One of the core principles of subscription finance is the ability of the lender to call capital upon a default for repayment of the loan. Nearly every deal permits an immediate right of the lender to do so following an event of default, or at least following a short standstill period that permits the fund to make the initial call before the lender steps in.
Read More »We will not publish Fund Finance Friday next week but will be back on December 6. Enjoy the good food and football and, of course, special times with family and friends.
Potential revisions to the private placement framework continue to percolate at the SEC. Last week, in remarks to the SEC Small Business Capital Formation Advisory Committee, SEC Chairman Jay Clayton advocated for a critical review of the existing framework of registration exemptions, with an eye towards providing “Main Street” investors with the same extent and quality of investment opportunities as institutional investors.
Read More »The United States House of Representatives Financial Services Committee this week took up three bills that would regulate the private equity industry.
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This week we connect with Arnaud Arrecgros, a Finance partner in Maples and Calder (Luxembourg), the Maples Group's law firm in Luxembourg. Arnaud has over 13 years of experience advising on cross-border financing and banking transactions, including fund finance deals in connection with the setting up of bridge and capital commitment facilities, corporate debt facilities, acquisition, asset and real estate financing and restructurings, and securitisations, as well as capital markets matters. |
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Meketa Investment Group delivered its Private Equity Program Annual Review to CalPERS at the November 18 Investment Committee Meeting.
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Simpson Thacher & Bartlett LLP this week announced that long-time fund finance attorney Julia Kohen has been promoted to Partner. |
Goldman Sachs seeks to add an Associate with fund finance lending experience.
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This article focuses on representations and warranties that are unique to a subscription/capital call facility and provides some colour.
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This week we connect with Pramit Sheth, a Managing Director at Kroll Bond Rating Agency, where he manages the Funds group. Pramit has over 13 years of experience in the credit rating industry. Before leading the Funds group, Pramit was a senior analyst in KBRA’s CMBS analytical team, where he led ratings analysis on a wide range of complex real estate transactions and helped refine KBRA’s rating methodologies in that dynamic market. |
