Real estate, buyout, debt, secondary and other closedend funds (“Funds”) have often used subscription backed credit facilities—also known as “capital call” or “capital commitment” facilities (each a “Subscription Facility”)—to access cash quickly, or as a bridge to capital calls or other permanent asset-level financing. Under these facilities, Lenders look to a Fund’s uncalled capital commitments and rights to call capital as security for the loans and for purposes of calculating borrowing base availability.

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