Private Equity

Fund Finance

When distributions aren’t really distributions

LPs that have received recallable distributions via NAV facilities will do well to think carefully about how and when this capital is re-used.

2 min read · 02 November 2023

Recallable NAV loans: The 'zero-sum game' leaving LPs in a bind

A stipulation that capital distributed to LPs via NAV facilities can be recalled is creating headaches for some investors.

6 min read · 02 November 2023

Third of LPs believe continuation funds interfere with alignment, finds Goldman Sachs survey

A disconnect exists between GPs and LPs on the use of financing tools such as NAV loans and continuation funds.

3 min read · 01 November 2023

The rise of NAV lending

Structured solutions can provide much-needed liquidity without forcing LPs to crystalise a loss.

7 min read · 01 September 2023

Five key trends shaping fund finance

Experts across private markets share their thoughts on how lending is adapting to changing conditions and why NAV financing is increasingly seen as a key area for expansion.

4 min read · 23 August 2023

DPI overthrows IRR as the king of KPIs

Carlyle Group's over €1bn NAV loan for its fifth Europe vehicle is a sign of things to come.

3 min read · 22 June 2023

Borrowers turn to new approaches as sub lines are snipped

The fall of three major lenders to private equity GP borrowers across the AUM spectrum means sub lines may be harder to get for some; and yet, the market has already begun to adapt.

8 min read · 13 June 2023

Between terrified optimism, positive paranoia and a hard place

Scratching your head at how to make sense of current market dynamics? You're not alone.

3 min read · 08 June 2023

NAV finance: Now and the future

A confluence of market events are fuelling growth in the demand for NAV and hybrid facilities, write lawyers from Reed Smith.

4 min read · 22 May 2023

Sub lines hit a milestone with Fitch’s draft ratings methodology

Ratings could broaden investor base, and may open the door to a future capital markets solution for the fund instruments.

3 min read · 28 February 2023

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