Optimism about future market expansion far exceeded concerns related to the Abraaj facilities at the 4th Annual European Fund Finance Symposium in London on October 24.

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Bloomberg recently detailed Blackstone Group LP's fundraising success in raising the largest infrastructure fund to date.

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The Fund Finance Association (FFA) announced several new initiatives at the 4th Annual European Fund Finance Symposium last week. We highlight a number of ways to get involved.

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Société Générale brings on Laurie Lawler; John Allan-Smith takes new appointment at National Australia Bank; Sarah Lobbardi to lead new initiative at Validus.

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The standard U.S. subscription credit facility exclusion event related to an investor’s involuntary bankruptcy has for ages included a 60-day cure period, consistent with the typical event of default cure period. Despite the similarity, the two circumstances differ materially.

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Sequence Events, the crackerjack event planning company that manages all of the Fund Finance Association’s events, is hiring a Conference Coordinator to manage and assist on the FFA relationship. 

Cadwalader is hiring fund finance Associates and Staff Attorneys in New York and Charlotte.

• Square 1 Bank, a subsidiary of Pacific Western Bank, recently announced the closing of a $45 million credit facility to New State Capital Partners. More here.
• Global law firm Debevoise & Plimpton published a nice summary of the FFA’s Fourth Annual European Fund Finance Symposium. Available here.

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Welcome to the first edition of Fund Finance Friday, a weekly market intelligence update for the fund finance market from Cadwalader.

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The scope of issues at the Abraaj Group continues to grow as new information comes to light, a point recently highlighted on the cover of the Wall Street Journal.

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Since virtually the first subscription facility, borrowers have requested the right to issue the first capital call to investors in an event of default. While this post-default call right and a subsequent lender standstill period are relatively common, credit agreements should be clear on the rights and remedies a lender intends to preserve during the standstill.

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