The LSTA this week hosted a webinar on Fund Finance. Cadwalader’s Mike Mascia joined Meyer Dworkin of Davis Polk, Joel Denny of Nomura and Tess Virmani of the LSTA to provide a high-level overview of subscription facility and NAV-based lending structures and terms.
Some fund managers are taking action to address liquidity concerns and find solutions in a market impacted by the COVID-19 pandemic. In a conversation with Private Debt Investor, Fund Finance Partners identifies key dynamics that have developed in the fund finance market as sponsors focus on liquidity.
Scott Aleali and Jeff Maier of First Republic Bank published an article earlier this week on LinkedIn discussing the impact of COVID-19 on subscription lines and the fund finance market.
Private Equity International and Private Funds CFO published and distributed multiple articles this week about limited partner liquidity and the private equity space in light of the COVID-19 crisis.
Annabella Kwei has joined Citibank, N.A. as Vice President/Specialist Lead on the Sponsor Finance team as part of the firm’s initiative to expand its growth in fund finance.
Here's a look at what we're reading outside the four corners of fund finance.
Atrium Health, the largest healthcare provider in the Carolinas, has created an initiative called “Make Noise to Make a Difference” to support all of the healthcare providers battling COVID-19.
Another wild week: we saw massive swings on the stock market, political drama over aid packages, and many settling into a work-from-home routine that includes challenges such as home schooling and the need for at least one-third of the world’s population to comply with government-mandated stay-at-home orders. All of this in the midst of the greatest public health crisis the world has seen since 1918. Just two weeks ago, many of us were going about our daily lives – traveling, going to shows and sporting events, eating and drinking at our favorite restaurants and bars, and routinely convening face-to-face with colleagues and clients. This seems like two decades ago.
Starting this week, FFF is going to include short podcasts with third-party industry leaders in an effort to get real-time information to our readership. The podcasts will be accessible from FFF, on fundfinancefriday.com and on Spotify. In our premiere "Fund Finance Friday: Industry Conversations" podcast, Cadwalader's Mike Mascia interviews Jocelyn Hirsch of Kirkland & Ellis on what she is seeing in the leveraged finance and fund finance markets along with what she is hearing from her fund sponsor clients.
Amid the global COVID-19 pandemic, opportunities continue to arise in the fund finance space for both banks and borrowers alike. The markets are showing some signs of calm this week, and all parties are looking for new opportunities to continue and grow business. Private equity firms, in particular, are looking more closely at distressed asset investments that are now available at discounted prices, and general partners are already identifying new business investments across the more suddenly successful technological, pharmaceutical and biotech markets.