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BAI-Webinar„Direct Lending BAI-Webinar„Direct Lending" Speakers: Tobias Bittrich, Leiter Corporate Banking, Berenberg Joanna Layton, Managing Director, Alcentra August 24, 2021 Philipp Bunnenberg Referent Alternative Markets, BAI Poppelsdorfer Allee 106 53115 Bonn +49 (0) 228 96987-52 [email protected] Die Sprecher unserer BAI Mitgliedsunternehmen Tobias Bittrich leitet seit 2008 das Corporate Banking Joanna Layton joined Alcentra in May 2005 and is a bei Berenberg. Hierzu gehören die Bereiche Structured senior member of the investment team, with over 20 Finance, Schifffahrt, Real Estate sowie das years of investing experience. Joanna was originally a Firmenkundengeschäft, Infrastructure & Energy, die member of the European Loans and High Yield team, Immobilien-finanzierungen und der internationale where she was a senior analyst covering a variety of Zahlungsverkehr. Zudem hat er den Bereich zum Asset sectors. She has been a member of the European Loans Manager für illiquide Assets (Private Debt) ausgebaut. and High Yield Investment Committee since 2014. In Er hat mehr als 20 Jahre Branchenerfahrung. Bevor er line with the importance of monitoring a growing 2007 als Structured Finance Spezialist zu Berenberg investment base, Joanna formed the European Direct kam, war er bei der Commerzbank in verschiedenen Lending Portfolio Monitoring Team in early 2018. This Positionen in Hamburg und Frankfurt tätig. Nach has grown to a team of six investment professionals. seinem Studium der Volkswirtschaft startete er als Joanna is also a member of the European Direct Anlage- und Derivatespezialist im Lending Investment Committee. Firmenkundengeschäft. 2 BAI Webinar / August 2021 1st out / 2nd out Direct Lending Mit Super Senior in Richtung Investment Grade? Berenberg Wichtige Hinweise und wesentliche Risiken Wichtige Hinweise Bei dieser Information handelt es sich um eine Marketingmitteilung. Diese Information richtet sich ausschließlich an Kunden der Kundengruppe „Professionelle Anleger“ oder „Semiprofessionelle Anleger“ im Sinne des § 1 Abs. 19 Nr. 32 und 33 KAGB. Bei diesem Dokument und bei Referenzen zu Emittenten, Finanzinstrumenten oder Finanzprodukten handelt es sich nicht um eine Anlagestrategieempfehlung im Sinne des Artikels 3 Absatz 1 Nummer 34 der Verordnung (EU) Nr. 596/2014 oder um eine Anlageempfehlung im Sinne des Artikels 3 Absatz 1 Nummer 35 der Verordnung (EU) Nr. 596/2014 jeweils in Verbindung mit § 85 Absatz 1 WpHG. Als Marketingmitteilung genügt diese Information nicht allen gesetzlichen Anforderungen zur Gewährleistung der Unvoreingenommenheit von Anlageempfehlungen und Anlagestrategieempfehlungen und unterliegt keinem Verbot des Handels vor der Veröffentlichung von Anlageempfehlungen und Anlagestrategieempfehlungen. Diese Information soll Ihnen Gelegenheit geben, sich selbst ein Bild über eine Anlagemöglichkeit zu machen. Sie ersetzt jedoch keine rechtliche, steuerliche oder individuelle finanzielle Beratung. Ihre Anlageziele sowie Ihre persönlichen und wirtschaftlichen Verhältnisse wurden ebenfalls nicht berücksichtigt. Wir weisen daher ausdrücklich darauf hin, dass diese Information keine individuelle Anlageberatung darstellt. Eventuell beschriebene Produkte oder Wertpapiere sind möglicherweise nicht in allen Ländern oder nur in bestimmten Anlegerkategorien zum Erwerb verfügbar. Diese Information darf nur im Rahmen des anwendbaren Rechts und insbesondere nicht an Staatsangehörige der USA oder dort wohnhafte Personen verteilt werden. Diese Information wurde weder durch eine unabhängige Wirtschaftsprüfungsgesellschaft noch durch andere unabhängige Experten geprüft. Maßgeblich für eine Entscheidung an dieser Investition sind ausschließlich das Emissionsdokument (ggf. inklusive des Teilfondsanhangs), die Satzung der Gesellschaft sowie der Zeichnungsschein (nachfolgend zusammenfassend „Verkaufsunterlagen“). Die Verkaufsunterlagen erhalten Sie kostenlos in deutscher Sprache bei der Vertriebsstelle des Fonds. Die Geschäftsanschrift der Vertriebsstelle lautet: Joh. Berenberg, Gossler & Co. KG (Berenberg), Neuer Jungfernstieg 20, 20354 Hamburg. Die in diesem Dokument enthaltenen Aussagen basieren entweder auf eigenen Quellen des Unternehmens oder auf öffentlich zugänglichen Quellen Dritter und spiegeln den Informationsstand zum Zeitpunkt der Erstellung der unten angegebenen Präsentation wider. Nachträglich eintretende Änderungen können in diesem Dokument nicht berücksichtigt werden. Angaben können sich durch Zeitablauf und/oder infolge gesetzlicher, politischer, wirtschaftlicher oder anderer Änderungen als nicht mehr zutreffend erweisen. Wir übernehmen keine Verpflichtung, auf solche Änderungen hinzuweisen und/oder eine aktualisierte Information zu erstellen. Wir weisen darauf hin, dass frühere Wertentwicklungen, Simulationen oder Prognosen kein verlässlicher Indikator für die künftige Wertentwicklung sind. Zur Erklärung verwendeter Fachbegriffe steht Ihnen auf www.berenberg.de/glossar ein Online-Glossar zur Verfügung. Datum: August 2021 Wesentliche Risiken Bei den durch den Fonds vergebenen Finanzierungen besteht aufgrund der Nicht-Börsennotierung bzw. des Nicht-Handelns an geregelten Märkten eine stark eingeschränkte Liquidität. Deshalb kann eine mögliche Veräußerung der Schuldverschreibungen zum oder vor Laufzeitende schwierig oder teuer sein und langsam vorangehen. Zu den mit einer Investition in Fremdkapitalinstrumente verbundenen Risiken gehört zunächst das Risiko des teilweisen oder vollständigen Verlustes durch verminderte Zahlungsfähigkeit bis hin zur Insolvenz des Schuldners bzw. durch eine möglicherweise Nicht-Werthaltigkeit bzw. Nicht-Durchsetzbarkeit etwaiger Sicherheiten. Darüber hinaus können dem Fonds in einer solchen Situation über den Betrag der noch ausstehenden Forderungen hinausgehende zusätzliche Kosten, etwa durch gerichtliche Auseinandersetzungen, Zwangsvollstreckungsmaßnahmen oder sonstige Maßnahmen drohen. Realisieren sich eines oder mehrere dieser Risiken, kann dies dazu führen, dass die Rückflüsse an die Anleger geringer als erwartet ausfallen bzw. ausbleiben und darüber hinaus zum teilweisen oder vollständigen Verlust der Investition in den Fonds führen. Der Fonds unterliegt spezifischen regulatorischen Anforderungen, die je nach Investor von diesem zu werten sind. Potenzielle Änderungen der regulatorischen Rahmenbedingungen können bspw. zu abweichenden Investment-Einschätzungen und/oder zur Unattraktivität des Investments unter Berücksichtigung individueller Klassifizierungen für einzelne Investoren führen. 2 August 21 Vertraulich für [Investor] Berenberg Private Debt-Fonds 2021 16 4 >4 Mrd. >100 Fonds Assetklassen Kapitalzusagen Investoren Corporate Direct Lending Secured Shipping Debt Renewable Energy Debt Real Estate Debt Immobilien, Grundstücke, Mittelständische Internationale Erneuerbare Segment Handelsschiffe grundstücksähnliche Unternehmen Energien-Projekte Rechte Eigenkapital Besicherte Eigenkapital Eigenkapital Erstrangig Rang und Super Senior Eigenkapital Junior Debt Junior Super Senior Senior besicherte Debt Senior Risikoprofil und Senior- FK und Uni- und Senior- FK Senior Senior Hypotheken- Senior tranche Fremd- Senior Fremd- (Fonds: ) Finanzierungen Super Fremdkapital Unitranche- Finanzierungen Super kapital darlehen kapital Senior Finanzierungen Senior Erst- und vorrangige Erstrangige besicherte Besichertes Junior Debt / Tranchen von Finanzierungen für Unitranche für Erneuerbare Erstrangig besicherte Strategie und Transaktions- und Handelsschiffe mit einem Energien-Projekte für Late Immobilienfinanzierungen Alleinstellungs- Akquisitionsfinanzierungen Beleihungsauslauf von Stage-Projekt- mit niedrigem merkmale für cashflow-starke max. 60% des Marktwertes entwicklungs-, Bau- und Beleihungsauslauf Unternehmen mit geringer (akt. Portfolio <50%) Betriebsphasen Konjunktur-sensitivität 3 August 2021 BAI Webinar: Berenberg - 1st out / 2nd out Direct Lending Entstehung von Super Senior-Finanzierungen durch Margendruck unter Unitranche-Anbietern Eigenkapital Eigenkapital Eigenkapital Wettbewerb Senior- Debt Funds Senior- Fremdkapital: (Unitranche) Fremdkapital: angemessenes niedriger Leverage, Rendite- / Super Senior- hohe Marge Risikoverhältnis ab 2011 ab seit 2014 2008/09 Fremdkapital Berenberg & Co-Investoren • Nur wenige Banken nach Finanzkrise • Banken kehren zurück in den Markt • Senior-Finanzierungen geraten durch aktiv Eintritt der Debt Funds unter Druck • Berenberg baut über Jahre als • Berenberg einer der wenigen aktiven verlässlicher Finanzierungspartner • Zunehmender Wettbewerb in der Finanzierer nach der Finanzkrise Netzwerk zu Finanzinvestoren auf Unitranche → Beimischung von vorrangigen Tranchen (Super Senior Term Loans), um Zinsbelastung zu senken • Berenberg etabliert als First Mover bei Super Senior-Finanzierungen und ist Marktführer in Europa - insbes. DACH 4 August 2021 BAI Webinar: Berenberg - 1st out / 2nd out Direct Lending Starker Anstieg der Aktivität von Debt Funds in Deutschland Anzahl „Mid-market“ Deals in Deutschland 48 39 68 46 4 4 54 65 48 53 9 32 43 47 35 1 28 19 15 16 12 -- 5 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Debt Funds (Unitranche) Debt Funds (Senior) Banken Quelle: Altium 5 August 2021 BAI Webinar: Berenberg - 1st out / 2nd out Direct Lending Super Senior-Finanzierungen Unternehmenskauf Schematische Struktur • Ein Private Equity-Fond kauft ein Unternehmen für EUR 480 Mio. (entspricht 12x EBITDA) • Finanzierung mit Unitranche und Super Senior Private Equity • Start des Prozesses mit tiefgehender Due Diligence Eigenkapital FK - Senior-FK Unitranche- EUR 180
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