Cascade Personal Capital Fund has closed a senior secured revolving credit score facility with JPMorgan Chase Financial institution.
Beneath the ability, which closed on 26 September 2024, JPMorgan has agreed to increase credit score to the fund in an combination quantity of $250m (£187.6m). The ability will assist steadiness sheet development and liquidity.
The fund had roughly $1.2bn in web belongings as of 31 August 2024, up from round $125m as of 27 February 2024, when fund supervisor Cliffwater turned the funding adviser of the fund.
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“We’re thrilled not solely to supply enhanced liquidity to Cascade Personal Capital Fund, but additionally to take action with a companion like JPMorgan,” stated Cliffwater managing director and head of legal responsibility administration Daniel Lepore. “This facility offers long-term, versatile debt financing from a companion that may greatest facilitate future development of the fund’s steadiness sheet.”
Cascade Personal Capital Fund is a Delaware statutory belief and operates as an interval fund. It turned referred to as Cascade Personal Capital Fund when Cliffwater turned the funding adviser.
Previous to February, it was referred to as the Barings Personal Fairness Alternatives and Commitments Fund, and Barings had been the funding adviser since 7 January 2022.
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Cascade Personal Capital Fund says it invests throughout personal markets with a deal with under-allocated methods to make the most of alternatives arising from market inefficiencies and evolving enterprise cycles. The fund additionally has the flexibility to take a position throughout different segments of personal markets.
Since inception, it has delivered a web annualised complete return of 19.66 per cent. As of 31 August 2024, it has had $1.2bn in web belongings. The portfolio was comprised of 56 investments with 43 funding companions throughout secondaries, co-investments, and first funds.
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