BC Partners launches GP and NAV fund finance strategies

The firm cited growing demand for non-dilutive capital to help private equity funds create value later in their life cycle.

BC Partners Credit, the credit arm of London-based private equity firm BC Partners, is launching a fund finance offering after appointing former Investec fund financing boss Tom Glover.

He joins the firm as an operating advisor to BC Partners Credit where he will help it develop a GP and NAV-based financing strategy, addressing demand among private equity funds for non-dilutive debt and preferred equity capital.

BC Partners said private equity funds are looking for capital to support value creation in mid and late-stage funds and it hopes to be able to deliver portfolio-based NAV loans and preferred equity investments to those fund managers.

Glover previously led US fund finance at Investec. Before that he spent 15 years at BMO Capital Markets where he was responsible for originating and structuring leveraged finance, M&A and equity raising transactions for large cap and mid-market private equity sponsors. He has also held roles at Merrill Lynch, Deutsche Bank and Goldman Sachs across a 30-year career.

Commenting on the appointment, Ted Goldthorpe, head of BC Partners Credit, said: “[Glover] brings a wealth of experience in the NAV and GP financing spaces. With his excellent strategic connections developed over an extensive career within the US private equity market, Tom is already establishing our collective team as an innovative leader and trusted partner in the partnership finance space.”