Fund Financer News reposted this
I’m happy to share that I’m starting a new position as Principal at Blue Owl Capital!
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We cover everything important across Fund Finance: Subscription Line Facilities, NAV Lending, GP/Management Company Lines, Preferred Equity Financing, CLO Financing, Asset-Based Lending and more.
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Law firms are expanding their footprint in Luxembourg to cater to the growing demand in fund finance. From office openings to new hires, they aim to streamline operations for clients in this key jurisdiction. Tanya Kaushal | The Drawdown https://lnkd.in/e9fTbZBs #FundFinance #FundFinancing #FundFinancer
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ARC Ratings has released a draft methodology report for rating Subscription Credit Facilities (SCFs), a type of fund finance used by private capital funds to manage liquidity. The methodology outlines quantitative and qualitative processes for assessing SCFs, highlighting LP default risks and facility performance factors. ARC Ratings #FundFinance #FundFinancing #FundFinancer
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Fund Financer News reposted this
Fund Finance Partners' new Lending Index offers insights into NAV financing trends, revealing that nearly 60% of loans have LTVs below 15%, emphasizing an approach focused on efficient capital utilization instead of overextension. With most loans secured by portfolio cash flows and new players like banks and insurance companies entering the market, NAV financing is evolving into a cornerstone of private equity funding—poised for notable growth and structural innovation. Hugh MacArthur https://lnkd.in/e2kDxQnK #NAVLending #NAVLoans #FundFinance #PrivateDebt
Chairman of Global Private Equity Practice at Bain & Company - Follow me for weekly updates on private markets
Private Thoughts from my Desk……………#29 If you’re tracking NAV financing trends, the new Lending Index from Fund Finance Partners offers a fascinating glimpse into the mechanics of this growing market. Nearly 60% of NAV loans in the index have LTVs below 15%. (see chart below) At first glance, this might seem strikingly conservative, but when you dig deeper, it makes sense—and reveals just how calculated this approach really is. Here’s why. Suppose you’re an LP committing $100 to a fund. After fees, only about $90 might ever be deployed into investments. NAV financing offers a way for GPs to bridge that gap. By borrowing an additional $10, the GP can effectively deploy the full $100, generating additional returns while incurring some incremental risk. It’s a tool intended to optimize performance, not gamble with leverage. This explains why LTVs are so low—it’s not about overextending; it’s about efficient capital utilization. Another important point: two-thirds of these loans are secured by portfolio cash flows rather than equity or recourse to underlying assets. This structure may reflect a trend—many funds have stronger cash reserves or dividend streams than you might expect. For lenders, this lowers the risk profile, reinforcing the standards we’re seeing in the data. What about LPs? Interestingly, only 4% of these loans are being used to return liquidity to investors----a move that has been roundly criticized by many sources of capital. Instead, the vast majority of NAV loans seem to be fueling growth—add-ons, new platforms, and other GP-led initiatives. This strategy ensures capital is being put to work, but it also highlights an ongoing tension: NAV financing might help GPs maximize deployment, but it doesn’t directly solve the liquidity challenges facing many LPs today, or guarantee that the new investments are good ones. And the bigger picture? Many lenders believe NAV financing used for investment deployment is on track to become as common as subscription lines. With new players like banks and insurance companies entering the space, the market is poised for significant growth—and potentially some changes in how these loans are structured and deployed. NAV financing may no longer be a niche solution. It might just become a core part of the private equity toolkit. #privateequity #privatemarkets #privatethoughtsfrommydesk
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Dartmouth Partners is offering a unique opportunity for experienced professionals in fund finance. This role focuses on fund finance operations, investor reporting, and managing fund lifecycle events, all within a high-growth private equity firm. https://lnkd.in/eaDJCB4c #FundFinance #FundFinancing #FundFinancer
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Ann Richardson Knox, a partner at Mayer Brown, has been appointed as the global co-chair of Women in Fund Finance, alongside Dee Dee Sklar. Mayer Brown highlights Ann’s significant contributions to fund finance, including her pioneering work on complex facilities and the first ESG subscription credit facility in the US. Mayer Brown https://lnkd.in/efEnt_ba #FundFinance #FundFinancing #FundFinancer
MAYER BROWN PARTNER ANN RICHARDSON KNOX APPOINTED GLOBAL CO-CHAIR OF WOMEN IN FUND FINANCE | News | Mayer Brown
mayerbrown.com
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Intermediate Capital Group (ICG) has successfully securitised a $240m capital call facility from HSBC, marking a trend towards sophisticated fund finance solutions. This innovative structure highlights how ICG and HSBC are leveraging structured financing techniques to navigate an evolving market. Kathryn Gaw | Alternative Credit Investor https://lnkd.in/ezbi5z82 #FundFinance #FundFinancing #FundFinancer
ICG securitises $240m HSBC capital call facility
alternativecreditinvestor.com
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Fund Financer News reposted this
AlpInvest Partners, a subsidiary of The Carlyle Group, and Mubadala have announced a strategic partnership to offer senior fund financing to private equity firms. NAV loans, enabled by this collaboration, provide crucial liquidity to private equity managers amid challenging market conditions. Dhanayush Raninga | SecondaryLink https://lnkd.in/evtRz_wD #NAVLending #NAVLoans #FundFinance #PrivateDebt
AlpInvest and Mubadala form strategic partnership to provide senior fund financing
secondarylink.com
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GRSM has announced that Renee Fischer is joining the firm as a Partner in the Banking & Finance practice group. With over 24 years of experience in fund finance, Fischer brings her expertise in subscription and NAV-based financing transactions. Craig Heryford, Chair of GRSM’s Business Services Section, highlighted her extensive experience and dedication to excellence as a valuable addition to the firm. Gordon Rees Scully Mansukhani, LLP https://lnkd.in/enGieYdg #FundFinance #FundFinancing #FundFinancer
Renée Fischer Joins GRSM as Banking & Finance Partner
grsm.com
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Latham & Watkins is seeking an Associate with experience in fund finance to join their growing Private Equity Finance Practice in Washington, D.C. This opportunity offers a chance to work on cutting-edge finance matters in a dynamic legal setting. Latham & Watkins https://lnkd.in/gmXNV7nU #FundFinance #FundFinancing #FundFinancer
Associate — Finance — Fund Finance
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