4)(or) would you consider redeeming investments in an orderly fashion to rebuild cash reserves, for
opportunistic investment purposes, and operating a smaller overall value fund?
The original
purpose of subscription lines was (a) to enable GPs to make
investments and pay fund fees and expenses without frequent capital calls and (b) to prevent
opportunistic funds that don't sit on large amounts of cash from missing out on attractive
investments requiring quick funding.More recently, however, their use has grown for the additional reasons discussed below.