The liquidity squeeze you should have seen coming: Asian markets such as Hong Kong “squeeze” their way back into being global players in the fund finance space as other banks across the globe scale down due to capital constraints. Read more about how these key players are taking advantage of their competitors in PFCFO here.
Fi Dinh has been named Head of Fund Finance for the Asia Pacific (APAC) Region at MUFG Investor Services, where she will focus on expanding the fund financing business in APAC and supporting the overall growth of the global asset servicing and fund administration business. Click here to read the full MUFG press release.
Congratulations once again to our attorneys whose promotions are effective this week:
Patrick Calves, Partner – New York
Danyeale Chung, Partner – Charlotte
Leah Edelboim, Partner – New York
Mathan Navaratnam, Partner – London
James Hoggett, Special Counsel – London
2022 has been another incredibly successful year for European fund finance − a year that saw an unprecedented growth in non-bank lender participation, innovative product development (particularly in the NAV space) and a constant deal flow. All this while the macro-economic backdrop has, at times, seemed turbulent. With this in mind and with an eye on 2023, we are pleased to offer our annual poll of predictions from European industry players. We were curious to see what they had to say about 2023 given the current economic climate, so read on to find out for yourself.
Happy holidays from the Cadwalader London Fund Finance practice!
KBRA has come out with a recent forecast predicting that the private credit industry will be well positioned to navigate looming macroeconomic headwinds on the horizon. To read more on how structural protections, disciplined underwriting and comprehensive portfolio management have come together to create the perfect middle-market storm shelter, click here.
According to the Coller Capital Global Private Equity Barometer, a global survey on private market investors published last week, a third of North American LPs and 52% of APAC LPs believe public market volatility has made private equity more attractive on a relative basis. Other findings include: a significant share of LPs reporting that the denominator effect is likely to weigh on their private market allocations in 2023 and a growing interest from investors in private credit over public market debt. The survey is available here.
Brickfield Recruitment has just published its final major article of 2022, looking back at the year in fund finance from a recruitment perspective and looking ahead to 2023, with commentary from industry players on the lender, asset management and legal sides. The spike in compensation levels experienced in 2022 appears to have receded, but market uncertainty will present a different challenge. A tougher buy-side market in 2023 will mean opportunities for innovators and non-traditional participants.
PEI this week published a short article addressing LP perspectives on fund finance usage in the current market environment. The article is accessible here.
Since 2008, financial instruments starting with a “C” and ending with an “O” have been treated with suspicion. But should the same apply to CFOs? The main purpose of a CFO is to generate liquidity, and it's been suggested that it can obfuscate the risk of underlying assets.
Women in Fund Finance will ring in 2023 with a special New York event, “Private Equity to Entrepreneur,” featuring an evening of cocktails and conversation with Jenn Toyzer, co-founder and CEO of UME Plum Liqueur, who will discuss her career journey from investment banking to business founder. Wells Fargo Managing Director Michele Simons and Cadwalader's Leah Edelboim will serve as moderators. Click here for more info on the January 19 event.