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Partner | Fund Finance
Partner | Fund Finance

NAV loans are getting constant coverage in the press now. For those of us that spent years trying to direct focus to the potential of NAV lending, this is a welcome development. Admittedly, not all of the coverage is positive. It seems that there is a new article out every week with a negative take on NAV. As a result, we’ve been receiving a lot of calls from clients asking questions about the status and trajectory of the NAV loan market. We welcome the attention, positive and negative. A discussion on the merits of NAV lending is warranted, and the positives will, over time, win out over perceived negatives. In the meantime, we continue to see robust NAV loan activity, and we remain unequivocally bullish on this segment of the fund finance market. Let’s recount some of the reasons why:

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Articles

Partner | Fund Finance

A continuation fund is an entity fund set up by a sponsor in order to purchase an asset (or assets) from an existing fund managed by that sponsor. There are a number of reasons as to why a sponsor would want to pursue this strategy compared with a third-party sale, and a common consideration is that the existing fund is nearing the end of its term and the asset(s) subject to the sale may not reach the desired price in the current challenging exit environment and/or the sponsor and certain investors feel that the particular asset(s) are cash generative and are likely to increase in value with a continued hold by the sponsor combined with follow-on investments.

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In this week's Fund Fanatics episode, hosts Scott Aleali and Jeff Maier speak with Jed Johnson, Head of GP Solutions at ORIX USA.

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Women in Fund Finance (Chicago) and Sidley are delighted to invite you to a substantive networking session. “Stay in the Loop” offers an immersive networking experience with rotating discussions of topics at the intersection of private credit and fund finance moderated by Chicago industry leaders, all while enjoying light drinks and bites.

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Fund Finance Hiring

Here is who's hiring in Fund Finance: 

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Partner | Fund Finance

One of the best things about fund finance is that there is always something new and exciting happening in our space. New players come online, and new products and solutions solve issues that pave the way for fund borrowers to access capital and for lenders to get deals done. Often novelty is borne out of necessity, and that is very much the case with the increasing use of credit ratings in the subscription finance space. Here we will explain why we are seeing more credit ratings for sublines and issues that agents, lenders and fund borrowers should consider when negotiating a subline where the parties may ultimately seek a credit rating.

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The Fund Finance Association has opened their annual "Rising Stars" award nominations. Their deadline is June 15.

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The FFA 8th Annual European Fund Finance Symposium on May 2 was another terrific opportunity for industry leaders to share insights and catch up with one another. You can view photos from the event here.

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Partner | Fund Finance
Partner | Fund Finance

We have recently seen a notable uptick in the usage of equity commitment letters (ECLs) in fund finance transactions and have been spending an increasing amount of time discussing their merits with our clients’ credit teams. So, even though Fund Finance Friday has done overviews of various types of credit support in the past, we thought it was time for a refresh on ECLs, how they are deployed in fund finance transactions and what lenders should look for when relying on them as credit support.

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Special Counsel | Fund Finance

Last week saw almost 1,140 registrants attend the FFA’s annual symposium at the Queen Elizabeth II Conference Centre in London. As ever, the event brought together a wide range of market participants from across the industry, providing a unique opportunity to network and learn more about the many exciting developments taking place in fund finance.

The panels at this year’s event covered a diverse range of topics including (but not limited to) NAV, securitisation, ratings, CRTs, secondaries as well as the growth of credit funds in the market. The variety of speakers at this year’s event reflect how much the fund finance market has grown and matured in recent years. We heard from bankers, sponsors and lawyers but also ratings agencies, insurers, credit funds, administrators and advisors (including our very own Head of European GP Solutions, Mike Hubbard!)

The Cadwalader London team has set out below some of the key themes arising from the panel discussions . . .

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Partner | Fund Finance

It was an honor to represent our Fund Finance team and join my Cadwalader colleagues this week at the 2024 Gotham Ball on behalf of Food Bank For New York City!

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