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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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In entering into a fund financing, both the Lender and the Fund have expectations that the relationship will be a success. The Lender is appreciative of the association, and the Fund is confident in its ability to raise capital, invest and pay back any borrowings as and when due under the credit documents with the Lender.
But what happens when things are not working out and the investment manager/management company needs to operate?
Cadwalader is adding leading UK fund finance lawyers Bronwen Jones, Douglas Murning and Matthew Worth as partners in the firm’s London office.
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 Jennifer Carnithan Choi
Cadwalader is proud to be a Diamond Sponsor of the 14th Annual Global Fund Finance Symposium, which is just weeks away! The event takes place February 24-27 at the Fontainebleau Miami Beach.
With just over two weeks to go until the global fund finance community gathers in Miami, the time seems apt to revisit some topics that bankers and attorneys encounter in some commonly seen non-US fund finance jurisdictions.
Global secondaries volume increased 45% to reach a record $162 billion in 2024, according to the latest edition of Jefferies’ Global Secondary Market Review. Both LP and GP-led transactions experienced double-digit growth. LP transactions accelerated as investors rebalanced private asset allocations, worked around slower distributions, took advantage of a narrower bid-ask pricing gap, and saw rising demand from evergreen vehicles. On the GP-led side, continuation vehicle transactions powered much of the growth. The full report is available here.
We had a fantastic time at The Future of Fund Finance | Europe at The Landmark Hotel in London. As a lead sponsor, Cadwalader was proud to support this premier event and have Partners George Pelling and Nick Shiren share their insights on key industry trends.
Although the fund finance market has been around a long time, it has undergone significant transformation. On 28 January 2025, the LMA held its first fund finance focused conference (in partnership with DealCatalyst) and explored the future of this dynamic market. Read on to learn more about the key innovations and outlook discussed.
James Strode, publisher of the Global Legal Insights – Fund Finance, chats with Terry Hatton of MUFG about the year ahead for the fund finance market, as well as the Fund Finance Association.
You can watch the video here.