Doug Cruikshank is head of fund financing and Hark Capital at Aberdeen Standard Investments, where he leads credit funds that make NAV loans to older PE funds’ portfolio companies. Cruikshank spoke with Buyouts about the evolving liquidity market within PE.
How is liquidity evolving in the PE market, and where does Hark Capital fit within that evolution?
As asset classes mature, which is what PE Is continuing to do, they get more liquid., and they get more liquid in more spots along the chain. The chain goes everywhere from the very beginning, where capital call line banks provide liquidity early, on all the way to the end of the chain, which deals with secondaries.
We just provide another piece in that chain, after the investment period of a fund but before the fund really gets to the end of its life and doesn’t have any more assets. We’re a natural extension of the liquidity improving across this asset class, and we think that that’s positive for both the LPs and the GPs.
Check out the full interview, published in Buyouts: https://bit.ly/2Ioigkg