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...small Slovenian start-up invented a way of filtering out these plastic fibres some eight years ago, and has been calling on governments to pass legislation and appliance manufacturers to incorporate the technology...
...As with many technologies (financial and otherwise), NAV loans themselves are neither good nor evil; that judgment should be reserved for how they’re put to use....
...Conditions have also been hurt by what has been a difficult period for technology companies....
...Last month Vista Equity Partners, a private equity investor focused on the technology industry, used a NAV loan against one of its funds to help raise $1bn that it then pumped into financial technology company...
...These delaying strategies include so-called NAV loans, which use a fund’s investment assets as collateral to raise money, and continuation funds that buy assets from existing funds within private equity...
...Leverage has been applied ‘downstream’ at the portfolio company level, ‘upstream’ with recourse to GPs and LPs, and ‘midstream’ to the funds that own portfolio companies in the form of NAV loans....
...“In the case of a delay in official NAV calculations, market makers and authorised participants usually have enough information to calculate an unofficial NAV and price the ETFs on exchange accordingly,...
...Last month, Vista Equity Partners used the proceeds of a NAV loan to pump $1bn into financial technology company Finastra, one of the big refinancings in leveraged finance markets....
...“I would guess that the correlation between DPI and NAV loans is inverse,” he said....
...All to no avail: the fund trades at a 56 per cent discount to its NAV, and that is despite its share price rising by 41 per cent in the year to date....
...At 16 per cent, Arm is also bigger than the 13 per cent share of the overall NAV for SoftBank’s domestic mobile business....
...In July we reported on private equity firms’ use of NAV loans to finance cash distributions to investors....
...But its aggressive investment pace as the market was nearing its peak means the group is vulnerable to a reset in technology valuations in a world of higher rates....
...Do not count on being able to sell at NAV.”...
...It has been held back this year by exposure to technology and China, but has an exceptional long-term record. The wealthy investment know-it-all What to buy them?...
...Increased outflows would force bond mutual funds to sell bonds, further lowering prices and resulting in outsized markdowns to NAV, likely sparking more investor exits....
...Global equity markets are down 15 per cent so far this year — and many parts of the market are off very much more — yes, I am looking at you, US technology stocks....
...SoftBank’s NAV dropped sharply to $168bn at the end of December. The current enterprise value of the business, using SoftBank’s own estimate of net debt, is only $125bn....
...Ahmet Yetis, a managing director at Evercore, told the conference panel about some “cutting edge technology that we’re working on”....
...Back then, there was very little competition in the market and in-car technology mainly consisted of sat navs and Bluetooth connectivity....
...As of Monday morning, SoftBank was trading at more than a 50 per cent discount to its October 1 NAV....
...It is followed by China Southern Fund Management’s CSI Hong Kong Technology ETF, which has seen a dip of almost 26 per cent since the start of the year....
...A sharp correction could activate a NAV trigger permitting prime brokers to require additional collateral which could force selling of liquid HF positions....
...But the rout in tech stocks since the start of 2022 has dragged the stock from a NAV premium to a sharp discount, meaning the mark-to-market value of their bonuses suffer an immediate haircut of about £20m...
...In the same period last year, NAV rose by 76 per cent compared with a 24 per cent increase in the index....
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