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Fund Finance
The ratings agency's report finds distributions for notes backed by fund stakes fell due to decline in deals.
Non-bank lenders are becoming more prominent as banks retrench.
The case for loans to be underwritten based on both a fund’s portfolio and its LP commitments is getting stronger, say Cadwalader partners Brian Foster, Samantha Hutchinson and Patrick Calves.
Opinions are divided on exactly what the recent rate spike means for NAV financing.
With banks constrained by market uncertainty, sub lines are taking longer to negotiate.
NAV solutions are being offered to LPs facing liquidity issues.
NAV financing is now considered a well-established tool for improving fund performance, but finding a trustworthy partner is crucial to success, says Doug Cruikshank, managing partner and founder of Hark Capital.
Accessing fund finance requires specialist support if borrowers want to stay on top of this fast-changing market, says Khizer Ahmed, founder and managing member at Hedgewood Capital Partners.
Projected volumes vary wildly, but there’s little doubt that the market is growing.
The failure of three prominent fund finance lenders has turned choppy waters into a full-scale hurricane watch, says Anastasia Kaup, a partner at Fund Finance Partners.
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