The funding is an innovative “net asset value-backed” credit facility worth £50m in total, secured against the underlying net asset value (NAV) of the fund. Investec’s Fund Finance team provided significant expertise on NAV-financing, while the bank also drew on insight from its Close-End Funds and Emerging Companies teams.
Investec funded £25m of the £50m club facility. By providing access to a source of funding that can be drawn down quickly, the facility will allow Draper Esprit to continue to move fast and seize opportunities. The facility also allows Draper Esprit to provide more value to shareholders by improving its cost of funding.
Draper Esprit is AIM-listed, with a market capitalisation in excess of £500m and is opening up venture investing as an asset class to public investment. This is Draper Espirit’s first debt facility.
Matthew Hansford, Head of UK Fund Finance, commented:
“We are delighted to continue our already strong relationship with Draper Esprit – it has a strong track record and has reached the critical mass where facilities like this can provide tangible benefits. Investec Fund Finance helps managers build and protect value in their portfolio by lending against the NAV of the portfolio. This Fund Unitranche capability is proving popular across private capital asset classes as a tool to drive investor value in an already well-invested portfolio.”
For more information, please contact:
Fatima Ismat, Lansons (PR agency for Investec CIB) - 020 7566 9709
Luke O’Mahony, Investec (Public Relations) - 020 7597 5261
Investec Corporate and Investment Banking
Investec CIB is an international corporate and investment bank working with growth-orientated companies, institutions and private equity funds. Our people set us apart – empowered, straightforward and invested in our clients’ long-term success. We provide capital solutions, advice and ideas, along with bespoke investment solutions and access to capital markets. Founded in 1974, The Investec Group has grown successfully through its client focussed approach and its ability to serve diverse and evolving financial needs.
This press release is issued on behalf of Investec Bank plc. Registered address: 30 Gresham Street, London, EC2V 7QP. (Reg No. 489604). Investec Corporate and Investment Banking is a brand name of Investec Bank plc, which is a member of the London Stock Exchange.
Investec Bank plc (Reg. no. 489604) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.