Subscription Credit Lines

Market is surviving the choppy credit climate, but increased ESG scrutiny is holding some would-be issuers back.

Banks hitting concentration limits and syndicating deals, insurance companies coming in as both buyers and lenders, and even rising interest rates all point to a bigger slice of market for non-banks.

A considerable drop in the number of capital calls made by private capital funds comes as no surprise to those in the asset class, as managers have increasingly been looking to subscription lines to simplify investments.

JES Global founder Elliot Smerling pleaded guilty last month to a $133m fraud scheme.