As real estate, buyout, infrastructure, debt, secondary, energy and other closed-end funds mature beyond their investment or commitment periods (the “Investment Period”), they have often called and deployed the majority of their uncalled capital commitments on the acquisition of their investment portfolio (each, an “Investment”).

As a result, they often have greatly diminished borrowing availability under the borrowing base of a traditional subscription credit facility (a “Subscription Facility”, often referred to as an “Aftercare Facility” when provided post-Investment Period). However, these post-Investment Period Funds still have significant ongoing liquidity needs, including funding follow-on Investments, letters of credit, ongoing fund expenses and the costs of maintenance and liquidation of their Investments.