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Associate | Fund Finance

Private equity sponsors and their funds benefit from the flexibility of revolving credit facilities and the ability to borrow significant amounts of capital on short notice. But that fast access to liquidity can quickly be paused if an Event of Default has occurred under the credit facility. This article provides a brief overview of why EODs matter, offers some examples of common EODs in subscription credit facilities and considers ways to help avoid them.

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Partner | Fund Finance

About a year ago, we published “Term Loan Solutions in Fund Finance,” which ended up being a popular article on Fund Finance Friday. Since then we have seen lenders, sponsors, law firms and rating agencies become more interested in understanding a possible term loan component for certain fund finance facilities. Fund finance credit facilities that are secured by uncalled capital commitments of investors (“Sublines”) have historically consisted of revolving loan facilities that were often broadly syndicated. In contrast, fund finance credit facilities secured by portfolio-level assets (“NAV”) have historically consisted of term loan facilities, sometimes with a small revolving loan component, but were often bilateral or club deals (that is, not broadly syndicated). Interestingly, as the NAV market matures and syndication becomes more common in NAV, the Subline market matures and term loans become more common in Sublines. This has led to a coincidence where both the Subline market and the NAV market are negotiating issues regarding term tranche lenders and revolving tranche lenders, but for inverted reasons: The Subline market because term loans are relatively new and the NAV market because syndication is relatively new. 

Cadwalader is lucky to have market-leading Subline and NAV practices for bank and non-bank lenders. We have worked on several amendments adding term loans to existing Subline facilities since the publication of the first article and we are regularly working on NAV facilities where syndication is increasingly common. So we thought a market update on term loan features in fund finance could be of interest. Here is what we have learned.

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Partner | Travers Thorp Alberga

Luxembourg and the Cayman Islands are two of the world’s leading fund formation jurisdictions, and account for a large portion of the private equity funds domicile market. Most private equity fund structures are comprised of entities from a multitude of different jurisdictions, often including both Luxembourg and Cayman Islands funds. The efficient and commercial success of such multi-jurisdictional transactions invariably rests on the competence and experience of the legal counsel teams engaged to negotiate and advise the parties in respect of each relevant jurisdiction.

This article examines some of the principal similarities and differences between Luxembourg and the Cayman Islands when providing legal advice in connection with various types of fund financing transactions.

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Partner | Conyers
Partner | Conyers

Following the end of a long-running process, the Cayman Islands has now officially been removed by the EU Commission from its list of ‘high-risk’ countries for AML/CFT purposes.

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The most recent episode of the Fund Finance Expert Talk by Michael Mbayi, Head of Banking & Finance at the Luxembourg law firm, Praxio Law & Tax, is now live.

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Fund Finance Hiring

Here is who's hiring in Fund Finance: 

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The Fund Finance Association’s annual symposiums bring together investors, fund managers, bankers and lawyers for education and networking within the fund finance market. The 13th Annual Global Fund Finance Symposium is just a few weeks away and will take place February 26-29, 2024 in Miami Beach. 

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Join Scott Aleali, Head of Private Equity Finance at Citizens Bank, and Jeff Maier, Senior Managing Director - Private Equity Finance at Citizens Bank, with special guest Calvin Marks, for the latest episode of Fund Fanatics!

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Register now for the next session of the Fund Finance Series Webinar hosted by the Head of Banking & Finance at Praxio Law & Tax, Michael Mbayi: “2024 Market Perspectives.”

Michael will be joined by a panel of leaders in the industry, including Cadwalader's own Michael Hubbard, to do a recap of the activity of last year in America, EMEA and in the APAC region, to discuss the current global market trends and to give an outlook for 2024.

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In celebration of International Women's Day, join Women in Fund Finance to raise money for Heifer International's Women Entrepreneurs 2 project, in Mexico, which will assist 1,000 families in the Yucatán Peninsula to close the living income gap by developing and/or strengthening women-led cage-free egg businesses that link to the market and strengthen the communities’ social capital.

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The following individual(s) are on the move in the fund finance industry.

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