Fund Finance (Sponsors coverage) UK/London
Interested to know best players, comp and exit opps?
I am wondering specifically for teams that focus on NAV financing for funds
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Not sure if this is the right niche to lean into. NAV lending is already under pressure from higher rates and LPs becoming sceptical of this practice.
Thank you this is helpful, what do you mean by skeptical of the practice?
Any details why? What is your medium to long-term outlook? How does it compare to careers in more traditional PC strategies, and what would be the exit ops if you wanted to move out?
I'm not based there so I can't talk too much about comp / exit opps, however if you're looking for Banking teams that focus purely on NAV, your best bet is to look at the large internal investment banks as this stuff is typically higher risk (and priced accordingly). I also know MUFG has two separate teams looking at Fund Finance, one concentrating on traditional plain vanilla sub-fin which works with their relationship coverage team, and then another team in their "investment bank" looking at NAV and other funky stuff.
What are GS/MS/JPM like in this space?
Haven't personally come across MS/JPM, but I know GS is pretty active in some of the funkier things. Late last year they completed a securitisation transaction backed by a pool of sub-fin loans, so they're definitely innovative in the space. (Goldman’s sub line ABS heralds new era in fund finance)
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