Fund Finance
Definition
Facilidad Híbrida
Estructura de financiación de fondos que combina garantías de suscripción (compromisos no desembolsados) y de NAV (valor de la cartera). Evoluciona a lo largo del ciclo de vida del fondo, pasando de estar dominada por la línea de suscripción a estar dominada por el NAV a medida que se despliega el capital.
Deep Dives
Related Terms
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.
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.