Fund Finance

OakNorth Bank has completed a revolving credit line with Bluegem Capital Partners, marking the lender's entry to the private equity fund finance market.

The London-based lender is working alongside a 'significant' American institutional investor, sister title PEI understands.

150 managers think full standardization could happen in three years; Private Funds CFO editor Graham Bippart interviewed by Fund Finance Friday; new home for 'Subscription credit: A shifting landscape'

Market participants ponder what the future of the market looks like, and wonder which borrowers might suffer should a supply/demand imbalance persist.

Bankers discuss what the future of subscription credit could look like, should the current supply/demand dynamics continue while demand increases.

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.

Was the supply/demand imbalance some insist exists now a pre-existing condition? And what does the future look like for the sub line market?

It’s gotten harder to find a syndicate for new, large transactions. And some banks are trying to sell down existing pre-covid exposures, in some cases to make room for new loans at new, higher prices.

Even some blue-chip sponsors have been rejected by relationship lenders. This has forced them to branch out, sometimes only to be rebuffed by banks dealing with their own limits on their ability – and appetite – to lend.

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.