The Drawdown published an article earlier this week titled, “5 minutes with … Rory Smith, Brickfield,” in which Smith, the founder of Brickfield Recruitment, discusses his journey into fund finance and why it is such a special market to work in. The subscription-required article is available here.
Truist has an opening for an Associate in its Asset Securitization Group. The recruit would support the origination, underwriting and portfolio management efforts of the Subscription Finance team.
This was a busy week in the loan market. LIBOR transition is accelerating daily, we have a new form of credit agreement from the LSTA, and what has been deemed an “existential threat” to the syndicated loan market has reared its head once again. Here’s the rundown.
In this week’s FFF: Industry Conversations, Cadwalader partner Samantha Hutchinson sits down with No Limit Capital co-founders Neno Raic and Slade Spalding to discuss the exciting launch of their new fund, how their strategy interplays in the fund finance markets and what to expect from them in 2022 and beyond.
The FFA Board recently announced the formation of an Executive Committee in both APAC and EMEA. In addition to the Executive Committee, the FFA Board has also created regional Advisory Councils in the APAC, EMEA and U.S.
Cadwalader Fund Finance partner Samantha Hutchinson, a member of the EMEA Executive Committee, is among the several dozen professionals who will devote their time to the FFA in these capacities.
The FFA Board, working in collaboration with these new committees, has many exciting initiatives planned for 2022.
In the 4th episode of Walkers’ “We Talk Banking & Finance” podcast, Partner Zoë Hallam and Senior Counsel Julia Keppe discuss diversity and innovation in financial services with Dee Dee Sklar. To listen, click here.
Wes Misson’s market-leading work in the ESG area has earned him and our fund finance team a significant honor: a shortlisting for “Innovation in Sustainability & ESG” for the upcoming FT Innovative Lawyers North America 2021 awards.
It is an exciting time to be in the fund finance space. Sponsors continue to seek liquidity to fund investments, and banks and alternative lenders are thinking creatively about how to offer this additional leverage. There isn’t just increased deal-making volume and transactions getting done, but the deals have interesting and novel features which borrow concepts that we see in other types of financing transactions. Among what we are seeing is parties taking a second look at the value of the collateral package and getting comfortable with the idea of putting a second lien on that collateral. It isn’t so long ago that second-lien loans were a form of distressed debt. Then they went mainstream and became a typical form of financing for companies seeking extra leverage while offering the lenders – which range from money center banks to hedge funds and private equity funds and other direct lenders – a nice return on their capital. It only makes sense that, given this concept is prevalent in other types of financings, it would make its way over to the fund finance space.
With credit lines providing greater flexibility in maneuvering liquidity requirements, regulated ’40 Act funds and business development companies are turning to them. In a Private Funds CFO interview, Khizer Ahmed of Hedgewood Capital Partners discusses what borrowers need to consider when arranging these loans, what kind of information borrowers need to provide to secure the loan, and other fine points that should be considered when dealing with lenders for revolving credit lines secured by fund assets. To access the subscription-required article, click here.
Cayman registers can be a little befuddling, so Appleby’s Georgina Pullinger has set out a guide to help readers understand how the various Cayman corporate and partnership registers are relevant to fund finance transactions. We hope it “registers”! Click here for the article.