GP-led fund restructurings have grown in prevalence as more funds turn to such transactions to unlock liquidity for LPs, to optimize asset value through term extensions or a capital injection, or to crystalize gains. ILPA this week published a report outlining suggested best practices for these transactions.
Bank lenders have, to some extent, been shielded from asking the difficult questions about cannabis finance because federal money laundering statutes have so far answered those questions for them. Two bills currently moving through Congress could go a long way towards reconciling incongruent state and federal laws.
Tom Glover gives insight into Investec’s U.S. fund finance strategy and identifies opportunities for growth in an April 5 Q&A session with Private Funds Management.
The Women in Fund Finance presented a panel discussion and networking event in New York City earlier this week focusing on professional development and coaching.
Harneys has opened in Luxembourg following its acquisition of M Partners, a Luxembourg law firm, which has been renamed Harneys Luxembourg. The well-established team in Luxembourg provides corporate, funds, banking and finance, regulatory, tax and private wealth services. Partners Vanessa Molloy and Chiara Deceglie are the key contacts in the funds and fund finance teams, complementing the Harneys funds and fund finance teams in Asia, Cayman and the BVI.
Intertrust Group has launched a fund finance advisory group in London. James Rock-Perring, Director of Fund Finance Advisory, is leading the initiative.
Last Friday PE HUB Wire sent an email to its readership about subscription facilities, reporting on a GP that is offering LPs an option to opt out of participating in a vehicle with a subscription facility.
Here are updates to our Fund Finance Calendar.
We can pack in some serious substance on a Friday (not necessarily everyone’s peak time for absorbing a nuanced discussion on complex financial products). Here’s a recap of original substantive pieces from recent issues for easy reference.
We have noticed a recent uptick in requests for umbrella subscription credit facilities, and the topic was given some air time at the FFA conference in Miami last week. As such, and given the rainy spring weather, we thought it would be a good time to refresh on umbrellas with a brief overview of a classic subscription umbrella facility, followed by some pros and cons to lenders.