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Private Equity’s Slump Propels a Firm That’s Ready to Offer Cash - BNN Bloomberg

bnnbloomberg.ca · 2,946 words · saved by 1 readers

(Bloomberg) -- Private equity can seem a little too private when investors are trying to raise cash in a down market and no one comes forward with decent bids on their stakes. Yann Robard of Whitehorse Liquidity Partners is offering them a way out. Robard is selling a twist on the age-old theme of trading away future rewards for money in hand now — investors get a cash advance tied to their stakes if they’ll give Whitehorse a cut of the upside on their holdings. His pitch comes amid a slide in public markets that has left investors over-committed to private assets, and they’re stuck because a tough market for asset sales is making it hard for private equity funds to exit investments. That’s spurring a hunt for creative ways to drum up cash for distributions. Robard’s concept — sketched out by the charismatic Canadian on a napkin after a 600-mile bike ride from Whitehorse Yukon to Fairbanks, Alaska in 2014 — creates liquidity using a complex arrangement of preferred equity financing. So

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