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.

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.

Coverage Ratio Approach

European fund finance methodology: no per-investor advance rates; instead, eligible LP commitments must cover total fund debt at a minimum 1:1 ratio. Administratively simpler than the US Borrowing Base Approach.