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The firm’s first credit fund comfortably beat its €1.5bn target to lend to private equity managers seeking growth or LP liquidity.
The firm hopes to tap into demand for late-cycle lending among the private equity fund community.
The fund will focus on fund financing, including NAV loans and preferred equity offerings.
Of the the firm’s 15 NAV loan and preferred equity deals in 2021, 80% were done with top 100 private equity managers by size, says an executive at the lender.
As GPs and LPs wake up to the benefits of subscription lines, there is a need for more transparency, say Ryan Crowell and Yuriy Shterk of Allvue Systems.
The firm cited growing demand for non-dilutive capital to help private equity funds create value later in their life cycle.
Subscription lines clearly earned their stripes last year as companies came under unprecedented liquidity pressures. Richard Wheelahan examines what 2021 has in store for the fund finance market.