The Memo by Howard Marks cover image

The Rewind: Lines in the Sand

The Memo by Howard Marks

CHAPTER

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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