Please join us in welcoming William McQuail, Hank Halverson and Simran Dhillon Sadhar to Cadwalader!
Over the past few years, the fund finance market has seen net asset value (NAV) financing grow alongside more established “subscription line” facilities, to become an established part of the fund financing toolkit and an increasingly accepted leverage option for use at many points across the fund life cycle.
As the use of NAV facilities has expanded, so too has the range of purposes for which they are used. As an asset-based financing technique, NAV has often been used to provide portfolio-level leverage on established pools of private investments such as private equity or infrastructure holdings. However, of late we have also seen increasing use of NAV as a means of acquisition finance.
This article considers the particular structural and documentary implications of the use of NAV as an acquisition finance tool. We consider these issues in the context of two transaction types that are increasingly commonplace in the European market: secondaries portfolio acquisitions and continuation vehicle transactions.
After three quarters of now more detailed reporting on bank lending to non-bank financial institutions, we’ve learned a few things about the loan category that captures fund finance loans for U.S. banks. Loans to nondepository financial institutions (NDFIs) is the fastest growing lending category to date in 2025 but also the cleanest, showing the lowest delinquency rate among major bank loan types.
The AIF Rulebook issued by the Central Bank of Ireland (the “Central Bank”) currently restricts an Irish Qualifying Investor Alternative Investment Funds (an “Irish QIAIF”) from acting as a guarantor on behalf of third parties. The term “guarantor” is not defined in the AIF Rulebook and accordingly, it was generally understood in the Irish market that an Irish QIAIF was prohibited from providing a guarantee and/or security for the obligations of a third party other than a wholly owned or controlled subsidiary or limited partnership.
Cadwalader is excited to welcome Mike Freno, Chairman and CEO of Barings LLC, as the keynote speaker for the 2025 Cadwalader Finance Forum!
Cadwalader, Wickersham & Taft LLP recently advised a global financial institution on a landmark transaction that included a forward flow agreement providing for the sale of interests in subscription credit facilities to Värde Partners’ recently launched fund finance platform.
The Fund Finance Association is thrilled to introduce the lineup of speakers for FFA University 2.0 in Charlotte including Cadwalader’s own Angie Batterson and Wes Misson!
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