Mensuel de septembre 2022 - Fonds d’investissement

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Subscription lines: get a line on financing of parallel funds and master-feeder funds
By Miao WANG, Counsel Natalia CELAC-TARABOANTA, Associate, Allen Overy   On the one hand, subscription credit lines are widely used by investment funds. The use of these lines enhances asset managers’ flexibility for cash flow management and eases the administrative burden of capital calls. On the other hand, fund structuring is becoming more complex and sophisticated, with asset managers often setting up parallel fund and/or master-feeder fund structures in one or multiple jurisdictions to accommodate various requirements of the asset managers and investors. We now see lenders granting subscription lines to parallel and/or master-feeder fund structures more often.   This article will discuss subscription lines in the context of...
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