Fund Finance
Definition
Continuation-Fund (Fortführungsfonds)
GP-geführtes Secondary-Vehicle, in das ausgewählte Vermögenswerte aus einem bestehenden Fonds in eine neue Zweckgesellschaft übertragen werden, wobei LPs Liquidität (Verkauf) oder Reinvestition (Investition in das neue Vehicle) angeboten wird. Erfordert ein unabhängiges Fairness-Gutachten (ILPA-Leitlinien Juli 2024).
Deep Dives
Related Terms
NAV Facility
Loan secured by the net asset value of a fund's investment portfolio. Distinct from subscription line: secured by existing assets (not future capital); used in later fund lifecycle.
DPI (Distribution to Paid-in Capital)
Total distributions to LPs ÷ total capital called. A key fund performance metric improved by NAV-funded distributions — a controversial use case flagged in ILPA guidance.
Special Purpose Vehicle (SPV)
A bankruptcy-remote legal entity created solely to hold assets and issue securities or borrow against those assets. Bankruptcy-remoteness is the defining feature — achieved through limited purpose charter, limited recourse provisions, and non-consolidation opinions.