Subscription facility borrowing is used for administrative ease, and performance is reported to LPs on a gross and an ex-facility basis, according to comments from KKR’s CFO, William J. Janetschek, on the company’s Q2 earnings call Q&A earlier this week. The comments perhaps illustrate growing attention being paid to the use of credit facilities and the interest in the potential effects on reported fund performance. A full transcript of the call is available here.