Congrats to Cadwalader Fund Finance team attorneys who were recently included in the 2022 edition of the Best Lawyers: Ones to Watch in America® for their work in “Banking and Finance Law.”
The fund finance markets have been quite consistent over the summer and new developments have been limited. But as we head back to school and close in on Labor Day, here are our recent observations of interest.
The market has received a lot of answers about benchmark replacement this year. We know for sure that LIBOR is going away. We also know that no new USD LIBOR loans should be originated after December 31st of this year. More recently, we now have more confidence in our LIBOR replacement as the Alternative Reference Rates Committee (“ARRC”) formally recommended forward-looking Secured Overnight Financing Rate (SOFR) term rates for syndicated and bilateral business loans and a number of other products.
The Fund Finance Association released its 2022 sponsorship opportunities this week and opened registration for the 11th Annual Global Fund Finance Symposium in Miami from February 16-18, 2022.
PE News published a column by Sumit Chhabra of Acuity Knowledge Partners this week that highlighted the ways in which NAV financing is becoming increasingly relevant to funds.
NatWest Markets is hiring a Vice President in London to support the growth of its Fund Finance group, specifically focused on Subscription Line, Hybrid and GP financing. If interested, please refer to this link.
With all the headlines about Delta controlling the news cycle and recent announcements of more quasi-shutdowns, delayed office returns and mask mandates, it seems as if the start to August feels eerily familiar to last year’s summer concerns. But dig a little deeper and you will see that this is not a case of deja vu − there is a ton of room for optimism in our market generally and, when compared to YTD numbers last year, the contrast is striking.
In this week’s FFF: Industry Conversations, Mike Mascia sits down with 17Capital Investment Director Michael Timms. They discuss 17Capital's fund finance capabilities and Michael's role at 17Capital's West Coast outpost.
It may be that you woke up last Saturday morning, spotted the date 7 August on your phone, and then had that feeling that you’d forgotten something of significance on this date – a birthday perhaps, or maybe worse, a wedding anniversary?! Thankfully, there was no need to bolt out the front door and do some indiscriminate present-buying on this occasion, as all that you missed (we hope!) was the one-year anniversary of the effective date of the Cayman Islands Private Funds Act (or the PF Law as it was then known). The 1st anniversary of PF Act “Game Day” is an opportune time, however, to take stock and see what, if anything, has changed as the PF Act settled in as part of fund finance transactions over the past year and what issues have been at the fore as sponsors and lenders have navigated their way through this new law.
The FFA's Women in Fund Finance group this week announced 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. For more information, click here.