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Charts

How big is the impact of credit lines on fund performance really?

Credit lines are contentious but their ability to improve IRR appears limited to the most strongly performing funds and funds early in their life, writes Christoph Jäckel of Montana Capital Partners.
Copenhagen Denmark

Danish pension’s investment arm to quiz GPs on credit lines – exclusive

ATP PEP will ask GPs to provide an IRR that has been adjusted to compensate for the use of subscription credit lines, managing partner Torben Vangstrup told PEI.

Fund credit lines: How to compare apples with apples

GPs must think carefully about how fund level leverage affects performance at the fund level and by extension, their own stability.
money

UBS fund financing unit deploys $3bn

The bank's secondaries advisory group has teamed up with its fund financing unit and has executed around 20 private equity loans over the last two years.
Time

Why Australia’s BGH needn’t worry about slow deployment – yet

TPG veteran Ben Gray’s firm is understood to be using credit lines to avoid fee-drag on Australia’s largest first-time fund.

Credit firms want a piece of the fund finance market

Credit shops have traditionally avoided the strategy, but innovative new opportunities are luring them to carve a niche for themselves

Texas Teachers: ‘good intention’ of credit lines being lost

Comments from one of the US's largest pension plans are a reminder that the debate around credit lines is not settled.

Fund finance is here to stay

The use of facilities is so ingrained in the private equity industry that nothing short of an extreme event can turn back the tide.
La Defense, Paris

Abraaj dispute prompts lenders to close fund finance loophole

Banks are changing the way security notices are issued to LPs following the firm's collapse.

Crestline: Fear of market pullback buoys portfolio finance

Provisions to allow this kind of borrowing are becoming better documented in LPAs, the co-head of Crestline's portfolio finance vehicle tells PEI.
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