GRA · Private Equity Nexus
Spatial financeWhere capital meets hazard, exposure and transition
Exit and liquidity
Private-equity returns are realised only at exit, through a sale to a trade buyer, a sale to another sponsor, a listing or, increasingly, a transfer to a continuation vehicle. When exits slow, distributions to limited partners slow with them, and the effect travels through pension and endowment liquidity, secondary markets and fund-level borrowing. This page sets out how exit and liquidity risk develops across the private-markets cycle, how it is measured, and what the evidence serves for those who decide.
Exit and liquidity on the record.
Exit and liquidity: how the risk develops.
Market cycles and risk transmission. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.
Exit windows open and close
Listing and acquisition markets move with equity valuations, credit availability and rates. When windows close, holding periods lengthen and unrealised value accumulates, testing fund lives and the patience of investors.
Distributions fund new commitments
Many limited partners rely on distributions to meet capital calls. When distributions fall while calls continue, investors face liquidity strain and may sell fund interests at a discount or reduce new commitments.
Liquidity without a sale
Continuation vehicles, NAV loans and dividend recapitalisations return cash without a third-party sale. They can relieve liquidity, but they add leverage or conflicts and move the test of value to a later date.
Spillover to the wider system
Pension funds, insurers and wealth vehicles hold growing allocations to private assets. In stress, their liquidity needs, such as collateral calls or redemptions, can force sales of liquid assets, which is why central banks and the FSB monitor the channel.
Activity and exposure in the contiguous United States.
Night lights, population density and flood water over the contiguous United States, from NASA GIBS. Each layer carries its own date.
Nexşeya înteraktîf JavaScript hewce dike; lîsteya qatan û çavkanî li jêr in.
Qat 3
Çalakî û rûbirûbûn, ji bo vê rûpelê
Derbarê vê qatê
- Delîl
- Çavdêrîkirî
- Çavkanî
- VIIRS Black Marble (VNP46A2) (NASA LAADS DAAC)
- Peydakar
- NASA LAADS DAAC
- Lîsans
- Daneyên vekirî yên NASA
- Berhema salê
- rojane; Tîrêjiya peykî, ji bo ronahiya heyvê û atmosferê hatiye rastkirin
- Nûtirîn di dema avakirinê de
- 2026-10-12
- Çareserî
- torê nêzîkî 500 m
- Nediyarî
- Tîrêja şevê ya peykî ji bo roja tê nîşandan; ronahî nîşanek e ji bo karanîna elektrîkê û qutbûnê, ne pîvandina peydakirin an gihîştinê ye.
- Bi vê rêyê tê gihîştin
- gibs.earthdata.nasa.gov, tenê piştî ku hûn nexşeya zindî destûr bidin
Derbarê vê qatê
- Delîl
- Texmînkirî
- Çavkanî
- Gridded Population of the World v4.11 (NASA SEDAC (CIESIN, Zanîngeha Columbia))
- Peydakar
- NASA SEDAC (CIESIN, Zanîngeha Columbia)
- Lîsans
- CC BY 4.0
- Berhema salê
- null; texmîna li ser bingeha serjimariyê, statîk (2020)
- Çareserî
- torê nêzîkî 1 km
- Nediyarî
- Texmîna li ser bingeha serjimêriyê ya mirovan ji bo her kîlometre çargoşeyekê di 2020 de, wekî çarçoveya rûbirûbûnê tê nîşandan; ne jimara mirovên ji hêla tu metirsiyê ve bandor bûne ye.
- Bi vê rêyê tê gihîştin
- gibs.earthdata.nasa.gov, tenê piştî ku hûn nexşeya zindî destûr bidin
Derbarê vê qatê
- Delîl
- Çavdêrîkirî (ewr valahiyan dihêlin)
- Çavkanî
- VIIRS Global Flood Product (NASA LANCE)
- Peydakar
- NASA LANCE
- Lîsans
- Daneyên vekirî yên NASA
- Berhema salê
- rojane; Tesbîtkirina bi peykê; ewr valahiyan dihêlin
- Nûtirîn di dema avakirinê de
- 2026-10-14
- Çareserî
- tora nêzîkî 250 m
- Nediyarî
- Tesbîtkirina bi peykê; ewr valahiyan dihêlin. Rasterê peyk an modelê wekî pêşkêşker diweşîne. Ewr, valahiyên şeritê û xeletiya wergirtinê valahî û lerzê dihêlin; nirx nîşander in, ne pîvandinên li cihekî ne.
- Bi vê rêyê tê gihîştin
- gibs.earthdata.nasa.gov, tenê piştî ku hûn nexşeya zindî destûr bidin
Derbarê vê qatê
- Delîl
- Çavdêrîkirî (ewrên mayinde hêj jî valahiyan dihêlin)
- Çavkanî
- VIIRS NOAA-20 Asta 3, 8-rojî (NASA LANCE)
- Peydakar
- NASA LANCE
- Lîsans
- Daneyên vekirî yên NASA
- Berhema salê
- 8-rojî; Berhevoka peykî ya 8-rojî; ewrên mayinde hêj jî valahiyan dihêlin
- Nûtirîn di dema avakirinê de
- 2026-09-14
- Çareserî
- torê nêzîkî 1 km
- Nediyarî
- Germahiya rûyê axê ya peykî di 8 rojên ku bi dîroka nîşandayî diqedin de, nîşanderek ji rûbirûbûna germê; ne germahiya hewayê, ne îndeksa germê û ne hişyariya germê ye.
- Bi vê rêyê tê gihîştin
- gibs.earthdata.nasa.gov, tenê piştî ku hûn nexşeya zindî destûr bidin
Derbarê vê qatê
- Delîl
- Çavdêrîkirî
- Çavkanî
- VIIRS NOAA-20 refleksiyona rastkirî (NASA LANCE)
- Peydakar
- NASA LANCE
- Lîsans
- Daneyên vekirî yên NASA
- Berhema salê
- rojane; Wêneya peykî
- Nûtirîn di dema avakirinê de
- 2026-10-14
- Çareserî
- tora nêzîkî 250 m
- Nediyarî
- Wêneyê peykî. Rasterê peykî an modelî wekî peydakar diweşîne. Ewr, valahiyên şeritê û çewtiya wergirtinê valahî û xîrecir dihêlin; nirx nîşander in, ne pîvanên li cihekî ne.
- Bi vê rêyê tê gihîştin
- gibs.earthdata.nasa.gov, tenê piştî ku hûn nexşeya zindî destûr bidin
Derbarê vê qatê
- Delîl
- Modelkirî (sala herî dawî ya ku GIBS diweşîne)
- Çavkanî
- Vegirtina rûyê erdê ya MODIS Terra û Aqua (MCD12Q1) (NASA LP DAAC)
- Peydakar
- NASA LP DAAC
- Lîsans
- Daneyên vekirî yên NASA
- Berhema salê
- salane; Dabeşkirina peykî; dawîn sala ku GIBS weşandiye
- Nûtirîn di dema avakirinê de
- 2024-01-01
- Çareserî
- torê nêzîkî 500 m
- Nediyarî
- Çîna vegirtina rûyê erdê ya peykî ji bo salê nîşandayî, bi çandiniyê re; dabeşkirinek bi çewtiyên naskirî, ne qeyda cotkaran e.
- Bi vê rêyê tê gihîştin
- gibs.earthdata.nasa.gov, tenê piştî ku hûn nexşeya zindî destûr bidin
Klavye, dema ku nexşe di fokusê de ye
Ctrl an ⌘ bigire û bizivirîne da ku nêzîk bikî
Ya herî dawî ya heyî
NASA GIBS / EOSDIS · ASTER GDEM (METI, NASA) · Blue Marble (NASA) · © OpenStreetMap contributors (ODbL) · Natural Earth
Wêneyên herî nû yên NASA tê barkirin.
Bikişîne da ku bilivîne. Ctrl an ⌘ û zivirandin, pincandin an bişkojkan ji bo nêzîkkirinê; ji bo nirxên di bin nîşanderê de li ser bisekine; vegerandin vedigere herêmê.
Çalakî û rûbirûbûn, di çarçoveya Dewletên Yekbûyî yên berdewam de.Berhemên peyk û modelê wekî NASA diweşîne, her yek bi dîroka xwe. Nîşander in, ne nirxandinên tu cihî ne.
Dane: NASA GIBS · ASTER GDEM · Blue Marble · © beşdarên OpenStreetMap · Natural Earth · NASA EONET · U.S. Geological Survey · CIESIN/Columbia, NASA SEDAC HBASEÇavkanî û lîsans
- We acknowledge the use of imagery provided by services from NASA’s Global Imagery Browse Services (GIBS), part of NASA’s Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). Daneyên vekirî yên NASA
- We acknowledge the use of imagery provided by services from NASA’s Global Imagery Browse Services (GIBS), part of NASA’s Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). Daneyên vekirî yên NASA
- Ronahiyên şevê yên VIIRS Black Marble, NASA Goddard Space Flight Center; ji aliyê NASA Level-1 and Atmosphere Archive and Distribution System (LAADS DAAC) ve tê belavkirin; wêne bi riya NASA GIBS. Reng ji nexşeya rengan a weşandî dîsa hatine xêzkirin; nirx li cihên ku têne nîşandan di şaneyên şeşgoşe de hatine navînkirin (guherandî). Daneyên vekirî yên NASA
- Center for International Earth Science Information Network (CIESIN), Columbia University. 2018. Gridded Population of the World, Version 4 (GPWv4): Population Density, Revision 11. NASA Socioeconomic Data and Applications Center (SEDAC). Bi lîsansa CC BY 4.0. Reng ji nexşeya rengan a hatî weşandin ji nû ve hatine xêzkirin; nirx li cihê nîşandayî di şaneyên şeşgoşe de hatine navgîn kirin (guhertî). doi:10.7927/H49C6VHW. CC BY 4.0
- Berhemên VIIRS yên hema hema di dema rast de (lehî, germahiya rûyê erdê, vegirtina berfê, refleksiyona rastkirî), NASA LANCE; wêne bi riya NASA GIBS. Reng ji nexşeya rengan a hatî weşandin ji nû ve hatine xêzkirin; nirx li cihê nîşandayî di şaneyên şeşgoşe de hatine navgîn kirin (guhertî). Daneyên vekirî yên NASA
- Berhemên rûyê erdê yên MODIS (îndeksên nebatiyê, hilberîna seretayî ya giştî, vegirtina rûyê erdê), NASA LP DAAC û LANCE; wêne bi riya NASA GIBS. Reng ji nexşeya rengan a hatî weşandin ji nû ve hatine xêzkirin; nirx li cihê nîşandayî di şaneyên şeşgoşe de hatine navgîn kirin (guhertî). Daneyên vekirî yên NASA
- ASTER GDEM berhemek METI û NASA ye (ASTER Global Digital Elevation Model V003, NASA LP DAAC); wêne bi riya NASA GIBS. Reng ji nexşeya rengan a weşandî dîsa hatine xêzkirin; nirx li cihên ku têne nîşandan di şaneyên şeşgoşe de hatine navînkirin (guherandî). Bi vî awayî binivîse: NASA/METI/AIST/Japan Spacesystems and U.S./Japan ASTER Science Team (2019). ASTER Global Digital Elevation Model V003. doi:10.5067/ASTER/ASTGTM.003. Daneyên vekirî yên NASA
- Bi Natural Earth hatiye çêkirin. Daneyên nexşeyê yên vektor û raster ên belaş @ naturalearthdata.com. Giştî
- © OpenStreetMap contributors (ODbL), bi riya NASA GIBS (peravên, sînor, rê û navên cihan). Reng ji nexşeya rengan a weşandî dîsa hatine xêzkirin; nirx li cihên ku têne nîşandan di şaneyên şeşgoşe de hatine navînkirin (guherandî). ODbL
- Blue Marble, NASA Earth Observatory; wêne bi riya NASA GIBS. Reng ji nexşeya rengan a weşandî dîsa hatine xêzkirin; nirx li cihên ku têne nîşandan di şaneyên şeşgoşe de hatine navînkirin (guherandî). Daneyên vekirî yên NASA
- Çarçove li ser globa û nexşeya daxistî: peravên, sînor, rê û navên cihan ji qatên referansê yên NASA GIBS (daneyên OpenStreetMap, ODbL, © OpenStreetMap contributors); wêneya Blue Marble wekî bingeha bijarte; erdnîgariya 3D û xwendina bilindahiyê ji nîşandera rengê bilindahiyê ya ASTER GDEM (çînên 5 m heta 200 m, ji bo xwendinê hatine mezinkirin). Sînor wekî hatine weşandin têne xêzkirin û li ser tu axê helwestekê nîşan nadin.
- Bûyerên zindî: NASA Earth Observatory Natural Event Tracker (EONET); bûyer nîşanî ne û girêdanên çavkaniya xwe ya orîjînal diparêzin.
- Zindî: Bûyerên NASA EONET nîşander in, ne hişyariyên desthilatê ne.
- Zindî: U.S. Geological Survey Bûyer nîşanî ne, ne hişyariyên rayedaran in.
- Çarçove: CIESIN/Columbia, NASA SEDAC HBASE. Center for International Earth Science Information Network (CIESIN), Columbia University, û NASA Socioeconomic Data and Applications Center (SEDAC): Global Human Built-up And Settlement Extent (HBASE) 2010; Seto, Guneralp û Hutyra 2012, Global Grid of Probabilities of Urban Expansion to 2030; Global Urban Heat Island (UHI) Data Set, 2013.
- NASA GIBS: We acknowledge the use of imagery provided by services from NASA’s Global Imagery Browse Services (GIBS), part of NASA’s Earth Science Data and Information System (ESDIS).
- Qatên bijarte (5 çavkanî di lîsteya qatan de: zindî, pêşbînî, çavdêrîkirî û çarçove) dema ku têne vekirin krediya pêşkêşkerê xwe li ser nexşeyê û li vir çap dikin; pêşbînî derketina modelê ne û nîşanderên derivekirî texmîn in.
Qat û dîrok
- Ronahiya şevê, rojane: VIIRS Black Marble (VNP46A2), NASA LAADS DAAC · 12 Cotmeh 2026
- Qebareya nifûsê, 2020: Nifûs: CIESIN, Zanîngeha Columbia, Gridded Population of the World v4.11 (2018), NASA SEDAC, CC BY 4.0 · sabît
- Ava lehiyê, berhevoka 3-rojî: VIIRS Global Flood Product, NASA LANCE · 14 Cotmeh 2026
- Germahiya rûyê erdê, roj, kompozîta 8 rojan: VIIRS NOAA-20 Level 3, 8 roj, NASA LANCE · 14 Îlon 2026
- Rengê rastîn: VIIRS NOAA-20 refleksiyona rastkirî, NASA LANCE · 13 Cotmeh 2026
- Cureyê vegirtina rûyê erdê (IGBP), salane: vegirtina rûyê erdê ya MODIS Terra û Aqua (MCD12Q1), NASA LP DAAC · 2024
What is measured, and how well.
Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.
| Indicator | Unit | Cadence | Source type | Nîşan |
|---|---|---|---|---|
| Distributions to paid-in capital | ratio | quarterly | Fund reporting, ILPA Performance Template | REPORTED |
| Net cash flow to limited partners | distributions minus contributions, currency per period | quarterly | Limited partner cash-flow datasets | REPORTED |
| Holding period at exit | years | annual | Transaction databases | REPORTED |
| Exit route mix | share of exits, by route | annual | Transaction databases, Invest Europe activity data | REPORTED |
| Secondary market volume and pricing | currency volume; price as percent of NAV | semi-annual | Secondary intermediary reports | TEXMÎNKIRÎ |
| Continuation vehicle share of exit value | share of exit value | annual | Transaction databases | TEXMÎNKIRÎ |
| Unfunded commitments relative to liquid assets | ratio, at limited partner level | quarterly | Pension and insurer reporting | REPORTED |
| Fund term extensions | count of extensions, by vintage | annual | Advisory committee records, fund notices | REPORTED |
Portfolio monitoring.
The screen a team would use to follow this subject: its measures, states and decisions. Names are examples and values are illustrative.
Portfolio monitoring
Exit and liquidity · Fund III · Quarter 1
Portfolio companies
| Company 7, logistics | 5.0 | 6 | Bilind | Watchlist |
| Company 3, healthcare | 3.5 | 24 | Kêm | On plan |
| Company 5, industrial | 4.2 | 13 | Navîn | On plan |
| Company 9, software | 2.0 | 31 | Kêm | On plan |
Maturity wall
Company 7 resilience
- Sites in flood zone
- 3 of 11
- Berhevbûna peydakaran
- one carrier for 60 pct of volume
- Action
- relocate depot, second carrier
- Xwedî
- Operating partner
Where the evidence comes from.
Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.
| Çavkanî | What it gives | Licence class |
|---|---|---|
| Invest Europe activity reports | Fundraising, investment and divestment by exit route across Europe | Free, terms of use |
| Preqin and PitchBook exit and fund data | Exit values, routes, holding periods and fund cash flows | Proprietary, licensed subscription |
| MSCI Private Capital cash-flow data | Contributions and distributions by fund and vintage | Proprietary, licensed subscription |
| Bank of England Financial Stability rêzeya Pergalên Stratejîk | Assessment of private markets and links to UK financial stability | Free, terms of use |
| FSB reports on non-bank financial intermediation | System-wide monitoring of liquidity and leverage outside banks | Free, attribution |
| Federal Reserve Financial Accounts of the United States | Holdings of pension funds and insurers by asset type | Public domain (US government work) |
| EIOPA insurance statistics | Asset allocation and investment exposures of EU insurers | Free, attribution |
How a shock to assets becomes a system loss.
The equity the system loses after interbank contagion, against the initial hit, as leverage, interconnection and recovery rates change, the core of a macroprudential Testa zextê. Teaching model with stated illustrative values, not a prediction. The map on this page shows The contiguous United States; the model itself is not tied to a place.
Kontrol
- Fall in external assets
- 2.0%
- Leverage (assets over equity)
- 10 times
- Interbank share of assets
- 10%
- Recovery on interbank claims
- 40%
- Banks in the system
- 20
- Core banks
- 20% of banks
Xwendin
- Equity lost to the initial shock
- 18.0%
- Equity lost after contagion
- 45.0%
- Added by contagion (DebtRank)
- 27.0 points
- Banks in default
- 0
Jimar, rêbaz û çavkanî
| Round | System equity lost (%) | Banks in default |
|---|---|---|
| 0 | 18.00 | 0 |
| 1 | 28.80 | 0 |
| 2 | 35.28 | 0 |
| 3 | 39.17 | 0 |
| 4 | 41.50 | 0 |
| 5 | 42.90 | 0 |
| 6 | 43.74 | 0 |
| 7 | 44.24 | 0 |
| 8 | 44.55 | 0 |
| 9 | 44.73 | 0 |
| 10 | 44.84 | 0 |
| 11 | 44.90 | 0 |
| 12 | 44.94 | 0 |
| 13 | 44.96 | 0 |
| 14 | 44.98 | 0 |
| 15 | 44.99 | 0 |
| 16 | 44.99 | 0 |
| 17 | 45.00 | 0 |
| 18 | 45.00 | 0 |
| 19 | 45.00 | 0 |
| 20 | 45.00 | 0 |
| 21 | 45.00 | 0 |
| 22 | 45.00 | 0 |
| 23 | 45.00 | 0 |
| 24 | 45.00 | 0 |
| 25 | 45.00 | 0 |
| 26 | 45.00 | 0 |
| 27 | 45.00 | 0 |
| 28 | 45.00 | 0 |
| 29 | 45.00 | 0 |
| 30 | 45.00 | 0 |
Rêbaz
- DebtRank Battiston and others (2012), Scientific Reports 2:541
- Differential DebtRank Bardoscia and others (2015), PLOS ONE 10
- Contagion in financial networks Gai and Kapadia (2010), Proc. R. Soc. A 466
- Clearing in financial networks Eisenberg and Noe (2001), Management Science 47
- Pankeya nediyarîyê (Monte Carlo ya parametreyan) Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333
- Hesasiyeta yek-yek (tornado) Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley
Dane
No observed data enters this model: it runs on the teaching values set by the controls, to be replaced with a programme’s own evidence.
Li seranserê şeş stûnan, bi pêşengiya Nexus Consortium
- Ceribandin Labs
- Hatiye avakirin di Private Equity Nexus in Foundry
- Tê ceribandin li Private Equity Nexus in Universe
- Hatiye kodkirin di Darayî, sîgorta û aborî di Standards de
- Hatiye weşandin di Private Equity Nexus in Reports
- Tê de tê dayîn Fakulteya Darayî û Aborî di Academy de
Who decides, and what the evidence serves.
Private Equity Nexus prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.
| Kî biryarê dide | Pirs | Evidence this page serves |
|---|---|---|
| General partners | When and how to exit, and whether a continuation vehicle or NAV facility serves all investors | Exit route evidence, holding period trends and conflict controls |
| Limited partner advisory committees | Whether to consent to term extensions and continuation transactions | Process and pricing evidence, including fairness opinions and secondary pricing |
| Limited partner investment committees | How to pace commitments and whether to sell fund interests | Cash-flow pacing scenarios and secondary pricing, labelled by source |
| Central banks, the FSB and securities regulators | Whether private-market liquidity links pose risks to wider stability | Aggregated filings, investor holdings data and transmission maps |
Outputs this topic produces
- Cash-flow pacing designs linking exits, distributions and capital calls
- Liquidity stress designs for limited partners under slowed exits
- Explainers on continuation vehicles, NAV loans and secondaries
- Transmission maps from private-market exits to the wider financial system
Trace a shock in exit and liquidity to the balance sheet.
Assembled from the Nexus Standards area profile Standardên xetera fînansî û aborî: the shocks it names, the pergalan and sectors that carry the loss, the controls that dampen it and the data that observe it. Pick an initiating shock and step through the cascade to see which exposures it reaches and where losses could concentrate. The Map view places the run on an example geography with open data. Every weight is a stated assumption. An exercise, not a forecast, a valuation, a rating or investment advice. To model a place of your own choosing, open the full System Builder.
Metirsî
- Sea-level rise
- Dam failure
- Coastal flood (set off downstream)
- Storm surge (set off downstream)
- High-tide flooding (set off downstream)
- Coastal erosion (set off downstream)
- Saltwater intrusion (set off downstream)
- Estuary flood (set off downstream)
- River flood (set off downstream)
- Flash flood (set off downstream)
- Koçberiya girseyî (li aliyê jêr çê dibe)
- Coastal habitat squeeze (set off downstream)
- Wetland loss (set off downstream)
- Mangrove loss (set off downstream)
- Groundwater flood (set off downstream)
- Qutbûna berfireh a elektrîkê (li aliyê jêr çê dibe)
- Water supply shortfall (set off downstream)
- Climate-driven migration and relocation (set off downstream)
Pergal û girêdan
Kontrol
NS-0Destûr û prensîbNS-3UNIyên tomara xetereyê (rêzimanî, nexşeya veguhastina ji pergala kevin, desthilata veqetandinê)NS-9UNI yên çarçoveyî (belavkirin, mînak, mînakên bernameyê)NS-10Policies and clauses (machine-readable obligations: definition, binding, evaluation and enforcement)NS-11Piştrastkirin û çavdêrî (delîl, erêkirin, çavdêriya lihevhatina zero-trust)NS-14Lihevhatin û nexşeya li standardên derveyîNRS-H59Malbata metirsiyê: Şokên aborî û têkçûna rêveberiyê (NHS-1 soc.economic)NRS-H113Malbata metirsiyê: Nazikiya pergala darayî (NHS-1 soc.financial-system)NRS-H118Malbata metirsiyê: Sûcê organîzekirî û aboriyên neqanûnî (NHS-1 soc.crime)NRS-H114Malbata metirsiyê: Şokên makroaborî û darayiya giştî (NHS-1 soc.macro-fiscal)NRS-H61Malbata metirsiyê: Têkçûna zincîrî (NHS-1 sys.cascade)NRS-U27Universe platform profile: Sovereign Capital Nexus
Çavdêrî
- IMF data services (WEO, IFS, FSI via SDMX) (listed for reference)
- BIS Data Portal (credit, debt service, property prices, banking statistics) (listed for reference)
- World Bank Open Data and World Development Indicators API (listed for reference)
- OECD Data Explorer (SDMX API) (listed for reference)
- Macroeconomic Dashboard
- Debt service as a proportion of exports of goods and services
- Financial Soundness Indicators
Erdnîgariya mînakê
- Western Europe: 152 hexagonal cells
- Ronahiyên şevê îşev, qutbûn (VIIRS Day/Night Band), NASA GIBS
- Ava rûyê erdê di nav ewr re, 30 m (radara OPERA DSWx-S1), NASA GIBS
- Rêjeya barînê, nîv saeta dawî (IMERG), NASA GIBS
- Vegetation disturbance alerts, 30 m (OPERA DIST-ALERT), NASA GIBS
What liquidity research asks.
- How do exit volumes and routes change over market cycles?
- How do slower exits affect distributions to investors and their ability to meet new commitments?
- What role do secondary markets, continuation vehicles and fund-level borrowing play in providing liquidity?
- How do liquidity pressures feed back into companies and lending?
What exit and liquidity means for exposure, loss and capital.
The exposure, loss, scenario and capital views a risk officer, supervisor or ministry of finance would ask for, with the frameworks they report against. Structures follow supervisory and actuarial practice. Values are illustrative: never prices, ratings or advice.
Capital, solvency and fiscal indicators
The indicators a risk officer, supervisor or ministry of finance reads first on exit and liquidity.
| Indicator | Unit | Who reads it | Framework |
|---|---|---|---|
| CET1 ratio | % of risk-weighted assets | Banks, supervisors | Basel framework |
| Liquidity coverage ratio | % of stressed outflows | Banks, central banks | Basel framework |
| Solvency ratio | % of solvency capital requirement | Insurers, supervisors | IAIS Insurance Core Principles |
| Combined ratio | % of earned premium | Insurers | Actuarial practice |
| Protection gap | uninsured share of economic loss | Insurers, ministries of finance | Published loss statistics |
| Public debt | % of GDP | Ministries of finance, IMF | Debt Sustainability Framework |
| Gross financing needs | % of GDP per year | Ministries of finance, investors | Debt Sustainability Framework |
How liquidity stress transmits.
Investors commit capital that funds call over several years, and they expect distributions from earlier funds to help meet those calls. When exits slow, distributions fall while calls continue, squeezing investor liquidity. Some investors respond by selling fund interests in secondary markets, often at discounts, or by reducing new commitments, which affects fundraising across the industry.
Managers may use continuation vehicles or fund-level borrowing to provide liquidity or extend holding periods. These tools add flexibility but also add layers of leverage and governance complexity. Longer holding periods can strain companies whose capital structure assumed an earlier exit.
How exit and liquidity are studied.
- 01
Cash flow modelling
Modelling calls and distributions under different market paths, using financial and risk engineering. Limits: fund-level data is limited.
- 02
Market cycle analysis
Studying exit activity across cycles, using financial economics and macro-finance. Limits: past cycles may not repeat.
- 03
Secondary market analysis
Studying pricing and volume of secondary transactions. Limits: data is partial.
- 04
Liquidity stress scenarios
Testing investor liquidity under slow exits, using scenario design and stress testing. Limits: illustrative.
How it is studied, and what the methods cannot say.
- 01Aboriya fînansî û makro-fînansPerformance against public alternatives · Rate transmission to leveraged companiesApplied here
- 02Sêwirandina senaryoyan û ceribandina bin zextêRate and refinancing stress · Physical event across a portfolioApplied here
- 03Financial and risk engineeringCapital structure and waterfall modelling · Fair value model reviewApplied here
Pirs û bersiv.
Why do slower exits matter to pension funds?
Is a continuation vehicle an exit?
What does distributions to paid-in capital show?
Does GRA facilitate secondary transactions?
Why do slow exits affect investors?
What is fund-level borrowing?
How does liquidity stress reach companies?
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