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Big investors borrow against private equity holdings amid cash crunch
大型投資者在現金短缺時以私募股權持倉爲抵押借款

Pensions and endowments turn to ‘net asset value’ loans to fund cash payouts as deal markets seize up
隨著交易市場陷入停滯,養老金和捐贈基金開始通過「淨資產價值」貸款爲現金支付提供資金。
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.

由於交易活動和公開募股的放緩,使得他們退出數萬億美元老舊交易的希望變得渺茫,大型養老基金和其他大型機構投資者已經開始以其私募股權投資組合爲抵押借款,以籌集現金。

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