About AFE
‘AFE S.A. SICAV-RAIF (AFE) invests in a diverse range of primarily non-performing debt and real estate assets across the U.K. and Europe and provides the central Asset Solutions platform utilised by Veld Capital.
Veld Capital was created from the carve out of the AnaCap Credit business from AnaCap Financial Partners. AFE has broad based expertise spanning unsecured and secured consumer, SME and corporate debt as well as direct real estate, further benefiting from the wide network, extensive track record and expertise in origination, underwriting and asset management that Veld Capital (formerly AnaCap Credit) has developed since inception in 2009.’
News & Events
Q4 AFE Results Teleconference
AFE S.A. SICAV -RAIF will release the Financial Results for Q4 2022 on 29 March 2023. A Teleconference to review the results will be held at 14:00 BST. You can pre-register for the teleconference here
View previous events
Bonds
AFE SA SICAV-RAIF
€325,000,000* Senior Secured Floating Rate Notes due 2024
Three-month EURIBOR plus 5% per annum, reset quarterly
Interest Payment dates quarterly on February 1, May 1, August 1, and November 1, commencing on November 1 2017
Trade Date 13 July 2017
Maturity August 1 ,2024
*During Q2 2019 €17,500,000 Senior Secured Floating Rate Notes were purchased and cancelled with immediate effect.’
Management and Governance
‘The Company is an alternative investment fund within the meaning of the Alternative Investment Fund Manager Directive and is a reserved alternative investment fund within the meaning of the RAIF Law.’
Board of Directors
‘The persons set forth below are the current members of the Board of Directors of the Company:’
ERIC VERRET
‘Eric has been appointed Director and Chief Financial Officer of AFE effective from 1 January 2021. He is Head of Risk & Liability management and joined AnaCap in 2018
Eric previously worked at NN Investment Partners (Head of Private Debt), GE Capital (M&A and Capital Markets) and Clifford Chance (Capital Markets Lawyers). He is also a CFA charterholder with an MBA from INSEAD (France) and a law degree from Laval University (Canada).’
EDWARD GREEN
Edward became a Director of the Company on July 18, 2018. Edward joined AnaCap in 2007 and is Chief Operating Officer for AnaCap’s credit investment strategies. He is responsible for oversight of the operational delivery of portfolio performance, incorporating master servicing, servicer selection and due diligence and ongoing engagement and review of all servicers and advisors. Ed was previously a Managing Director in the Business Services team where he was driving the operational transformation and day to day engagement with portfolio companies within AnaCap’s Private Equity portfolio. This included building Cabot Credit Management into the UK’s leading NPL debt purchasing company, following the merger of Apex Credit Management and Cabot Financial. Prior to joining AnaCap, Ed worked as a management consultant for Oliver Wyman, where he led a broad range of assignments across both the banking and insurance sectors and advised senior management teams in the UK, US, Continental Europe and Scandinavia Ed is a CFA Charterholder and holds a Master’s of Philosophy from the University of Cambridge.
CHRIS ROSS-ROBERTS
Chris became a Director of the Company on 28 June 2017, holding the role of Chief Financial Officer until 31 December 2020 and currently serving as Chair of the Audit Committee since 01 January 2021. Chris was previously the Chief Financial Officer of Cabot Credit Management from July 2012 to December 2015 and worked as the group finance director of BPP Holdings PLC (included in the FTSE 250 Index) prior to this, which was sold to Apollo Global, Inc. in 2009, following which he assisted with the integration of BPP Holdings PLC into Apollo Global, Inc. He has over 25 years of board level experience in business services, including a period as Chief Executive Officer, building strong experience in acquisitions and disposals, including two public-to-private transactions, and for private equity portfolio companies. Chris holds a BSc in Accounting and Finance from Loughborough University.
AUDREY LEWIS
Audrey became a Director of the Company on June 28, 2017. Audrey is a UK qualified Chartered Accountant and Chartered Company Secretary with over 20 years experience in the banking and financial services sector in Bermuda and Luxembourg. She has been acting as an independent director for Luxembourg regulated funds and domiciled companies, linked to private equity funds and funds regulated and listed in other jurisdictions, for 10 years. She has experience in structures investing in real estate, European infrastructure, real estate debt, distressed debt and business turnarounds. Prior to this, Audrey worked at HSBC Security Services Luxembourg S.A., formerly the Bank of Bermuda Luxembourg S.A. Audrey is a member of the UK Institute of Directors and has the IOD Diploma in Company Administration and is a Certified Director with the Institute Luxembourgeois des Administrateurs (ILA). Audrey has a BCom (hons) degree from Birmingham University, England.
GRAHAM PERRY-DEW
Graham is a British national and has been resident in Luxembourg since 1991. He has more than 30 years experience in banking and the funds industry predominantly with funds investing in alternative asset classes, with a major focus on AIFMD preparation and service delivery. Experienced with Hedge Funds, Real estate, Private Equity, Infrastructure, Debt and Maritime investment vehicles domiciled across Europe, the U.K. and the U.S.
He has worked for respected institutions within this time and in the last 10 years has held senior management or authorised manager positions with JP Morgan, Vistra, and Ocorian. Graham acts as Managing Director and country head, leading the Belasko Luxembourg operation.
Company’s AIFM
‘Carne Global Fund Managers (Luxembourg) S.A. is a public limited company, incorporated and existing under the laws of Luxembourg’
Investment Adviser
The AIFM will receive advice and assistance in the performance of its duties from the Investment Adviser (Veld Capital).
Veld Capital requires unanimous approval from its Investment Recommendation Committee prior to making a recommendation to the Portfolio Manager.
The members of the Investment Recommendation Committee are:
JUSTIN SULGER (ADVISOR)
Managing Partner
‘Justin leads Veld’s business. He joined AnaCap shortly after inception in July 2006, before building out AnaCap’s Risk & Liability Management function and launching AnaCap’s Credit investment strategy in 2009.
He continues to manage Credit business, which has raised more than €2.2 billion since launch. Prior to joining AnaCap, Justin was a Vice President in Morgan Stanley’s Securitised Products Group in London. Justin began his career in Fixed Income at Goldman Sachs in New York before relocating to London. He has a B.A. from Princeton University.’
Director and Chief Financial Officer
‘Eric has been appointed Director and Chief Financial Officer of AFE effective from 1 January 2021. He is Head of Risk & Liability management and joined AnaCap in 2018. Eric previously worked at NN Investment Partners (Head of Private Debt), GE Capital (M&A and Capital Markets) and Clifford Chance (Capital Markets Lawyers). He is also a CFA charterholder with an MBA from INSEAD (France) and a law degree from Laval University (Canada).’
Managing Director, Credit
‘Konstantin is responsible for all credit investment activity. He joined AnaCap’s Risk & Liability Management team in 2009 and the Credit investment strategy at inception. He has led transactions across a broad range of geographies and asset types, principally focussed today on performing loans. Prior to joining AnaCap, Konstantin worked at J.P. Morgan in Principal Finance in New York and London. He has a BSc in business administration from the University of Richmond in Virginia.’
Investment Director, Credit
‘Tim oversees the entire Asset Solutions platform. He joined AnaCap in 2014. He has overseen investments across a range of geographies and asset types, leading the engagement with many of Veld’s longstanding servicing partners. Tim worked closely on the launch of AFE and, more recently, the development of our Real Estate Asset Solutions platform. Prior to joining AnaCap, Tim worked at KPMG in their Credit Portfolio Management team and Channel Capital Advisors. He has an MSc in Applied Finance and Investment from FINSIA Australia.’