It feels like yesterday that I worked on closing my first credit facility, sitting almost in the same spot that I am now, albeit now a little higher in the sky (by one floor precisely). If there is one thing that the past few years have taught me, it is that the fund finance industry and its products are ever evolving (see, e.g., recent developments in private credit and tranche B facilities), and of course many (if not all) of these developments are focused on liquidity solutions for borrowers and lenders alike.
Today, it seems only natural as we continue to grow with our clients (and in turn, their clients) that lenders are increasingly seeing a demand for financing solutions for aging funds, including those that may exceed the expiration of their term. In this article, we delve into an overview of structuring considerations for financing end of fund term subscription credit facilities.
The digital assets-focused Article 12 and other 2022 Amendments to the Uniform Commercial Code were signed into law by New York Governor Hochul on December 5, 2025, and will become effective 180 days after signing (on June 3, 2026).
New York becomes the 33rd UCC jurisdiction to enact the 2022 Amendments, and New York’s enactment of the amendments completes the trifecta of key corporate and financial jurisdictions (along with Delaware and the District of Columbia) adopting them. Because of the prevalence of New York law as the chosen governing law in many types of financings—including fund finance transactions—New York’s enactment of the 2022 Amendments will have a major impact.
Cadwalader has elevated 24 lawyers to partner, special counsel and counsel, effective January 1, 2026.
Special congratulations to the fund finance lawyers promoted in this class: Katie McShane (Partner, New York), Jordan Ballard (Counsel, Charlotte), Jonny Byrne-Leitch (Counsel, Charlotte), Brian Kettmer (Counsel, Charlotte), Brian Kurpis (Special Counsel, New York), Olivia Stewart (Special Counsel, Charlotte) and Clay Talley (Special Counsel, Charlotte).
The Fund Finance Association is delighted to announce the agenda is now live for the 15th Annual Global Fund Finance Symposium, taking place February 2-4, 2026 at the Fontainebleau Miami Beach.
Cadwalader's own Angie Batterson will be speaking on a panel titled "Insurance in Fund Finance."
Dear Fund Finance Friday readers, as the holiday season approaches, we want to extend our heartfelt gratitude for your continued support and engagement throughout the year.
To celebrate this special time and prepare for an exciting year ahead, we’ll be taking a brief pause. Fund Finance Friday will return in January, refreshed and ready to bring you more insights and updates.
We wish you a joyous and peaceful holiday season surrounded by warmth, happiness, and cheer and we look forward to reconnecting in 2026!
Hogan Lovells and Cadwalader today announced their intention to combine, creating Hogan Lovells Cadwalader. I wanted to be sure to reach out to you about this exciting news as soon as it was made public.
The SEC's 2024 amendments to Regulation S-P introduce the most comprehensive update to federal privacy and data security standards for SEC-regulated institutions since the rule was adopted. While the amendments are directed at investment advisers, registered funds, broker dealers, and transfer agents – not lenders – fund finance deal teams are already seeing the effects.
We have seen sponsors and their counsel increasingly focused on the changes relating to their need to due diligence their service providers, and their need to obtain notice within 72 hours of a service provider data breach. For banks and other regulated lending institutions, this raises important questions around regulatory scope, operational expectations and market standards.
This article summarizes the key regulatory changes, why sponsors are reacting the way they are, and why lenders generally should not be expected to take on Regulation S-P obligations when they are already subject to their own robust data privacy regimes.
From navigating complex transactions as a junior associate at Cadwalader to leading innovative financing solutions at Bank of America, Bryan Kearns, now Managing Director – Head of Subscription Finance Group at Bank of America, has built a career defined by diligence, collaboration, and curiosity.
In this Alumni Spotlight, Bryan sits down with Tim Hicks, current partner and Co-Head of the Fund Finance Group at Cadwalader, to reflect on his career journey, the mentors who shaped his leadership style, and how his time at Cadwalader continues to influence his approach to teamwork, problem-solving, and professional growth.