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One aspect of NAV loans that lenders often focus on is the risk of "bad acts" by a borrower. For our purposes, NAV loans are loans to alternative investment entities (e.g., private equity funds, secondaries funds, hedge funds, funds of hedge funds, pension funds and family office vehicles) that are underwritten, either on a secured or unsecured basis, by the value of the borrower's investments. By "bad acts" we mean the risk that a borrower takes actions that cause or result in the underwritten investments and other assets ceasing to be owned by the borrower, or becoming subject to the claims of other creditors, in each case in contravention of the terms of the NAV loan terms.
Cadwalader Finance Group co-chair and Head of U.S. Fund Finance Wesley Mission, partner Brian Foster and special counsel Patrick Calves co-authored a chapter in Wildgen’s “Fund Finance Security Guide” describing the security package and related governing law and structuring considerations for subscription and NAV facilities in the U.S.
While high net worth families and practitioners have used private trust companies for many years in the international estate planning realm, the use of these structures is increasing in the U.S., as driven by a host of regulatory and geopolitical factors. Cadwalader's Sasha Grinberg provides insight into various related tax and regulatory considerations for both practitioners and clients when creating such entities.
Cadwalader Finance Group co-chair and Head of U.S. Find Finance Wesley Mission co-authored the chapter “The Global Subscription Credit Facility and Fund Finance Markets – Key Trends and Forecasts” in the International Comparative Legal Guide to Lending and Secured Finance 2019.
Cadwalader Finance Group co-chair and Head of U.S. Fund Finance Wesley Mission co-authored the chapter “Lending to Separately Managed Accounts” in Fund Finance 2019, a comprehensive guide to the fund finance market published by Global Legal Insights.
Cadwalader partners Brian Foster and Samantha Hutchinson are co-authors of “The Rise of Private Equity Secondaries Financings.” a chapter in the recently released Fund Finance 2019, a comprehensive guide to the fund finance market published by Global Legal Insights.
Cadwalader partner Samantha Hutchinson and associate Mathan Navaratnam are co-authors of the England & Wales chapter in the recently released Fund Finance 2019, a comprehensive guide to the fund finance market published by Global Legal Insights.