Gresham Capital CLO IV B.V. - Irish Stock Exchange

practice, all members of the IPF and IAF team will be encouraged to contribute their views to the matters
considered by the credit committee in order to ensure that the experience of all members of staff is included
where relevant.
New investment opportunities will be subject to appraisal in two contexts:
· First, the suitability of the proposed new investment in terms of the Portfolio, i.e. with reference to the
required diversity score and weighted average rating, to currency and interest rate risk and to issuer and
country concentration rules, etc.
· Second, to the cash flow and credit worthiness of the proposed obligor, taking into account both
financial and commercial risks, industry and economic factors and strategic and financial structuring
considerations.
In addition, any asset sales will be subject to the review of the credit committee, taking into account the
rationale for any sale and relative value considerations.
Where the Collateral Manager, on behalf of the Issuer, is making an investment in the private debt markets,
it will usually make use of reports from specialist advisers who performed due diligence on, for example, the
historic and forecast financial performance of the proposed borrower, tax, pension and legal issues. The
Collateral Manager will perform, inter alia, a detailed commercial assessment of the borrower, including cash
flow modelling and stress testing, industry and economic reviews, management meetings and site visits (where
practical and necessary).
There may be circumstances where debt investments are split between Investec and/or one or more funds
managed by Investec or transferred in whole or in part between them. This may enable Investec and/or one or
more of the funds managed by Investec to benefit from sufficiently large participations to maximise
arrangement fees or meet diversity/size requirements. No such transactions will be made unless in the best
interests of the parties involved. If appropriate, third party or market valuations would be taken to validate
transfer values.
Key Biographies
The following sets out the biographies of the key personnel on the team.
Andy Clapham joined Investec in July 2005 as Head of the IPF. Previous to joining, Andy spent 5 years as
Senior Managing Director running the European Securitisation and Principal Finance businesses at Bear
Stearns. Prior to that Andy was Managing Director and Head of Principal Finance at Nikko CDO Securities.
Whilst there, Andy was responsible for managing the public to private of Powell Duffryn, and the subsequent
£300m leveraged whole business securitisation, as well as managing other investments such as the Roadchef
Motorway Service Area chain. Prior to that Andy spent 13 years as Managing Director at Greenwich Natwest
as head of its Securitisation and Principal Finance business. During this time Andy was responsible for
arranging and managing the world’s first CLO in 1991 — $1bn Thames Funding programme, and for arranging
and managing the world’s first balance sheet CLOs — Rose Funding No.1 and Rose Funding No.2 - $10bn in
size. In addition to this, Andy arranged and managed Europe’s first asset backed CBO — $500m TAGS No.1
Plc. Andy also arranged and was responsible for managing a $10bn asset backed CP programme — Thames
Asset Global Securitisation Inc (“TAGS”). Andy is accredited with being one of the founders of the CDO
market, developing innovative programs such as Rose Funding. Andy has 20 years experience in Europe of
successfully managing over $25bn in assets as diverse as corporate loans, leveraged loans, asset backed bonds,
lease receivables and business cashflows. Andy has a BSc in Mechanical Engineering from Nottingham
University.
Henrik Malmer joined Investec in September 2005 as Head of ABS/CDO Trading. He trades the
proprietary trading book for IPF and plays an essential part in the risk management of the residential and
commercial mortgage business and the CLO/CDO management business. Henrik has spent time at both
Wachovia Securities and Bear Stearns in the role of ABS/CDO Secondary Trader as well as ABS/CDO
Syndication. Henrik was also involved in the management of assets before their inclusion in 3rd party CDOs at
Bear Stearns as well as playing an active role in the reverse engineering and fundamental analysis of
ABS/CDOs for the trading desk and for CDO managers. He has a BSc in Economics and an MSc in Investment
Management from Cass Business School and speaks Swedish, French and Spanish.
148