KBRA Affirms the Rating Assigned to BNP Paribas' Participation in a Subscription Facility to Keensight Nova VI A S.L.P.
27 Dec 2024 | London
KBRA UK (KBRA) affirms the A- rating assigned to BNP Paribas' participation in a revolving credit facility (the "Facility") to Keensight Nova VI A S.L.P. (“Keensight Nova VI” or the “Fund”). The Outlook is Stable. Keensight Nova VI is a fund managed by Keensight Capital. The rating was requested by BNP Paribas as a participating lender in the transaction. Neither Keensight 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 rating action and outlook is supported by the stability of the investor base and asset performance year-on-year, with minor changes in the assessment of the credit quality of the Limited Partners. Additionally, there have been no changes to the key terms of the Facility. The 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 at least 1.5x of all Fund indebtedness, or 1.3x once 50% of the capital commitments have been called on the basis of Qualifying Investors only. The Fund is further required to maintain its Net Asset Value of Investments to be at least 80% of commitments funded by Limited Partners. Since issuance, the Fund has complied with the covenants.
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 investments 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 ratings and relevant documents, click here.
Click here to view the report.