HeyJaredCash and Carried
Welcome to Cash and Carried. This is a newsletter focused on the nature of pools of investable money - often referred to as "investment funds" - and the different shapes and personalities these pools take on.
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- Sep 19, 2026
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LP Excuse Rights (opens the original)
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A limited partner (“LP”) excuse right allows an LP in a private investment fund to opt out of sending money to fund a specific investment, without breaching its overall fund commitment.Under standard fund terms, an LP cannot selectively choose which investments to fund. Doing so would undermine the blind pool nature of the fund and jeopardize the general partner’s (“GP”) investment strategy.Two important concepts are at play here:Fear of defaulting on the promise the LP made to commit capital to
The NAV Loan (opens the original)
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The most important concept in debt is collateral. What does the lender get if the borrower cannot pay back a loan? Most people know this from a mortgage. Miss enough payments, and the bank takes the house.This question explains both the value and the controversy of debt in modern finance, and nowhere more than in private funds. The most contentious version of it in the past 3-4 years is the net asset value, or NAV, loan.Traditional Fund FinanceThe conventional form of fund finance is the subscri
A U.S. Sovereign Wealth Fund (opens the original)
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This piece is co-authored with Dhruva Krishna, an incredible friend, fellow writer, and investment funds attorney at Akin Gump. Dhruva’s sharp thinking drove both the primary thesis and takeaways of today’s discussion. It was an honor writing this with him.For the past two years, a U.S. sovereign wealth fund (“SWF”) has become an epicenter of federal AI economic policy. For many Americans, the fear and change brought by AI has led to a crisis of faith in the American economy, as well as a demand
GP Financing: In Conversation with Hunter Point Capital (opens the original)
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How do you grow an investment management business without giving away ownership of it? This question sits at the center of an emerging vertical the private markets have taken to call “GP financing” or, more broadly, “GP solutions.”Expansion is a problem for any manager and equally for anyone proposing to fund that expansion. Three decades of improbable growth have left a manager universe full of firms that need outside capital for entirely ordinary reasons: new strategies, unproven bets, and at
The Collateralized Fund Obligation (opens the original)
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I co-authored this piece with Andrew Sommer, co-founder and product lead at Valumize, a private markets tech company specializing in private equity fund valuation, among other things. More about Andrew below.Private markets run on an irony: money in is not money out.Illiquidity was uncontroversial for a long time, because capital came back on a predictable cycle, with profits striking enough to rationalize re-upping into the next fund. The protagonist of that story was an interest rate envi
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