SCOR Investment Partners, the SCOR group’s portfolio management company, announces the end of the deployment of EUR 378 million, which have been raised throughout the marketing of the SCOR infrastructure Loans II fund, and the launch of the third generation with the SCOR infrastructure Loans III fund.
The fund SCOR Infrastructure Loans II, launched at the end of August 2015, has been marketed to a dozen European institutional investors, which have invested alongside the SCOR Group. Deployed during two years for a gross commitment of EUR 381.9 million (equaling 101% of raised capital), the portfolio is comprised of fourteen loans throughout eight sectors and four eurozone countries. The expected gross return is Euribor +2.10% with a weighted average life of 7.8 years.
The fund SCOR Infrastructure Loans III succeeds the fund SCOR Infrastructure Loans II. This new vintage forms part of SCOR Investment Partners’ intent to participate to the energy transition and address climate change. The investment team, headed by Paola Basentini, will favour green projects and aims to obtain the "Energy and ecology transition for the climate" label (Transition Energétique et Ecologique pour le Climat), which is being issued by the French Ministry of Environment, Energy and Sea.
Due to its ability for multichannel sourcing among banks, sponsors and financial consultants, the investment team has set itself a two-year objective to roll-out the raised capital. The investment philosophy, which aims to maximise diversification, remains unchanged and the team will continue to operate with its innovative spirit. The fund has already committed EUR 90 million across three projects.
François de Varenne, Chief Executive Officer of SCOR Investment Partners, comments: “I welcome the rapid deployment of the SCOR infrastructure Loans II fund and the high expected return, which surpasses the initial objective. Our strategy on the infrastructure debt market consists of offering investors mid-sized funds – between EUR 300 million and EUR 500 million – with a granularity of 10 to 15 loans. This approach allows us to be flexible and to renew our offer every two years in order to adapt to the market conditions and our clients’ changing demands, including a contribution to the energy transition. Being convinced that private financing will play a key role in tackling the climate change, SCOR investment Partners proposes with the SCOR Infrastructure III fund an investment strategy, which is truly embracing responsible financing.”
Key characteristics of
the SCOR Infrastructure Loans III fund |
|---|
| Legal form | French securitisation fund, later SFF (specialised financing fund) |
| Inception date | November 2017 |
| Average life | Max. 10 years |
| Objective for raised capital | EUR 300m to EUR 500m |
| Geographic exposure | Only investments in Investment Grade countries of the European Union (France, Italy, Germany, The Netherlands, etc.) |
| Exposure per sector | Min. 75% to « green » sectors eligible for the TEEC label |
The Unitholders must be professional as defined in Annex II of Directive 2004/39/EC (MiFID).
For further information, please contact Nadège Picharles, Head of Marketing, +33 1 53 64 65 23, npicharles@scor.com
About SCOR Investment Partners
SCOR Investment Partners is the SCOR group’s portfolio management company, managing a portfolio of EUR 18.4 billion for SCOR as at the end of September 2017. Created in 2008 and authorized since May 2009 by the French financial market regulatory body, the Autorité des marchés financiers (“AMF”), under
n°GP09000006, SCOR Investment Partners has circa 70 employees and is structured around six management desks: Aggregate, High Yield & Leveraged Finance, Infrastructure Debts, Equities & Convertible Bonds, Real Estate and Insurance-linked Securities. Since 2012, SCOR Investment Partners has given external institutional investors access to some of the diversification strategies developed for the SCOR group. As at the end of September 2017, SCOR Investment Partners manages third party assets amounting to over EUR 3.1 billion
