Last week, my colleague Chris van Heerden wrote a compelling note forecasting the increased use of fund-level leverage in the United States. Here are some additional practical considerations supporting his growth conclusions.
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What is the correlation between the low yield environment in the EU with the growing use of fund-level leverage in the region? And what does this mean for growth for the U.S. NAV market?
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One of the core principles of subscription finance is the ability of the lender to call capital upon a default for repayment of the loan. Nearly every deal permits an immediate right of the lender to do so following an event of default, or at least following a short standstill period that permits the fund to make the initial call before the lender steps in.
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Back in September, in Part 6 of this series, we touched on the issues surrounding the inclusion (or not) of investors in the leverage or borrowing base calculation in a subscription/capital call facility and the factors which might impact on that. In this article, we look a little more closely at one of those issues – namely, transfers by investors of their interests in a fund.
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This week we break with convention and interview our own Holly Loftis in the latest installment in our Player Profile series featuring leaders in the fund finance industry. While we’ve from time to time highlighted our counterparts at law firms elsewhere, we decided it’s high time to add a U.S. lawyer’s perspective to the discussion. Holly is a Counsel in Cadwalader’s Fund Finance practice. |
GPB Capital, a New York-based alternative asset management firm, stands accused of fraud in a class action lawsuit filed in Austin, TX, on Nov. 6.
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Olawale Ajayi has joined Bank of China as Senior Relationship Manager in its Financial Institutions Department. |
The European Chapter of the FFA's Next Generation in Fund Finance is pleased to host its fifth event in London – an educational discussion on "Unchartered Territory - Default & Enforcement in Fund Finance."
Read More »Hybrid facilities offer funds maximum flexibility to meet liquidity needs at longer facility terms while maximizing both availability and eligibility throughout the fund life cycle, according to an article published by Fund Finance Partners this week.
Read More »Cadwalader partners Samantha Hutchinson, Wes Misson and Tim Hicks shined a light on the firm’s Fund Finance practice at the recent Cadwalader Finance Forum hosted in Charlotte. Drawing from the firm’s representations in Q1-Q3 on both sides of the Atlantic, the three presented a data-driven analysis on fund lending trends.
Read More »ILPA this week published a model limited partnership agreement that lives up to its stated mission of providing a starting point for an Investor-friendly fundraise. Here are our observations on the very light provisions in the model LPA covering fund finance.
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