In light of lingering effects of the pandemic on many funds and uncertain and volatile markets, sponsors are increasingly looking for alternative solutions to generate liquidity for their investors. One such solution offered by the private equity secondaries market is the continuation fund. We discuss below what a continuation fund is, benefits of using this type of transaction and potential concerns that sponsors and investors may have with these transactions, as well as common solutions.
After leaving South Dakota and taking on a full tank of gas in Tennessee last week, today we have our biggest prize in our 50-state road trip of sovereign immunity: Texas.
The International Comparative Legal Guide – Lending and Secured Finance 2023 was recently published by Global Legal Group and features a chapter on Fund Finance by Cadwalader partners Wes Misson and Sam Hutchinson. The chapter, titled “Fund Finance: Past, Present and Future,” surveys the ascendency of the fund finance market to 2021, the state of play as the financial conditions tightened, and how the market is likely to develop going forward.
You can access the chapter here.
You can read the full guide here.
The FFA has provided some sneak-preview information on FFA University 2023. Training session 1.0 will once again take place virtually on September 21, and training session 2.0 will be in person in New York on October 5. These intensive full-day training sessions are designed for both bankers and lawyers transacting under U.S. law who are either relatively new to Fund Finance or seeking an in-depth training course.
Moody's Investors Services is hiring for a Relationship Management role with a focus on the Alternative Asset Management space to assist the U.S. FIG Commercial team. For more information, visit here.
It is a moving and powerful image: 260,000 headstones at Arlington National Cemetery in Virginia marked with American flags in honor of Memorial Day – an assignment of honor accepted by soldiers of the 3rd U.S. Infantry Regiment, the oldest active-duty infantry unit in the Army, dating back to 1784.
Before turning to our Memorial Day Weekend activities marking the unofficial start of summer (and our friends in the UK enjoying a Monday off for late May bank holiday), we in the U.S. need to remember that our freedoms and our ability to enjoy life's pleasures came at the expense of the heroic men and women of the U.S. Armed Forces who made the ultimate sacrifice. As it is said, we owe it to their memory, and to the families they left behind, to hold this day sacred, to honor them and to remember them.
We remember them this weekend ... and offer our gratitude.
It’s the Friday before Memorial Day Weekend here in the United States. Given the holiday weekend, this installment of our Sovereign Immunity Series will be light, as we will cover just two states: South Dakota and Tennessee. However, next week we will have an installment dedicated to Texas sovereign immunity, which is a complex and popular topic as many market participants know.
We continue to follow the litigation over the question of whether certain syndicated loans are securities. Kirschner v. JPMorgan Chase Bank, N.A., which has been before New York federal courts for years, is now before the United States Court of Appeals for the Second Circuit.
FFA's US NextGen will host a June 6 panel discussion on the latest trends in private credit. The discussion will take place at the offices of Reed Smith in New York at 599 Lexington Avenue.
Ellie Swenson joined U.S. Bank’s Subscription Finance team in early May as a Senior Analyst in the New York office. Ellie will work alongside Becky Li, David LaBarge, Dennis O’Hara and Mike Henry.