Here are updates to our Fund Finance Calendar.
In the not-too-distant past, execution of a major commercial transaction involved gathering the parties (and their lawyers) in a large conference room to sign (with a pen!) multiple counterparts of a suite of documents, each dutifully arranged by a junior staffer. The pomp and circumstance of the previous era’s closing rooms have given way to more efficient, convenient and cost-effective methods. Today’s closings are typically uneventful, digital affairs—conducted from participants’ respective offices (or on-the-go via mobile devices) and made possible in part by the advent of digital and electronic signatures. The latter category (think DocuSign, as opposed to PDFs or faxes) gives rise to questions of validity and enforcement.
Last week, FundFire published an article on the current state of the conversation surrounding ILPA’s 2017 guidelines. The article featured several leading voices on both the manager and lender sides highlighting the operational benefits of subscription lines and calling into question IRR boost as a motivating factor in the implementation of most subscription credit facilities.
First quarter private equity fundraising followed last year’s pace with $91 billion raised across 97 funds, according to PEI data. The recent PEI update again underscored a secular theme for private funds and their lenders: scale matters.
Mourant has prepared a "Top Take-Aways" summary from the 9th Annual Global Fund Finance Symposium in Miami that discusses high points from several presentations.
Matt Glen has been promoted to Vice President in ING's Investment Fund Finance team.
Standard Chartered Bank is hiring for an Associate Director in its Fund Finance, Financial & Strategic Investors Group. The role will involve contribution to the origination, structuring, and execution of fund-level subscription financings, hybrid facilities, NAV-based financing and GP facilities. For more information, click here.
Here are updates to our Fund Finance Calendar.
Each spring Cadwalader writes a state of the Fund Finance market review. Intended to be both succinct and readable, the review covers not only legal updates but also industry trends such as market growth, facility pricing, structural evolution and hiring updates. This year we published the update in the LSTA and GLG’s International Comparative Legal Guide for Lending and Secured Finance. To read our market review, click here.
GP-led fund restructurings have grown in prevalence as more funds turn to such transactions to unlock liquidity for LPs, to optimize asset value through term extensions or a capital injection, or to crystalize gains. ILPA this week published a report outlining suggested best practices for these transactions.