There is a new Prime Minister in the UK -- Boris Johnson -- who swept to power on the back of the votes of less than 1% of the UK electorate, with the enthusiastic support of the “hard” Brexiteers in his party and with an apparent intention to Brexit (yes, it is now a verb) by the current deadline of 31 October, a plan he intends to execute, despite serious obstacles, with a mixture of a “can-do” attitude, “optimism” and the appointment of a cabinet made up of fellow Brexiteers who share the Prime Minister’s unbridled enthusiasm. A cautionary note for those on either side of this historic debate: Optimism, a can-do attitude and enthusiasm are all admirable qualities but do not by themselves alter the political and economic realities of the Brexit process.
Women in Fund Finance was pleased to hold its third Wit & Wisdom Series meeting, connecting senior women in the fund finance industry with junior members for intimate breakfast discussions.
Anna-Lise Wisdom is a Partner in the corporate team in Appleby’s Cayman office. She specializes in fund financing and regularly advises leading financial institutions in connection with subscription facilities, NAV-based facilities and hybrid facilities offered to private equity funds. She also has substantial experience in asset finance, acquisition finance and general corporate finance. Anna-Lise has been rated as a "rising star" in banking and financial services in the IFLR1000 2019 rankings. She is a co-author of the Cayman chapter of Fund Finance 2019 published by Global Legal Insights and regularly appears on global panels to debate topical issues in fund finance.
At the end of last month, the CFA Institute released the latest iteration of its principles for representing investment performance. The Global Investment Performance Standards (GIPS) go into effect on Jan. 1, 2020. For the fund finance market, GIPS 2020 represents an incremental move towards more disclosure on the use of subscription facilities.
Jeff Maier, Managing Director - Private Equity Finance at First Republic Bank, earlier this week published an article titled: "Subscription Lines: Why All the Drama?"
Buyouts earlier this week provided additional reporting on Court Square in an article titled: "Editor’s Letter: Court Square puts sub lines in LPs’ court."
Here are updates to our Fund Finance Calendar.
Private Funds CFO this week offered the perspective of both private equity fund leaders and long-time senior fund finance banker Mike Robin of Citibank on the subscription facility market.
The Fund Finance Association opened registration this week for its 3rd annual Asia-Pacific Fund Finance Symposium.
Scott Aleali of First Republic Bank published a thought leadership piece on LinkedIn earlier this week titled "Beyond Subscription Lines: Financing Options For Investment Funds."