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FundRock supports launch of NRP Maritime Asset Management’s Premium Maritime Credit Fund

01 February 2022

FundRock Management Company, a leading European third-party UCITS Management Company (“ManCo”) and Alternative Investment Fund Manager (“AIFM”), today announces that it has supported the launch of NRP Maritime Asset Management’s (“NRP MAM”) Premium Maritime Credit Fund (“the Fund”).

FundRock will act as AIFM and deliver FX services to the Fund via Apex Group subsidiary EDB. As part of its multiple responsibilities for the Fund, FundRock will cover key functions such as Risk Management, Portfolio Management and will be ultimately responsible for Valuation and AIFMD reporting (Annex IV). FundRock will also be in charge of the passporting registration and Distribution Oversight of the Fund in Europe and will act as Corporate Secretary.

This new partnership for FundRock is perfectly aligned with its strategic focus on Nordic clients, along with solid expertise and track record managing Private Debt funds.

Premium Maritime Credit Fund, a Luxembourg based RAIF reached first close in January 2022, raising $110 million from significant European institutional investors and family offices. NRP MAM is targeting its next closing at a target of $200 million before the end of the year.

The Fund is backed by investments from the European Investment Fund (part of the European Investment Bank), Oslo Pensjonsforsikring AS and funds managed on behalf of the Greater London Authority in addition to several Norwegian maritime and non-maritime family offices.

The Fund will actively pursue building a portfolio of first lien maritime loans with a strong focus on lending to European small to midsize shipping companies. The Fund will be managed by NRP MAM as sponsor, owner of the General Partner and Investment Advisor. NRP MAM is an Oslo, Norway based investment manager with a long successful track record managing investments in the maritime industry.

Xavier Parain, Managing Director, FundRock comments: ”Managing an in-house AIFM now requires extensive allocation of time and resources for managers, who, as regulatory requirements evolve and rise, are increasingly turning to trusted external providers to achieve greater efficiency. We are delighted to be supporting NRP Maritime Asset Management for the successful launch of their Premium Maritime Credit Fund.”

Nicolai Heidenreich, Managing Partner of NRP Maritime Asset Management further adds: “We appointed FundRock in recognition of their reputation for best-in-class governance services, deep pool of expertise and extensive understanding of our challenges and requirements. With FundRock’s support we will be able to focus on our core objectives of continuing to raise capital from high quality institutional investors; delivering attractive risk adjusted returns; and embedding high ESG standards in all of our investments in the maritime debt markets.”

Additional advisors to the Fund include Allen Overy and Wikborg Rein (legal), NRP Project Finance AS and South 40 Capital (fundraising).

About FundRock Management Company S.A.

FundRock Management Company is a leading independent UCITS management company and AIFM investment fund manager. It is a subsidiary of Apex Group.

As of December 31, 2021, FundRock oversees more than 470 funds with a total of €134 billion in assets under management. The FundRock group has more than 170 employees in six countries Luxembourg, United Kingdom, Ireland, France, Abu Dhabi and Singapore.

https://www.fundrock.com/

About NRP Maritime Asset Management

NRP Maritime Asset Management AS (MAM) is a licensed AIF Manager with focus and expertise on the Maritime sector. MAM has a strong focus on preservation of investor capital in an industry well known for its volatility. Since launching the first fund in 2015, MAM has employed a successful risk mitigating multi-segment strategy, and by staying independent from any deal provider, the team has full access to a strong deal flow through their large international network.

The company is owned by its senior employees together with Ness Risan & Partners (‘NRP Group’)

For more information see: https://www.nrp.no/Fund/#Maritim

Press contact:

FundRock (part of Apex Group): Antonia Powell, Head of Media Relations | antonia.powell@apexfs.com | +44 (0) 7789902279

NRP Maritime Asset Management: Nicolai Heidenreich, CEO & Managing Partner | nicolai.heidenreich@nrp.no | +47 936 47 852

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