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Ascend Capital Fundraising: Cofounded in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari, the company has so far invested about INR 80 crore in its own business and has financed over 8,000 commercial EVs.
Despite the government’s push for electric vehicles, banks are reluctant to venture into the EV space due to issues like their resale value. But startups seem to have cracked underwriting EV loans.
The feedback loop conundrum facing private markets emerges as one of the main themes in the PEI report. GPs are seeking to avoid selling investments into a weak market, distributions are curtailed, leading LP allocations to private funds higher as a result and fundraising lower.
Cadwalader fund finance partner Brian Foster moderated panel on NAV financing at this year’s Global Symposium, evidencing growing relevance of NAV products in fund finance market. Secondaries and Continuations brought together industry experts to discuss Secondaries market.
As we look to what 2023 has in store, one common theme is continued increase in use of NAV financing products in U.S. and European markets. Several market participants noted rise in 2022 and expectations this will continue in 2023 as funds look to manage their liquidity.