As we reported last week in Fund Finance Friday, Massachusetts Mutual Life Insurance Company (“MassMutual”) and Barings, one of the world’s leading investment managers and subsidiary of MassMutual, announced plans to transition MassMutual’s Direct Private Investments (“DPI”), a leading fund finance provider, to Barings. In light of this important announcement, Cadwalader fund finance partner Leah Edelboim reached out to Phil Titolo, Head of Direct Private Investments at MassMutual, and Dadong Yan, Head of Alternative Investment Solutions and Portfolio Manager, DPI at MassMutual, about what this transition means for their business and the opportunities they are seeing in the fund finance market.
Of the comments that Cayman counsel add to transaction documents, one of the points that seems to incur a raised eyebrow by U.S. counsel or lenders now and again is the addition of “executed as a deed” in signature blocks of Cayman parties to credit and/or security agreements. What is and what is not a deed is not something that originates in U.S. law, of course, so on occasion we are asked to explain what this is all about and why Cayman counsel are commenting on signature blocks in this way.
Citco says NAV credit facilities have wildly increased in importance compared to the secondary trading of assets as a means of creating liquidity. Read more here on how NAV facilities continue to gain momentum, rising from their current size of $100Bn globally to potentially $600Bn globally by 2030.
Attorneys are regularly asked about or faced with the request to backdate a document or set of documents. We are also at times asked about the acceptableness of a document that has been backdated. This article explores the practice of backdating and sets forth a high-level framework that can guide business people and lawyers as to the acceptable use of the practice.
Massachusetts Mutual Life Insurance Company and Barings, one of the world’s leading investment managers and subsidiary of MassMutual, announced plans earlier this week to transition MassMutual’s Direct Private Investments, a leading fund finance provider, and MassMutual Asset Finance, an equipment finance company, to Barings.
Fitch Ratings has published an exposure draft proposing new rating criteria for subscription facilities backed by capital commitments to private capital funds.
The EMEA NextGen team will host a joint FFA NextGen and NextGen IR panel event on March 21 to discuss fundraising trends, financing needs and investor considerations.
This April 28 CLE program, part of the ABA Business Law's Hybrid Spring Meeting 2023 in Seattle, will describe the evolution of fund finance.
U.S. Bank is seeking an Analyst to join its Subscription Finance origination team in New York. For a description of the role, and for other information, including how to apply, please visit here.
As the Cadwalader European Fund Finance team commented at the end of 2022 (following an industry-wide survey), 2023 was predicted to be a challenging environment for subscription line financing given increased regulatory requirements, higher interest rates and liquidity constraints, among a number of other factors. In the final quarter of 2022 and at the start of 2023, we have seen a number of these themes play out as predicted, with liquidity constraints clearly playing into pricing. Spreads across all sizes of managers and asset classes are widening. This, coupled with the rising rate environment making the all-in cost to utilise subscription lines at an all-time high, has prompted a debate: at which point does subscription finance become uneconomical for GPs?