The FFA’s Board of Directors this week issued a statement on the FFA’s commitment to diversity and inclusion. Special thanks to Natasha Puri for her guidance to the Board in the preparation of this statement, which is available here.
Scott Aleali and Jeff Maier of First Republic Bank put out another episode of “Fund Fanatics” on LinkedIn this week, this time with guest Lori Gleeman, Founder and CEO of Soul Equity Solutions, to discuss the surge of activity in the market along with the development of ESG mandates. To watch the clip, click here.
High net worth investors may allocate an additional 5% of their portfolios to private markets by 2025 to drive $1.5 trillion in additional AUM growth for the industry, according to a joint report by Morgan Stanley and Oliver Wyman. Other key drivers for private market growth in front of wealth and asset managers include ESG, crypto, and technological innovations that will permit scalable customization in private sector investment strategies.
PitchBook recently detailed the criticisms of private fund allocations and realized performance that have been leveled at Pennsylvania Public School Employees’ Retirement System and at the State Teachers Retirement System of Ohio.
Cadwalader’s Fund Finance Team has been shortlisted for The Drawdown Awards 2021, named as a finalist in the “Fund Financing: Advisory Services” category. The winners will be announced at an awards ceremony on September 23 in London.
The Goldman Sachs Asset Management team in New York is hiring an analyst to join its Alternative Capital Markets & Strategy (ACMS) Fund Finance team.
Morgan Stanley Private Bank is hiring for a Vice President - Wealth Management Risk - Credit Underwriter in its Capital Call Subscription Financing group.
Blocker entities are a common part of private equity fund structures. In many cases, blockers are used to insulate foreign and tax-exempt investors from direct tax liability in the fund’s home jurisdiction. Blockers are generally intermediate entities that receive capital contributions from a feeder fund and then contribute those funds to a master fund. While blockers may be one of several intermediate entities between a feeder fund and a master fund or an aggregator vehicle, for simplicity this article assumes that the blocker is the only entity between a feeder fund and a master fund.
In this week’s FFF: Industry Conversations, Mike Mascia sits down with Cadwalader partner Jed Miller to discuss capital relief trades (CRTs) for banks in the context of subscription facilities.
The FFA’s Women in Fund Finance group has announced several upcoming virtual events. WFF U.S. will host an event titled “ESG Series III: Financing Green/Blue Infrastructure” on July 14 from 11 a.m.-12:15 p.m. EDT. WFF Global also announced a panel on “Fund Liquidity Solutions” for July 21 at 3 p.m. BST. The panel, to be moderated by Cadwalader's Samantha Hutchinson, will focus on structuring alternative liquidity solutions for private markets managers.
Citibank’s Sponsor Finance team is hiring for two open positions: a junior Sponsor Finance Specialist and an Analyst.