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This week we continue our focus on NAV loans and, more specifically, a common structuring issue for NAV secondaries facilities: the “indirect pledge.” For our purposes, NAV secondaries facilities refer to loans to secondary private equity funds (
i.e., funds that invest in other private equity funds, primarily by purchasing existing commitments from limited partners seeking to exit their investments). For these types of facilities, the value of the borrower’s portfolio of fund investments (“Portfolio Investments”) support its loan obligations. As discussed below in greater detail, the primary structural risk for a transaction of this type is that lenders typically will not have a direct security interest in the assets that support the borrower’s loan obligations (
Dobry początek roku Grupy PZU | Rynek ubezpieczeń | Gazeta Ubezpieczeniowa – Portal
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PZU ma apetyt na inwestycje o większym stopniu ryzyka
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Equita Group, utile netto consolidato del trimestre a € 4,5 mln (+137%) - Finanza e Borsa
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