KBRA Affirms the Rating to BNP Paribas' Capital Call Facility for Crown Co-Investment Opportunities III Master SCSp
6 Jun 2025 | London
KBRA UK (KBRA) affirms the AA- rating assigned to a revolving loan facility (the "Facility") provided by BNP Paribas for Crown Co-Investment Opportunities III Master SCSp ("CCO III" or the "Fund"). The Outlook is Stable. The rating was requested by BNP Paribas. Neither LGT Capital Partners ("LGT CP") 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, multi-currency $185 million senior secured revolving credit facility, used for working capital and investment purposes including investments, hedging and fees. In April 2025, the Facility was reduced from $225 million to $185 million, and the duration was extended by one year to April 2026. The rating action reflects the stable credit quality and diversification of the limited partner ("LP") base.
Since issuance of the rating, there have been top-ups and additional co-investors investing into the Fund, which are mainly LGT private bank clients and LGT CP employees which were not included in the previous investor base at issuance. Together with the FX impact, the Fund size has grown from $1,850.6 million to $2,053.8 million. This has further enhanced the diversification of the LP base, with the adjusted HHI improving from 16.1 to 18.7. The credit quality of the LP base has remained stable year-on-year with 90.9% of Included LPs evaluated to be equivalent to investment grade credit quality compared to 90.8% at issuance. Further, as of March 2025, the Fund has called 72.8% of total commitments, compared to 60.8% at issuance. With further deployment of the Fund, the Facility has decreased from $225 million to $185 million which has improved the asset coverage since issuance.
CCO III is the third vintage of LGT CP’s co-investment strategy, focused on buyouts in North America, Europe and opportunistically in Asia-Pacific. The Fund follows the investment strategy of its predecessor funds, building a diversified portfolio of co-investments alongside managers in LGT CP’s network. LGT CP is an alternative investment specialist offering a wide range of investment programs focusing on private markets, liquid alternatives and multi-asset class solutions. The core team began investing in private markets in 1997, and in November 2000, they founded LGT CP, based in Pfaeffikon, Switzerland. The founding team continues to be a key part of the Firm's senior management today, ensuring stability and consistency in its culture and approach. As of January 2025, LGT CP has more than $100 billion in assets under management, with offices in Switzerland, New York, Dublin, London, Vaduz, Paris, Frankfurt, The Hague, Luxembourg, Dubai, Beijing, Hong Kong, Tokyo, San Francisco and Sydney. LGT CP's team consist of over 880 professionals who serve more than 700 institutional clients in 50 countries.
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