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It is no secret that fund managers are becoming increasingly resourceful in their efficient use of leverage in the net asset value (“NAV”) space of the fund finance market. What we have seen since the onset of the pandemic is an increasing number of financing solutions tailored towards family offices and ultra high net worth individuals (“UHNWI”) looking to leverage against their existing limited partnership interests in private funds (“LP Interests”).
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We have been closely monitoring the sanctions landscape over the last few months. Back in March, we covered the sanctions levied by the United States and other jurisdictions in response to Russia’s invasion of Ukraine. The sanctions impair Russia’s ability to access the international financial system and are designed to have a severe and lasting effect on Russia’s ability to fund the war in Ukraine and other such initiatives. Sanctions are serious business and may result in strict liability, meaning that a financial institution or other party can be liable for a sanctions violation even if there is no knowledge of or intent to commit a violation. When it comes to managing risk, most financial institutions consider sanctions risk in terms of the parties with whom they interface directly.
Fitch Ratings hosted a webinar this week on its expected ratings for the Class A-1, A-2 and B classes of the Astrea 7 Pte. Ltd. collateralized fund obligation of private equity fund interests. To access the webinar, click here.
Kayo Conference this week announced a fund finance panel at its June 14th Credit and Debt Finance Summit in Boston. For registration information, click here.
Women in Fund Finance, NextGen and Diversity in Fund Finance will be hosting a workplace diversity-themed panel for in-person attendance at Haynes & Boone’s New York office on May 16 at 6 p.m. Don’t miss this opportunity to discuss challenges faced by diverse fund finance professionals and improve your effectiveness as an ally! To register, click here.
Please join the Cadwalader Fund Finance team for cocktails and to catch up with your fund finance friends immediately following the WFF, NextGen and Diversity in Fund Finance event on May 16 in NYC. We hope to see you there. To register, click here.
On Tuesday, May 24, Women in Fund Finance will launch a new “Reader’s Series” that will feature members of the fund finance community who are avid readers of non-fiction, with an emphasis on topics concerning both social and economic impacts.
The inaugural event will discuss the award-winning book, Dopesick: Dealers, Doctors and the Drug Company that Addicted America by journalist Beth Macy, who is a prolific writer on the opioid crisis. Also discussed will be award-winning Empire of Pain by Patrick Radden Keefe, a staff writer for The New Yorker and a New York Times best-selling author. The discussion will be led by Walt Jackson of Onex Credit, Mike Henry of U.S. Bank, and Cadwalader’s Leah Edelboim. Click here to register in-person or here for virtual attendance.
On Wednesday, June 1, Women in Fund Finance will host a virtual event, “Crypto 101: Demystifying Cryptocurrency & Blockchain,” featuring speaker Bob Griffin of WhiteTower Capital Management, LLC and moderated by Fazillah Durante of Scotiabank. Please visit here to register.
Brickfield Recruiting this week put out a post identifying a gap between NAV momentum and actual hiring. To view the post, click here.
MUFG has made some recent promotions, including: Rafael Vistan was promoted to Managing Director, Ryan Riordan was promoted to Director, and Nathan Lee was promoted to Assistant Vice President/Associate.