When taking security over a portfolio of investments in a NAV facility, it may be difficult or costly to take security over the borrower’s investments. A common solution is to implement what we refer to as the SPV pledge. Instead of getting a pledge of the investments directly, the SPV pledge entails a pledge from a fund (the “Fund”) of its ownership interest in a wholly-owned special purpose vehicle (an “SPV”) that in turn owns the investments themselves. The SPV pledge will also typically entail the SPV pledging its bank accounts to the lenders to which the distributions and sale proceeds in respect of the portfolio investments are required to be paid.
This article provides an overview of the SPV pledge and highlights some of the advantages and considerations that lenders should be aware of for its effective implementation.
The Loan Market Association has published the fifth piece in the series of Fund Finance Insights papers. This latest piece focuses on Fund Finance Ratings: Behind the Scenes.
Join the Fund Finance Association in London for FFA University 2.0 — a full-day program delivering fresh insights into the latest developments and structural trends shaping today’s fund finance market.
Please join us in welcoming Todd Matras, Mira Midelieva and Dimitrios Pittas to Cadwalader.
While the weather is still very much feeling like it is the dog days of summer, many students went back to school this past week.
A new school year is an exciting time for students, parents and teachers alike. As we personally prepared for the new school year, gathering teachers' wish list supplies, and of course, things like a polo that I adored but that my four-year-old will almost certainly refuse to wear on picture day, I started to reflect on how influential some of my own teachers were in my life and in particular in my career.
With her latest album announcement last week, she has taken over headlines everywhere, again, so why not Fund Finance Friday? From her three-and-a-half-hour long concerts on her recent Eras tour (149 dates in 51 cities across 22 months), including several in the pouring rain, to the 11 albums (and 274 songs) that she has released in the past 19 years, there can be no doubting her work ethic and output.
Whether you’re a casual fan, a full-on Swiftie or not a fan at all (but see below under “Lover”), there are worse role models, and I’ve pulled together some career and job thoughts inspired by her discography to-date (including a reference to one song from each album) below. Of course I’m talking about …
The Fund Finance Association is pleased to announce the agenda for FFA University 2.0 in Charlotte! This will be a full day, in-person training experience for you to deepen your expertise in fund finance and broaden your industry network. Don't miss Cadwalader's own Angie Batterson and Wes Misson as featured speakers.
Join Scott Aleali, Head of Private Equity Finance at Citizens Bank, and Jeff Maier, Senior Managing Director - Private Equity Finance at Citizens Bank, with special guest Rashaun Williams, Founder/CIO of Harbinger Sports Partners and Guest Shark on ABC's Shark Tank, for the latest Fund Fanatics episode.
