Tom Auchterlonie
The instruments bear similarities to NAV loans and dividend recapitalisations and are increasingly intriguing to LPs.
The non-bank lender will build on its sub-lines approach in entering a mature market.
While the EO is encouraging, significant regulatory and legal hurdles remain before it can be fully implemented, point out some PE pros.
The private credit lender reveals numbers for its inaugural fund solely dedicated to the instruments, and they demonstrate a tool best suited for high-performing borrowers.
US insurance regulatory updates reduce uncertainty for the instruments.
Projections from Alpha Group show that portfolio NAVs would need losses far worse than during the 2008 global financial crisis for the loans to breach key covenant levels.
The mega-LP will commit funds to the private assets platform for individuals.
Diverse collateral mix of secondaries, portfolio finance and co-investments helps Carlyle unit close above target on $1bn.
Bank leaps over hurdles to make a product that could reshape the fund finance industry.
Agency publishes criteria for NAVs backed by LP secondaries interests, with plans to rate other NAV types down the road.