Press Release|Funds

KBRA Assigns a AA- Rating to BNP Paribas' Capital Call Facility to Crown Co-Investment Opportunities III Master SCSp

7 Jun 2024   |   London

Contacts

KBRA UK (KBRA) assigns a AA- rating and Stable outlook to BNP Paribas' capital call facility in the form of a senior secured revolving credit facility (the "Facility") provided to Crown Co-Investment Opportunities III Master SCSp ("CCO III"). The rating was requested by BNP Paribas as the sole lender in the transaction. Neither LGT Capital 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 bilateral facility to which BNP Paribas had committed $225 million as of April 2024. The Facility is used for working capital and investment purposes including investments, hedging and fees. In April 2024, the Facility duration was extended by one year to April 2025.

CCO III is the third vintage fund in LGT Capital Partners’ co-investment strategy, and will follow the investment strategy of its predecessor funds, building a diversified portfolio of co-investments alongside managers in LGT’s network. The investment strategy is focused on buyouts in North America, Europe and opportunistically in Asia-Pacific.

LGT Capital Partners is an alternative investment specialist with over $100 billion in assets under management and more than 700 institutional clients in 44 countries. An international team of over 800 professionals is responsible for managing a wide range of investment programs focusing on private markets, multi-alternatives and diversifying strategies, as well as sustainable and impact strategies. Headquartered in Pfaeffikon (SZ), Switzerland, the Firm has 15 offices around the world.

To access rating and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

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 KBRA.com.

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 www.kbra.com.

The Manager is, or has a relationship with, one or more of KBRA Europe/KBRA UK shareholders that is required to be disclosed under applicable credit rating agency regulation in the EU and/or the UK. Please review KBRA’s shareholder disclosures, which are updated periodically. Relevant disclosure information may be found here.

About KBRA UK

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.

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