Cascade Private Capital closes $250m revolving credit facility
Cascade Private Capital Fund has closed a senior secured revolving credit facility with JPMorgan Chase Bank.
Under the facility, which closed on 26 September 2024, JPMorgan has agreed to extend credit to the fund in an aggregate amount of $250m (£187.6m). The facility will support balance sheet growth and liquidity.
The fund had approximately $1.2bn in net assets as of 31 August 2024, up from around $125m as of 27 February 2024, when fund manager Cliffwater became the investment adviser of the fund.
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“We are thrilled not only to provide enhanced liquidity to Cascade Private Capital Fund, but also to do so with a partner like JPMorgan,” said Cliffwater managing director and head of liability management Daniel Lepore. “This facility provides long-term, flexible debt financing from a partner that can best facilitate future growth of the fund’s balance sheet.”
Cascade Private Capital Fund is a Delaware statutory trust and operates as an interval fund. It became known as Cascade Private Capital Fund when Cliffwater became the investment adviser.
Prior to February, it was known as the Barings Private Equity Opportunities and Commitments Fund, and Barings had been the investment adviser since 7 January 2022.
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Cascade Private Capital Fund says it invests across private markets with a focus on under-allocated strategies to take advantage of opportunities arising from market inefficiencies and evolving business cycles. The fund also has the ability to invest across other segments of private markets.
Since inception, it has delivered a net annualised total return of 19.66 per cent. As of 31 August 2024, it has had $1.2bn in net assets. The portfolio was comprised of 56 investments with 43 investment partners across secondaries, co-investments, and primary funds.
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