Tom Auchterlonie

Churchill, whose parent Nuveen Private Capital received backing from Temasek last year, and the Singaporean investor's asset management platform Seviora formed the vehicle with collateral spanning PE and private credit, including PE secondaries.

Variable profit-sharing structures are designed to foster alignment between sponsors and secondaries buyers – but an influential LP group says investors should be wary.

The asset manager’s investment chief cites 'weird time arbitrage' that the practice causes for evergreen investors who buy into vehicles at similar points.

The new questionnaire asks GPs to disclose details including transaction terms and asset returns.

Asset-backed securities deals have got bigger, with several closing above $1bn in the first half, according to the adviser.

Projections from Alpha Group show that portfolio NAVs would need losses far worse than during the 2008 global financial crisis for the loans to breach key covenant levels.

A diverse collateral mix of secondaries, portfolio finance and co-investments helped the Carlyle unit close above target on $1bn.

Pilot product helps LPs conduct cost-benefit analyses and lets smaller GPs act without advisers.

Agency publishes criteria for NAVs backed by LP secondaries interests, with plans to rate other NAV types down the road.

Law firm lands seasoned attorney amid growing demand for fund debt.