Women in Fund Finance held its inaugural event in Canada which was held at CIBC in Toronto. The event consisted of a panel discussion covering the fund finance market and covered topics ranging from the current fundraising environment, M&A activity, different forms of fund level financing, and the rating of fund finance facilities.
Investec’s Secondaries Report 2024 is out now. Surveying 50 global secondaries managers, the report explores the key trends driving the growing and increasingly sophisticated secondaries market over the past year. We provide valuable insight into how the market has developed, as well as the challenges that lie ahead.
At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund finance transactions, though, are by design crafted to be at several levels removed from such underlying assets. With such ultimate assets remote from the transaction, it may seem to fund finance practitioners that concerns about changes in the Uniform Commercial Code relating to the nature of collateral assets are just as remote.
On September 18, 2023, the U.S. Basel III Endgame proposal was published in the Federal Register. The comment period ended on January 16, 2024, with the banking regulators (the Federal Reserve, the OCC, and the FDIC) having received hundreds of comments on the proposal. Acknowledging the many concerns raised in the comment letters, Federal Reserve Chairman Jerome Powell indicated in his March 2024 Congressional testimony that “there will be broad material changes to the proposal.” On June 24, Bloomberg reported that the Federal Reserve has “shown other US regulators a three-page document of possible changes to their bank-capital overhaul that would significantly lighten the load on Wall Street lenders."
Cadwalader had a great time at the Second Annual Diversity in Fund Finance Summer Soiree: Suits & Soju, held at BARO by Chefs Society and co-sponsored by Cadwalader, Fried Frank and Lloyds.
Cadwalader was proud to be a lead sponsor of last week’s Securitization in Fund Finance conference in New York. The conference reflected the many ways in which the fund finance market is evolving with securitization increasingly playing a role.
This year is starting to feel a bit more normalized after the 2021-2022 record origination numbers followed by the 2023 market disruption. In many ways, fund finance has passed the stress test and moved forward. What has 2024 shown us through the first half?