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At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund finance transactions, though, are by design crafted to be at several levels removed from such underlying assets. With such ultimate assets remote from the transaction, it may seem to fund finance practitioners that concerns about changes in the Uniform Commercial Code relating to the nature of collateral assets are just as remote.
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Liquidity solutions are a topic du jour in fund finance. With bank balance sheets somewhat restricted by macroeconomic concerns and risk-weighted asset regulations, fund finance borrowers and lenders have sought creative ways to put capital to work. One construct that may open up this optionality is the tranche B facility, a subordinated line of credit that sits within the same transaction as a senior revolver or term loan. This article explores the basic tenets and nuances that may be negotiated for constructing a tranche B facility in your deals.
In a recent article, S&P Global Ratings outlines their criteria for rating certain facilities used by alternative investment funds called subscription lines. These facilities are secured by an alternative investment fund's limited partner capital commitments.
Fitch Ratings has published an exposure draft proposing new rating criteria for NAV Finance. Join their senior analysts on September 10 as they discuss the new rating criteria and answers questions.
Join the Fund Finance Association for an intensive full-day training session in-person in New York on October 17, 2024.
FFA U 2.0 is designed for mid-level bankers and lawyers transacting under U.S. law and will cover advanced issues in subscription facilities, NAV loan structures and issues, Collateralized Fund Obligations and the PE business model.
Please join us in welcoming Rob McClean back to the UK Fund Finance team as a Special Counsel.
We're excited to introduce the stellar lineup of moderators for the Cadwalader Finance Forum 2024!
Christopher McDermott, Trent Lindsay, Christopher Montgomery and Eric Starr shared their insights into the potential impact of the 2022 amendments to the Uniform Commercial Code on fund finance transactions with Thomson Reuters.
Fund Finance Partner Leah Edelboim was recently featured in Law.com’s How I Made Partner series. The Q&A highlights her path to success in the competitive field of Fund Finance. With a strong focus on setting clear goals, proactive leadership, and the importance of mentorship, Leah’s story offers valuable insights into what it takes to advance in a top-tier law firm.
Women in Fund Finance APAC is excited to invite you to the upcoming wellness workshop on September 11, where they are co-hosting with Moody’s in Hong Kong.
Join WFF for Wine-d Down Wednesday at Sir Henry's, over an evening of networking, nibbles and cocktails.