RiverRock Senior Loan Fund I Holds Final Close at €604m
RiverRock is delighted to announce the final close of its Senior Loan Fund I (“RSLFI” or “the Fund”).
Launched in 2019, RSLFI is a unique co-investment partnership with ING Bank focusing on European acquisition-finance transactions. The Fund is limited to senior-secured loans only and targets a 4.50% return.
RSLFI’s investor base comprises major European and Asian insurance companies, banks and pension funds, for whom the risk-return profile and exposure to otherwise inaccessible assets have proven attractive.
The partnership with ING Bank provides the Fund with a strong origination pipeline in the leveraged loan space, with RSLF1 having already committed more than €300 million across 40 transactions, with five new investments confirmed in Q2 2021 across the Education, Food & Beverage, Agriculture, Logistics and Home & Garden segments. The final portfolio aims to have between 70-80 unique loan exposures.
Taro Goto, Senior Portfolio Manager, comments: “In a difficult fundraising environment we are delighted to have raised over €600m and thank our investors for their continued support. Over the past two years, we have built a diversified and balanced portfolio of senior loan investments which has demonstrated strong Covid-19 resilience, with none of the Borrowers requiring additional debt financing and the majority of the portfolio outperforming post-lockdown sales and EBITDA expectations. The Fund’s success owes a lot to ING Bank’s origination platform which has consistently sourced a steady pipeline of compelling non-syndicated transactions which investors cannot otherwise gain access to”
Michel Péretié, Partner and CEO of RiverRock, said “This successful fundraise bolsters RiverRock’s position as a leading private markets asset manager as we continue to innovate in the alternatives space to offer our investors investment strategies in difficult-to-access markets. Partnering with a top tier bank such as ING has allowed us to continue to deploy capital throughout the pandemic, and we look forward to continuing this relationship.”
David Owens, Managing Director, Global Balance Sheet Distribution at ING, added “Through the Senior Loan Fund, ING has demonstrated its commitment to providing attractive co-investment opportunities to institutional investors. This is done in a manner that also helps us be more relevant to our clients by providing larger stakes in loans than our regulatory or balance sheet constraints would otherwise allow. Raising in excess of €600m in capital for the first fund of this strategy is a proof point of its success to date and potential for future replication.”
As a signatory of the UN PRI, RiverRock is committed to addressing Environmental, Social and Governance factors in its investment processes and decisions. RSLFI applies ESG+ criteria to all its investments.
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About RiverRock www.riverrock.eu
RiverRock European Capital Partners LLP is an alternative asset management firm which invests in private markets and real assets. It is headquartered in London with offices in Paris, Milan, Madrid and Frankfurt. RiverRock is authorised and regulated by the Financial Conduct Authority in the UK.
RSLFI is a closed-end fund which is domiciled in Luxembourg, managed by RiverRock and regulated by the Commission de Surveillance du Secteur Financier (“CSSF”).
Contacts: Investor Relations: Investor-Relations@riverrock.eu