As the Fund Finance Friday library grew in 2025, a few key themes emerged to define the year. First, NAV lending rose to prominence in our coverage, which may not be entirely surprising in a year where fundraising hovered around 2017-2018 levels and private fund AUM surpassed $15.0 trillion.
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Cadwalader has elevated 24 lawyers to partner, special counsel and counsel, effective January 1, 2026. On Tuesday, the firm’s Center for Career Advancement celebrated new partners at a partner orientation and a celebratory reception in their honor.
Hogan Lovells and Cadwalader announced yesterday their intention to combine, creating Hogan Lovells Cadwalader.
It feels like yesterday that I worked on closing my first credit facility, sitting almost in the same spot that I am now, albeit now a little higher in the sky (by one floor precisely). If there is one thing that the past few years have taught me, it is that the fund finance industry and its products are ever evolving (see, e.g., recent developments in private credit and tranche B facilities), and of course many (if not all) of these developments are focused on liquidity solutions for borrowers and lenders alike.
Today, it seems only natural as we continue to grow with our clients (and in turn, their clients) that lenders are increasingly seeing a demand for financing solutions for aging funds, including those that may exceed the expiration of their term. In this article, we delve into an overview of structuring considerations for financing end of fund term subscription credit facilities.
The digital assets-focused Article 12 and other 2022 Amendments to the Uniform Commercial Code were signed into law by New York Governor Hochul on December 5, 2025, and will become effective 180 days after signing (on June 3, 2026).
New York becomes the 33rd UCC jurisdiction to enact the 2022 Amendments, and New York’s enactment of the amendments completes the trifecta of key corporate and financial jurisdictions (along with Delaware and the District of Columbia) adopting them. Because of the prevalence of New York law as the chosen governing law in many types of financings—including fund finance transactions—New York’s enactment of the 2022 Amendments will have a major impact.
Cadwalader has elevated 24 lawyers to partner, special counsel and counsel, effective January 1, 2026.
Special congratulations to the fund finance lawyers promoted in this class: Katie McShane (Partner, New York), Jordan Ballard (Counsel, Charlotte), Jonny Byrne-Leitch (Counsel, Charlotte), Brian Kettmer (Counsel, Charlotte), Brian Kurpis (Special Counsel, New York), Olivia Stewart (Special Counsel, Charlotte) and Clay Talley (Special Counsel, Charlotte).
The Fund Finance Association is delighted to announce the agenda is now live for the 15th Annual Global Fund Finance Symposium, taking place February 2-4, 2026 at the Fontainebleau Miami Beach.
Cadwalader's own Angie Batterson will be speaking on a panel titled "Insurance in Fund Finance."
