Fund Finance
Definition
Investisseur inclus (Included Investor)
Un LP noté au-dessus d'un seuil de solvabilité spécifié dont l'engagement non appelé est comptabilisé dans la base d'emprunt de souscription aux taux d'avance standard (85–90 % pour les grandes facilités). Déclencheurs d'exclusion : immunité souveraine sans renonciation, droits de compensation en side letter, défaut de paiement, dégradation.
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.
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.
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.