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In recent weeks, a number of transactions have come across our desks involving levered feeders set up as an investment vehicle for insurance-related investors. For regulatory reasons, these vehicles are established such that each such investor’s commitment is comprised of both a loan commitment (the “Debt Commitment”) and an equity commitment (the “Equity Commitment”). This structure presents a challenge for lenders trying to balance the requested borrowing base treatment for investor commitments of this type against the potential bankruptcy implications that this structure poses.
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Last week we reviewed our 2019 U.S. fund finance activity in the lead-up to the Miami conference.
News from Miami is trickling in. We have heard of an engaging conversation with Hillary Rodham Clinton, an interesting and controversial presentation by Stephanie Kelton on Modern Monetary Theory and a fun and high-energy session with Magic Johnson.
While it’s not exactly big data, we track a few indicators to gauge our forward deal pipeline. All signs point to a high-volume first quarter.
Here's a look at what we're reading outside the four corners of fund finance.
Laura Hope, DBS Bank’s Head of Financial Institutions Group for the Americas, has been recognized by The United Way of New York City’s Women’s Leadership Council for her outstanding professional leadership and philanthropic work.
We look forward to seeing many of you at the 10th Annual Global Fund Finance Symposium in Miami next week.
The Cayman Islands legislative assembly met on January 30 and passed the Private Funds Bill into law. The law now awaits formal commencement which can be expected to occur in the imminent future.
Private Equity International this week published several articles addressing fund finance issues.
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Jamie Mehmood has joined Deloitte’s Debt & Capital Advisory team as a Director and Head of Fund Finance Debt Advisory. Jamie previously led RBS’s fund finance relationship team in London and has more than 20 years of experience in the Funds sector. |
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George Jovanoski joins Silicon Valley Bank as a Director in Global Fund Banking to help continue the growth of the New York business. SVB is a global leader and innovator in Fund Finance, with one of the largest franchises globally, spanning capital call/subscription facilities, NAV facilities, GP lines, Mngt Co. lines, Portfolio Company Notes, FX and cash management. |
Private Funds CFO put out its weekly round-up, which included an article about the ongoing debate of IRR reporting as it relates to Funds’ use of subscription lines and collaborative efforts to standardize reporting across the industry.