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As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.
To close valuation gaps, sponsors are turning more often to hybrid capital stacks with waterfalls, sponsor overhang, and various preferred stock structures.
Large alternative managers are racing to institutionalize asset-backed finance as pensions seek exposure less dependent on sponsor-backed corporate defaults.
Mortgage Credit Link provides a web-based order fulfillment hub that streamlines credit and verification data ordering from mortgage application through closing.