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Fund Finance

Fund finance is no stranger to the secondaries market, and recent developments suggest participants should keep an eye on how this market evolves.
Olivia Deroy, Investec
The bank will focus on capital call lines and GP financing for mid-market funds with the hire of Olivia Deroy who had worked at First Republic.
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A disconnect exists in the industry between GPs who view continuation funds as a desirable way to hold certain assets beyond the limits of a traditional private equity fund, and LPs who generally would prefer a regular exit.
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The financing tool sidesteps the bid-ask spread – an issue that can sometimes put potential secondaries sales on ice.
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Industry veteran Dee Dee Sklar will help the firm with its credit arm.
Structured solutions can provide much-needed liquidity without forcing LPs to crystalise a loss.
Dan Nolan joins Warana Capital as head of origination for a recently closed fund that will provide loans and issue preferred equity within the alternatives industry.
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There were multiple $1bn-plus fund finance transactions in the market in the first quarter with at least 30 new entrants to the market, according to a report from PJT Park Hill.
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The loans represent small portions of activity for the GP-led vehicles, but they can be used for certain funding and buyer needs.
Insurance companies are stepping in to fill a supply gap in fund finance, and one of the insurance worlds’ first movers in the market is looking to expand its fingerprint.

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