Deadline Disclosures on Wall Street Finance and Investing

Bayview Opportunity Funds Take Out NAV Loan Backed by ABS Cash Flows

Miles Weiss — Fri, 09 Oct 2026 19:14:54 GMT

This week’s newsletter reports on a net asset value loan that JPMorgan extended to Bayview Asset Management, a major customer for fund financing. That’s followed by a story on a subscription credit line backed by the private foundation belonging to investor and philanthropist Shelby M.C. Davis.

Bayview Asset Management

Lender: JPMorgan Chase Bank
Borrower: Bayview Opportunity (US) Master Fund VII
Loan Type: Net asset value loan
Collateral: Proceeds from certain investments and cash streams from asset-backed securities

The most recent vintage of Bayview Asset Management’s opportunity strategy arranged a credit line that will allow it to borrow against investments such as consumer loans and payments from asset-backed securities.

Sixth Street to Buy Upgrade Loans with Financing from Goldman

Miles Weiss — Mon, 28 Sep 2026 14:15:50 GMT

This week we examine a deal struck by Sixth Street to buy Upgrade Inc. consumer loans through a Goldman Sachs structure that puts the bank in the middle as purchaser, reseller, and lender. That’s followed by a weekly table of other fund financing agreements.

Goldman wears several hats in the Sixth Street deal, disclosed last month in a public financing statement. Here’s how it works:

Goldman Sachs Bank USA is buying consumer loans from Upgrade under an August 26 master sale agreement.
Goldman then resells the loans to the Eaglecrest Investment Trust, a special purpose vehicle set up by Sixth Street earlier this year.
The Eaglecrest trust finances the purchases with a credit line from a lending group.
Goldman is the administrative agent for the credit line and one of the lenders.

JPMorgan to Finance Coatue’s Latest Growth Fund

Miles Weiss — Fri, 18 Sep 2026 14:27:50 GMT

This week we report that Coatue’s closely watched growth strategy changes lenders and a JPMorgan fund borrows from Canada’s BMO Bank. That’s followed by a table of other fund financings.

Von Mueffling’s Cantillon Redeems Billions to Operate as a Family Office

Miles Weiss — Wed, 16 Sep 2026 18:52:26 GMT

William von Mueffling has stopped managing outside money despite ending last year with more than $20 billion of fee-paying assets at his private investment advisory firm.

Cantillon Capital Management, founded by von Mueffling in 2003, terminated its registration with the US Securities and Exchange Commission in August, according to the agency’s website. That followed a decision by management earlier this year to return capital to all of its external clients, a person familiar with the situation said.

Coatue Changes Method for Allocating Private Company Shares

Miles Weiss — Fri, 04 Sep 2026 16:12:37 GMT

Coatue Management revamped its policy for allocating shares of private companies among its main funds, placing all of them on an equal footing when it comes time to divvy up investments in the next SpaceX or Anthropic.

The changes, disclosed in a regulatory filing, also affect the co-investment funds that Coatue manages for large institutional clients. When it comes to private offerings, these funds will only receive shares that are left over after Coatue has made allotments to its main funds, including those that run venture capital, growth and crossover strategies.

The revisions come as hedge funds and private equity firms increasingly pitch their products to individual investors. The administration of President Donald Trump is also encouraging Wall Street to provide small investors with access to private stock offerings and loans, both of which have traditionally offered the potential for higher returns than publicly traded stocks and bonds.

MUFG Replaces UBS as Lender for a Mass Affluent Fund

Miles Weiss — Wed, 26 Aug 2026 16:58:58 GMT

Wall Street is rushing to bring alternative assets to the mass affluent, often through interval funds that are registered with the Securities and Exchange Commission and offer investors monthly or quarterly liquidity. And when it comes time to lever these funds, money managers are also turning to tools found in private equity and credit markets, such as subscription credit lines and asset-backed credit facilities.

Below, we look at how StepStone Group and Blackstone Inc. are using credit facilities to scale retail-facing funds, how Schonfeld Strategic Advisors is applying leverage to a portable alpha strategy, and a roundup table of other recent fund financing deals.

Goldman's Petershill Unit Gets Subline from Societe Generale

Miles Weiss — Tue, 18 Aug 2026 14:29:17 GMT

Goldman Sachs’ Petershill advanced the fifth vintage of its flagship GP stakes strategy by securing a subscription credit line from a lending group led by Societe Generale, while Barry Sternlicht’s Starwood Capital Group and AJ Capital boosted the borrowing capacity of the investment funds that back their Field and Stream lodging venture. These are followed by a table of additional fund financing deals.

Petershill/Goldman Sachs Asset Management

Lender: Societe Generale
Borrower: Petershill V Offshore SPCs
Loan Type: Umbrella credit agreement
Collateral: Investor capital commitments

Petershill, a unit of Goldman Sachs Asset Management, invests in asset managers that specialize in alternative assets. The firm began marketing the fifth version of its flagship strategy earlier this year, Bloomberg reported in February. Management’s goal is to match the $5 billion fund-raise that Petershill IV completed in early 2022.

Fund V filed several private placement notices in June, a step that exempts it from US registration requirements when raising capital from sophisticated investors. The investor commitments will serve as collateral for the July 29 credit agreement with Societe Generale, the administrative agent for the lending group.

NAB Finances BlackRock’s $30 Billion AI Infrastructure Push

Miles Weiss — Fri, 07 Aug 2026 19:20:54 GMT

While private equity funds routinely borrow against the capital commitments they receive from investors, this deal may be bigger than most. National Australia Bank and MUFG Bank are supplying a subscription credit facility to the AI investment consortium formed by BlackRock’s Global Infrastructure Partners, Microsoft and MGX that is raising a $30 billion private equity war chest to invest in data centers and their energy supply. The AI partnership obtained the financing as it and other members of an investment group completed the acquisition of Aligned Data Centers late last month at an estimated enterprise value of $40 billion.

AI Infrastructure Partnership

Lender: National Australia Bank Ltd.
Borrower: Funds affiliated with the AI Infrastructure Partnership
Loan Type: Subscription credit line
Collateral: Investor capital commitments

BlackRock Inc. and other members of the AI Infrastructure Partnership secured the credit line for AIP Fund-X LP, a milestone in their plan to raise some $30 billion for the development of artificial intelligence.

Goldman's New Portable Alpha Fund Turns to SocGen for Financing

Miles Weiss — Fri, 31 Jul 2026 15:09:53 GMT

Goldman Sachs Asset Management is tapping into institutional demand for portable alpha strategies with the launch of a new multi-manager fund. Its 360 North Portable Alpha Fund started up in July with financing from Societe Generale. 360 North Portable Alpha will seek to generate its excess returns — the alpha in Portable Alpha — by funding separately managed accounts across a range of active hedge fund strategies, including those overseen by Goldman’s multi-manager platform, 360 North Partners LP.

Adams Street Partners, meanwhile, obtained a subscription credit line from Goldman’s banking unit for the latest version of its flagship venture capital program, while several registered funds also took out loans through the fund financing market. After that is a table reporting additional fund financing deals.

Lexington Partners Gears up Borrowing for Next Secondary Fund

Miles Weiss — Fri, 24 Jul 2026 15:50:02 GMT

This week’s column focuses on Lexington Partners, which has been marketing the eleventh vintage of its flagship secondary fund for at least a year. The fund, Lexington Capital Partners XI, may soon be ready to close its first round of fundraising. It signed up for a credit line backed by investor commitments in March and added a second “Euro” affiliate as a borrower in late June.

Similarly, KKR & Co. obtained a subscription credit line for the fifth version of its Asia private equity fund, which is targeting a capital raise of $15 billion or more. And a little-known fund manager called Obsidian Creek Capital arranged financing to buy receivables backed by film and television revenues.

After that, there’s a table listing other funds that recently obtained subscription credit lines.

ADV Notes: ExodusPoint’s Hiring Surge, Rokos CLO Business Finally Underway, Ex-Baupost Partner Starts AI Fund

Miles Weiss — Thu, 16 Jul 2026 14:43:55 GMT

Hello subscribers, and welcome to the inaugural edition of ADV Notes. This monthly compendium tracks notable disclosures that money managers file with the SEC, primarily by amending their Form ADV registrations. You’ll find the latest on fund closures, openings, strategic changes and other news items that might otherwise go unobserved.

Some other relative industry intelligence might also slip in, such as this month’s report on Florida hiring trends among private funds by the Kronor Group.

In this month’s notes:

ExodusPoint Accelerates Hiring Pace
Millennium Management Leads Florida Hiring
Rokos Starts Long-Awaited CLO Business
Capula’s Latest Fund has $2.5 Million and Four Prime Brokers
Molloy Calls it Quits at Iron Triangle Partners
Ex-Baupost Partner Forms Archiv Capital

Photo by Eric Prouzet on Unsplash

ExodusPoint Accelerates Hiring Pace After Banner 2025

ExodusPoint Capital Management disclosed a spate of new hires after generating its best returns ever in 2025, with the firm’s employee count rising 5.6% during the first five months of this year.

Exodus employed 707 people at the end of May, up from 669 at the end of December. Those employed in an investment advisory role – a regulatory metric – rose to 332 from 313.

Kushner's Affinity Takes Stake in Multibillion-Dollar Power Project Extolled by Trump

Miles Weiss — Mon, 13 Jul 2026 17:30:44 GMT

In late October, a Bombardier Challenger jet touched down at the Indiana County Jimmy Stewart Airport near Homer City, Pennsylvania, population 1,716. Out stepped Jared Kushner, a former White House senior adviser and son-in-law to President Donald Trump.

Kushner and his entourage got into a group of waiting cars and drove off, only to return earlier tha…

Apollo S3 Co-Investment Fund Taps LLoyds for Sub-line: Fund Finance

Miles Weiss — Fri, 10 Jul 2026 23:30:03 GMT

Lloyds Bank rarely shows up as a provider of subscription credit lines to US funds. The same can be said for First Abu Dhabi Bank USA, which primarily reports aircraft financing deals. But the lead story this week focuses on an Apollo co-investment fund that consecutively took out sub lines from both lenders, originally from First Abu Dhabi and now from Lloyds.

Meanwhile, an Ares fund, possibly for employees, signed up for a sub line with another Abu Dhabi lender. Goldman’s second secondaries fund that specializes in infrastructure deals chose to borrow against its capital commitments through France’s Societe Generale. And there are more subscription credit lines in the table that follows.

Quinbrook Infrastructure Partners Borrows Against Net Zero Fund's Management Fees

Miles Weiss — Thu, 25 Jun 2026 16:57:43 GMT

This week’s lead fund finance deal is technically not for a fund. Rather, it’s a loan taken out by Quinbrook Infrastructure Partners, the energy transition specialist cofounded by David Scaysbrook and Rory Quinlan. That’s followed by a writeup on a Morgan Stanley subscription credit line and burgeoning inflows at a Bayview Asset Management opportunity fund. And as always (or at least most of the time), we wrap things up with a table on other recent sub lines.

Bain Private Credit Fund Gets New Financing Backed by its Assets

Miles Weiss — Fri, 19 Jun 2026 18:14:28 GMT

The latest version of Bain Capital Credit’s midmarket credit strategy obtained a subscription credit line back in 2023. Now it’s pledging its other assets for a second credit line.

A table listing recent subscription credit lines follows the story.

IP Group Funds Borrow Against CoreWeave Convertible Debt: Fund Financing

Miles Weiss — Fri, 12 Jun 2026 16:11:26 GMT

Private credit funds continue to line up for credit lines. Borrowing against publicly traded stock, or its equivalent, remains popular as well. Here are some recent financing deals, followed by a table on funds that took out subscription credit lines, or added borrowers to existing ones. Plus a picture of a flamingo thrown in.

Iconiq Teams Up With Ajax Health to Create Medtech Money Manager

Miles Weiss — Wed, 10 Jun 2026 18:55:25 GMT

Iconiq, a money manager and wealth adviser for some of Silicon Valley’s biggest stars, is venturing into the medical device realm, one of many investment sectors that have taken a back seat to the artificial intelligence boom.

The San Francisco-based firm is teaming up with Ajax Health, a specialist in developing new companies to target specific opportunities in the medical device market. The two partners are starting a new money manager that will make growth-oriented control investments in life sciences companies.

Private Credit Funds Flock to Lenders After Lining Up Investors

Miles Weiss — Thu, 04 Jun 2026 13:45:53 GMT

Amid the recent hubbub over the state of private credit, practitioners of the strategy are still raising capital for their investment funds. These funds in turn are using the capital commitments from investors as collateral for a new round of borrowing in the form of subscription credit lines, according to regulatory filings.

Carlyle's Rubenstein Makes Moves to Assume Larger Role at Declaration (Correction)

Miles Weiss — Thu, 28 May 2026 17:51:17 GMT

For almost a decade, billionaire David Rubenstein has juggled the management of his personal fortune to avoid potential conflicts of interest as a co-founder and co-chairman of Carlyle Group Inc.

Since opening in 2017, Rubenstein’s family office has targeted asset classes, such as venture capital, that are outside of Carlyle’s main purview. An independent money management firm called Declaration Partners, which Rubenstein helped form, runs the family office’s private equity and real estate investments. Even so, some of its proposed deals are subject to Carlyle’s review.

Now the 76-year-old baseball team owner (the Baltimore Orioles), television show host and philanthropist is seeking more latitude to do his own thing investment-wise.

Brookfield Gets Cash by Borrowing Against Rockpoint Stake

Miles Weiss — Wed, 20 May 2026 14:03:52 GMT

Note: Please see the table that follows this story for a list of subscription credit lines recently extended to private funds

Brookfield Asset Management arranged financing that will generate additional cash from its stake in Rockpoint Gas Storage Inc., the Calgary-based energy company that went public in October.