The fund finance market has certainly supported the FFA's change in venue for the Global Symposium to Miami. The event has now been sold out for several weeks and 600 people are currently registered. Market participants have been scrambling to find sponsorship passes that have yet to be allocated. The FFA is extremely appreciative of the support the market has given the event and regrets that facility constraints are preventing further registrants. You can get on the waitlist for the event here.
Bloomberg this week reported on a $3 billion subscription facility for SoftBank Group’s Vision Fund. The article states the facility was led by Goldman Sachs and Mizuho Financial Group and also discloses reported lender participants. The article is available here.
Wells Fargo annouced a large round of promotions in its Subscription Finance group this week.
Investec Bank appointed Tom Glover to head the bank's fund finance business in New York.
Here are some updates to our Fund Finance Calendar.
In the short period since their introduction in 2015, ICAVs have become the structure of choice for Irish funds. This is down to the flexibility they offer from both a tax and legal perspective. Somewhat inevitably, the increase in the use of these vehicles is now translating into the fund finance space, with an increasing number of borrowers in capital call facilities being ICAV entities.
The Fund Finance Association (FFA) Next Gen Network recently held its inaugural event in New York City. About 75 young professionals working in the fund finance industry – bankers, private market professionals and lawyers – convened at First Republic Bank’s New York City offices for an evening of introductions and libations.
The Fund Finance Association's Women in Fund Finance group announced its next event this week. Titled “WFF London – Return to Work Discussion and Networking Event,” the breakfast reception is scheduled for 8:30 a.m. on Wednesday, March 13, 2019, at Reed Smith LLP’s office in London. To register or for more information, click here.
Ogier published a thought leadership piece this week titled Fund Financing in the Channel Islands; it’s about good financial management. The article sets forth the various types of fund financing that are available to fund borrowers in the Channel Islands. A copy of the article is available here.
PitchBook bullish on fundraising, regulatory focus on disclosure, and a couple of primers.
Jeremy Grubb has assumed leadership of the Private Equity Banking Group at Citizens Bank, N.A. He takes over from Jamie Lewis, who is retiring after 37 years in banking. Jeremy joined Citizens from Bank of America Merrill Lynch in early 2015, and has been involved in fund finance for 13 years.