Graham Bippart

Research provided to Buyouts by TREO indicates the global volume of AUM of tail-end funds, or TEFs, hit $829bn in 2024, up 24% from 2023.

Early results from an ILPA survey suggest LPs are ready to draw a line in the sand when it comes to investing with managers chasing retail capital.

The bank will focus on capital call lines and GP financing for mid-market funds with the hire of Olivia Deroy who had worked at First Republic.

The two, both on the board of the Fund Finance Association, have been consulting on the carve-out, purchase and rebranding of TIAA Bank.

Creator of the survey says the novel practice of back-levering deals with NAV has already spread to even the lower mid-market.

The number of new competitors in the market is growing – a good sign for a supply-constrained market.

The issuance of a collateralized fund obligation would be a breakthrough for struggling GPs and institutional investors alike.

The market is seeing an acceleration in evolution since other sources of capital have dried up or become more expensive

The bank’s fall also highlights and potentially exacerbates a large and growing supply gap in subscription credit lines.

Insurance companies are stepping in to fill a supply gap in fund finance, and one of the insurance worlds’ first movers in the market is looking to expand its fingerprint.