On June 25, 2025, FinCEN announced its first orders under the 2024 FEND Off Fentanyl Act, finding that three Mexican financial institutions—CIBanco S.A. Institución De Banca Multiple (“CIBanco"), Intercam Banco S.A., Institución de Banca Multiple (“Intercam”), and Vector Casa de Bolsa, S.A. de C.V (“Vector”) (collectively, the “Designated FIs”)—are of “primary money laundering concern in connection with illicit opioid trafficking.” Effective beginning September 4, 2025, U.S. financial institutions are prohibited from engaging in any transmittal of funds from or to the Designated FIs.
Join Scott Aleali, Head of Private Equity Finance at Citizens Bank, and Jeff Maier, Senior Managing Director - Private Equity Finance at Citizens Bank, with special guest Nizar Tarhuni, Executive Vice President - Research & Market Intelligence at Pitchbook, for the latest Fund Fanatics episode.
A great night at the ballpark! The Cadwalader and Silicon Valley Bank teams came together for a fun evening at Oracle Park, cheering on the San Francisco Giants and celebrating a strong partnership.
As we power through what remains of this quarter, working to get deals closed before quarter end next week, you may have noticed some additional (and new!) blacklining in the tax section of your credit agreement thanks to a bill that is currently in the Senate. We are seeing new terms coming into credit agreements to include certain language in the tax provisions that wasn’t there before.
In our last Fund Finance Friday for the quarter, we dive into what’s driving these eleventh hour comments, how they are being dealt with, and who bears the risk of this so-called “revenge tax” when it comes to your fund finance deal.
Many subscription credit facilities will provide for the issuance of letters of credit in addition to the funding of loans. A letter of credit is an irrevocable undertaking for the payment of money issued by a bank at the request of a borrower in favor of a third-party beneficiary. The inclusion of letter of credit flexibility in loan documents provides borrowers with an instrument for future business with third-parties while avoiding, at times, the need to negotiate a “new” loan or guaranty.
This article will discuss the typical mechanics and elements of letters of credit under a subscription credit facility.
Cadwalader is once again proud to sponsor FFA University! The Fund Finance Association has expanded its FFA University offerings in the United States this fall to increase access and reach more members of the Fund Finance community.
Whether you're heading to the beach or the pool, enjoying a bike ride or hike, or gathering with friends and family for a backyard barbecue, we hope everyone in the U.S. has something fun planned to celebrate Independence Day next week.
Fund Finance Friday will be back on July 11th.