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...The deal’s prospectus notes that Sotheby’s Financial was founded back in 1988 to enable “its clients worldwide to unlock liquidity in fine art, luxury items, and other collectibles through financing solutions...
...This has prompted the industry to use alternative money-raising tactics, including so-called net asset value financing — loans secured against typically highly indebted portfolio companies — and transferring...
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...CDB has three different types of lending in its Sri Lanka portfolio: project loans and Foreign Currency Term Financing Facilities (FCTFF) — often referred as term loans — to the government, and project loans...
...However, a larger determinant of these products’ long-term profitability will be their ability to pass muster with the fund analysts and financial advisers who vet funds and add them to client portfolios...
...Fidelity includes Royal London Short Duration Global Index Linked Fund M Inc in its “Select 50” list of recommended investments, saying: “The loans are made over short periods (under five years usually)...
...A notable feature of private financing and ownership of public infrastructure has always been risk-sharing....
...Peter Sleep, senior portfolio manager at 7 Investment Management, concurred....
...They have been increasingly using margin loans and net asset value financing — secured against shares in their listed companies or their asset portfolios — to fund distributions to investors....
...Given the continued slowdown in exits and financing rounds over the last year, it will likely take more time for private valuations to fully reflect current market conditions....
...A version of this article was first published on November 1 by Nikkei Asia. ©2023 Nikkei Inc....
...Private equity conflict Private equity firms are increasingly providing debt financing to companies they own, making them both owner and lender to businesses in their portfolios....
...The fund will seek commercial returns, without concessional financing, said Tomasz Telma, global head of the IFC’s financial institutions group....
...Separately, one of its portfolio companies, Skydance, is a frontrunner to take control of the US studio Paramount Global....
...GIP’s sprawling portfolio also includes Sydney and Edinburgh airports, the port of Melbourne, critical US pipelines, CyrusOne data centres and Italo high-speed rail....
...The problem for US companies is that rates such as the Secured Overnight Financing Rate have kept climbing....
...* (As an aside, we are still disappointed that no one on the Treasury select committee asked Greensill’s highly paid boardroom adviser David Cameron to explain simply the mechanics of how supply-chain...
...However, Blackstone private credit funds put up hefty financing for two recent European buyouts led by rivals....
...Loan-to-value ratios in the asset portfolio are reasonable. The assets are floating rate and for the most part their maturities match Reits’ own financing from banks and the securitisation markets....
...In my funds, I can use private bespoke financing both on corporate and structured finance. My view is that a 60/40 portfolio today should be more like 60/30/10....
...One senior direct lender notes that while a top PE shop can afford to take heavy losses on, say, a quarter of its portfolio, private credit’s returns are much more dependent on preventing losses....
...“Issuers often will have financing needs beyond the M&A financing, where they may want to continue to have that debt outstanding if, for whatever reason, the merger or acquisition doesn’t go ahead,” Mead...
...financing....
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