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Big investors borrow against private equity holdings amid cash crunch
大型投资者在现金短缺时以私募股权持仓为抵押借款

Pensions and endowments turn to ‘net asset value’ loans to fund cash payouts as deal markets seize up
随着交易市场陷入停滞,养老金和捐赠基金开始通过“净资产价值”贷款为现金支付提供资金。
NAV loans are controversial because they require investors to, in essence, secure a loan with a broad pool of assets, putting their entire fund investments at risk

Large pension funds and other big institutional investors have started to borrow against their private equity portfolios to raise cash after a slowdown in dealmaking activity and public offerings has dimmed their hopes of exiting trillions of dollars in ageing deals.

由于交易活动和公开募股的放缓,使得他们退出数万亿美元老旧交易的希望变得渺茫,大型养老基金和其他大型机构投资者已经开始以其私募股权投资组合为抵押借款,以筹集现金。

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