Leverage

Buyout stakes trading at 10% premiums to NAV last year were 'not uncommon'.

The use of debt to delay capital calls saw HVPE’s distributions outweigh investments last year.

In the second part of our series, Cyril Demaria, head of private markets at Wellershoff & Partners, examines the evidence that secondaries perform better than funds of funds.

We round up the key takeaways from sister publication Private Equity International's coverage of fund finance, such as that these lines arguably make the most sense for secondaries.

The strategy suits both fledgling and mature portfolios – with caveats – says Cambridge Associates.

Sponsors of secondaries and funds of funds should be mindful of several key issues that can arise when structuring and negotiating these financing arrangements, according to law firm Dechert.

The use of subscription facilities by funds has seen its criticism, but the practice is not without its positives, write Thomas Smith and Almas Daud.

Record half-yearly fundraising means buyers have had to expand their investment scope to chase promised returns. Here’s a trio of innovative transactions that caught our eye.

The €650m deal moved assets from Recovery Fund 2008 into a new vehicle.

The deal involved Varma Mutual Fund Pension selling part of its stakes in two MML Capital Partners mezzanine funds to the investment manager.