easy · CFA Level I alts
Amberfen Pharma is invested in a fund that uses 'subscription lines of credit' to bridge investments before calling capital. The most likely impact on the J-curve is that it will:
- Deepen significantly as interest expenses on the credit line are added to the management fee drag.
- Appear shallower or delayed because the LP's cash outflows are pushed later into the fund's life.
- Require the fund to report under US GAAP even if it is based in a strictly IFRS jurisdiction.
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