Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JSF
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

User menu

  • Sample our Content
  • Request a demo
  • Log in

Search

  • ADVANCED SEARCH: Discover more content by journal, author or time frame
The Journal of Structured Finance
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Request a demo
  • Log in
The Journal of Structured Finance

The Journal of Structured Finance

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JSF
    • Editorial Board
    • Published Ahead of Print (PAP)
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

Subscription Credit Facilities
and Fund Finance Strategies

Michael C. Mascia
The Journal of Structured Finance Spring 2014, 20 (1) 143-145; DOI: https://doi.org/10.3905/jsf.2014.20.1.143
Michael C. Mascia
is a partner at Mayer Brown LLP.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: mmascia@mayerbrown.com
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.

Don’t have access? Click here to request a demo 
Alternatively, Call a member of the team to discuss membership options
US and Overseas: +1 646-931-9045
UK: 0207 139 1600

Abstract

Panelists provided an expansive overview of the typical subscription credit facility transaction structure, key participants and terminology for such facilities, and related fund finance transactions. The typical comingled private equity fund is structured in the form of a limited partnership. The general partner of the fund, an affiliate of the fund’s sponsor, manages all aspects of the fund, including the selection of investments. The limited partners of the fund, the investors, make capital contributions up to the amount of their capital commitments as and when called by the general partner to permit the fund to make its investments. Unfunded commitments provide the security and source of repayment for a subscription credit facility. Unlike most securitization structures, such a facility does not employ a special purpose vehicle but rather is structured in the form of a loan directly to the fund, secured by its unfunded commitments as well as the general partner’s rights to issue capital calls. Credit performance for subscription credit facilities was good throughout the financial crisis and in 2013, although some credit issues are arising and lenders are likely to pay increasing attention to the quality of assets and asset-level mitigants to make up for shortcomings in investor diversity, less-than-ideal partnership agreements, and other perceived credit weaknesses.

TOPICS: Legal and regulatory issues for structured finance, legal/regulatory/public policy

  • © 2014 Pageant Media Ltd
View Full Text

Don’t have access? Click here to request a demo

Alternatively, Call a member of the team to discuss membership options

US and Overseas: +1 646-931-9045

UK: 0207 139 1600

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Structured Finance: 20 (1)
The Journal of Structured Finance
Vol. 20, Issue 1
Spring 2014
  • Table of Contents
  • Index by author
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Structured Finance.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Subscription Credit Facilitiesand Fund Finance Strategies
(Your Name) has sent you a message from The Journal of Structured Finance
(Your Name) thought you would like to see the The Journal of Structured Finance web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
Subscription Credit Facilities
and Fund Finance Strategies
Michael C. Mascia
The Journal of Structured Finance Apr 2014, 20 (1) 143-145; DOI: 10.3905/jsf.2014.20.1.143

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
Subscription Credit Facilities
and Fund Finance Strategies
Michael C. Mascia
The Journal of Structured Finance Apr 2014, 20 (1) 143-145; DOI: 10.3905/jsf.2014.20.1.143
del.icio.us logo Digg logo Reddit logo Twitter logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • SUBSCRIPTION CREDIT FACILITY OVERVIEW
    • Footnotes
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

Similar Articles

Cited By...

  • No citing articles found.
  • Google Scholar
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

MORE FROM PMR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Log In
  • Update your profile
  • Give us your feedback

© 2022 Pageant Media Ltd | All Rights Reserved | ISSN: 1551-9783 | E-ISSN: 2374-1325

  • Site Map
  • Terms & Conditions
  • Cookies
  • Privacy Policy