KBRA Affirms and Subsequently Withdraws the Rating of BNP Paribas' Participation in a Secured Capital Call Facility to CVC Capital Partners Asia VI
22 Apr 2025 | London
KBRA UK (KBRA) has affirmed the A+ rating assigned to BNP Paribas' $125 million participation in a $1,885 million revolving credit capital call facility (the “Facility”) to the partnerships comprising CVC Capital Partners Asia VI (the “Fund” or “Asia VI”). The Outlook is Stable. Subsequently, KBRA withdraws the rating at the request of the lender. The rating and withdrawal was requested by BNPP. Neither CVC Capital Partners Asia VI Limited nor CVC Capital Partners Asia VI GP S.à r.l. nor any of their respective associates have requested this report or the rating, and this report has not been prepared for or approved by any of them.
In November 2024, the Facility’s termination date was extended from December 2024 to December 2025. The rating action reflects the stable credit quality of the Limited Partner (“LP” or “investor”) base of the Fund since issuance. As of September 2024, approximately 87.8% of the Jersey Main Partnership's LP base and 78.3% of the Luxembourg Main Partnership’s LP base have been evaluated to be of investment grade credit quality which is in line with the credit quality of each LP base at issuance of the rating. As of September 2024, there have been no changes to the Jersey Main Partnership or Luxembourg Main Partnership LP base since issuance. Furthermore, the diversification of total LP commitments across the Jersey Main Partnership continues to be stable, with an adjusted HHI of 26.4 representing a moderately diversified LP base. The diversification across the Luxembourg Main Partnership also remains in line with issuance, with an adjusted HHI of 12.6 representing a relatively concentrated LP base. The concentration within the Luxembourg Main Partnership LP base is largely mitigated by the quality of the LPs, which are largely investment grade rated institutional LPs. Additionally, at the time of issuance, the Fund had not yet called any capital and as of December 2024, the Fund has since called 15.6% of total Fund commitments.
Established in 1981, CVC is a global alternative investment manager in private equity, secondaries and credit. As of December 2024, CVC has approximately €200 billion of assets under management and operates from 30 offices across Europe, the Americas, and Asia-Pacific regions. CVC established CVC Asia in 1999 and as of December 2024, CVC Asia has approximately €14.0 billion of assets under management. The Fund closed in February 2024 having secured approximately $6.8 billion in total commitments, provided by over 150 investors. The Fund targets control oriented private equity investments in the Asia Pacific region.
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