LPs increasingly wary of subscription lines as usage abounds

Guardian Life Insurance, private equity, Maurice Gordon
Maurice Gordon, managing director and head of private equity for Guardian Life Insurance Co. Photo courtesy of the firm.
  • Panel: LPs growing more inquisitive about usage, duration
  • Credit lines lent against creditworthiness of the LPs
  • Some LPs using side letters to limit use of collateral
Private equity firms’ growing reliance on capital-call facilities is leading to significant changes to how limited partners assess fund performance, according to LPs speaking at SuperReturn US West in San Francisco on Feb. 13. “Over the last three years, this ...
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