Canada’s Ninepoint Halts Cash Payouts on Three Credit Funds
- Lender to mid-market firms says it needs to preserve liquidity
- Ninepoint offers payment-in-kind option to some borrowers
This article is for subscribers only.
Canadian investment manager Ninepoint Partners LP is temporarily suspending cash distributions in three of its private credit funds, making it the latest lender to put a squeeze on investors to cope with a liquidity crunch.
Unitholders of funds with about C$2 billion ($1.5 billion) of assets won’t be able to receive cash payouts, Toronto-based Ninepoint confirmed after inquiries from Bloomberg News. The firm will revisit its decision in the third quarter.