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Pitchbook Examines Subscription Facility Interest Rate Impact
September 15, 2023

One-month term SOFR ramped up from less than 10 bps in the Spring of 2022 to around 5.33% now. Not surprisingly, higher subscription facility cost of funds can affect fund performance metrics. In The Changing Landscape of Capital Call Facilities published this week, Pitchbook analysts take a look at the IRR and TVPI sensitivities to SOFR levels, concluding that smaller facilities and increased use of hybrid facilities may be possible market adaptions to the current environment.

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