KBRA Assigns a Rating to a Subscription Finance Facility to Parcom Fund VII Coöperatief U.A.
2 Apr 2025 | London
KBRA UK (KBRA) assigns a BBB+ rating to a secured subscription finance facility to Parcom Fund VII Coöperatief U.A. (the "Fund"). The Outlook is Stable. The rating was requested by Parcom Capital Management B.V..
The Fund is the seventh vintage fund in Parcom Capital Management B.V.'s flagship strategy of focusing exclusively on buyout investments in the Dutch mid-market. As of December 2024, the Fund had received the equivalent of approximately €960 million of commitments from 63 Limited Partners. The Fund is structured as a Dutch corporate entity with investors committing directly. The Facility is a €200 million subscription finance facility provided by ABN Amro Bank N.V. and Coöperatieve Rabobank U.A. The Facility matures in April 2027, with the option to extend for a further two one-year periods. The Lenders benefit from a a Dutch Law security package consisting of security over: (i) the investors’ uncalled capital commitments, the rights to issue capital calls and receive proceeds of the capital contributions; and (ii) the collateral accounts into which such capital contributions are required to be paid. Following an enforcement event, the Agent has enforcement rights including the right to accelerate the Facility, prevent withdrawals from the collateral accounts and to issue a capital call directly to the investors for the purpose of repaying all amounts due under the Facility.
Parcom is a Netherlands-based private equity investor founded in 1982 by five Dutch financial institutions. Between 2013 and 2015, Parcom spun out into three separate private equity investors: Parcom Germany (now DPE), Parcom France (now Parquest) and Parcom Netherlands (Parcom). Parcom exclusively target mid-market companies headquartered in the Netherlands. The Firm has a strong track record with prior vintages marked in the first quartile across their peers.
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