This week, Women in Fund Finance hosted a panel discussion, "Infrastructure Fund Life Cycle Considerations: A Bank and Funds’ Perspective." The esteemed panel included Adina Schwartz from Morgan Stanley, Micaela Mastrogiannis from KKR, Vicky Du from Standard Chartered, and Sarah Elliot from NAB. The panel was moderated by Carolyn Baker from Commonwealth Bank of Australia. This robust discussion focused on the unique challenges of using fund level credit facilities, including subscription, NAV, or hybrid, and providing liquidity management solutions throughout the lifecycle of an infrastructure fund.

We heard from both the financing side in terms of issues faced when structuring, underwriting and approving these facilities, as well as FX considerations.  It was also interesting to hear the fund’s perspective in terms of liquidity management and considerations of using leverage vs. bridging.  The panel also compared and contrasted these strategies with those we see in buy-out, real estate, and credit funds.  The panel also touched on ESG.