SMBC is hiring an Executive Director for its Subscription Secured Finance group for the Asia Pacific region. For information, click here.
The Revlon case has been in the news for a while and the lending industry has responded, as the district court’s decision is still pending appeal. In this two-part series, we will break down the district court’s decision and the lending industry's response, as well as some of the comments that agents are facing from their lender syndicates. Next week, we will let you know what we are seeing in terms of borrower-side feedback.
Cadwalader's Wes Misson and Katie McShane presented a CLE live webinar with Strafford Webinars on "ESG in Fund Finance" yesterday.
Wildgen hosted another webinar in its Fund Finance series on July 8, this one a Next Generation Edition on Umbrella Facilities. The panelists were a group of Fund Finance rising stars. To watch the webinar, click here.
In anticipation that over the next decade private individuals will have similar private markets allocation ratios to institutional investors, Ganryu Capital Partners has published a white paper titled, “Private Markets for Private Investors."
Secondaries Investor covered 17Capital’s $4.5 billion fundraise this week for its fifth preferred equity fund and related vehicles. The subscription-required article is accessible here.
Private Funds CFO this week published an interview with Ted Goldthorpe and Tom Glover of BC Partners about the firm's platform and fund finance capabilities. The subscription-required article is accessible here.
Kroll Bond Rating Agency is looking for a fund finance attorney with 4+ years’ experience to join its Ratings Legal team. For more information, click here.
As a way to increase the availability of uncalled capital and deploy additional capital for new and existing investments, limited partnership agreements will typically permit the general partner to recall proceeds from investments received by a fund borrower (a “Fund Borrower”) and subsequently distributed by a Fund Borrower to its limited partners (“Fund Borrower LPs”). It is important for a lender and its counsel to review the recallable capital provisions in a limited partnership agreement in connection with a prospective or existing subscription credit facility (a “Facility”). Fund Borrowers usually request that a lender include recallable capital in the lender’s calculation of remaining uncalled capital, which effectively increases the borrowing base and availability to a Fund Borrower under a Facility. Careful analysis and understanding of the recallable provisions and limitations in a limited partnership agreement is a prerequisite in responding to such a request. In this article, we will touch on a few categories of recallable capital commonly found in limited partnership agreements.
We have been talking about the LIBOR transition a lot lately, whether here in FFF, amending deals to contemplate the benchmark transition, or working with our clients to determine the best way to address the move away from LIBOR in their credit documents.