Trey Burdick has joined Charlotte-based Fund Finance Partners (“FFP”) as an Associate.
Prior to joining FFP, Trey worked in private debt strategy for a $3 billion Charlotte-based alternative asset manager investing in lower middle-market companies across a range of industries.
Here's a look at what we're reading outside the four corners of fund finance.
NAV – or net asset value backed – facilities have been prevalent in the fund finance market for some time now, but we’ve generally seen them used either by secondary fund managers leveraging mature positions or assets which are near-term cash generative (in recent times, on an increasingly more concentrated basis) or by credit fund managers where the underlying assets included in the borrowing base are strictly categorised and pre-set advance rates are agreed depending on the nature of the underlying asset.
For the first time, “Limit Down” and “Limit Up” this week became part of my daily lexicon. And while it would have been harder to have a more eventful week in the macro, we do not have a ton of new developments since last Friday to report for the industry. Our activity levels remained constant this week, somewhat less than the activity burst I have been forecasting the past month as clients press to close deals in progress immediately. We continued to see new prospective deals and mandates flow in at a generally familiar clip, but at neither a heightened or reduced rate.
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Pretika Randhawa has recently joined JPMorgan Chase Bank, N.A. as Executive Director of its Subscription Lending Platform in the Commercial Real Estate group, based in its New York office. Prior to joining JPMorgan, Pretika was a Director with Sumitomo Mitsui Banking Corporation in its Subscription Secured Finance Department. |
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Storey Whalen has recently joined the growing Private Equity Finance team at First Republic as a Director based in New York. Storey joins Scott Aleali, Jeff Maier, and Alexa Schult to grow the First Republic Private Equity Finance portfolio, with a particular focus on capital call facilities, management company lending, and GP financing, as well as being a holistic retail banking partner for private equity principals. |
Appleby has published an article revisiting highlights and identifying key takeaways from last month's Global Fund Finance Symposium.
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Steve Bleiberg has joined Cadwalader’s Fund Finance practice as an associate in our New York office. Steve joins from Morrison & Foerster, where he represented lenders and borrowers in a wide range of financial transactions, including subscription credit facilities, syndicated bank financings, middle market private credit transactions and structured commodity financing transactions. |
Here's a look at what we're reading outside the four corners of fund finance.
The Fund Finance industry returned from the Miami conference to the most volatile two-week period since the financial crisis. With the coronavirus slowly spreading, the equities markets swinging wildly, Joe Biden surging in South Carolina and on Super Tuesday, Mike Bloomberg and Elizabeth Warren suspending their campaigns, and the Fed implementing an emergency 50 basis point rate cut (whew!), there has been a lot to keep up with. With this backdrop, I have closely reviewed our business metrics and connected with a number of industry leaders this week to try and identify any potential impacts for the fund finance markets. Below are my observations.
As with many other corporate or financial transactions between two or more parties, and especially given the relationship-nature of subscription finance lending, provisions in legal documentation often get replicated from one transaction to the next, including errors and inconsistencies as a result of the fast-paced world in which practitioners find themselves or, in some cases, a failure to connect the dots.