A subsidiary bank of fund administrator Apex Group is providing a credit facility to a publicly listed investment company focused on the energy transition.
European Depositary Bank (EDB), which is based in Luxembourg and provides banking depositary and custody services, is making a $7.5 million revolving credit facility available to i(x) Net Zero PLC.
Pär Lindström, Trevor Neilson and Howard W. Buffett founded the investment company in 2015, and it focuses on “long-term capital growth with positive, scalable, measurable and sustainable impact on the environment and on the communities it serves”.
EDB says it is one of the largest providers of depositary services in Europe for regulated Ucits and alternative funds, with €177 billion of depositary assets and €26 billion of assets under custody (as of July 31, 2023).
Parent company Apex Group is also providing agency services to the loan facility.
Apex says it is committed to enabling flows of capital to ESG-compliant investments. The fund administrator recently acquired Retransform as part of its strategy for helping real estate investors. Retransform provides technology platforms for the collection and analysis of environmental data related to buildings.
Lindström, CEO of i(x) Net Zero, said the investment company would work with Apex Group and EDB to accelerate the growth of its portfolio companies.
Law firm McDermott Will & Emery represented EDB, while Obera Capital advised the fund.
© 2023 funds europe
