Cadwalader’s Fund Finance team is excited to announce that Perry Hicks has re-joined the practice as a Special Counsel in our Charlotte, NC office. Most recently the leader of Hunton’s fund finance group, Perry brings nearly two decades of fund finance experience, having represented lenders in secured fund financings, including NAV, hybrid, and subscription facilities to hedge funds, fund of funds, and pure play private equity. We are delighted to have Perry back on board, joining our other senior-level additions to our team. Earlier this year, we welcomed partner Chad Stackhouse in Washington, DC and Special Counsel Leah Edelboim in New York.
Following the continued increase in demand for its fund finance advisory services, Intertrust is looking to grow the team and engage with experienced fund finance practitioners at the Associate Director and Director levels.
Cadwalader Fund Finance partner Samantha Hutchinson has been ranked Band 1 by Chambers UK 2022 in the category of “Banking & Finance: Fund Finance - London (Firms)." In addition, Fund Finance associate James Hoggett has been recognized as among the “Associates to Watch” in this same category.
Congratulations to Sam and James on this much-deserved distinction!
Many subscription facilities governed by New York law grant the lender a security interest in rights to call capital from the limited partners of exempted limited partnerships formed under the laws of the Cayman Islands. This grant is generally set forth in a security agreement governed by New York law even though the rights being pledged are created under Cayman law.
Earlier this week, FFA’s Diversity in Fund Finance (DFF) group shared a message in support of those in the LGBTQ+ community on National Coming Out Day. National Coming Out Day is an annual day of awareness, observed on October 11, to support LGBTQ+ people in coming out and living openly as members of that community and to raise awareness of the challenges that openly-LGBTQ+ individuals face on a daily basis.
Supporters of Diversity in Fund Finance (DFF) and committee members participated in a virtual session with Baruch College’s Financial Leadership Program (FLP) for the fourth year. The FLP is dedicated to the professional development and advancement of high-performing sophomores and juniors interested in careers in finance.
Strafford will host a CLE video webinar next Thursday, October 21 from 1-2:30 p.m. EDT on “Structuring and Documenting Subscription Facilities.” The webinar, which will include interactive Q&A, will discuss the structuring of subscription credit facilities while focusing on partnership agreement provisions that provide financing flexibility. The webinar will also cover defining the borrowing base and exclusion events, loan covenants particular to subscription facilities, and lender remedies. To register for the event, click here.
Baring Private Equity Asia has closed a $3.2 billion ESG-linked subscription facility, according to this subscription-required article from New Private Markets.
Women in Fund Finance (WFF) this week hosted a second installment of its “Fund Liquidity Solutions” virtual event, which was a follow-up to the first liquidity solutions panel that took place in July. This second panel brought together industry experts who have been at the forefront of structuring alternative liquidity solutions for private market managers. The panel continued a conversation about how funds, their lenders, and investors are thinking outside the box to unlock value for their constituents.
Luxembourg is a centre of excellence for investment funds and the second-largest fund domicile in the world after the U.S. As such, it is a great place to observe the evolution of fund finance globally, since Luxembourg funds are commonly involved in fund finance transactions. One of the typical questions asked by lenders and lead counsel in a fund finance transaction involving Luxembourg-based investment funds concerns the enforcement of foreign judgments in Luxembourg.