With just over two weeks to go until the global fund finance community gathers in Miami, the time seems apt to revisit some topics that bankers and attorneys encounter in some commonly seen non-US fund finance jurisdictions.
Global secondaries volume increased 45% to reach a record $162 billion in 2024, according to the latest edition of Jefferies’ Global Secondary Market Review. Both LP and GP-led transactions experienced double-digit growth. LP transactions accelerated as investors rebalanced private asset allocations, worked around slower distributions, took advantage of a narrower bid-ask pricing gap, and saw rising demand from evergreen vehicles. On the GP-led side, continuation vehicle transactions powered much of the growth. The full report is available here.
We had a fantastic time at The Future of Fund Finance | Europe at The Landmark Hotel in London. As a lead sponsor, Cadwalader was proud to support this premier event and have Partners George Pelling and Nick Shiren share their insights on key industry trends.
Although the fund finance market has been around a long time, it has undergone significant transformation. On 28 January 2025, the LMA held its first fund finance focused conference (in partnership with DealCatalyst) and explored the future of this dynamic market. Read on to learn more about the key innovations and outlook discussed.
James Strode, publisher of the Global Legal Insights – Fund Finance, chats with Terry Hatton of MUFG about the year ahead for the fund finance market, as well as the Fund Finance Association.
You can watch the video here.
This week, Cadwalader Special Counsel Katie McShane and Associate Fiona Cheng hosted a “Galentine’s” wine tasting at Parcelle Chinatown.
Christine Collado, sommelier, led an introduction on the sparkling wine of the evening before diving into small-group, informal discussions with the guests and leading them through a carefully curated wine list.
Thank you to the attendees for being our Galentine's this year and we hope to see more of you at the next!
As regular Fund Finance Friday readers know, articles in this newsletter often explore emerging trends in fund finance and fund finance-adjacent areas, and in this article we will look at single-asset back-leverage (“SABL”) facilities for private credit loans—which are at the intersection of fund finance, structured finance and leveraged finance/private credit.
Cadwalader Fund Finance, Finance and Financial Services Group partners have contributed to the 2025 edition of Fund Finance 2025 (also known as the “Pink Book”), the leading legal treatise for the fund finance industry, published by Global Legal Group.