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As the fund finance industry has matured, investment managers and lenders alike have sought increasingly efficient and flexible ways to structure credit facilities across expanding fund platforms. Sponsors today generally manage multiple funds with differing investment strategies while lenders are navigating borrower relationships, balance-sheet optimization and evolving syndication dynamics.
As the umbrella facility has continued to evolve and a new form, the master credit facility, has emerged to provide even more optionality to market participants. This article distills the differences from an operational, documentation and practical perspective so you can implement these important structuring tools in your next relevant facility.
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Borrowers under net asset value ("NAV") credit facilities will sometimes seek to grant a direct pledge of their interests in hedge funds and private equity funds as collateral.
Registration is now open for FFA University 2.0, taking place on Thursday, September 10 at Cadwalader's New York office.
Diversity in Fund Finance (DFF) is hosting Ditto to Diversity – A Summer Soirée, an evening of networking, light bites, and cocktails in New York City on Thursday, June 18.
Cadwalader Partner Patrick Calves and Manager of Professional Development Michael Tenenhaus will participate in the Careers in Finance Law program at the New York City Bar Association on Tuesday, June 9, from 6:00 p.m. to 8:00 p.m.
Cadwalader Fund Finance Partner George Pelling will be a panelist at the 10th Annual European Fund Finance Symposium, taking place in London on Wednesday, June 24.
As the subscription credit market continues to mature, side letter diligence has remained a key component of both underwriting and credit agreement negotiation.
Cadwalader Partner Patrick Calves and Manager of Professional Development Michael Tenenhaus will participate in the Careers in Finance Law program at the New York City Bar Association on Tuesday, June 9, from 6:00 p.m. to 8:00 p.m.
Cadwalader Fund Finance Partner George Pelling will be a panelist at the 10th Annual European Fund Finance Symposium, taking place in London on Wednesday, June 24.
We’d like to extend our congratulations to the five newly appointed members of the FFA Board, named yesterday.