Tom Auchterlonie

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.

The firm has been hiring big names in NAV since early last year.

Large regional bank will share further details of the deal on its third-quarter earnings call.

Firm now offers features ranging from legal document reviews to disbursements.