Portfolio Update

RNS Number : 3635L

VPC Specialty Lending Invest. PLC

27 April 2015

 

27 April 2015

VPC Specialty Lending Investments PLC

Portfolio update

The Board of Directors (the "Board") of VPC Specialty Lending Investments PLC (the "Company") (ticker: VSL) is pleased to announce that the Company continues to execute on its capital deployment mandate. Victory Park Capital Advisors, LLC ("Victory Park Capital"), the Company's investment manager, has entered into a new arrangement with an existing platform and two arrangements with new lending platforms. The Company has made initial investments under these new arrangements, each as more fully described below, and as a result, the Company has now invested a combined total of more than 52 per cent. of the net IPO proceeds.

·      Avant, Inc. ("Avant") - Victory Park Capital has entered into a new agreement to be the largest initial purchaser of marketplace loans from Avant Institutional Marketplace. The Company is participating in this marketplace facility. Victory Park Capital was an early financial partner of Avant, a leading online lending platform, which began offering consumer credit in early 2013.

·      Prosper Marketplace, Inc. ("Prosper") - Victory Park Capital has agreed to purchase marketplace loans over the next two years from Prosper, a San Francisco-based peer-to-peer consumer lending platform with more than $3 billion of loans outstanding. The Company has begun purchasing loans under this arrangement.

·      The Credit Junction, Inc. ("Credit Junction") - Victory Park Capital has agreed to provide a $50 million senior secured loan facility and $2 million of senior secured convertible notes. The Company has participated in this balance sheet facility. Credit Junction is a technology-enabled lending platform providing fully collateralised senior secured loans to small and mid-sized industrial and manufacturing businesses, with an emphasis on companies within the aerospace and defence, oil and gas, power, agricultural services, automotive, and transportation industries.  

For further information, please contact:

Victory Park Capital Brendan Carroll (Partner and Co-Founder)	via Newgate (below)
Gordon Watson (Principal, Investment Manager)
Jefferies International Limited (Corporate Broker)	Tel: [phone]
Gary Gould
Alex Collins
Newgate (PR adviser)	Tel: [phone]
James Benjamin Andre Hamlin Lois Engstrand	Email: [e-mail]

NOTES:

VPC Specialty Lending Investments PLC invests in opportunities within the specialty lending market primarily through online lending platforms. The Company intends to generate an attractive total return for shareholders consisting of dividend income and capital growth via investments in a diverse portfolio of various platforms, asset classes, geographies (primarily US and Europe) and credit bands. The Company expects to be substantially fully invested within a period of six months following Admission.

Since 2010, the Company's investment manager, Victory Park Capital, has been actively involved in the specialty lending marketplace and has made more than $3 billion of investments and commitments across a number of financial technology platforms, multiple geographies (U.S., U.K. and Europe), products (consumer and business) and structures (whole loans and senior credit facilities).

Further information on VPC Specialty Lending Investments PLC is available at www.vpcspecialtylending.com 

 

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