Why Hybrid Credit Facilities Are Trending

By Todd Bundrant, Zachary Barnett, Ann Richardson Knox and McKay Harline (September 28, 2017, 11:16 AM EDT) -- Real estate, buyout, debt, secondary and other closed-end funds have often used subscription-backed credit facilities — also known as "capital call" or "capital commitment" facilities (each a "subscription facility") — to access cash quickly, or as a bridge to capital calls or other permanent asset-level financing. Under these facilities, lenders look to a fund's uncalled capital commitments and rights to call capital as security for the loans and for purposes of calculating borrowing base availability. However, as funds mature beyond their investment or commitment periods and most or all of the investor capital commitments have been funded, some funds turn to...

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