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Graham Bippart

In the issue: CFOs on valuations in a pandemic; the tests facing the mark-to-market model; GPs' options if an LP defaults; and much more.
NAV loan case studies and considerations; New episode of the PEI podcast.
ILPA draft proposal to increase subscription line disclosures; ILPA issues steps for LPs to estimate sub-line exposure; Blackstone takes a hit, warns on likely increased taxes; Correction on SEC proposal article
The industry organization is circulating a draft proposal recommending a host of disclosures on GPs’ use of subscription credit lines, with an eye to helping LPs manage exposure to the lines, allocation to PE and overall liquidity.
ILPA outlines how LPs can estimate their subscription credit line liability in a draft set of recommendations on disclosures reviewed by Private Funds CFO.
Some GPs are looking to get recycling clauses to support portfolio companies, some recycling clauses already allow for that, some appear not to; SEC looks to clean up rule on fund valuations.
Important info for funds with a backlog of sellers of LP interests; The profundity of the oil crash is causing some GPs to think about a different future
A look at what’s happening in preferred equity, concentrated NAV and (not) happening in diversified NAV; Davis Polk takes a look at other sources of liquidity.
Life buoy life preserver
Concentrated NAV lenders and preferred equity financers are seeing historic dealflow. But only a handful of alternative lenders exist, and banks active in concentrated NAV are scarce and rarely transact. With potentially thousands of funds looking for liquidity for their portfolio companies, will this rare source of fund liquidity be able to sate demand?
money
Firms like Whitehorse and 17Capital have been seeing a big boost in dealflow since the covid-19 crisis began.
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