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Although commercial banks have long taken the lead in fund finance lending, alternative lenders have gradually taken on a larger role in the market. This trend appears to have accelerated over the last year, partly driven by a reduction in new lending by banks and the resulting search by borrowers for new sources of capital.
In this episode of Fund Finance Friday: Industry Conversations, Ganryu Capital Partners’ Josh Bourone joins Samantha Hutchinson to provide his take on evolving fund structures, LP sentiment to fund financings and the lender landscape.
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Charles Inkeles, Head of U.S. Fund Finance at Industrial and Commercial Bank of China, joins Mike Mascia and discusses his new role and mandate at the bank, along with his recent market observations.
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The Fund Finance Association continues to be very active as we gallop towards the end of the year. Read on for a few highlights.
Brickfield Recruitment has posted an article on its website examining diversity in the fund finance sector and how recruitment practices are a key part of attracting more female talent. The article was produced from research Brickfield has been conducting into several key policy aspects of hiring in fund finance teams at banks and law firms, and discusses how mentoring by female leaders, recruitment initiatives and cultural change all have roles to play.
In this article, Private Debt Investor looks at the increased demand for portfolio-level financing from European and U.S. funds. Early in lockdown, GPs were looking at liquidity options to defend their portfolio, but as the economic environment has evolved, they are now looking to portfolio-backed credit to address liquidity needs and further their strategies.
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Bree Mitchell has recently been promoted to Director within National Australia Bank (NAB)’s fund finance business in the Client Management and Execution team. NAB’s fund finance business operates a relationship-led model servicing funds clients globally across Australia, London, New York and Asia. |
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Audrey (Fuying) Yu recently joined National Australia Bank as an Associate Director, focusing on fund finance. |
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Tej Sahi recently joined CIBC as Managing Director in its Innovation Banking division. Based in New York, Tej will lead the expansion of CIBC’s Innovation Banking by originating and structuring capital call lines of credit and other debt products to Private Equity and Venture Capital Funds. |
The fundamental legal principles underlying the use of and the market practice of payoff letters.
In this week’s Fund Finance Friday: Industry Conversations, Robert Duggan, Nick Mitra and Danielle Roman join Mike Mascia to discuss the content and speakers for the FFA’s upcoming Virtual Week.
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First Republic Bank explains why the fund finance industry and subscription credit facilities have passed the COVID-19 test in spite of fundraising and broader economic challenges. FRB analyzed 2020 private equity data and trends, predicting that a stronger, more diverse fund finance market will emerge.