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Due diligence is a key aspect of the legal structuring and execution of fund finance facilities. In the subscription line market, there are generally well established conventions for performing due diligence on, in particular, the capital call mechanisms.
By contrast, in this article, we look at due diligence considerations in NAV financing; while this segment of the market is less settled in its approach, there are emerging trends in terms of approach to due diligence. Here, we consider these issues primarily from the perspective of the European market, though many of the issues will apply generally.
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This week Charlotte partner Trent Lindsay, special counsel Eric Worthington and associate Kayla Culver connect with Mike Wiederecht and Matt Ziemer, Managing Directors at PNC Bank.
Based in New York, Mike has over 13 years of banking experience, and a degree in finance and mathematics from the University of Notre Dame. With PNC since 2014, Matt is based in Philadelphia and has a degree in economics and sociology from Washington and Lee University.
The second edition of the Working Guide to Fund Finance, published by Brickfield, is now available in PDF and print format.
The Fund Finance Association recently hosted its 7th Annual Asia-Pacific Fund Finance Symposium on November 6, 2025.
The Mourant team summarises the top takeaways from the event as speakers reflected on the year that was - and what lies ahead.
The credit parties under a subscription credit facility may require flexibility in providing funds to their portfolio companies. Instead of using their own capital to make an equity investment in one of their portfolio companies or making an interfund loan, the credit parties may request that lenders under the subscription credit facility provide loans directly to their portfolio companies. Most lenders will accommodate this request by permitting portfolio companies to borrow under the credit agreement as “qualified borrowers” while other lenders will provide the requested funds through a separate portfolio company loan agreement.
This article will provide an overview of qualified borrower mechanics in a traditional subscription credit facility versus establishing a separate portfolio company loan agreement.
In the latest installment of our U.S. Bank Quarterly Survey, we review the current banking landscape and its historical context with two questions in mind: First, what do bank fundamentals tell us about the state of the U.S. economy (recognizing that this is a retrospective or coincident analysis)? And, second, what can we infer about the capacity and willingness of banks to extend credit (a more forward-looking inquiry)?
Cadwalader partner Nick Shiren authored a chapter in the newly released second edition of Brickfield’s “The Working Guide to Fund Finance,” a comprehensive guidance targeting lenders, lawyers, fund professionals and brokers practicing in the UK, European and offshore fund finance markets.
The new episode of the Praxio Fund Finance Expert Talk hosted by Michael Mbayi, with Kristina Kulikova, Senior Vice President at Setter Capital, and host of the Women of Secondaries podcast is available!
