Fund Finance
Definition
Fondo de Continuación
Vehículo secundario liderado por el GP en el que activos seleccionados de un fondo existente se transfieren a un nuevo SPV, ofreciéndose a los LPs liquidez (venta) o reinversión (inversión en el nuevo vehículo). Requiere un dictamen de valoración independiente (directrices de la ILPA de julio de 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.