Investec NAV Financing

What is NAV Financing Investec NAV Financing is flexible funding to drive value in funds with diminished undrawn LP capital: and how does it work? • Allowing you to fund your equity needs at the cost of debt • Handle smaller, short-term needs and substantial, multi-year opportunities • And be raised at the fund level, at the portfolio company level, or at a HoldCo level

Typical Investec NAV Deal Sizes Borrower • €/£/$10m-200m • Fund or portfolio asset level Financing parameters • GP/Manager vehicle Pricing • LIBOR Plus 5%-10% (cash/PIK) Covenants • Flexible and designed to ensure portfolio LTVs retains value and quality • Concentrated portfolios: c. 5%-30% Repayment/Cash sweep Structure • Repaid from exits or other distributions • Secured or unsecured loan from the underlying portfolio • Ranks behind underlying asset debt • Ability to share some distributions with LPs or reinvest to optimise returns Term • 1-5 years

Investec NAV Financing LP commitments can be deployed at PortCo A multiple levels PortCo B HoldCo Fund PortCo C PortCo D

Solutions. Capital. Empowered people. Why should I use NAV Financing?

Build value Protect value Accelerate distributions and • Finance accretive bolt-ons • Avoid or address covenant breaches facilitate fund restructurings • Fund asset growth initiatives • Balance sheet clean-up • Improve DPI with a dividend • Buy out co-investors • Liquidity to weather business cycles • Use instead of multiple portfolio • Efficiently capitalise minority equity • Participate in punitive pay-to-play rounds company refinancings positions • Enable hedging options • Buy out existing LPs • Bring forward recyclable commitments • Efficiently fund follow-on capital • Win founder-owned companies by for continuation vehicles leveraging at the Holdco, not the Opco

What makes us unique Relentlessly innovative — offering clients Globally professionals Established in 2007, capable on five we execute team of 29 continents 100 unmatched deals a year creativity Who we are

Full life cycle fund expert delivering Partner of choice for clients who value effective solutions to funds across the exceptional expertise, high service and full fund life cycle relationship focus

Broadest capabilities in the industry, in both fund financing and strategic GP tools What we do

Capital call facilities GP-level financing Bridging investor call-downs and smoothing Enabling fund managers to fund their GP commitments distributions to investors or working capital requirements

Hedging solutions Portfolio capital solutions Hedging FX and equity exposures with Providing liquidity to protect or enhance value collateral flexibility and accelerate returns in mature portfolios with NAV-based funding

Secondary fund leverage Management fee swaps Funding acquisitions of LP investments Enhancing your fundraising activities by assisting in the secondaries market LPs in lowering management fees

The Investec difference

At Investec, clients enjoy seamless access to investment banking, agility and speed, allowing us to help our clients achieve goals, big private banking and wealth management services. and small, ahead of time. We are consistently recognised for our high service levels in industry awards. You will discover a unique way of doing business driven by our founders’ entrepreneurial spirit, allowing us to deliver creative solutions Our business is run responsibly and sustainably in line with three for our clients in a straightforward way. It is also the engine behind our core pillars: people, planet and profit.

Solutions. Capital. Empowered people. For more information, contact

Jonathan Harvey Ian Wiese E: [email protected] E: [email protected] T: +44 2075 974 566 T: +44 2075 972 897 Structured Finance experience: 11 years Structured Finance experience: 9 years Prior experience: Real Estate Finance, Prior experience: Corporate Law, Lev. Fin. Specialised Lending at Investec & Corporate Finance

Matthew Hansford Michael Zornitta E: [email protected] E: [email protected] T: +44 2075 973 914 T: +44 2075 972 557 Structured Finance experience: 10 years Structured Finance Experience: 3 years Prior experience: Lev. Fin., Subordinated Prior Experience: CA (SA) articles at Investec Debt at Barclays

About us

We are a leading UK corporate and investment banking business, part of Investec Bank plc rated A1 by Moody’s and BBB+ by Fitch Ratings. Investec Bank plc is the main banking subsidiary of Investec plc, a FTSE 250 listed company.

investec.com @Investec

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. Registered at 30 Gresham Street, London EC2V 7QP. FFUKNAVF2207D