Capital Structure

Graphic of GGF's capital structure

The Green for Growth Fund is a closed-end investment company, established on 17 December 2009, under the laws of the Grand Duchy of Luxembourg as a public limited company that qualifies as a "société d'investissement - capital variable" ("SICAV"). GGF was set up for an unlimited duration and is open to institutional investors only. GGF utilizes a tiered risk sharing structure, designed to attract commercial capital from multilateral and private institutional investors.

Its liabilities consist of four types of securities:

  • Notes
  • Senior A
  • Mezzanine B
  • Junior C shares

The C shares represent a first-loss tranche, fully subordinated to all other classes of securities issued. The B Shares only suffer a net loss to the extent that the C Shares are depleted, followed by the A Shares and Notes. Private institutional investors primarily invest in the form of A Shares or Notes, while C Shares are exclusively reserved for public donors. B Shares will be issued to a limited extent to international financial institutions only. The duration of the A Shares is 5 to 10 years, while B Shares and Notes are issued with maturities between 5 to 15 years and 3 to 8 years respectively. C Shares generally have an unlimited maturity.

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