Featured
Open-ended funds are gaining ground, particularly on the private credit and commercial real estate debt side. We review the key considerations for structuring a subscription facility to this historically underserved segment of the market.
Articles
We are nearing the end of this series of articles (and making good progress through the clauses of particular interest in the fund finance market, which we are examining). This week we turn our attention to the Events of Default contained in an LMA-based subscription/capital call facility.
On January 8, 2020 the Cayman Islands Government published the Private Funds Bill, 2020 (the “Bill”). The Bill builds upon the reputation of the Cayman Islands as a co-operative and transparent jurisdiction and introduces for the first time a requirement for private funds to register with the financial regulator in the Cayman Islands – the Cayman Islands Monetary Authority (“CIMA”).
This week we connect with Guillaume Hartog, who heads the Subscription Finance team within BNP Paribas, covering EMEA and the U.S. Prior to that, he was part of the bank’s Leverage Finance team in London.
Secondaries Investor this week published a Q&A with Pierre-Antoine de Selancy, Managing Partner of 17Capital. The article discusses preferred equity’s appeal to investors as an alternative asset class, the growth in transaction volume and the structural evolution of transactions.
Intertrust published an article earlier this week titled: “New research charts fund finance's progress from niche to mainstream.”
Fund Finance Partners this week published an article titled: “Improved BDC Leverage Options Set to Take Off in 2020.”
Kevin Lester and Sarah Lobbardi of Validus Risk Management have contributed to two chapters in the recently launched book, Private Capital – Private Equity and Beyond, authored by London Business School professors Florin Vasvari and Eli Talmor.
Jorge Grafal has joined Mizuho Americas as part of the firm’s initiative to grow its presence in fund finance. He is working alongside industry veteran Jonathan Peiper and seeking to source, structure and execute subscription finance facilities for best-in-class fund managers.
Liz Pinault | People’s United Bank
Liz Pinault recently joined People’s United Bank as a Portfolio Manager in its Fund Bank division. Liz has over 20 years of banking experience, most recently as a Commercial Loan Officer at Boston Private in the Specialty Lending Group.
Here are updates to our Fund Finance Calendar.
I hope everyone got some well-deserved downtime over the holidays and enjoyed a fun New Year’s.
We are closing in on having our final 2019 numbers and completing our data project and look forward to making that information available to our clients in the coming weeks. But directionally, 2019 was very positive, with growth rates again well into double digits. In fact, the volume of closings in December was so robust that it felt like maybe our entire active portfolio may well have come off the board.
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