27 Dec 2017 07:00
27 December 2017
VPC Specialty Lending Investments PLC
(the "Company")
PORTFOLIO UPDATE
In line with the previously stated strategy of reallocating capital from marketplace lending to balance sheet lending, the Company is pleased to announce that it has sold its Prosper marketplace loans. The loans sold represented approximately 4.1% of the Company's NAV as at 31 October 2017, reducing the Company's marketplace loan exposure to 3.3% and the look-through gearing ratio to 0.22x. The impact of the sale on the Company's NAV, which the Company estimates to be approximately -0.56%, will be reflected in the December NAV announcement.
Portfolio sales such as the sale of the Prosper loans have helped accelerate the Company's strategy of reallocating capital away from marketplace lending investments into balance sheet investments, which consistently have generated higher returns with lower volatility.
The Company was able to immediately reinvest substantially all the Prosper sale proceeds into two new balance sheet investments, as well as other existing balance sheet investments. After this reallocation, the Company expects the balance sheet investment exposure to increase to approximately 79% by 31 December 2017.
The information contained in this announcement is inside information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Victory Park Capital Brendan Carroll (Senior Partner and Co-Founder) Gordon Watson (Partner, Investment Manager) |
via MHP Communications (below) |
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Jefferies International Limited | Tel: +44 20 7029 8000 |
Gary Gould |
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Andrew MorrisAndrew Davison |
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MHP Communications | Tel: +44 7734 003740 |
Tim Rowntree Kelsey Traynor | Email: vpc@mhpc.com |
ABOUT VPC Specialty Lending Investments PLC:
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 distributable income and capital growth via investments in a diverse portfolio of various platforms, asset classes, geographies (primarily U.S., U.K., Australia and Europe) and credit bands.
Since 2010, the Company's investment manager, VPC, has been actively involved in the specialty lending marketplace and has made more than $5.2 billion of investments and commitments across a number of financial technology platforms, multiple geographies (U.S., U.K., Australia 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: http://vpcspecialitylending.com.
Vpc Specialty (VSL)