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ILPA urges LPs to ask about credit lines

Quarterly reports to investors must be explicit on the use of subscription credit lines, while LPs must ask for data that discounts the impact of borrowed cash, the lobby group recommends.

Sub lines’ effect on IRR and money multiple

How the use of a subscription credit facility can change the return profile of a fund in good times and in bad.

Three questions on fund finance

Demand for subscription credit lines is now being driven by the needs of separate accounts, say Jeff Johnston and Mike Mascia of the Fund Finance Association.

European CFOs split on fund leverage

Some investors are in favour of reducing the frequency of capital drawdowns, but many are concerned about the risks of extending loan periods.

AP7: Sub lines should be for capital efficiency

Per Olofsson, head of alternative investments at the Swedish pension fund, said subscription credit lines should be used for capital efficiency and not to artificially boost IRRs.

CalPERS ex-board member tells PEI of credit line concerns

Michael Flaherman says his fears about CalPERS’ exposure are left unanswered, despite a memo from the pension describing fund-level credit lines

Let's be clear

More flexibility in fund terms may suit LPs and GPs, but threaten to bog down transparency efforts.

ILPA gathers views on credit facilities

The LP body is consulting with members on a range of topical issues as it prepares to refresh its ‘Private Equity Principles’ document.

SEC to eye credit line use, says law firm

Law firm Dechert wrote in its latest private equity newsletter that both investors and regulators are beginning to focus more on disclosure surrounding the use of lines of credit.

Investec boosts fund finance team

The specialist bank appointed Stefan Szczurowski to support deal origination.
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