Leverage and liquidity
Running a portfolio that is mostly illiquid: cash planning, capital call forecasting, borrowing against portfolios, covenants, rates and the slowdown in distributions.
How family offices manage liquidity when 40% or more of assets sit in private markets, with cash levels from the UBS, Goldman Sachs and Citi surveys.
The pacing models, commitment schedules and historical call rates by strategy that family offices use to forecast capital calls and stress-test cash.
What NAV loans are, how fund-level and portfolio-level facilities differ, typical loan-to-value and pricing ranges, common uses and the main risks.
How private bank Lombard loans and NAV loans differ in collateral, advance rates, pricing and speed, and when each suits a family office balance sheet.
Where Fed funds, SOFR, SONIA and Bank Rate stand in October 2026, how family offices have changed their use of leverage, and fixed versus floating.
A condensed guide to the TFOA paper on NAV credit facilities: the four-part decision test, eligible NAV, cash sweeps and when a secondary sale is better.
How subscription lines work, what ILPA recommended in 2017 and added in 2024, the measured effect on IRR and the questions an LP should put to a GP.
How cash sweeps, loan-to-value triggers and covenants work in loans against private portfolios, with an illustrative worked example and negotiation points.
What the personal CFO function covers in a family office, from consolidated reporting to forecasting, with data on technology spend and outsourcing.
Distributions as a share of NAV from Bain, Jefferies and PitchBook data, why the drought matters for family office cash planning and what changed in 2026.