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Although transfers by investors of their interests in a fund have always been a feature of subscription / capital call facilities, as of late, there has been a palpable uptick in investor transfers and this trend is set to continue, due to a multitude of factors.
This article explores the driving factors for the increase in investor transfers, the implications for rated subscription facilities and securitisations, how loan documents customarily deal with investor transfers, and due diligence considerations.
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The doctrine of purview under English law plays a critical role in determining whether amendments to a secured facility require reaffirmation or re-execution of guarantees and security. However, when it comes to adjustments in financial covenants, there is often a grey area which invites examination and nuance.
Just in time for St. Patrick’s Day, recent updates in Irish law bring important changes for fund finance participants. Lawyers at Arthur Cox and Mason Hayes & Curran have provided insights on key regulatory and structuring developments that could impact market practices.
As part of our Women’s History Month and International Women’s Day Celebrations, Cadwalader’s Women’s Leadership Initiative hosted its 9th Annual Girls in Finance Workshop in our New York and London offices.
Participants in both cities learned from a fantastic group of finance professionals (business and law) who volunteered to share their insights and experiences.
The Girls in Finance Workshop encourages high school girls to pursue careers in the finance sector by exposing them to elementary finance lessons and introducing them to successful women who have chosen that career path.
Thank you to the panelists who made the program such a success!
Join Stuart Goldstein, co-chair of Cadwalader’s Capital Markets Practice as he moderates a panel with Jed Miller, Head of the CRT practice and Kahn Hobbs, CRE structured finance specialist as they explore the intersection of Capital Relief Trades and Commercial Real Estate.
We are thrilled to announce Cadwalader will be hosting the Capital Call Securitization Conference in our New York office on Thursday, April 3. Space is limited, RSVP now to save your spot!
In the evolving fund finance market, lenders are constantly assessing ways to mitigate risk and enhance credit support in order to provide for the smooth operation of subscription-based credit facilities. One such credit enhancement that is experiencing a resurgence in this space is the parent comfort letter – a type of credit support in the form of an affirmation letter from an investor’s parent entity that provides lenders with additional assurances about such investor’s financial backing without creating direct recourse to the Parent. The question begs: Why would a lender accept a non-binding Comfort Letter over a stronger contractual obligation from the Parent?
In this article, we’ll explore how Comfort Letters impact fund finance facilities and distinguish them from other forms of credit enhancement tools.
With a record-breaking 2,500+ attendees, the 14th Annual Global Fund Finance Symposium in Miami was packed with valuable insights on the evolving fund finance market.
If you missed our recaps from last week, catch up here:
Congratulations to all of the incredible recipients of the 2025 Fund Finance Association Industry Awards, including Cadwalader's own Leah Edelboim!
See the below 2025 Award recipients:
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 Yehuda Hecht, CFO of Madison International Realty.