About AFE
AFE S.A. SICAV-RAIF (AFE) invests in a diverse range of primarily non-performing debt and real estate assets across the U.K. and Europe and provides the central Asset Solutions platform utilised by Veld Capital.
Veld Capital was created from the carve out of the AnaCap Credit business from AnaCap Financial Partners. AFE has broad based expertise spanning unsecured and secured consumer, SME and corporate debt as well as direct real estate, further benefiting from the wide network, extensive track record and expertise in origination, underwriting and asset management that Veld Capital (formerly AnaCap Credit) has developed since inception in 2009.
News & Events
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Bonds
AFE SA SICAV-RAIF
€325,000,000* Senior Secured Floating Rate Notes due 2024
Three-month EURIBOR plus 5% per annum, reset quarterly
Interest Payment dates quarterly on February 1, May 1, August 1 and November 1 commencing on November 1, 2017
Trade Date 13 July 2017
Maturity August 1, 2024
*During Q2 2019 €17,500,000 Senior Secured Floating Rate Notes were purchased and cancelled with immediate effect.
Management and Governance
The Company is an alternative investment fund within the meaning of the Alternative Investment Fund Manager Directive and is a reserved alternative investment fund within the meaning of the RAIF Law.
Board of Directors
The persons set forth below are the current members of the Board of Directors of the Company:
ERIC VERRET
Eric is a Managing Director of Veld Capital. Eric joined the credit team in 2019 and is responsible for risk management and capital markets activity across the business, serving as Finance Director of its permanent capital vehicle.
Prior to joining Veld, Eric was Head of Private Debt at NN Investment Management where he was managing a portfolio of illiquid credit investments. Prior to that, Eric spent 13 years at GE Capital in Credit, M&A and Capital Markets functions and also practiced as a capital markets lawyer at Clifford Chance in London. Eric holds a MBA from INSEAD, a BA in Law from Laval University in Canada and is a CFA charter holder.
CHRIS ROSS-ROBERTS
Chris became a Director of the Company on 28 June 2017, holding the role of Chief Financial Officer until 31 December 2020 and currently serving as Chair of the Audit Committee since 01 January 2021. Chris was previously the Chief Financial Officer of Cabot Credit Management from July 2012 to December 2015 and worked as the group finance director of BPP Holdings PLC (included in the FTSE 250 Index) prior to this, which was sold to Apollo Global, Inc. in 2009, following which he assisted with the integration of BPP Holdings PLC into Apollo Global, Inc. He has over 25 years of board level experience in business services, including a period as Chief Executive Officer, building strong experience in acquisitions and disposals, including two public-to-private transactions, and for private equity portfolio companies. Chris holds a BSc in Accounting and Finance from Loughborough University.
AUDREY LEWIS
Audrey became a Director of the Company on June 28, 2017. Audrey is a UK qualified Chartered Accountant and Chartered Company Secretary with over 20 years experience in the banking and financial services sector in Bermuda and Luxembourg. She has been acting as an independent director for Luxembourg regulated funds and domiciled companies, linked to private equity funds and funds regulated and listed in other jurisdictions, for 10 years. She has experience in structures investing in real estate, European infrastructure, real estate debt, distressed debt and business turnarounds. Prior to this, Audrey worked at HSBC Security Services Luxembourg S.A., formerly the Bank of Bermuda Luxembourg S.A. Audrey is a member of the UK Institute of Directors and has the IOD Diploma in Company Administration and is a Certified Director with the Institute Luxembourgeois des Administrateurs (ILA). Audrey has a BCom (hons) degree from Birmingham University, England.
GRAHAM PARRY-DEW
Graham is a British national and has been resident in Luxembourg since 1991.
He has more than 30 years experience in banking and the funds industry predominantly with funds investing in alternative asset classes, with a major focus on AIFMD preparation and service delivery. Experienced with Hedge Funds, Real estate, Private Equity, Infrastructure, Debt and Maritime investment vehicles domiciled across Europe, the U.K. and the U.S.
He has worked for respected institutions within this time and in the last 10 years has held senior management or authorised manager positions with JP Morgan, Vistra, and Ocorian.Graham acts as Managing Director and country head, leading the Belasko Luxembourg operation.
Company’s AIFM
Carne Global Fund Managers Luxembourg S.A. is a public limited company, incorporated and existing under the laws of Luxembourg
Investment Adviser
The AIFM will receive advice and assistance in the performance of its duties from the Investment Adviser (Veld Capital).
Veld Capital requires unanimous approval from its Investment Recommendation Committee prior to making a recommendation to the Portfolio Manager.
The members of the Investment Recommendation Committee are:
JUSTIN SULGER
Managing Partner
Justin is Founder and Managing Partner of Veld Capital. Justin joined AnaCap Financial Partners shortly after inception in July 2006, before launching its Credit investment strategy in 2009, which has raised more than €2.7 billion to date, expanding its investment focus across a broad range of credit-oriented asset types on a pan-European basis. Following the carve-out of AnaCap Credit into Veld Capital in 2022, Justin continues to manage the business and serve as Chief Investment Officer, based in London.
Justin was previously a Vice President in Morgan Stanley’s Securitised Products Group in London. He began his career in Fixed Income at Goldman Sachs in New York before relocating to London. Justin holds a B.A. from Princeton University in the United States.
TIMOTHY AYERBE
Head of Asset Solutions
Tim is a Managing Director and Head of Asset Solutions at Veld Capital. Tim joined the credit team in 2013 and has been instrumental in the build-out of the Asset Solutions business, establishing relationships with Veld’s longstanding servicing partners and driving performance across a broad range of European credit-oriented asset types. Tim also worked closely on the launch of Veld’s permanent capital vehicle and supported the firm’s expansion into direct real estate.
Prior to joining Veld, Tim worked in portfolio management roles at KPMG and Channel Capital Advisors in London and began his career in portfolio management at ANZ in Melbourne. Tim is a CFA charter holder and holds a M.Sc. in Applied Finance & Investment from FINSIA Australia.
ERIC VERRET
Managing Director
Eric is a Managing Director of Veld Capital. Eric joined the credit team in 2019 and is responsible for risk management and capital markets activity across the business, serving as Finance Director of its permanent capital vehicle.
Prior to joining Veld, Eric was Head of Private Debt at NN Investment Management where he was managing a portfolio of illiquid credit investments. Prior to that, Eric spent 13 years at GE Capital in Credit, M&A and Capital Markets functions and also practiced as a capital markets lawyer at Clifford Chance in London. Eric holds a MBA from INSEAD, a BA in Law from Laval University in Canada and is a CFA charter holder.
KONSTANTIN KARCHINOV ![](https://veld-afe.com/wp-content/uploads/2023/05/Konstantin-Karchinov-Cropped.jpg")
Partner
Konstantin is a Partner of Veld Capital. Having joined as an Associate at the inception of the credit strategy in 2009, Konstantin has led transactions across a broad range of countries and asset types, demonstrating an exceptional investment track record. Following the carve-out of Veld Capital in 2022, Konstantin is now responsible for all credit investments as Head of Credit.
Konstantin previously worked at J.P. Morgan’s Principal Finance team in New York and London. Konstantin holds a B.Sc. in Business Administration from the University of Richmond in Virginia and is a CFA charter holder.