Jeff Maier, Managing Director of Private Equity Finance at First Republic Bank, authored an article last week arguing for a flat advance rate as an alternative to the borrowing base formula traditionally used in subscription-backed credit facilities.
Private Equity International this week ran a fascinating article on PSERS' private equity unfunded capital commitment exposure. The article reports that PSERS’ Chief Investment Officer reported this week on their “subscription line exposure,” which constitutes about 11% of its total unfunded commitments of $10.3 billion as of June 30.
Fund Finance Partners is looking to hire an Associate or Analyst for its Charlotte office; Cadwalader's Charlotte office is seeking an associate for its Fund Finance practice.
Private Funds CFO recently ran two articles on subscription lines.
Here's a look at what we're reading outside the four corners of fund finance.
When the Fund Finance Association hosts our Global Fund Finance Symposium in Miami on February 12-14, 2020, it will be the 10th consecutive year for the event. To celebrate this milestone anniversary as well as our industry’s collective growth and successes, the FFA Board wanted to “go big” in Miami. With that in mind, we are so excited to have announced this week that our keynote speakers will include both Hillary Rodham Clinton and Earvin “Magic” Johnson!
Supporters of the Diversity in Fund Finance initiative gathered in New York to present to Baruch College’s Financial Leadership Program (FLP) for the second year in a row. The FLP is dedicated to the professional development and advancement of high-potential juniors interested in careers in finance. The program's mission is to increase recruiting for Baruch's diverse and talented students into top financial analyst programs across industries.
Last week, my colleague Chris van Heerden wrote a compelling note forecasting the increased use of fund-level leverage in the United States. Here are some additional practical considerations supporting his growth conclusions.
We kicked off the Player Profile series earlier this year to connect our readers with leaders in the fund finance industry. This week we catch up with Gail Boyle on the current state of the market, career advice and the fund finance outlook. Gail is a senior banker in the Fund Finance space for MUFG Union Bank. Her clients and her practice are primarily centered in the Western U.S., and focuses on banking of Private Equity GPs via their specific fund borrowers – a highly successful, growing practice for the bank.
Cadwalader continues to take a leading role in the development of fallbacks and replacement benchmark rates for LIBOR. As part of this process, Cadwalader recently worked closely with the Loan Syndications and Trading Association (LSTA) to develop a concept credit agreement, available to certain members of the LSTA’s working groups, that references a compounded average of SOFRs calculated in arrears.