It’s been less than two full weeks since the U.S. Supreme Court issued its Chevron decision, yet the myriad impacts of the ruling have caused many of us to feel like it’s been much longer, as we’ve stretched each day weighing the implications in virtually every area of business. Fund finance is no different, and we want to share with you our early impressions and analysis for the near future.
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Four Cadwalader partners have been named to “The 2024 Lawdragon 500 X – The Next Generation,” announced on June 28.
We are thrilled to announce that the 8th Annual Cadwalader Finance Forum will take place on Wednesday, October 23, in Charlotte.
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Women in Fund Finance held its inaugural event in Canada which was held at CIBC in Toronto. The event consisted of a panel discussion covering the fund finance market and covered topics ranging from the current fundraising environment, M&A activity, different forms of fund level financing, and the rating of fund finance facilities.
Investec’s Secondaries Report 2024 is out now. Surveying 50 global secondaries managers, the report explores the key trends driving the growing and increasingly sophisticated secondaries market over the past year. We provide valuable insight into how the market has developed, as well as the challenges that lie ahead.
At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund finance transactions, though, are by design crafted to be at several levels removed from such underlying assets. With such ultimate assets remote from the transaction, it may seem to fund finance practitioners that concerns about changes in the Uniform Commercial Code relating to the nature of collateral assets are just as remote.
On September 18, 2023, the U.S. Basel III Endgame proposal was published in the Federal Register. The comment period ended on January 16, 2024, with the banking regulators (the Federal Reserve, the OCC, and the FDIC) having received hundreds of comments on the proposal. Acknowledging the many concerns raised in the comment letters, Federal Reserve Chairman Jerome Powell indicated in his March 2024 Congressional testimony that “there will be broad material changes to the proposal.” On June 24, Bloomberg reported that the Federal Reserve has “shown other US regulators a three-page document of possible changes to their bank-capital overhaul that would significantly lighten the load on Wall Street lenders."