LP Roundtable: Self-Lending Funds, Capital Calls, Securitization, and Fund Risk
Summary
Host Chris Lopez joins Adam Kramer, Pascal Wagner, and Christy Burkosky for a portfolio roundtable. They debate the risks of syndicators opening internal income funds to lower capital costs, contrasting this with third-party lenders. The group shares updates on new investments, including a fund securitization and a bad capital call. They also discuss the operational burden of monthly versus quarterly distributions and the importance of fund administration.
Topics discussed
Introduction and episode overview
Discussion on income funds and lending to own portfolio
Portfolio updates: securitization and new investments
Adam's updates: capital calls and distributions
Pascal's update: optional capital call and distribution frequency
Debate on monthly vs quarterly distributions and due diligence
Fund administration challenges and industry standards
Roth conversions, tax strategy, and final thoughts
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