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Partner | Fund Finance

As a way to increase the availability of uncalled capital and deploy additional capital for new and existing investments, limited partnership agreements will typically permit the general partner to recall proceeds from investments received by a fund borrower (a “Fund Borrower”) and subsequently distributed by a Fund Borrower to its limited partners (“Fund Borrower LPs”). It is important for a lender and its counsel to review the recallable capital provisions in a limited partnership agreement in connection with a prospective or existing subscription credit facility (a “Facility”). Fund Borrowers usually request that a lender include recallable capital in the lender’s calculation of remaining uncalled capital, which effectively increases the borrowing base and availability to a Fund Borrower under a Facility. Careful analysis and understanding of the recallable provisions and limitations in a limited partnership agreement is a prerequisite in responding to such a request. In this article, we will touch on a few categories of recallable capital commonly found in limited partnership agreements.

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Articles

In this week’s FFF: Industry Conversations, Cadwalader partner Samantha Hutchinson sits down with Citco's Michael Peterson and Shiraz Allidina to discuss market growth, the globalization of fund finance products, institutional capital and more.

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Cadwalader partner Jeff Nagle joins special counsel Leah Edelboim to discuss the latest in the LIBOR transition in another installment of FFF: Industry Conversations. In this conversation, Jeff gives us insight into where we are in the benchmark transition and what it means for fund finance documents. 

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Associate | Fund Finance, Corporate

Women in Fund Finance (WFF) Europe this week hosted “ESG Trends in Private Markets,” a virtual panel discussion on the ESG trends in private markets, with a focus on private equity. The panel discussed how sponsors are approaching and embedding ESG, drawing on themes from the recent PwC Global Private Equity Responsible Investment Survey

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Standard Chartered Bank and Intermediate Capital Group PLC issued a press release this week regarding a new €1.45bn ESG-linked subscription facility for ICG Europe Fund VIII, with the lending group comprised of Standard Chartered Bank, BNP Paribas, ANZ Banking Group Limited, ING Bank and Royal Bank of Canada.

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Fund Finance Partners outlined why large and small founder- or employee-owned companies seeking institutional capital need to assess how an institutional asset manager would view the company through their environmental, social, and corporate governance policies.

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Pete Joyce and Jason Johnson of Deloitte shared an informative post about Deloitte’s Surveillance Suite platform, which is a low-code solution for the fund finance market to assist with the digital transformation of lending programs and the complexity in monitoring each facility through its lifecycle. To see this post, click here.

Fund Finance Hiring

The Goldman Sachs Asset Management team is hiring an analyst in New York to join its Alternative Capital Markets & Strategy (ACMS) Fund Finance team. For more details or to apply, please check out the GS careers site.

Special Counsel | Fund Finance
Special Counsel | Fund Finance

In last week’s edition of FFF, we discussed the Revlon case involving an erroneous payment by an administrative agent to the syndicate lenders, which is currently up on appeal before the Second Circuit Court of Appeals. We outlined the district court’s decision in that case, which has been quite unsettling for administrative agents in the syndicated loan market, and discussed how administrative agents have responded: since the ruling came down, it has become market standard for administrative agents to include protective provisions in their credit agreements outlining exactly what would happen and what rights the administrative agent would have in the event it makes an erroneous payment to a lender. And, as the provisions seek to protect the administrative agent, last week we detailed some of the reactions we are seeing from syndicate lenders to the new protective provisions. But the lenders aren’t the only other parties to the credit agreement and aren’t the only ones with something to say about the new provisions. In this week’s installment, we’ll detail some of the feedback we are seeing from borrowers.

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Partner | Fund Finance, Corporate Finance
Special Counsel | Fund Finance

Women in Fund Finance this week hosted “Fund Liquidity Solutions,” a virtual event that looked at some of the most innovative liquidity structuring and solutions being employed across the private markets. The panel brought together industry experts who are at the forefront of structuring these solutions and discussed the latest trends in capital raising and how structured liquidity solutions are being used by private markets managers to manage their portfolios.

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Women in Fund Finance announced a Networking Boat Cruise event in connection with the Fund Finance Association’s 11th Annual Global Fund Finance Symposium in Miami, Florida. The cruise is scheduled for February 16, 2022 at 12 pm.

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July 30, 2021 | Issue No. 137
July 23, 2021 | Issue No. 136
July 16, 2021 | Issue No. 135
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Recent Issues

July 30, 2021 | Issue No. 137
July 23, 2021 | Issue No. 136
July 16, 2021 | Issue No. 135
All Issues »
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