The Structured Lending team at BNY Mellon is hiring for Analyst and Associate positions to support the origination, underwriting and portfolio management efforts of the Subscription Finance team. The roles will be based in New York, and each call for a Bachelor’s or Master’s degree and prior experience in subscription finance.
The Morgan Stanley Tailored Lending division is looking for a Vice President to help manage a portfolio of Capital Call Subscription Finance loans.
Annabella Kwei recently joined Stifel Bank’s Venture and Fund Banking Group to support Stifel’s initiative to grow its presence in fund finance in North America. Annabella provides sponsors across all asset classes with financing, such as subscription lines, management company lending and GP capital commitment finance. She will also be building relationships with sponsors focused on technology, healthcare and other verticals that are strategic to Stifel’s venture banking, investment banking and wealth management platform.
Congratulations to Cadwalader’s Wes Misson for being recognized in today’s launch of the 2021 Financial Times North America Innovative Lawyers Special Report. In the Sustainability category, Wes was featured for his representations on nine environmental, social and governance (ESG)-related fund facilities in the U.S. since the start of 2020. The FT gave a shout-out to Wes’ work earlier this year advising Bank of America on a $4.1 billion ESG-linked credit facility tied to Board diversity for funds managed by The Carlyle Group.
As the universe of asset-based and hybrid facilities continues to expand, fund finance lenders are increasingly encountering pledges of equity interests issued by funds or SPVs domiciled in popular jurisdictions outside of the U.S. – such as the Cayman Islands. Such pledges raise issues distinct from pledges of the capital call rights of Cayman-domiciled private equity funds, and we regularly field questions from lenders as to the best way to take and enforce such security. This article aims to answer some of the most frequent questions that lenders ask in respect of security over shares of Cayman exempted companies.
Kroll Bond Rating Agency (KBRA) this week released a recap of Informa Connect’s SuperReturn North America conference on private equity, held in Boston on October 4-5, as well as SuperReturn Private Credit U.S., held in Chicago on October 25-26.
Women in Fund Finance (WFF) U.S. will host the fourth session in its ESG Panel Series, “An Emphasis on Governance,” next Wednesday, December 8, from 10:30 - 11:30 a.m. EST. To view a full speaker line-up and to register, visit here.
Cadwalader partner Brian Foster spoke at Practising Law Institute’s 2021 Fund Finance Conference on November 17. He participated with other industry leaders on a panel discussion of NAV facilities for private equity primary and secondaries funds. Panelists discussed why sponsors use such facilities, key legal considerations in structuring and documenting such transactions, due diligence issues and notable developments over the past year. Issues related to management fee loans and GP stake deals were also discussed. A replay of the panel discussion is available through PLI.
The women of Cadwalader’s New York fund finance practice hosted our inaugural women’s client event this week. We were delighted to be joined by so many of our accomplished women clients.
Scott Aleali and Jeff Maier recently released a Fund Fanatics episode featuring Dee Dee Sklar, which is available here.
Lux law firm SJL Jimenez Lunz published a fund finance article this week addressing RAIF vehicles. The article is accessible here.