IR exclusive; FFA holds a follow-up call on monitoring LP performance

An exclusive on improving communications with LPs during covid-19; FFA follow up call.

IR: Alex Lynn brings us this exclusive, reporting that Singaporean fundraising platform Xen has three of its GP shareholders user-testing a free-to-use investor reporting tool intending to improve the quality of communications with LPs during the covid-19 pandemic. Chief executive Katrina Cokeng gives Alex the details.

FFA: I understand that the Fund Finance Association held a call yesterday morning to follow up on its April 9 call on the state of the subscription credit line market. It once again convened its lead bank members, law firms and a number of large sponsors, who reported that there were still no institutional defaults, and no defaults that have been material to the functioning of any credit agreements. Banks and sponsors reported that LP defaults have still been significantly under 1 percent of fund size and reportedly all high-net-worth individuals or family offices, which is “consistent with historical practices,” according to a person on that call.

Email prepared by Graham Bippart