The Institutional Limited Partners Association (ILPA), a trade group for institutional investors in the private equity industry, recently published guidance for LPs and GPs concerning fund-level NAV facilities. See here for...more
Venture debt endured a challenging 2023, but as lenders look for new product lines to increase deployment after a quiet period, they are turning their attention to the venture debt market.
US venture debt lending dropped...more
Following a period of rapid growth, the fund finance market has reached an inflection point. Once considered a small, esoteric area of the lending landscape, fund finance—loan facilities secured against investor commitments...more
Leveraged finance activity slowed on both sides of the Atlantic in the first half of the year, as a tougher macroeconomic environment and events in Ukraine affected debt issuance in both Europe and the US....more
Environmental, social and governance (ESG)-linked debt issuances have been negatively impacted in 2022 after reaching all-time global highs last year....more
Fund finance is positioned for record levels of growth as private equity (PE) general partners (GPs) tap traditional subscription and net asset value (NAV) financing lines in greater numbers....more
In the early stages of the special purpose acquisition company (SPAC) boom, an abundance of IPO, PIPE (private investment in public equity) and other equity proceeds available to fund acquisitions meant that SPAC sponsors...more
Demand for net asset value (NAV) finance—where private equity (PE) firms raise borrowings against the NAV of the assets in their funds—is on the rise. NAV finance is still a relatively esoteric, industry-specific product, and...more
The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market -
Until recently, net asset value (NAV) finance—where PE sponsors...more
Even though COVID-19 has taken a toll on consumer spending and supply chains, the food and beverage industry has shown resilience and continues to tap credit markets -
High yield bond and leveraged loan issuance for...more