This April 28 CLE program, part of the ABA Business Law's Hybrid Spring Meeting 2023 in Seattle, will describe the evolution of fund finance.
U.S. Bank is seeking an Analyst to join its Subscription Finance origination team in New York. For a description of the role, and for other information, including how to apply, please visit here.
As the Cadwalader European Fund Finance team commented at the end of 2022 (following an industry-wide survey), 2023 was predicted to be a challenging environment for subscription line financing given increased regulatory requirements, higher interest rates and liquidity constraints, among a number of other factors. In the final quarter of 2022 and at the start of 2023, we have seen a number of these themes play out as predicted, with liquidity constraints clearly playing into pricing. Spreads across all sizes of managers and asset classes are widening. This, coupled with the rising rate environment making the all-in cost to utilise subscription lines at an all-time high, has prompted a debate: at which point does subscription finance become uneconomical for GPs?
Today’s article marks the halfway point in our alphabetical 50-state survey of sovereign immunity, as this installment covers Montana, Nebraska, Nevada, New Hampshire and New Jersey.
FFA has published photos from the 12th annual Global Fund Finance Symposium in Miami. You can view them here.
Women in Fund Finance (WFF) U.S. is hosting a virtual panel on “Navigating ESG Communications: Strategies for Challenging Times” this Tuesday, February 28 at 11 a.m. EST. The panel will focus on ESG data, disclosure, and ratings/scoring and will explore how different types of data may be used for risk analysis/mitigation, strategic planning/value creation and stakeholder engagement/communication. Click here to register and for the speakers’ list.
With increasing demand for liquidity solutions, Goodwin has published a resource on reasons why fund managers are turning towards NAV financing and preferred equity tools. The resource offers a high-level summary on strategies, including the offensive and the defensive, as well as key considerations relating to the highly bespoke structures such as availability, pricing and LTV covenants/borrowing base. To read more, click here.
Lloyds Bank is looking to hire an Associate for its Financial Sponsors team in New York. For more information, visit here.
One of the best things about the FFA Global symposium is the opportunity to see and speak with so many members of the fund finance industry, including our wonderful clients. This year we rolled out a new concept, Fund Finance Friday Studios, which are recorded interviews with some of the most exciting and influential players in fund finance. Here are some of those conversations and we look forward to rolling out more of them soon. We thank everyone who participated and look forward to continuing this initiative and to speaking with more of you in the coming weeks and months ahead. Tune in here.
Cadwalader’s own fund finance partner Brian Foster moderated one of the four panels focused on NAV financing at this year’s Global Symposium, evidencing the growing relevance of NAV products in the fund finance market. The panel, titled “Secondaries and Continuations,” brought together a group of industry experts to discuss developments in the Secondaries market and the opportunities and challenges facing that market.