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The "Dividend Bridge" Trap: Why Your Pension’s Best Returns Might Be Borrowed Money
As the IPO market remains sluggish in 2026, private equity firms are increasingly turning to "NAV loans"—borrowing against their entire portfolio of companies to pay out dividends to investors. While this keeps pension funds happy with steady cash flow, it layers a new level of "hidden debt" onto the global financial system that regulators are only now beginning to scrutinize.
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