Tom Auchterlonie

Agency publishes criteria for NAVs backed by LP secondaries interests, with plans to rate other NAV types down the road.

Secondaries activity for collateralised fund obligation bonds is light, but could pick up if the stars align.

'Purpose built' offering features LP reporting, portfolio management and accounting.

Trade group calls for LPAC consent in some cases, and for new fund documents to cover usage and limits.

Teams will fall under joint leadership, with industry vet Jeff Johnston as head.

Citco report finds only around 15% of NAV loans are used for LP distributions.

'There has been some bad behaviour that has caused some of these frustrations,' he said.

Trade groups’ document offers ways to address challenges for goals and metrics.

A significant change to the market will be entertained by the US’s regulatory body for the insurance industry on 16 March.

ILPA representative cites transparency and uses as issues at the Fund Finance Association’s Global Symposium in Miami. But the growing market for NAV loans has its staunch defenders, who often point to the fact that most of the facilities are used for value-additive, late-stage acquisitions.