Márcio Carreira Nobre, partner and the head of the Finance and Capital Markets practice at TELLES, is the author of the opinion article entitled “Fund Finance: A Sea of Opportunities in Portugal”, published in FundsPeople magazine.
In the article, the TELLES partner addresses the topic of fund financing, which has yet to be explored in depth. He explains how mechanisms such as leverage by alternative investment organisations work, “enabling more efficient management of capital calls and investment commitments”, as well as NAV financing, which allows “managers to utilise organisational liquidity without relying directly on capital calls or immediate asset sales”.
According to Márcio Carreira Nobre “the use of these instruments by fund managers will always be limited by the fund's own leverage policy and any commitments made by fund managers to investors, particularly institutional ones”.
The author also emphasises the importance of “various market players, including associations such as the Loan Market Association (LMA) and the Institutional Limited Partners Association (ILPA). We, as lawyers specialising in the sector, also play a key role in preparing and harmonising documentation for the development of this product, which represents a wealth of opportunities for managers and their funds, as well as credit institutions”.
Click here to read the full article (only available in Portuguese).
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