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A Private Funds CFO article titled "Variance reins in subscription facilities in the ‘new normal’" focuses on how COVID-19 has caused a market that many viewed as having generally predictable terms and rates back to a market that has a wide variance in the terms funds are able to obtain from lenders. Fund Finance Partners' Zachary Barnett has observed the shift resulting in more favorable terms for lenders and discusses how fund sponsors may adjust.

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FFA University takes place virtually next Tuesday, September 22, starting at 9 a.m. New York time. 

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On the Move

Dragomir Sipovic has joined Bridge Bank, a division of Western Alliance Bank, as vice president in the Equity Fund Resources group in the bank's Boston office. The Equity Fund Resources group provides banking services for private equity and venture capital funds, including subscription facilities, capital call lines of credit and SBIC fund credit lines. Dragomir joins from State Street Bank, where most recently he managed the private equity lending portfolio. 

Fund Finance Hiring

Commonwealth Bank of Australia is seeking an Associate for its Institutional Banking and Markets (IB&M) Group, which includes its subscription credit facility business. The Associate position is client-facing.

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In this week’s Fund Finance Friday: Industry Conversations, Jeremy Cross is joined by Sarah Lobbardi, the founder of Avardi Partners. Sarah discusses the founding of and philosophy behind Avardi Partners as well as her insights on the current and future direction of the Fund Finance market. 

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The U.S. Securities and Exchange Commission adopted rule changes that expand the definitions of “accredited investor” in Rule 501(a) of Regulation D and of “qualified institutional buyer” in Rule 144A under the Securities Act of 1933. The amendments are largely driven by a determination to move away from the rule’s historic use of wealth and income as the sole proxies for financial sophistication, looking to add "investors with reliable alternative indicators of financial sophistication to participate” in investments in “areas of the economy that disproportionately create new jobs, foster innovation, and provide for growth opportunities." 

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In case you missed it live, the FFA this week released the video of the fund formation update presentation by Preqin's Dave Lowery at the FFA’s August Market Update call.

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Fund Finance Hiring

Kroll Bond Rating Agency, LLC, has opportunities for both a senior analyst and an analyst to join its growing Funds ratings team, covering credit ratings for debt instruments issued by investment funds. 

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On the Move

Long-time fund finance lawyer Jad Nader joined Ogier’s Luxembourg office as a partner this week. 

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In this week’s Fund Finance Friday: Industry Conversations, Jeremy Cross, a Cadwalader partner and member of our LIBOR Preparedness Team in London, discusses the state of play and issues around the proposed replacement of Sterling LIBOR with “SONIA” with special counsels Michael Sholem and Assia Damianova, two other members of our LIBOR team in London. The high-level discussion covers, among other topics, the definition of “risk-free rate,” the main differences between SONIA and LIBOR, the documentary and other changes required by LIBOR transition, implications on margin and other costs, what market participants need to be thinking about and when, as well as some of the issues and questions that still remain.    

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Recent Issues

September 25, 2020 | Issue No. 96
September 18, 2020 | Issue No. 95
September 11, 2020 | Issue No. 94
All Issues »

Recent Issues

September 25, 2020 | Issue No. 96
September 18, 2020 | Issue No. 95
September 11, 2020 | Issue No. 94
All Issues »
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