Demand for subscription credit facility lines has significantly increased since the beginning of the COVID-19 pandemic, with the current market estimated at around $500 billion in commitments across over 70 lenders. What are fund investors’ thoughts on the increasing usage of subscription credit lines by managers? PERE surveyed 100 institutional investors to figure out just that in its Investor Perspectives 2021 Study.
The FFA made two announcements this week: The deadline to submit nominations for the FFA’s 2021 awards slate has been extended until next Wednesday. Additionally, the FFA announced it is hosting a Quarterly Update on April 6th at 11a.m. EST, featuring a fund formation update from Preqin and a market update.
Dee Dee Sklar was recognized this week in the March issue of Women Leadership Magazine USA as one of 104 outstanding contributors focused on creating gender equality and empowerment for women in the workplace. While it is great to see Dee Dee receive global business recognition, her relentless advocacy for women is well known to the fund finance community.
The State of New York this week passed legislation intended to help smooth the LIBOR transition for difficult legacy contracts. Law360’s coverage of the legislation and its passing is available here. Congratulations to our Partners, Jeff Nagle and Lary Stromfeld, who have been working on this legislation for well over a year. Great work!
Fund Finance Partners this week published a thought leadership piece on recent developments in the fund finance market. The article is available here.
Last Saturday, Wes Misson was faced with the incredibly sad task of memorializing his mom Judith, who passed away after more than a decade-long battle with Alzheimer's. As is often the case, it was a moment I was proud to get to be one of Wes' friends. He did a wonderful job paying tribute to an amazing woman. Judith was an incredible wife, mother and friend to many. You could feel her love and commitment to family, America, hard work and perseverance in the room.
There has been a dramatic increase in appetite amongst funds for sustainability linked loans (SLLs), which are often commonly referred to as “ESG linked loans” or “KPI loans,” an appetite that is expected to continue to increase in the coming years. This article provides an outline of SLLs, as well as some key structuring considerations.
The FFA’s NextGen’s APAC team announced its first event this week, a program titled “Fund Structures in Asia Pacific 101.” The event is scheduled for 3 p.m. (Hong Kong time) on Tuesday, March 30. On Thursday, March 25 at 11 a.m. (New York time), the Diversity in Fund Finance group hosts its first Boundary Breakers event, featuring a conversation with Vicky Du, Global Head of Fund Finance at Standard Chartered Bank, and moderated by Albert Tan of Haynes and Boone.
The Fund Finance Association is soliciting nominations for its 2021 Industry Awards.
Fund Fanatics Scott Aleali and Jeff Maier take a (virtual) trip to the Caribbean to chat with Cayman lawyer Michael O’Connor of Conyers about the Private Funds Act, Cayman opinions and the ultimate concert to attend, post-COVID. Check it out here.