Fund Finance
Definition

Línea de Suscripción (Subscription Credit Facility)

Línea de crédito revolving garantizada por los derechos de un fondo para llamar compromisos de capital no desembolsados de los LPs. También denominada 'línea de llamada de capital' o 'sub line'; la garantía son las promesas de pago de los LPs, no activos.

Deep Dives

Fund Finance

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.

Hybrid Facility

Fund finance structure combining subscription (uncalled commitments) and NAV (portfolio value) collateral. Flips over the fund lifecycle from sub-line dominant to NAV dominant as capital is deployed.

Included Investor

An LP rated at or above a specified creditworthiness threshold whose uncalled commitment counts towards the subscription borrowing base at standard advance rates (85–90% for large facilities). Exclusion triggers: sovereign immunity without waiver, side letter set-off rights, failure to fund, downgrade.

Designated Investor

An LP below the Included Investor threshold (unrated, lower-rated, family office) included in the borrowing base at lower advance rates (50–75%). Inclusion typically requires all-lender consent.

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