The Rewind: Lines in the Sand
The Memo by Howard Marks
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How Do Subscription Lines Work?
Subscription lines are bank loans extended to funds that enable them to use borrowed money, rather than l p capital. One fund with a higher i r r didn't necessarily perform another provocatively. A fund that used a subscription line and came with a highrr r may not have done as good a job or made its l p as much money.
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