The panel "Market Evolution and Industry Perspectives," featuring Nick Mitra of Société Générale, Tim Powers of Haynes and Boone, Joe Rocco of Blackstone, and Mary Touchstone of Simpson Thacher, discussed the evolution of the fund finance product, from its earliest days in the mid-1980s up to the present.
Enjoy some early photos from the FFA's 11th Annual Global Fund Finance Symposium in Miami.
The FFA’s Diversity in Fund Finance group Q4 newsletter is here! It includes a roundup of the group’s Q4 events, profiles of the 2022 FFA DEI Emerging Leaders, and updates regarding upcoming plans and events. The newsletter is available here.
On Tuesday, March 8, Women in Fund Finance Europe will be hosting an hour of yoga and meditation in celebration of International Women’s Day. For event details and information on how to register, click here.
Webster Bank is hiring Associates for its Fund Banking group.
For funds that are nearing the end of their investment period and have limited or no remaining unfunded capital commitments, the need to continue a subscription line facility for ongoing liquidity may continue to exist for these end-of-life funds to support follow-on investments, reoccurring fund operational expenses, and costs associated with maintaining and liquidating their portfolio investments. There are a number of financing options in the fund finance market for these funds to consider, including net asset value (NAV) and hybrid credit facilities, but, for many funds, the convenience and familiarity of their existing subscription line credit facility may continue to remain the most efficient and expeditious way to extend their liquidity runway.
We look forward to seeing many of you at the 11th Annual Global Fund Finance Symposium in Miami next week. Cadwalader is sponsoring the Welcome Reception on Wednesday night, and we hope you can attend. We are also in Cabana 24 by the Oasis Pool if you get a chance to drop by. Be on the lookout for event coverage in next week's Fund Finance Friday.
Mourant and FFA Cares, the charitable effort of the FFA, this week announced the annual Subscription Sunrise Run along the Miami Beach Boardwalk to kick-start Day 1 of the Symposium on Thursday, February 17 at 6:45 a.m. In a new initiative under FFA Cares, all proceeds raised will directly support StreetWise Partners' innovative 12-month mentorship program for job-seeking adults.
Julia Keppe and Alice Wight of Walkers’ Jersey office this week hosted Mike Mascia on their “We Talk Banking & Finance” podcast series in a lead-up to the Fund Finance Association’s Miami conference. Julia, Alice and Mike cover themes and trends in the market, what conference attendees can look forward to and fund finance forecasts for 2022. Available here.
The security package for a subscription facility will typically include security over the uncalled capital commitments of a fund’s investors, including: (i) the right to make capital calls on investors in respect of their uncalled capital commitments, together with rights to enforce payment of them; and (ii) the right to receive the proceeds of such capital calls. It will generally also include security over the bank account into which investors are required to deposit their capital contributions. Giving notice to investors is a common feature of taking security over the uncalled capital commitments of investors of Cayman and Luxembourg domiciled funds. Below we have set out 10 frequently asked questions regarding the investor notice from a Cayman and Luxembourg law perspective.