Fund Finance
Definition
DPI (Distribución sobre Capital Desembolsado)
Total de distribuciones a los LPs ÷ total de capital llamado. Indicador clave del rendimiento del fondo, mejorado por las distribuciones financiadas con NAV — un uso controvertido señalado en las directrices de la ILPA.
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.
Continuation Fund
A GP-led secondary vehicle where selected assets from an existing fund are transferred into a new SPV, with LPs offered liquidity (sell) or rollover (invest in new vehicle). Requires independent fairness opinion (ILPA July 2024 guidance).
Subscription Credit Facility
Revolving credit facility secured by a fund's rights to call uncalled LP capital commitments. Also called 'capital call line' or 'sub line'; collateral is LP promises to pay, not assets.