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What We’re Reading
June 16, 2023

Subscription lines, NAV, over-allocations ... and the connection between exercise and good health – here’s what we’re reading this week.

Private Funds CFO provided a subline market update in Borrowers turn to new approaches as sub lines are snipped. The write-up highlights the trend among subscription borrowers to move deposit accounts away from their lending bank, mentions insurance company interest in term loan structures, potential securitization approaches, and NAV as an alternative to the constrained leveraged loan market. 

Private Funds CFO this week recapped a law firm market survey in Proskauer survey sheds light on NAV terms. Among other statistics, the article offers some indicative NAV pricing levels by LTV. 

Private Debt Investor this week published an article, Predicting the next decade: The rise of NAV lending, on NAV financing. The article focuses on the growth potential for NAV financing, and, in particular, the increased appetite among sponsors for structured solutions that help allow them to extend the life of investments while generating liquidity for investors. The article includes quotes from various market participants as to the estimated size and annual volume of financing transactions in this market.

PE investors find themselves over-allocated in 2023 in a market where distributions are down 40-50% from a year ago, according to Blackstone’s Verdun Perry cited in Bloomberg’s Blackstone’s Perry Says PE Investors Lack Cash for New Funds. These investors are exploring secondary sales and new commitments are being scaled back.

Elsewhere, the Wall Street Journal’s What if the Most Powerful Way to Live Longer Is Just Exercise? surveys recent lifespan research and concludes that exercise has the most empirical backing. Perhaps this is a reminder that, in life as in lending (or is it the other way around?), consistently applying the fundamentals goes the distance.

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