Cadwalader Fund Finance partner Samantha Hutchinson has been shortlisted by the Financial Times in the “Innovative Practitioner” category as part of the publication’s prestigious FT Innovative Lawyers Europe 2021 awards and report.
Konstyantyn Shcherbakov has rejoined The Bank of New York Mellon as the Head of the Alternative Funds Lending team, which will consolidate fund finance product offering across subscription finance, NAV lending and other debt products extended to Private Equity and Hedge Funds.
ING’s Fund Finance business is experiencing significant growth and, as a result, the London-based team is now seeking to recruit an Analyst.
Pacific Western Bank is looking to hire at least two new analysts to support its fund finance team.
This article focuses on how private company and private fund interests are typically valued in NAV loan facilities and the increased focus we have seen lenders place on valuation issues since the beginning of the pandemic. For our purposes, NAV loans are loans to private equity funds that are supported, either on a secured or unsecured basis, by the value of the assets of the private equity fund (i.e., private company interests held by “primary” private equity funds or private fund interests held by “secondary” private equity funds).
Connect CRE published an interview with JPMorgan Chase's Julie Thick on subscription line lending − available here.
Carlyle this week announced the closing of a €2.3 billion ESG-linked credit facility for its European private equity and real estate platform. The press report from Private Equity Insider is available here.
Avardi Partners is looking to hire an Associate in London.
Granville Engle has joined the structured lending department at BNY Mellon to support the bank’s initiative to grow its private equity fund finance business by originating, structuring and executing subscription finance facilities. Granville was most recently working for Societe Generale and Sumitomo Mitsui Banking Corp. in Hong Kong.
In recent months, we have seen several requests to include a swingline facility in the capital call loan documentation for syndicated facilities. Swingline loans are normally made available as a component of a revolving credit facility by one of the lenders designated as the “swingline lender.” Swingline loans are designed to give the borrower more rapid access to funds than would otherwise be permitted by the notice periods prescribed in the credit agreement, which typically require at least three business days notice for eurocurrency loans and one business day notice for base rate loans. In addition to affording same-day funding, swingline facilities also grant a borrower greater flexibility by permitting swingline loans to be requested at a later time on the date of funding. Swingline loans can be funded with shorter notice because they are being advanced by only one lender, which is often the lender serving as the administrative agent.
Women in Fund Finance (WFF) will host an event in partnership with Morgan Stanley Private Wealth Management at the National Arts Club in New York on Thursday, September 23. The event will feature a collection of prints from Andy Warhol. This will be WFF's first in-person event in over a year and a half. The invite is for all WFF and FFA members who register before the cap is reached. For more information, click here.