KBRA Assigns an A+ Rating to BNP Paribas' Participation in a Capital Call Facility to Crown Global Secondaries VI

KBRA UK (KBRA) assigns an A+ rating and Stable outlook to BNP Paribas' participation in a capital call facility in the form of a senior secured revolving credit facility (the "Facility") to Crown Global Secondaries VI ("CGS VI" or the "Fund"). The Facility is provided by a consortium of lenders including BNP Paribas. The rating was requested by BNP Paribas as a participating 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. As of February 2024, BNP Paribas had committed $100 million to the $600 million Facility.

The Facility is a multi-currency, senior secured revolving subscription facility. The Facility has a two-year tenor, with an extension option of one year with prior consent from the Agent and Lenders. The Lenders' security package includes (i) Luxembourg law security over the uncalled capital commitment of the investors, including a right to issue capital calls, enforce payments and to make and receive capital contributions of each Borrower and Guarantor; (ii) Luxembourg law pledge collateral account; and (iii) following a continuing Event of Default, the Agent has the right to accelerate the Facility and issue a capital call for the purpose of repaying all amounts due under the Facility after certain grace periods.

CGS VI is the sixth vintage fund in LGT Capital Partners’ secondaries strategy, targeting mid-sized transactions (<$100 million), predominantly in the buyout stage across the U.S, Europe and Asia. As of January 2024, the Fund had received approximately $4.4 billion of commitments from approximately 200 investors. The Fund has a target of $6-7 billion of total commitments at Final Close.

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.

Note: This press release has been revised on 1 May 2024 to update the endorsement disclosure.

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