Cadwalader partners Leah Edelboim, Brian Foster and Nathan Spanheimer were quoted in a recent Private Funds CFO article discussing the rapid growth of evergreen funds and the evolving fund finance landscape.
Our first-half performance is on pace to surpass the firm’s record 2024
We’re achieving great results for clients and adding exceptional legal talent
Our culture of community, innovation and inclusivity is stronger than ever
With half of 2025 already in the books, I’m pleased to take this opportunity to thank all of our clients and friends for the opportunities that our firm has had to work together with you on important projects and matters. We greatly appreciate the trust that you put in us to help pursue important opportunities and overcome important challenges.
The growth of High Net Worth Individual allocations to alternative investments is a hot topic in fund finance. In what is widely acknowledged to be a challenging fundraising environment, fund managers have focused their attention on tapping up retail investors for additional capital. Global retail investors account for 50% of global invested AUM but only 16% of alternative asset AUM, according to Bain & Co. research. Top sponsors are now actively investing in infrastructure and marketing to grow retail capital sourcing.
On June 25, 2025, FinCEN announced its first orders under the 2024 FEND Off Fentanyl Act, finding that three Mexican financial institutions—CIBanco S.A. Institución De Banca Multiple (“CIBanco"), Intercam Banco S.A., Institución de Banca Multiple (“Intercam”), and Vector Casa de Bolsa, S.A. de C.V (“Vector”) (collectively, the “Designated FIs”)—are of “primary money laundering concern in connection with illicit opioid trafficking.” Effective beginning September 4, 2025, U.S. financial institutions are prohibited from engaging in any transmittal of funds from or to the Designated FIs.
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 Nizar Tarhuni, Executive Vice President - Research & Market Intelligence at Pitchbook, for the latest Fund Fanatics episode.
A great night at the ballpark! The Cadwalader and Silicon Valley Bank teams came together for a fun evening at Oracle Park, cheering on the San Francisco Giants and celebrating a strong partnership.
As we power through what remains of this quarter, working to get deals closed before quarter end next week, you may have noticed some additional (and new!) blacklining in the tax section of your credit agreement thanks to a bill that is currently in the Senate. We are seeing new terms coming into credit agreements to include certain language in the tax provisions that wasn’t there before.
In our last Fund Finance Friday for the quarter, we dive into what’s driving these eleventh hour comments, how they are being dealt with, and who bears the risk of this so-called “revenge tax” when it comes to your fund finance deal.