GPs are continuing to face the need for additional sources of capital, particularly where all available commitments have been drawn, and/or where traditional fund borrowing is not available. Annex funds can provide increased flexibility and optionality to GPs to meet their liquidity needs in order to support existing portfolio companies or pursue discounted opportunities.

As Part III of Clifford Chance’s series on ‘Decoding’ The Secondary Market, the Secondaries team explore some of the key features of Annex Funds

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