Zac Barnett, Managing Partner at newly formed Fund Finance Partners, authored an article this week titled, “Subscription Facilities – No Apology Necessary," in response to recent criticisms of fund sponsors’ use of subscription-backed credit facilities. In addition to more well-known advantages, Zac highlights such facilities’ lesser-known strategic value, including their use as a balance sheet builder for ramping up a fund’s investment portfolio, providing access to letters of credit and alternative currencies at a low cost, and enhancing a fund’s ability to pay distributions to investors and honor redemptions on their behalf. The article can be found here.