On November 7th in New York City, Women in Fund Finance U.S. hosted a panel, together with Morgan Stanley and TriState Capital Bank, entitled “Who is Lending? Perspectives from Banks and Fund Sponsors in a Volatile Market”.
PNC Bank is looking to hire a Capital Markets Sr Associate within PNC’s Asset Backed Finance Organization. This position is primarily based in New York, New York. A description of the role, and additional details are available here.
Moody's Investors Service recently published its new proposed methodology for rating subscription credit facilities.
The proposal is available on the web at this link and the comment period will be open from now until December 4th.
As noted in Angie Batterson’s wonderful panel at our Finance Forum in Charlotte last month, the term NAV loan means different things to different people, and can encompass a diverse mix of structures and asset classes in the market. Borrowers under "NAV loans" can include private equity funds, secondaries funds, hedge funds, funds of funds, private credit funds, real estate funds or infrastructure funds, to name a few. Examples of asset classes we see underwritten in connection with NAV loans include equity and debt interests in private companies, private funds or exchange-listed companies, preferred shares, bonds, loans and real estate. Regardless of the type of NAV transaction and the type of assets being underwritten by the lender, one fundamental aspect of all NAV deals is the level of security provided to the lender in respect of the investment assets. This article highlights some of the key characteristics of secured loans and so-called “negative pledge” loans.
Moody's Investors Service recently published its new proposed methodology for rating subscription credit facilities.
The proposal is available on the web at this link and the comment period will be open until December 4.
Cadwalader Fund Finance partner Samantha Hutchinson will be speaking at SuperInvestor's LP/GP Relations Event taking place next week from 14 - 17 November 2023.
The FFA APAC team invites you to join them for an evening of networking on December 7, 2023.
The EMEA FFA NextGen Committee invites you to join them for 2023 Christmas Drinks, hosted by Simmons & Simmons.
It’s already been two weeks since we wrapped up the Cadwalader Finance Forum in Charlotte, which featured a panel on “New Approaches in the NAV and Secondary Market.” The panelists provided attendees with an entertaining and very educational discussion explaining what exactly is NAV finance (see summary of panel discussion here). Given the packed crowd for the panel and the general buzz at the conference, it should be obvious to even the casual observer that interest in NAV finance is at an all-time high (which is saying something since it has consistently been one of the hot topics at industry conferences in recent years). So, as we enter the home stretch of 2023, we wanted to reflect this week on the state of the U.S. NAV finance market and provide some thoughts on trends we are observing and what we are hearing in the market as we get ready to wrap up what has been a dynamic year.