Global Legal Group this week launched the 2023 edition of Fund Finance 2023 (aka the “Pink Book"), the leading legal treatise for the fund finance industry. Now in its seventh edition, this unique publication provides in-depth analysis of market conditions, regulations and laws, covering 19 key jurisdictions, with 27 expert analysis chapters providing in-depth and up-to-date analysis. As contributing editors, Cadwalader’s Wes Misson and Sam Hutchinson co-authored the Preface and sat down for an interview with publisher James Strode to discuss this latest edition and the year ahead in finance.
As part of Global Legal Group’s launch this week of the 2023 edition of the “Pink Book,” publisher James Strode sat down for a video interview with Terry Hatton, Head of Fund Finance at MUFG, available here.
Those in the subscription credit market will likely be familiar with traditional collateral arrangements over the capital call rights of Cayman funds formed as exempted limited partnerships (ELPs). Recently, however, we have seen a resurgence in the use of funds formed as Cayman exempted companies (CayCos), rather than ELPs, which gives rise to some additional considerations for a lender.
Last Thursday, there was a lot of purple (and rain!) as Women in Fund Finance co-hosted the first FFA event of 2023, along with Cadwalader, Wickersham & Taft and Wells Fargo, kicking off the year with an exciting evening of cocktails and a conversation with Jenn Toyzer, Co-Founder and CEO of UME Plum Liqueur.
ESG in 2023: Fund Finance experts discuss the evolution of ESG, its growing significance to both funds and lenders, and share predictions for the new year. The article is available here.
Private Funds CFO this week published an article on financing the GPs themselves, including detail on the collateral packages and recourse structures GPs will likely be asked to provide from lenders. The subscription-required article is accessible here.
JPMorgan Chase is looking to hire both a vice president and an associate for its Alternatives − Private Credit Secondaries team.
At the beginning of the year, everyone’s LinkedIn newsfeed was flooded with alerts about members of their network updating their profiles with new titles following end-of-year promotions. As newly promoted women partners on the Cadwalader fund finance team, we were incredibly excited to be among those sharing wonderful and exciting career news.
With the pending cessation of panel LIBOR on June 30, 2023, the LSTA’s Tess Virmani and Meredith Coffey recorded a video with Cadwalader partners Lary Stromfeld and Jeff Nagle that discusses the LIBOR transition, synthetic LIBOR, how the LIBOR Act and Final Rule may fit into remediation plans, and how LSTA members might consider analyzing their credit agreements for remediation. You can access the video and slides here.
In dealing with Luxembourg funds, questions frequently arise about whether the GP alone or together with the AIFM or IM may engage the fund in a credit line. Do these entities need to sign the documentation or provide a prior approval? What is the role of the depositary or custodian in these transactions? In this article in Chambers, Jad Nader and Fabiana Popescu from Ogier's Luxembourg fund finance team answer the question on who's at the helm in Luxembourg funds and offer an insight into the role of each player in the fund.