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Under the hood
Sister publication PEI puts three questions to Fi Dinh, who led ING's first ESG-linked revolving credit facility, on fund terms, interest rate calculations and sustainability targets.
Subscription lines are convenient, but GPs must use them responsibly, says Triton's Amanda Tonsgaard.
ESG sustainability
The bank provided a subscription credit facility for Singapore's Quadria Capital that pegs its interest rate to fund-level ESG performance.
Capital call bridge facilities are a growing trend in private equity, but can they work for your firm? Joe Greenwell and JP Harrop share their insight in this extract from The Definitive Guide to Carried Interest.
Citco's Michael Peterson explains how hybrid fund finance facilities add to the private equity fund management toolkit.
credit - subscription credit lines
ILPA guidelines have helped push greater disclosure around subscription credit lines, but have not changed their usage, according to Ropes & Gray partner, Patricia Lynch.
Goodhart Partners’ Michael Daley discusses opportunities for mid-market focused GP stakes players and LPs’ appetite for the strategy.
Charts
Credit lines are contentious but their ability to improve IRR appears limited to the most strongly performing funds and funds early in their life, writes Christoph Jäckel of Montana Capital Partners.
Copenhagen Denmark
ATP PEP will ask GPs to provide an IRR that has been adjusted to compensate for the use of subscription credit lines, says managing partner Torben Vangstrup.
On its Q2 earnings call, KKR CFO Bill Janetschek detailed the way the firm handles credit facilities
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