As usual, the FFA’s annual Symposium brought together a wide range of market participants from across the industry, providing a unique opportunity to network and learn more about the current developments in fund finance.
The Cadwalader team sets out below some of the key themes arising from the Symposium panel discussions.
Brickfield's US & UK Fund Finance Banker’s Compensation Report 2025-26 is now available! Now in its third edition, the Report’s publication is a highly anticipated event in the Fund Finance industry, as it is the only independent source of in-depth data on US and UK compensation levels on the lending side of the business.
In the report, Cadwalader partners Bronwen Jones, Douglas Murning, George Pelling and Matt Worth evaluate Europe's evolving fund finance market, highlighting NAV financing’s growing role, increased lender competition, securitisation adoption and innovative blending of capital sources.
Registration is now open for the 2nd Annual Women in Fund Finance Career & Learning Forum!
The new episode of the Praxio Fund Finance Expert Talk hosted by Michael Mbayi, with Billal Malik of Citibank is now available!
The Fund Finance Association is pleased to announce that registration is now open for the 15th Annual Global Fund Finance Symposium.
Cadwalader has welcomed Andro Atlaga as a partner in the firm’s Leveraged Finance and Private Credit practice, resident in London.
Please join us in welcoming William McQuail, Hank Halverson and Simran Dhillon Sadhar to Cadwalader!
Over the past few years, the fund finance market has seen net asset value (NAV) financing grow alongside more established “subscription line” facilities, to become an established part of the fund financing toolkit and an increasingly accepted leverage option for use at many points across the fund life cycle.
As the use of NAV facilities has expanded, so too has the range of purposes for which they are used. As an asset-based financing technique, NAV has often been used to provide portfolio-level leverage on established pools of private investments such as private equity or infrastructure holdings. However, of late we have also seen increasing use of NAV as a means of acquisition finance.
This article considers the particular structural and documentary implications of the use of NAV as an acquisition finance tool. We consider these issues in the context of two transaction types that are increasingly commonplace in the European market: secondaries portfolio acquisitions and continuation vehicle transactions.