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Travers Smith LLP has advised Investec Bank plc (Investec) on an environmental, social and governance (ESG) linked subscription facility provided to Investindustrial, one of Europe's leading independent investment groups. The facility is one of the first ESG-linked subscription lines in the European fund finance market.
Potential liquidity concerns are dominating private equity managers’ contingency planning for their portfolio investments. Flexible funding solutions provided on a fund-wide basis have emerged as a means for managers to tap additional capital as needed in order to finance working capital or additional equity for their investee companies.
In the context of continued LP scrutiny of all performance indices and management fee levels, GPs/managers continue to seek to differentiate themselves in terms of yield and broader ‘value add’ for investors. Increasingly they are looking to a range of sophisticated fund management and liquidity tools in order to maximise returns and distinguish their offering.
Over the last 4 weeks, in the face of COVID-19 the worldwide economy has experienced the sorts of pressures not seen since the Great Depression. Businesses around the world have been forced to close their doors; we have seen government interventions which, only 3 months ago, would have been unthinkable; and terms such as "social distancing" and "furloughing" have become common parlance.
Alternative assets have enjoyed an unprecedented level of growth over the last decade, which looks set to continue with global AUM growing from $8.8tn in 2017 to a projected $14tn in 20231.
Asset-backed or net asset value (NAV) facilities as a feature of the fund finance landscape are not new, but their prevalence and uses have increased over the last five years in particular.