Alex Lynn
Gregory Hardiman, who previously co-led 17Capital's US investment efforts, has been named managing director and head of GP-LP solutions at Crescent Capital.
The government’s apparent endorsement of subscription credit lines could enable Japanese private equity funds to compare more favorably with their overseas peers.
As the Hong Kong government reviews its tax concessions for private funds, co-investments could present a complication.
The credit advisory unit is seeking to fill a void by offering financing for PE employees who need assistance in meeting co-investment obligations, head of origination Mathieu Rabiller tells PEI.
The facility would be intended to support value accretive add-ons rather than to distribute capital to investors.
NAV’s inherent synergies with secondaries means the strategy is gaining significant traction among East Asian LPs.
Speaking at the HKVCA’s Greater China PE Summit, Shirley Ma, senior portfolio manager at APG Asset Management Asia, said the pension giant doesn't support the use of NAV financing in its portfolio.
Subscription credit line use in Japan hasn’t developed at the same rate as in other Asia-Pacific markets, Fi Dinh, head of fund finance for APAC at MUFG Investor Services, tells affiliate publication Private Equity International.
Partners Group Fund Financing Solutions will invest primarily in GP-led and LP-led NAV loans and opportunistic investments, including NAV preferred equity investments.
Speaking at the HKVCA’s Asia Private Equity Forum on Friday, Eric Mason, head of PE at the Church Pension Fund, told delegates that using NAV facilities to create distributions increased financial risk.