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“Subscription line financing has long been an important tool in a fund manager’s kit, but a climate of rising interest rates and constrained supply has made these facilities more costly, changing the landscape for borrowers and lenders alike.

Also called sublines, they’re a type of bridge financing facility typically secured against and repaid by LP commitments. Sublines are a useful way for fund managers to have greater control over their cash flow. However, securing them can be a lengthy and difficult process, particularly in a market where supply is constrained.”




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