Private equity firm builds out NAV lending platform; Smerling indicted

BC Partners taps Investec exec for fund financing strategy launch; Alleged sub line fraudster indicted

Fund finance: BC Partners announced it hired a former Investec executive as it makes its bid to become a player in the NAV lending market. The firm may be the first in PE to make such a move, and it intends to provide a rare flexibility in its yield targets. Michael Baruch has the details.

Also in fund finance: Elliot Smerling, the man accused of fabricating LP commitments to his $500 million fund to obtain a subscription line with Silicon Valley Bank, has been formally indicted on charges of wire fraud, bank fraud and aggravated identity theft, the Attorney General of the Southern District of New York and the Federal Bureau of Investigations announced yesterday.