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New lending is happening, but it’s a different world out there for some, and you may find yourself looking for a new bank. Experts weigh in with their advice on getting subscription finance in the new environment.
NAV covenants and capital call minimums are increasingly being used in subscription credit line deal documents, say market participants. Even recourse to assets may be on the table.
Everyone in the subscription credit facility market is ‘busy’, but it is far from business as usual. Industry players wonder what the future of the sector looks like, and reveal critical changes that may suggest a new, if still evolving, normal for the market.
Aberdeen Standard Investments, which participates in sub line transactions, is seeing a surge in dealflow and banks building out syndication abilities.
Most first quarter valuations are already finalized, but a study from fund administrator Gen II Fund Services gives some insight into how fund managers expected the pandemic to affect their valuations as they worked through them in April.
Employer with magnifying glass exploring application papers
The latest guidance from the LP body encourages GPs to disclose net IRR with and without the use of such facilities, in addition to the methodology used to reach that figure.
ESG ratings agencies are increasingly stepping into private markets. That could point to greater standardization in ESG, and more transparency for private equity.
We should banish the idea that listed markets are the ‘right’ reference for pricing assets, writes Cyril Demaria.
A relatively new form of financing faces its moment of truth. As banks retreat from lending amid unprecedented economic chaos, a handful of ‘concentrated NAV lenders’ may be seeing a new phase in the evolution of their young market.
CFOs speaking to Private Funds CFO are keen to be able to keep subscription credit lines drawn until their funds hold a final close to avoid what they say are messy LP rebalancing issues.
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