Here are some updates to our Fund Finance Calendar.
Preqin reported that fund managers raised $757bn in 2018, which is an almost 20% decrease from the amount raised in 2017 (when a record $925bn was raised). Whilst the extent in the downturn was unexpected, a decrease was generally anticipated by many commentators in the market due to a number of factors, including the fewer number of funds being raised, geopolitical uncertainty, and a general cool-down of the economy and the levels of dry powder prevalent in the market.
On December 21, 2018, a partial shutdown of the United States federal government commenced because Congressional lawmakers had not passed full-year appropriations bills or continuing resolutions extending current funding levels.
PEI highlighted this week the response from subscription lenders to the Abraaj Group dispute, particularly with regard the notice of security filing. (Full article available by subscription here).
Mathan Navaratnam joined Cadwalader in London as an associate within the Fund Finance practice on January 4.
On December 20, 2018, global law firm Debevoise & Plimpton published its 2018/2019 Private Equity Year End Review and Outlook.
Here are some updates to our Fund Finance Calendar.
2018 has been another terrific and all-consuming year for the fund finance industry. A lot of hard work went into our industry’s success this year, and I hope everyone is able to get some meaningful downtime over the holidays. As we wrap up the year, we provide some reflections on 2018, some observations from the year-end closing scramble and some forecasts on items we are working on for 2019. I am extremely appreciative of the support and trust our clients and friends have put in Cadwalader this year. A sincere thank you. I hope you have a restful holiday and a fun New Year’s Eve.