Fund Finance

Concentrated NAV lenders and preferred equity financers are seeing historic dealflow. But only a handful of alternative lenders exist, and banks active in concentrated NAV are scarce and rarely transact. With potentially thousands of funds looking for liquidity for their portfolio companies, will this rare source of fund liquidity be able to sate demand?

Private funds' liquidity options have evolved in recent years. Davis Polk & Wardwell lawyers Leor Landa, Michael S. Hong and Brantley A. Hawkins explain some of the alternatives to traditional fund financing solutions.

The niche strategy is coming into its own, as it did back in the global financial crisis.

Lawyers from Paul Weiss pinpoint the areas of a private equity firm operations that may need to be adjusted to account for the coronavirus outbreak, including fund documentation, valuation and banking relationships.

When an IRR has been inflated by subscription lines of credit, does the fund manager need to present a second figure to investors?

Managers often complain that LPs ask for data but don’t do anything with it; investors say this is not the case.

Any savings the Parisian firm makes will be put into environmental projects, says CFO Philippe Audouin.

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.

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