Societe Generale is hiring an associate for its subscription finance team.
Bridge Bank is hiring for a Senior Vice President in its Equity Fund Resources group for an origination role.
The initiative to draft a code that would unify commercial transactions across U.S. states came about in 1942. The drafters went to work in a remarkable setting that, aside from a global war, was marked by clashes of ideologies growing out of the Great Depression and the New Deal era. The group spent most of the next decade completing a comprehensive published version of the Uniform Commercial Code (the “UCC”) for presentation to the states and then the initial process of enactment by the states continued through 1968. Given this backdrop, the origin and development of the UCC has spawned a seemingly endless supply of legal research material. We set all of that to the side here and boil things down to what we see as the must-know points on the UCC for fund finance bankers.
Following the Cadwalader Fund Finance Team’s recognition at The Drawdown's Private Equity Service Provider Awards earlier this year, the publication’s editors sat down to talk with partner Sam Hutchinson about the group’s London team.
Graham Bippart, the Editor at Private Funds CFO, this week published a cover story for the April/May edition that provides in-depth coverage and analysis of the emergence of ESG-linked subscription facilities.
Join Women in Fund Finance on April 8 from 11 a.m. to 12 p.m. EDT for a discussion among four industry leaders who will take a look at the current trends of venture capital and how the venture market is completely transforming private equity. Registration is available here.
Women in Fund Finance will host a virtual fireside chat with author Alice C. Early on April 13 at 11 a.m. EDT. For more information or to register, click here.
Private Equity International this week published an article discussing how COVID has changed the landscape of key negotiation points between GPs and LPs.
Josh Binder has joined Mizuho Americas as an Associate on its fund finance team. He will support the bank’s initiative to grow its fund finance business by originating, structuring and executing subscription finance facilities for best-in-class fund managers. Josh most recently served as a Credit Risk Associate at Commonwealth Bank of Australia.
Even though the market practice has shifted away from obtaining investor letters (“Investor Letters”) for many subscription-based credit facilities (“Facility”), Investor Letters continue to be an effective option to provide additional credit support for certain types of Facilities with single managed accounts and challenging lender provisions in side letters. One of the reasons for this change is that Limited Partnership Agreements (“Partnership Agreements”) have become much more lender-friendly, provide more robust secured Facility provisions, and include many of the important Investor Letter provisions. Investor Letters have historically supplemented the standard loan and security documents and fund formation documents to provide direct assurances from a limited partner (“Fund Investor”) to a lender that the Fund Investor unconditionally stands by its capital commitment to a fund (“Fund”). In this article, we will explore a few of the key provisions contained in Investor Letters and the significance of each to a lender in a subscription facility.
Earlier this week Diversity in Fund Finance hosted a virtual event for its Boundary Breakers speaker series. The series is aimed at having open conversations with senior leaders to give voice to the unique issues and perspectives diverse professionals face. The inaugural event featured Vicky Du, Global Head of Fund Finance at Standard Chartered, and was moderated by Albert Tan, Partner and Co-Chair of the Fund Finance Practice Group at Haynes and Boone.