Next Wednesday, September 30, 2020, marks the ARRC’s recommended transition date to a “hardwired” approach for LIBOR successor provisions in U.S. dollar-denominated syndicated credit facilities. It also represents the 15-month deadline before LIBOR is to be completely phased out. On the cusp of these pivotal horizons, we assess what you need to know from a fund finance perspective for the next chapter of the LIBOR transition.
The Fund Finance Association opened registration for this fall’s week-long Virtual Fund Finance Symposium, to be held November 16-20, which will include daily sessions with an Asia-Pacific, European and global emphasis.
Marilia Shewchenko recently joined Rochford Capital as Managing Director UK. Marilia previously worked at Validus Risk Management, where she was Head of Risk Advisory, and has over 10 years of experience in financial markets. Marilia is heading the expansion of Rochford Capital into the UK market.
In this week’s edition of FFF, I take a look in Part 1 at how the secondaries market is poised to seize the day and, in Part 2, how seizing the day from a personal perspective can deliver outsized returns….
In this week’s Fund Finance Friday: Industry Conversations, FFA Board Member Nick Mitra joins Mike Mascia and discusses the FFA’s upcoming Virtual Week, including the schedule and format for the European and Asia days, sponsorship opportunities, and individual ticket sales, as well as how the FFA is hoping the pivot to virtual will enable a greater number of participants to access the regionally focused content.
Click "Read More" to watch!
We are often asked by clients and non-Irish law firms about:
- whether Irish law account security is appropriate for lenders to Irish investment funds with an Irish depositary which has appointed sub-custodians who ultimately hold the fund assets in accounts outside of Ireland; and
- in circumstances where Irish law account security is appropriate, what security packages are available and customary in Ireland in respect of depositary accounts held by Irish investment funds.
As such, we have set out a brief (and hopefully helpful) summary of these issues below.
In this webinar series, Michael Mbayi, Director at Wildgen S.A., is joined by panelists who are experts in the fund finance industry across the U.S., Europe and Asia. This webinar covers the state of the fund finance market over the past quarter, as well as current trends and future outlook going into the fourth quarter.
Should potential investors evaluate the creditworthiness of a fund’s current LPs in assessing whether to invest? Fund industry leader Alicia Gregory, who is the head of private equity at the Australian SWF, thinks so. In her view, reports Private Equity International, included investors, whose capital commitments are secured against for the fund’s credit facility, could otherwise be left overexposed in situations where less creditworthy LPs default on their capital calls.
Iulia Gay of Luxembourg law firm SLJ Jimenez Lunz this week published an article on LinkedIn titled: “A New Tool for Funds’ Leveraged Facilities – The Luxembourg Professional Guarantee of Payment.” The article discusses the new Lux legislation on professional payment guarantees and how their use can apply in NAV-based financings.
A Private Funds CFO article titled "Variance reins in subscription facilities in the ‘new normal’" focuses on how COVID-19 has caused a market that many viewed as having generally predictable terms and rates back to a market that has a wide variance in the terms funds are able to obtain from lenders. Fund Finance Partners' Zachary Barnett has observed the shift resulting in more favorable terms for lenders and discusses how fund sponsors may adjust.