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For GPs arranging financing for their separately managed accounts, there are some unique terms and issues in play, say Tommy Constantinou and Susumu Koguchi of Sumitomo Mitsui Trust Bank.
There is now a broad consensus that benefits in terms of treasury management outweigh the disadvantages
Subscription and NAV financing are increasingly accepted by LPs, but transparency is key
Fund finance lawyers are working around some complex clauses in limited partner agreements
The pandemic caused a major increase in reporting demands for firms. However, attendees at the CFOs & COOs Forum spoke of how that demand had resulted in greatly improved processes.
The growth of secondaries and the realities of the market amid the pandemic have forced more flexibility into the classic PE fund model, according to a survey by Paul, Weiss, Rifkind, Wharton & Garrison.
Costly tech stacks are accelerating the trend towards outsourcing, with fund operations and portfolio management the areas most likely to be affected.
Management fee offsets are growing as LPs pay closer attention to the items they are getting charged, says Withum partner Tom Angell.
Managers have a big role to play in ensuring the resiliency and long-term value of investors’ portfolios, and they need to get better at supplying data.
Investors appear to have adapted quickly to virtual processes. We consider whether some of these changes are here to stay.