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Under the hood

ING’s ESG credit facility: 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 credit lines ‘are here to stay’

Subscription lines are convenient, but GPs must use them responsibly, says Triton's Amanda Tonsgaard.
ESG sustainability

ING sets ESG carrot and stick with capital call facility

The bank provided a subscription credit facility for Singapore's Quadria Capital that pegs its interest rate to fund-level ESG performance.

Expert view: Why and how to use capital call bridge facilities

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.

The rise of hybrid facilities in fund finance

Citco's Michael Peterson explains how hybrid fund finance facilities add to the private equity fund management toolkit.
credit - subscription credit lines

Investors reluctant to curb credit line use – lawyer

ILPA guidelines have helped push greater disclosure around subscription credit lines, but have not changed their usage, according to Ropes & Gray partner, Patricia Lynch.

Why there’s room for smaller GP stakes managers

Goodhart Partners’ Michael Daley discusses opportunities for mid-market focused GP stakes players and LPs’ appetite for the strategy.
Charts

How big is the impact of credit lines on fund performance really?

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

Danish pension’s investment arm to quiz GPs on credit lines

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.

How KKR uses credit facilities

On its Q2 earnings call, KKR CFO Bill Janetschek detailed the way the firm handles credit facilities
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