KBRA Affirms and Subsequently Withdraws the Rating Assigned to BNP Paribas' Subscription Facility Provided to Capza 6 Private Debt SCSp SICAV-RAIF
30 Jan 2026 | London
KBRA UK (KBRA) affirms and subsequently withdraws the A rating assigned to the senior secured revolving credit facilities (each, a “Facility” and together, the “Facilities”) to the partnerships comprising Capza 6 Private Debt SCSp SICAV-RAIF ("Capza 6" or the "Fund") by BNP Paribas ("BNPP" or the "Lender"). The Facilities consist of aggregate multi-currency revolving credit facilities totalling €59 million provided by BNPP. The Facilities are due to mature in December 2026, subject to further extensions at the Lender's consent. The Fund is the sixth vintage in Capza's (the "Manager" or the "Firm") private debt strategy, with €2,500 million in total commitments, providing unitranche and mezzanine debt to sponsored transactions in mid-cap companies across Europe. The rating action reflects the stable credit quality of the limited partner (LP) base and stable Fund performance since the previous surveillance. The rating and withdrawal were requested by BNPP as a participating lender in the transaction.
Key Credit Considerations
Financial Covenants and Structural Features: The primary collateral and source of repayment for the Facilities is the uncalled committed capital (UCC) of the Fund. On an ongoing basis, each Compartment is required to comply with Coverage Threshold that requires each Compartment to cover any financial indebtedness with a minimum level of UCC from the Eligible LPs. Coverage Threshold, set at 1.4x for Compartment 1 and 1.6x for Compartments 2 and 2B, applies as 50% or more of capital has been called. Further, the Compartments are subject to a Net Asset Value (NAV) Ratio, which requires NAV to cover the Fund’s Total Financial Indebtedness by more than 3.0x. A failure to remedy a breach of the financial covenant within the cure period of 15 business days will result in an Event of Default under the terms of the Facility Agreements.
No Cross Collateralisation between Partnerships: Any borrowings at the Compartment level are not cross collateralised with borrowings of the other Compartments. Compartments 2 and 2B do not guarantee each other with respect to any borrowings incurred directly at the Compartment level. Additionally, Compartments 2 and 2B invest through a wholly owned subsidiary, Capza 6 Private Debt Investment SCA SICAV-RAIF (“C2 SPV”), which is guaranteed on a pro rata basis by Compartment 2. C2 SPV is a borrower under the Facilities. The LP base of Compartment 2B currently consists of a single LP, and its performance is dependent on the performance of such LP, which is linked to an investment-grade rated parent entity. In addition, the Facility restricts borrowings by Compartments 2 and 2B to a maximum of €2.0 million.
Alignment of Interests: A failure to fulfill a capital call can result in the defaulting LP losing rights to distributions from the Fund and restrictions from investing in future private capital opportunities. Furthermore, in the event an LP defaults with respect to their obligation to meet capital contributions, the defaulting LP is subject to the application of various default provisions. Such provisions include but are not limited to the (i) declaration of the defaulting LP’s drawable commitments due and payable; (ii) suspension of distributions to the defaulting LP; (iii) forfeiting of the defaulting LP’s interest in the Fund; and (iv) selling all or any part of the defaulting LP’s interest. All of these provisions are strong incentives for LPs to meet capital calls.
Credit Quality of LP Commitments: KBRA’s assessment of the credit quality of the Capza 6 LPs was evaluated using (i) for rated entities, the ratings assigned to the relevant LP or parent entity by KBRA or where a KBRA rating is not available, the public rating assigned by another rating agency and (ii) for unrated entities, KBRA's evaluation of the relevant LP’s credit quality. There are no material changes to the LP base since the previous surveillance.
Diversification of LP Commitments: The diversification of the Capza 6 LPs’ commitments is determined utilising an adjusted Herfindahl-Hirschman Index. The diversification of the LP commitments remains in line with the previous surveillance.
Additional Claim to Distributions/Illiquid Assets: To the extent that some or all of the LPs default on their obligation to fulfil capital calls and repay the Facility, the Lenders may have recourse to other assets of the Fund (as an unsecured creditor of the Fund). While this is credit positive and offers a secondary repayment source for this Facility, the assets of the Fund consist of unitranche and mezzanine debt investments which KBRA views as more complex and less liquid relative to other asset classes and there is no certainty with regards to the ability of the Fund to sell and realise sufficient value from these assets.
Quantitative Rating Determinants
Asset Quality: KBRA determined the asset quality based on the blended quality of the LPs’ credit quality and the equity risk of the distributions. This blended approach to derive the weighted average asset quality reflects the idiosyncratic nature of LP capital commitments and distributions to the Fund’s LPs, as well as the primarily investment grade LP base and the exposure to equity. Offsetting this asset quality determination is the asset base which would support the repayment of the Facility, as discussed in the asset coverage determinant.
Asset Coverage: Asset Coverage represents the coverage level of the Facility assuming a maximum Facility draw permitted to remain in compliance with the covenants set forth in the Facility Agreement. At the current level of UCC, the Facility requires the indebtedness to be covered by a minimum of 1.4x in UCC for Compartment 1 and 1:6x in UCC for Compartments 2 and 2B as the Fund has called more than 50% of capital commitments. In the Asset Coverage calculation, KBRA includes both the uncalled capital plus the drawn amounts under the Facility which are invested into assets as an additional source of asset coverage. Under these assumptions, asset coverage was in excess of 300% as of June 2025.
Liquidity: As the Fund makes investments, the principal source of collateral value and debt service shifts from the remaining capital commitments (which is considered more liquid, with known contractual value and short time to fund) earlier in the Fund’s life to a greater reliance on the investment value of assets in the Fund itself (considered less liquid, with limited price transparency, greater complexity and uncertain realisation timing).
Duration: Duration has been determined based upon the remaining term of the Facility, maturing in December 2026, subject to extensions.
Cash Flow Analysis: The primary source of repayment for subscription facilities consists of LP pledges to pay commitment amounts; the Lender is paid only when the LPs remit their payments. In any case, should an LP fail to pay, the Limited Partnership Agreement places the burden of payment on the remaining LPs on a pro rata basis. Therefore, KBRA analyses repayment capacity in the context of the quantitative determinants described above.
Qualitative Factors
Manager Review: Founded in 2004, Capza is a French asset manager with €10.5 billion of assets managed and/or advised, servicing more than 200 clients, as of November 2025. Capza offers a platform across six areas: (i) Private Debt, (ii) Artemid Senior Loans, (iii) Flex Equity, (iv) Flex Equity Mid-Market, (v) Transition and (vi) Growth Tech. The Firm offers financing solutions to small and mid-cap companies. Capza has a track record of more than 20 years, with 160 transactions and €6.5 billion of private debt assets. In September 2024, AXA IM Alts completed the full acquisition of Capza, following an initial 66% stake acquired in February 2022. Subsequently, in July 2025, AXA Investment Managers, the parent organisation of AXA IM Alts, became part of the BNPP Group.
Other Qualitative Factors: There have not been any changes since the previous surveillance.
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