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Cvc credit partners ipo

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St Paul's Cathedral and areas of the financial district of the City of London are seen at dusk October 9, N , will leave in October "to focus on his private interests," the firm said in a statement. He will remain on CVC's board in a non-executive capacity. O which recently floated after decades in private hands. That valuation could surge beyond 20 billion euros in the upcoming listing, considering the strong market debuts of rival firms, the source said.

N and Morgan Stanley MS. N working on the plan. It may opt to float on the London Stock Exchange, although a final decision on the listing venue has yet to be made, the source said. Join over , Finance professionals who already subscribe to the FT. Choose your subscription. Trial Try full digital access and see why over 1 million readers subscribe to the FT. For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news. Digital Be informed with the essential news and opinion.

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Completing this partnership with CVC Capital Partners is testament to the hard work invested by many people who have focused to deliver a bright vision for PRO14 Rugby and enable it to realise its commercial value in the global sports market. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

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Predict your next investment. Investments Portfolio Exits 1. Funds 9. Predict your next investment The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today. Date Round Company Amount New? Subscribe to see more. Date Exit Companies Valuation. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Trimb Healthcare. Date Investment Stage Companies Valuation. Ideal Standard International. The prospects of the Company are driven by its investment objectives, investment policy and investment strategy as summarised above, and also by the conditions existing in the markets in which the Company's shares trade and in which the Investment Vehicle invests and financial markets generally. In assessing the prospects of the Company, the Directors have, in addition to taking into account the principal risks facing the Company, taken into account the Company's current financial position which has included a robust process encompassing an examination of the:.

Based on the results of their assessment process the Directors have concluded that a period of three years from the date of this statement is an appropriate period over which to assess the prospects of the Company. This period was chosen by the Director's as it falls within the minimum period suggested by the results of the Director's assessment process. The Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due within at least this period of assessment.

This Strategic Report was approved by the Board of Directors on 27 February and signed on its behalf by:. Appointed 20 March From he was a Principal of Channel House, a Jersey based financial services group, which was acquired by Capita Group plc in September and led their financial services client practice in Jersey until September Mark Richard Tucker, aged 54 independent. In Mark joined Arborhedge Investments, Inc. Mark served as the President and Chief Executive Officer of Arborhedge until his return to Jersey in , after which he remained a director and shareholder until In Mark relocated first to London, where he joined GNI Limited in a financial futures business development role, and later to New York where he was responsible for the alternative investment program of Gresham Asset Management, Inc.

Mark is personally regulated by the Jersey Financial Services Commission in the conduct of financial services business, and he is an Associate of the Chartered Institute of Bankers, a Chartered Fellow of the Chartered Institute for Securities and Investment and a member of the Institute of Directors.

Mark also serves as a non-executive director to several other offshore structures. The Investment Vehicle Manager is pleased with the portfolio performance for the year ended 31 December Each strategy has performed to expectations and the Investment Vehicle Manager remains optimistic with regards to the growing opportunity within the performing credit and credit opportunities segments of the portfolio given the continued flow of assets seen across the desk.

As at 31 December the Investment Vehicle portfolio was invested in-line with the investment policy, was diversified with 67 64 issuers 1 across 24 22 different industries and 16 13 different countries, and had exposure of no more than 3. As at the end of December , floating rate instruments comprised Current gross yield of the asset pool at year-end was 6.

The Investment Vehicle Manager was pleased with the performance through The portfolio's total return net of fees, including dividends reinvested was 9. Through Q3 the portfolio opportunistically participated in new issue primary and actively managed exposures in the performing segment to take advantage of the strong market technical.

In advance of year end, and mindful of the U. The Core Income segment of the portfolio delivered 4. The Credit Opportunities segment of the portfolio delivered a gross 7. It was encouraging that the European loan market continued to expand as sponsors favoured the flexibility and less onerous public disclosure requirements of the loan product versus high-yield bonds.

Repricing activity in the final half of tightened the single-B average YTM, which was at 4. As yields continued to tighten, senior leverage for all new European transactions increased, reaching 4. ELLI loan default rates remained in range and closed the year at 2. Looking ahead to the Investment Vehicle Manager is optimistic about opportunities in the credit markets.

The extreme FX fluctuations and the movements in commodity prices in presented significant opportunities for the Credit Opportunities strategy. The Investment Vehicle Manager believes that pockets of volatility and regulatory changes, expected to emerge in due to the changing geopolitical landscape, will support its very healthy pipeline. Examples of opportunity-inducing events include:.

Of particular concern in the Brexit negotiations is freedom of movement and whether European workers will be entitled to live and work in the UK after the event. In the Credit Opportunities space, the Investment Vehicle Manager continues to evaluate credits in the energy space, particularly in Europe where subsidies for renewable energy production and infrastructure have been reigned in. Attention will also be given to assets in the retail, shipping and the U.

Whilst the Investment Vehicle Manager is of the belief that defaults may take longer to materialise in the current climate, acknowledgement is given to the Fed's interest rate rise in December and the consequences this may have for over-levered credits. By taking advantage of the CVC global network, the Investment Vehicle Manager expects to be able to identify investment opportunities and deploy additional capital both from recapitalisations outside of technical defaults, and by stepping in at the front end of restructurings.

The portfolio has once again outperformed broader market indices despite significant market volatility caused by various factors such as the effects of Brexit and the U. The combination of performing credit providing stable yield exposure alongside the higher yielding Credit Opportunities strategy provides a balanced portfolio risk profile in differing market environments.

Political uncertainty is set to continue in , with the start of Brexit negotiations, elections in France, Germany and the Netherlands, and the potential for early elections in Italy. Investors will also be waiting to see how U. Despite the risks, our core scenario is that global growth and inflation pick up next year.

Within our asset class, we expect European leveraged loans and high yield debt to outperform, as stronger growth should support corporate earnings while the ECB remains accommodative although perhaps on a lower basis throughout the year.

Going into H1 , the Investment Vehicle Manager continues to focus on maintaining a low NAV volatility, actively allocating to performing assets as new issue volume is expected to remain strong supported by Sponsor liquidity, a continued stimulus from the ECB while seeking to maintain asset allocations in the Credit Opportunities segment of the portfolio.

There are significant differences between the types of investments made or expected to be made by the Investment Vehicle and the investments covered by the indices, and the methodology for calculating returns. In contrast, CVC Credit Partners may have discretion whether to reinvest such payments during any relevant commitment period. Moreover, coupon payments received by the Investment Vehicle after the expiration of any commitment period typically will not be reinvested.

It should not be assumed that the Investment Vehicle will invest in any specific equity or debt investments, such as those that comprise the indices, nor should it be understood that there will be a correlation between the Investment Vehicle's returns and those of the indices. It should not be assumed that correlations to the indices based on historical returns will persist in the future.

No representation is made that the Investment Vehicle will replicate the performance of any of the indices. The indices are included for general, background informational purposes only and recipients should use their own judgment to appropriately weight or discount their relevance to the Investment Vehicle. The results for the year are set out in these accounts. The Directors who held office at the date of approval of this Directors' Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware and that they have taken the steps that they ought to have taken as Directors to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

No Director has any other interest in any contract to which the Company is a party and no Director has held or holds any management or ordinary shares in the Company. The Board is responsible for the Company's system of risk management and internal control and meets regularly in the form of monthly Board meetings to assess the effectiveness of such controls in managing and mitigating risk.

The Board confirms that it has reviewed the effectiveness of the Company's system of risk management and internal control for the year ended 31 December , and to the date of approval of this Annual Financial Report. The key financial risks that the Directors believe the Company is exposed to include credit risk, liquidity risk, market risk, interest rate risk, foreign currency risk and valuation risk.

Please refer to note 8 for reference to financial risk management disclosures, which explains in further detail the above risk exposures and the policies and procedures in place to monitor and mitigate these risks. The Administrator has established an internal control framework to provide reasonable but not absolute assurance on the effectiveness of the internal controls operated on behalf of its clients. The effectiveness of these controls is assessed by the compliance and risk departments on an on-going basis and by periodic review by external parties.

The Compliance Officer presents an assessment of their review to the Board in line with the compliance monitoring program on a quarterly basis. In assessing the overall fairness, balance and understandability of the Annual Financial Report and Accounts the Board has performed a comprehensive review to ensure consistency and overall balance.

The Company does not have any external borrowings. The Directors may, if they feel it is in the best interests of the Company, borrow funds subject to the appropriate resolutions of shareholders. Please refer to the Strategic Report - "Environmental and social issues" for disclosure regarding greenhouse gas emissions. The Board has the authority to purchase its own shares under the terms and conditions of the Contractual Quarterly Tender facility as summarised in note Details of the shares tendered and repurchased under the Contractual Quarterly Tender facility during the year are given in the Strategic Report.

Between 31 December and 27 February , no additional notifications were received. The Directors are not aware of any developments that might have a significant effect on the operations of the Company in subsequent financial periods not already disclosed in this report or the attached financial statements. The Board considers that reporting against the principles and recommendations of the AIC Code and by reference to the AIC Guide which incorporates the UK Code , will enable shareholders to make a comprehensive assessment of the Company's governance principles.

The AIC Code comprises 21 principles and the Directors believe that during the period under review they have complied with all of the recommendations of the AIC Code and the relevant provisions of the UK Code insofar as they apply to the Company's business except as set out below:. For the reasons set out in the AIC Guide, and as explained in the UK Code, the Board considers these provisions are not relevant to the position of the Company, being a self-managed investment company.

In particular, all of the Company's day-to-day administrative functions are outsourced to third parties. As a result, the Company has no executive directors, direct employees or internal operations. The Company has therefore not reported further in respect of these provisions.

As a self-managed investment company the Company does not have a manager and for this reason the Board considers that the AIC Code principle 16 is not relevant to the Company. Mark Tucker, as the Chairman of the Audit Committee acts as a channel of communication for shareholders in the event that a shareholder's contact with the Chairman of the Company fails to satisfactorily resolve a concern.

The Company complies with the corporate governance statement requirements pursuant to DTRs by virtue of the information included within this corporate governance statement. The Board, appointed on 20 March , consists of three Directors, all of whom are independent of the Investment Vehicle Manager. The Directors are:. Please refer above for biographies of each Director which demonstrates their professional knowledge and experience.

As a self-managed investment company , the Board is responsible for all decision making. The Board meets periodically throughout the year and monitors the Company's share price and NAV on a timely basis and holds regular discussions with the Investment Vehicle Manager to discuss performance of the Investment Vehicle portfolio, whilst considering ways in which future share price and overall performance can be enhanced.

The Board is responsible for the safeguarding of the assets of the Company and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Investment Vehicle Manager, together with the Company Secretary, also ensure that all Directors receive, in a timely manner, all relevant management, regulatory and financial information relating to the Company and the Investment Vehicle portfolio.

Directors unable to attend a Board meeting are provided with the Board papers and can discuss issues arising in the meeting with the Chairman or another Director. Individual Directors may, at the expense of the Company, seek independent professional advice on any matter that concerns them in the furtherance of their duties. The Board has established one committee, the Audit Committee. The Board had established a Risk Management Committee which it dissolved during the year for reasons discussed below.

The Board considers that it is not necessary to establish a separate Remuneration or Nomination Committee. The Board has established an Audit Committee, which operates within clearly defined terms of reference and duties. The terms of reference of the Audit Committee are available on the Company's website. Meetings of the Audit Committee are held at least three times a year at appropriate times in the reporting and audit cycle and otherwise as required.

The Audit Committee membership comprises all Directors. The Chairman of the Board is a member of this Committee but he does not chair it. His membership of the Audit Committee is considered appropriate given that he is a Fellow of the Institute of Chartered Accountants in England and Wales and also has extensive knowledge of the financial services industry. The report on the role and activities of this Committee and its relationship with the external auditors is set out in the Report of the Audit Committee.

The Board had appointed a Risk Management Committee as part of its risk management system, which operated within clearly defined terms of reference and duties. The Risk Management Committee membership comprised all Directors. The Chairman was also the chair of this Committee. The main roles of the Risk Management Committee were to assess the principal risks and uncertainties facing the Company that the Board have identified as detailed above, and record and monitor the position of such risks on a periodic basis, any mitigating factors of such risks and the controls implemented by the Committee to mitigate such risks.

This analysis is performed as part of the business risk assessment the "BRA". The Committee was also responsible for the oversight of the operational activity including working capital, corporate governance of the Company and monitoring the regulatory requirements applicable to the Company under its AIFMD registrations in various jurisdictions and periodic review of the Investment Vehicle Manager's procedures for undertaking investment decisions to ensure decisions are consistent with the approved investment policy and strategies of the Company.

The Committee also examined the valuation of the Company investments periodically throughout the year. Accordingly the Risk Management Committee was formally dissolved. Attendance at scheduled meetings of the Board and its committees. The Committees report to the Board as part of a separate agenda item, on the activity of the Committee and matters of particular relevance to the Board in the conduct of their work.

The AIC guide states that all non-executive Directors should be submitted for re-election by shareholders at regular intervals and that nomination for re-election should not be assumed but be based on disclosed procedures and continued satisfactory performance. Based on the above and reflecting best practice, the Directors have adopted a policy whereby all Directors will stand for re-election at each AGM, including the forthcoming AGM to be held on 3 April The Board considers that there is a balance of skills and experience within the Board and each of the Directors contributes effectively.

The Chairman is responsible for the leadership of the Board and ensuring its effectiveness in all aspects of its role. He was a member of CVC Credit Partners Advisory Board, which is an advisory body established to comment on strategic plans, budgets and markets, until April For reasons as detailed above he is independent.

The Directors consider that there are no factors, as set out in principle 1 or 2 of the AIC Code, which compromise the Chairman's or other Directors' independence and that they all contribute to the affairs of the Company in an adequate manner. The Board reviews the independence of all Directors annually. The Board is made up of three male Directors. The Board supports the recommendations of the Davies Report available at www.

The Board, however, does not consider it appropriate or in the interest of the Company and its Shareholders to set prescriptive targets for gender or other diversity on the Board. Any future appointments would be primarily based on merit of skills, experience and knowledge. The Board considers that boards of investment companies are more likely to benefit from a long association with a company in that they will experience a number of investment cycles.

The Board does not consider that length of service necessarily compromises the independence or effectiveness of each individual Director and accordingly does not have a formal policy requiring that Directors should stand down after a fixed period. The Company is committed to ensuring that any vacancies arising are filled by the most qualified candidates who have complementary skills or who possess the skills and experience which fill any gaps in the Board's knowledge or experience.

The Board considers that, due to its size, it would be unnecessarily burdensome to establish a separate Nomination or Remuneration Committee. The Board as a whole nominates candidates for the Board and, subject to there being no conflicts of interest, all Directors are entitled to vote on candidates for the appointment of any new Directors.

The Board believes that keeping up-to-date with key investment industry developments is essential for the Directors to maintain and enhance their effectiveness. Current Directors and newly appointed Directors, if applicable, are given the opportunity to discuss training and development needs and are expected to take responsibility for identifying their training needs and to take steps to ensure that they are adequately informed about the Company and their responsibilities as a Director.

The Chairman is responsible for agreeing and reviewing with each Director their training and development needs. When a new Director is appointed to the Board, they will be provided with all relevant information regarding the Company and their duties and responsibilities as a Director. In addition, a new Director will also spend time with representatives of the Investment Vehicle Manager in order to learn more about their processes and procedures.

The Board is confident that all its members have the knowledge, ability and experience to perform the functions required of a Director of the Company. Director's remuneration and annual evaluation of the Board and that of its Audit Committee and individual Directors. The Board periodically reviews the fees paid to the Directors and compares these with the fees paid by listed companies generally.

An annual evaluation of the Board, Audit Committee and Directors is undertaken considering the balance of skills, experience, independence and knowledge, its diversity, including gender, how the Board works together as a unit, and other factors relevant to its effectiveness.

The evaluation also considers the Board's performance, constitution and terms of reference to ensure that it is operating effectively. At least every three years the board evaluation is externally facilitated. In a full external review was undertaken by Trust Associates and in an external interim review was undertaken.

The next full external review will take place in During the year Trust Associates were engaged to perform an interim evaluation on the effectiveness of the Board. The evaluation report provided by Trust Associates noted that David Wood could be considered independent on the basis his employment with CVC, from which he retired in April , falls outside a three year scope since employment, as recommended by principle 2 of the AIC code, and if his appointment on the CVC Independent Sub Committee is not deemed to be material.

No other significant recommendations were made which were required to be bought to the attention of shareholders. Details of the remuneration arrangements for the Board and Audit Committee can be found in the Directors' Remuneration Report and in note 5 of the financial statements.

The Board meets regularly throughout the year and a representative of the Investment Vehicle Manager is in attendance at all times when the Board meets to review the performance of the Company's investments. As the Company is self-managed, the Chairman assumes the responsibility of ensuring that relevant financial information, including Investment Vehicle investment portfolio analysis and financial plans, including budgets and forecasts, are available to the Board and discussed at Board meetings.

The Chairman encourages open debate to foster a supportive and co-operative approach for all participants. At each relevant meeting the Board undertakes reviews of key investment and financial data, transactions and performance comparisons, share price and NAV performance, marketing and shareholder communication strategies, peer group information and industry issues. The Directors review the trading price of the Company's shares and compare them against their NAV to assess volatility in the discount or premium of the NAVs to their share prices.

The Board meets regularly to discuss and consider the investment objective, policy and approach of the Company to ensure sufficient attention is given to overall strategy of the Company. The Board considers whether the investment policy continues to meet the Company's objectives. The Board believes that the overall strategy of the Company remains appropriate.

The Board reviews the performance of the Company's third-party service providers together with their anti-bribery and corruption policies to ensure that they comply with the Bribery Act and the Corruption Jersey Law and ensure their continued competitiveness and effectiveness and ensure that performance is satisfactory and in accordance with the terms and conditions of the respective appointments.

As part of the Board's ongoing evaluation of third party service providers, it considers and reviews on a periodic basis contractual arrangements with the major service suppliers of the Company. The Directors have adopted a procedure whereby they are required to report any potential acts of bribery and corruption in respect of the Company that come to their attention to the Company's Compliance Officer.

An analysis of the substantial shareholders of the Company's shares is provided to the Directors on a quarterly basis. The Board views shareholder relations and communications as high priority which ensures that the Directors have an understanding of the views of shareholders about the Company. It has, since admission, sought engagement with investors. Where appropriate the Chairman and other Directors are available for discussion about governance and strategy with major shareholders and the Chairman ensures communication of shareholders' expressed views to the Board.

Shareholders wishing to communicate with the Chairman, or any Director, may do so by writing to the Company, for the attention of the Company Secretary, at the Registered Office. The Directors welcome the views of all Shareholders and place considerable importance upon them. The main method of communication with shareholders is through the half year and annual financial report which aims to give shareholders a clear and transparent understanding of the Company's objectives, strategy and results.

During the course of the year the Company's website www. It is regularly updated with monthly factsheets and provides further information about the Company, including the Company's financial reports and announcements. The maintenance and integrity of the Company website is the responsibility of the Directors. Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Uncertainty regarding legal requirements is compounded as information published on the internet is accessible in many countries with different legal requirements relating to the preparation and dissemination of financial statements. The Board believes that the AGM provides an appropriate forum for investors to communicate with the Board, and encourages participation.

There is an opportunity for individual shareholders to question the Directors at the AGM. It is the intention of the Board that the Notice of the AGM and related papers will be sent to shareholders at least 20 workings days before that meeting. The Board has also instigated a programme of quarterly investor calls, to allow investors and other interested parties to receive an update on the previous quarter's performance and market conditions.

It also provides a forum for questions to be posed to the Chairman and key individuals within the Investment Vehicle Manager. All substantive communications regarding any major corporate issues are discussed by the Board taking into account representations from the Investment Vehicle Manager, the Auditor, legal advisers, corporate brokers and the Company Secretary.

Information relating to the current risk profile of the Company and the risk management systems employed by the Company to manage those risks, as required under paragraph 4 c of Article 23 of the AIFM Directive, is set out in note 8 - Financial Risk Management. Please refer above for the Board's assessment of the principal risks and uncertainties facing the Company.

The total fees paid to the Board by the Company is disclosed within the Directors' remuneration report and disclosed in note 5. No other remuneration costs have been incurred with the exception of those costs incurred by the Board as referenced above. This Directors' and Corporate Governance Report was approved by the Board of Directors on 27 February and signed on its behalf by:.

The Audit Committee comprises all of the Directors. All of the Audit Committee's members have recent and relevant financial experience and one is a Fellow of the Institute of Chartered Accountants in England and Wales. Biographical information pertaining to the members of the Audit Committee can be found in the section of this Annual Financial Report entitled, "Board Members". The main role and responsibilities of the Audit Committee are to protect the interests of the Company's shareholders regarding the integrity of the half-yearly financial report and the annual financial report of the Company.

It also manages the Company's relationship with the external Auditor. The Board is responsible for ensuring that suitable systems of risk management and internal control are implemented by the third-party service providers to the Company. The Directors have reviewed the BNP Paribas Securities Services ISAE report on the description of controls placed in operation, their design and operating effectiveness for the period from 1 October to 30 September on Fund Administration and Middle Office Outsourcing, and are pleased to note that no significant issues were identified.

In accordance with the FRC's Internal Control: Guidance to Directors, and the FRC's Guidance on Audit Committees, the Board confirms that there is an on-going process for identifying, evaluating and managing the significant internal control risks faced by the Company. As the Company does not have any employees it does not have a "whistle blowing" policy in place. The Company delegates its day to day administrative operations to third-party providers who are monitored by the Board and who report on their policies and procedures to the Board.

Accordingly, the Board believes an internal audit function is not required. In , the Audit Committee met on three occasions and the members' attendance record can be found on above. The Audit Committee views the title to and the existence of the Company's investments as significant issues. Procedures to confirm the Company's title to and the existence of the Company's investments are embedded within the Company's share issuance, monthly conversion and quarterly tender process.

Accordingly, the Company's title to and existence of the Company's investments were confirmed by the Board on several occasions throughout the year. Additionally, the procedures employed by the Auditors, described in the external audit process below, are viewed by the Audit Committee as being appropriate and sufficiently robust to identify weaknesses in the Company's claim to its investments and to gain sufficient assurance of the existence of the Company investments.

The risk of misstatement due to errors in the valuation of the Company's investments is an issue of significance to the Audit Committee. The Audit Committee is pleased to report that the Board meets each month to examine the valuation of the Company investments amongst other items. Additionally, the Audit Committee interviewed the Investment Vehicle Manager's auditor in order to review their proposed audit program of work to assess the effectiveness of the audit process.

A representative of the Auditor also attended this meeting. This meeting preceded a review by the Audit Committee of documentary evidence which allowed it to gain assurances as to the appropriateness and robustness of the valuation methodology applied by the Investment Vehicle to its underlying portfolio assets and hence to the Company's investments in the Investment Vehicle. The Audit Committee met with the Auditor prior to the commencement of the audit and agreed an audit plan that would adopt a risk based approach.

The Audit Committee and the Auditor agreed that a significant portion of the Audit effort would include an examination of the title to and the existence of the Company investments and an examination of the procedures in place at the Administrator and at the Investment Vehicle Manager in respect of the valuation of the Company investments and the underlying portfolio assets respectively.

Upon completion of the audit, the Audit Committee discussed with the Auditor the effectiveness of the audit and considered the Auditor's independence from the Company since their appointment and throughout the audit process.

The Audit Committee concluded that the audit had been effective on the grounds that it documented a robust process that was seen to test: the title to and existence of the Company investments; the underlying security position valuations used by the Investment Vehicle at year end; and the Administrator's reconciliation of foreign currency translations into Euro, being the presentation and functional currency of the Company.

During the year ended 31 December , in addition to the audit services in respect to the audit of the Company's Annual Financial Report, the auditor provided non-audit services in respect of the review of the Company's Half Yearly Financial Report for the six months ended 30 June , and provided advice and assistance in respect of the returns required to be filed under the Reporting Fund Scheme.

The Audit Committee has discussed the report provided by the Auditors and the Audit Committee is satisfied as to the independence of the Auditor. The Committee considers the reappointment of the external auditor, including the rotation of the audit engagement partner, each year. The external auditor is required to rotate the audit engagement partner responsible for the Company audit every five years.

The current lead audit engagement partner has been in place for four years. The Committee reviews the objectivity and effectiveness of the audit process on an annual basis and considers whether the Company should put the audit engagement out to tender. There are no contractual obligations restricting the Committee's choice of external auditor and we do not indemnify our external auditor.

The Committee continues to consider the audit tendering provisions outlined in the revised UK Code. Jersey Law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company at the end of the year and of the profit or loss of the Company for that year. In preparing these financial statements, the Directors should:.

The Directors are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Jersey Law They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

This report meets the relevant rules of the Listing Rules of the Financial Conduct Authority and the AIC Code and describes how the Board has applied the principles relating to Directors' remuneration. T he Board has not established a separate Remuneration Committee. There were no changes to the Board during the year. In accordance with Company policy all Directors will stand for reappointment at the forthcoming Annual General Meeting to be held on the 3 April No other remuneration or compensation was paid or is payable by the Company during the period to any of the Directors.

There has been no change to the Company's remuneration policy as detailed below. The Company has no employees. Accordingly, there are no differences in policy on the remuneration of Directors and the remuneration of employees. No Director is entitled to receive any remuneration which is performance-related.

The determination of the Directors' fees is a matter for the Board. The Board considers the remuneration policy annually to ensure that it remains appropriately positioned. Directors will review the fees paid to the boards of directors of similar companies. No Director is to be involved in decisions relating to his own remuneration.

The Company's policy is for the Directors to be remunerated in the form of fees, payable quarterly in advance. No Director has any entitlement to a pension, and the Company has not awarded any share options or long-term performance incentives to any of the Directors. Directors are authorised to claim reasonable expenses from the Company in relation to the performance of their duties. The Company's policy is that the fees payable to the Directors should reflect the time spent by the Board on the Company's affairs and the responsibilities borne by the Directors and should be sufficient to enable high calibre candidates to be recruited.

The policy is for the Chairman of the Board and Chairman of the Audit Committee to be paid a higher fee than the other Directors in recognition of their more onerous roles and more time spent. The Board may amend the level of remuneration paid within the limits of the Company's Articles of Association.

Directors have agreed letters of appointment with the Company. No Director has a service contract with the Company and Directors' appointments may be terminated at any time by one month's written notice with no compensation payable at termination upon leaving office for whatever reason. Directors' performance is reviewed during an annual evaluation. This evaluation is undertaken by an external third party at least once every three years.

Information of each Director is shown above. An ordinary resolution to ratify the Directors' remuneration report will be proposed at the Annual General Meeting on 3 April Net gains on investments held at fair value through profit or loss.

Increase in net assets attributable to shareholders from operations. All items in the above statement are derived from continuing operations. The Company has no items of other comprehensive income, and therefore the increase in net assets attributable to ordinary shareholders for the year is also the total comprehensive income. The notes form an integral part of these financial statements. Financial investments held at fair value through profit or loss. The financial statements were approved by the Board of Directors on 27 February and signed on its behalf by:.

Net foreign currency exchange loss on opening shares and shares issued during the year. Decrease in net assets attributable to shareholders from operations. Net gain on investments held at fair value through profit or loss. Proceeds from issuance and subscriptions arising from conversion of ordinary shares. The Company was incorporated on 20 March and is registered in Jersey as a closed-ended investment company.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to the years presented. The financial statements give a true and fair view of the Company's affairs and comply with the requirements of the Companies Jersey Law The liquidity method of preparation is followed.

Please refer to 8. These financial statements have been prepared on the historical cost basis except for the revaluation of financial assets designated at fair value through profit or loss and ordinary shares that are held at amortised cost being the amount they can be redeemed at.

The Company's functional currency is the Euro, which is the currency of the primary economic environment in which it operates. The Company's performance is evaluated and its liquidity is managed in Euros. Therefore the Euro is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

The financial statements are presented in Euros, except where otherwise indicated. The preparation of financial statements in conformity with IFRS, requires the Company to make judgements, estimates and assumptions that affect items reported in the Statement of Financial Position and Statement of Comprehensive Income and the disclosure of contingent assets and liabilities at the date of the financial statements.

It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Although these judgements, estimates and assumptions are based on best knowledge of current facts, circumstances and, to some extent, future events and actions, the actual results may ultimately differ from those estimates, possibly significantly.

Valuation of financial assets is considered a significant estimate and is monitored by the Audit Committee to ensure that judgements, estimates and assumptions made and methodologies applied are appropriate and in accordance with IFRS 13 - Fair Value Measurement "IFRS 13". Please refer to note 2.

As outlined above in note 2. Standards, amendments and interpretations to existing standards that become effective in future accounting periods and have not been adopted by the Company;. The Directors have not yet fully assessed the impact these new standards and amendments will have. Transactions in foreign currencies are translated to Euro at the foreign exchange average rate ruling over the financial period.

Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Euro at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Statement of Comprehensive Income.

The Company classifies its investments as financial assets held at fair value through profit or loss. These are financial instruments held for investment purposes. Financial assets also include cash and cash equivalents as well as other receivables which are measured at amortised cost. Financial assets designated at fair value through profit or loss at inception. Financial assets designated at fair value through profit or loss at inception are financial instruments that are not classified as held for trading but are managed, and their performance is evaluated on a fair value basis in accordance with the Company's documented investment strategy.

The Company's policy requires the Investment Vehicle Manager and the Board to evaluate the information about these financial assets on a fair value basis together with other related financial information. Purchases and sales of investments are recognised on the trade date - the date on which the Company commits to purchase or sell the investment.

Financial assets at fair value through profit or loss are measured initially and subsequently at fair value. Transaction costs are expensed as incurred and movements in fair value are recorded in the Statement of Comprehensive Income. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These investments are not listed or quoted on any securities exchange and are not traded regularly and on this basis no active market exists.

The Company relies on the board of the Investment Vehicle making fair value estimates of an equivalent basis to those that would be made under IFRS. As at 31 December , the Audit Committee reviewed documentary evidence of the valuation of Investment Vehicle investments and scrutinised fair value estimates used to gain assurances as to the appropriateness and robustness of the valuation methodology applied by the Investment Vehicle to its underlying portfolio assets and hence to the Company investments in the Investment Vehicle.

The Directors then incorporated those fair value estimates into the Company's Statement of Financial Position. The Directors are in ongoing communications with the Investment Vehicle Manager and hold meetings on a timely basis to discuss performance of the Investment Vehicle and its underlying portfolio and in addition review monthly investment performance reports. The Directors analyse the Investment Vehicle portfolio in terms of both investment mix and fair value hierarchy and consider the impact on the valuation at both the PECs and Investment Vehicle portfolio of general credit conditions and more specifically credit events in the European corporate environment.

The PECs are valued by the Directors, taking into consideration a range of factors including the audited NAV of the Investment Vehicle and other relevant available information, including the review of available financial and trading information of the Investment Vehicle and of its underlying portfolio, price of recent transactions of PECs redeemed and advice received from the Investment Vehicle Manager and such other factors as the Directors, in their sole discretion, deem relevant in considering a positive or negative adjustment to the valuation.

The estimated fair values may differ from the values that would have been realised had a ready market existed and the difference could be material. The fair value of the investment is reassessed on an ongoing basis by the Board. The Directors also discuss the Investment Vehicle Manager's monthly valuation process, to understand the methodology regarding valuation of Level 3 debt securities and collateralised loan obligations CLOs held at the Investment Vehicle portfolio, which includes discussion on the assumptions used and significant fair value changes during the year.

Investments in CLOs are primarily valued based on the bid price as provided by a third party pricing service, and may be amended following consideration of the Net Assets Value NAV published by the administrator of the CLOs. Furthermore, such a NAV is adjusted when necessary, to reflect the effect of the time passed since the calculation date, liquidity risk, limitations on redemptions and other factors.

Investments in debt securities for which limited broker quotes and for which no other evidence of liquidity exists are classified as Level 3. These are then valued by considering in detail the limited broker quotes available for evidence of outliers which may skew the average which if existent are then removed, and then by considering the range of the remaining quotes. If there are no broker quotes, the Investment Vehicle Manager produces a pricing memorandum for the Compartment drawing on the International Private Equity Valuation guidelines, which is discussed, reviewed and accepted by the board of the Investment Vehicle and the independent service provider.

If the Investment Vehicle Manager and the relevant independent service provider have difficulty in establishing an agreed upon valuation for an asset, they will discuss and agree alternative valuation methods. As disclosed in note 2. Financial liabilities also include payables which are also held at amortised cost.

Financial liabilities are recognised initially at fair value plus any directly attributable incremental costs of acquisition or issue and are subsequently carried at amortised cost. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires. Ordinary shares are carried at amortised cost being the carrying amount of ordinary share value at which investors have the opportunity to partially tender their shareholding in accordance with the Company's Quarterly Contractual Tender facility.

Gains and losses are recognised in profit or loss when the liabilities are derecognised. Operating expenses are recognised on an accruals basis and are recognised in the Statement of Comprehensive Income. Dividends are recognised as finance costs in the Statement of Comprehensive Income and are accrued when there is an obligation. In accordance with IAS 32 - Financial Instruments: Presentation "IAS 32" , the ordinary shares are classified as a financial liability rather than equity due to the redemption mechanism of the ordinary shares, in addition to there being two share classes which have different characteristics.

Please refer to note 13 for further details. The management shares are the most subordinate share class and therefore these are classified as equity. Interest income and expenses are recognised in the Statement of Comprehensive Income on an accruals basis at the effective interest rate. Cash and cash equivalents include cash in hand and deposits held at call with banks. Cash equivalents are short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.