Tom Auchterlonie
Diverse collateral mix of secondaries, portfolio finance and co-investments helps Carlyle unit close above target on $1bn.
Bank leaps over hurdles to make a product that could reshape the fund finance industry.
Agency publishes criteria for NAVs backed by LP secondaries interests, with plans to rate other NAV types down the road.
Secondaries activity for collateralised fund obligation bonds is light, but could pick up if the stars align.
'Purpose built' offering features LP reporting, portfolio management and accounting.
Trade group calls for LPAC consent in some cases, and for new fund documents to cover usage and limits.
Teams will fall under joint leadership, with industry vet Jeff Johnston as head.
Citco report finds only around 15% of NAV loans are used for LP distributions.
'There has been some bad behaviour that has caused some of these frustrations,' he said.
Trade groups’ document offers ways to address challenges for goals and metrics.