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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

More than 1,800 industry players attended the 13th annual Global Fund Finance Symposium that wrapped up yesterday afternoon at the Fontainebleau in Miami Beach. There was a lot to talk about in terms of market evolution through surviving 2023 and what 2024 has in store. In honor of lucky number 13, here’s a baker’s dozen of notable fund finance market data points to take us forward in 2024.

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Cadwalader had a wonderful time this past week attending the Fund Finance Association's 13th Annual Global Fund Finance Symposium in Miami Beach!

For now, enjoy these photos and stay tuned for more in-depth analysis from the symposium in our next issue of Fund Finance Friday

Sabih Hussain, Head of Global Fund Finance at Barings, and Sam Hutchinson, Co-Head of Fund Finance at Cadwalader, Wickersham & Taft, talk with Global Legal Insights publisher James Strode about key trends in Fund Finance for 2024.

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The Fund Finance Association is actively recruiting new members to join the Diversity in Fund Finance and NextGen committees in the APAC region!

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Apply Now! The Fund Finance Association are actively recruiting new members to join the NextGen committee in the EMEA region. 

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Partner | Fund Finance

The primary purpose of a capital call facility is to provide bridge financing to a fund borrower that may be drawn upon, in lieu of calling capital, to make investments in accordance with the fund’s business purpose. In addition to providing a fund borrower with a readily available source of credit to quickly fund investments, a capital call facility also provides a fund borrower with the ability to leverage the fees and expenses of the partnership. In particular, many fund borrowers will look to the credit facility to finance the payment of management fees by the limited partners to the investment manager. It is therefore important for lender’s counsel to confirm that the fund borrower’s limited partnership agreement (a) authorizes the fund borrower to incur indebtedness for the payment of management fees and (b) doesn’t contain management fee overcall limitations. Lender’s counsel should also confirm with the lender that the credit facility use of proceeds contemplates the financing of management fees and the credit agreement appropriately reflects and permits the credit extensions to be used to finance management fees of the partnership. 

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Partner | Fund Finance

A lawsuit that has worked its way through New York federal courts since 2017, including up to the Second Circuit Court of Appeals, has met its final stop at the United States Supreme Court. This week, the Supreme Court denied a petition for a writ of certiorari in the Kirchner case. This case raised the question of whether broadly syndicated term loans are “securities” and therefore should be subject to state and federal securities regulations. 

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We look forward to seeing you next week at The 13th Annual Global Fund Finance Symposium on February 26-29, 2024 in Miami Beach.

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The most recent episode of the Fund Finance Expert Talk by Michael Mbayi is live. In this episode, the Head of Banking & Finance of the Luxembourg law firm Praxio Law & Tax, speaks with Mike Mascia, Co-Head Fund Finance at Everbank and Board Member of the Fund Finance Association.

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Registration is open for the 2024 FFA U: Asia-Pacific! We look forward to welcoming you to the virtual half-day sessions on March 20th & March 21st, followed by in-person networking receptions held in Hong Kong, Singapore, and Sydney by the FFA NextGen Committee.

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