Leverage

Portfolio finance can offer additional investment firepower or a source of liquidity, both of which are in high demand in the fallout from the pandemic, explains Augustin Duhamel.

Less competition and a likely increase in the number of smaller forced sellers could make 2020 a good vintage for niche players.

In part two of our mini-series on the impact of debt on secondaries deals during the coronavirus crisis, we examine how the steep decline of NAVs can have powerful implications for the future of the SPV leverage market.

In the first of a series on the implications of leverage use by secondaries funds in a downturn, we look at fund-level facilities.

Access to incremental debt capital can support follow-on investments in existing portfolio companies to preserve or enhance fund NAV, writes David Philipp of Crestline Investors.

Doug Cruikshank talks with senior editor Toby Mitchenall about the growing asset class: how it works, who it works for and what he thinks it can do for sponsors during an economic slump.

The deal was used to seed the $440m debut credit fund of Angel Island Capital.

Angel Island Capital raised $440m for its debut third-party capital fund from a mix of secondaries and primary investors.

Dividend recaps and back-levered preferred equity are among the trends to emerge in the past year, according to a survey obtained exclusively by Secondaries Investor.

The 10 largest secondaries funds in market are targeting a combined $70.5bn, compared with $39.45bn being sought by the largest debt funds, Secondaries Investor data show.