of commitments, split across USD and EUR commitments, from an aggregate 128 Limited Partners (“LPs”). The Fund structure is comprised of four main partnerships, three of which receive commitments in USD and one which receives commitments in Euros.
The Lenders have a first priority security interest to the uncalled capital commitments of the Fund, including security over the right of the GP to make capital calls. The Lenders also benefit from a first priority security over the bank accounts into which capital calls are paid. The Facilities comprise four tranches, with two US Dollar Tranches with an aggregate commitment of $450 million, and two Euro Tranches with an aggregate commitment of €138 million as of 7 December 2023. Repayment is pro rata among the outstanding Facilities’ amounts. The US Dollar tranches are collateralised by the commitments of the three funds that receive commitments in USD, and the Euro tranches are collateralised by the commitments of the Euro Fund. There is cross default between the US Dollar Tranches and Euro Tranches however no cross collateralisation.
Founded in 2000, AlpInvest is one of the three core divisions of The Carlyle Group, specialising in global private equity investing. As of September 2023, AlpInvest manages $72 billion total AUM. AlpInvest have approximately 450 active investors globally, including public pensions, insurance companies, endowments, foundations, and other corporate institutional investors.
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