Scottish limited partnerships are often used in fund structures. They are very flexible, with little restriction on the terms of their partnership agreements and few specific constitutional requirements. They are quick and easy to set up, with relatively low ongoing administration requirements. They are general business organisations from a G7 country that have been used in many other sectors too since 1907. Most importantly, they have separate legal personality from their partners and tax transparency in the UK and many other jurisdictions. It is therefore very common to see them used as feeder funds, carried interest entities, general partners and performing other fund management functions as well as being used as vehicles directly holding investments of various types.
Trevor Freeman has joined Axos Bank as senior vice president, managing director and head of fund finance, based in New York. Axos is a new entrant to the fund finance space, and Trevor and his team are working to build a subscription line lending platform there. Trevor was previously at Signature Bank, where he was a managing director and one of the founders of the bank’s Fund Banking Division.
Moody's Investors Services is hiring for a Relationship Management role with a focus on the Alternative Asset Management space to assist the U.S. FIG Commercial team. For more information, visit here.
In light of lingering effects of the pandemic on many funds and uncertain and volatile markets, sponsors are increasingly looking for alternative solutions to generate liquidity for their investors. One such solution offered by the private equity secondaries market is the continuation fund. We discuss below what a continuation fund is, benefits of using this type of transaction and potential concerns that sponsors and investors may have with these transactions, as well as common solutions.
After leaving South Dakota and taking on a full tank of gas in Tennessee last week, today we have our biggest prize in our 50-state road trip of sovereign immunity: Texas.
The International Comparative Legal Guide – Lending and Secured Finance 2023 was recently published by Global Legal Group and features a chapter on Fund Finance by Cadwalader partners Wes Misson and Sam Hutchinson. The chapter, titled “Fund Finance: Past, Present and Future,” surveys the ascendency of the fund finance market to 2021, the state of play as the financial conditions tightened, and how the market is likely to develop going forward.
You can access the chapter here.
You can read the full guide here.
The FFA has provided some sneak-preview information on FFA University 2023. Training session 1.0 will once again take place virtually on September 21, and training session 2.0 will be in person in New York on October 5. These intensive full-day training sessions are designed for both bankers and lawyers transacting under U.S. law who are either relatively new to Fund Finance or seeking an in-depth training course.
Moody's Investors Services is hiring for a Relationship Management role with a focus on the Alternative Asset Management space to assist the U.S. FIG Commercial team. For more information, visit here.
It is a moving and powerful image: 260,000 headstones at Arlington National Cemetery in Virginia marked with American flags in honor of Memorial Day – an assignment of honor accepted by soldiers of the 3rd U.S. Infantry Regiment, the oldest active-duty infantry unit in the Army, dating back to 1784.
Before turning to our Memorial Day Weekend activities marking the unofficial start of summer (and our friends in the UK enjoying a Monday off for late May bank holiday), we in the U.S. need to remember that our freedoms and our ability to enjoy life's pleasures came at the expense of the heroic men and women of the U.S. Armed Forces who made the ultimate sacrifice. As it is said, we owe it to their memory, and to the families they left behind, to hold this day sacred, to honor them and to remember them.
We remember them this weekend ... and offer our gratitude.
It’s the Friday before Memorial Day Weekend here in the United States. Given the holiday weekend, this installment of our Sovereign Immunity Series will be light, as we will cover just two states: South Dakota and Tennessee. However, next week we will have an installment dedicated to Texas sovereign immunity, which is a complex and popular topic as many market participants know.