KBRA has produced a report, “NAVigating the Resilience of NAV Loans,” that discusses the rise of NAV loans in the private equity industry, some contributing tailwinds to this recent growth, their anticipated performance amid headwinds, and KBRA’s own NAV loan exposure. The report is available here (free login required.)
Check out Private Debt Investor’s “LP Perspectives 2023 Study” for a deep dive into current investor sentiment. The annual investor survey covers topics ranging from investment strategies, allocation concerns, views on emerging managers, ESG and even the LIBOR transition.
With the Global Fund Finance Symposium in Miami less than a week away, Walkers’ Julia Keppe and Alice Wight talk to Fund Finance Association Chair Jeff Johnston about what to expect from the year's biggest event for the Fund Finance sector. Tune in here.
Partner Antoine Fortier Grethen of Lux law firm SJL Jimenez Lunz shared his insights in a new article on the Lux fund finance market in 2022, including trends and developments and the impact of recent legislative changes.
SVB is looking to hire a Fund Finance Portfolio Manager, Vice President II. For more info, visit here.
We are delighted to announce the arrival of partners Ronald Lovelace, Patrick Yingling, Jared Zajac and Joseph Polonsky, substantially enhancing the firm’s leveraged finance, private credit and special situations capabilities. The team joins from King & Spalding and will be resident in our Charlotte office.
A quick look at the agenda for the Fund Finance Association’s annual symposium (in less than two weeks!) highlights the continued growing interest in NAV secondaries facilities (i.e., there are now three events dedicated to the use of NAV, hybrid and secondaries facilities, which is a welcome addition given last year’s standing room only crowds for the discussions on these topics). As such, we thought it would be topical to continue our discussion on these facilities, and more specifically, the use of direct pledges in NAV secondaries facilities.
Global Legal Group this week launched the 2023 edition of Fund Finance 2023 (aka the “Pink Book"), the leading legal treatise for the fund finance industry. Now in its seventh edition, this unique publication provides in-depth analysis of market conditions, regulations and laws, covering 19 key jurisdictions, with 27 expert analysis chapters providing in-depth and up-to-date analysis. As contributing editors, Cadwalader’s Wes Misson and Sam Hutchinson co-authored the Preface and sat down for an interview with publisher James Strode to discuss this latest edition and the year ahead in finance.
As part of Global Legal Group’s launch this week of the 2023 edition of the “Pink Book,” publisher James Strode sat down for a video interview with Terry Hatton, Head of Fund Finance at MUFG, available here.
Those in the subscription credit market will likely be familiar with traditional collateral arrangements over the capital call rights of Cayman funds formed as exempted limited partnerships (ELPs). Recently, however, we have seen a resurgence in the use of funds formed as Cayman exempted companies (CayCos), rather than ELPs, which gives rise to some additional considerations for a lender.