Registration is still open for the Fund Finance Association’s 7th Annual European Fund Finance Symposium, which will be held on Monday, June 19, from 9 a.m. to 7:15 p.m., at the QEII Conference Centre in London. For more information or to register, please click here.
In order for fund credit parties to maintain flexibility for investments and meet the changing requirements of investor requirements (tax, ERISA, etc.), they often need to establish multiple investment vehicles to accommodate those requirements. This article touches on some of the options that a Main Fund borrower has when setting up these additional vehicles together with what a lender needs or expects as a result of each approach.
This week we release the ninth installment of our Sovereign Immunity Series. In this installment we will cover Oklahoma, Oregon, Pennsylvania, Rhode Island and South Carolina to give you a high-level overview of sovereign immunity in each of these states.
Much has been written about the introduction of the Cayman Islands Private Funds Act (as revised) and the impact of the PF Act on subscription facilities generally. Here we take a look at the genuine risk of de-registration by the Cayman Islands Monetary Authority of an in-scope private equity fund and practical considerations for a lender when considering any grace period for re-registration.
Women in Fund Finance (WFF) will host its inaugural WFF Chicago event − part panel discussion, part networking event − on Tuesday, May 16 from 5-7:30 p.m. (CDT) at the offices of Mayer Brown.
Cadwalader’s Fund Finance team has continued its recent expansion with the hire of Susan Bumgardner as an associate in the New York office.
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We are pleased to announce that partner Smridhi Gulati has joined our Leveraged Finance & Private Credit team in London.
As we finish the last season of LIBOR replacement, the fund finance market is busy amending our loan documents to include SOFR as the interest rate benchmark for U.S. dollar loans. While the cessation date for USD LIBOR is June 30, 2023, the deadlines for the continuing IBOR benchmarks for other currencies are more of a mixed bag. In this piece we analyze the current state of play of the alternative currency benchmark rates to equip you with the information you need to assess their use in your facility documentation.
We have been following Fund Finance Friday’s journey through different U.S. jurisdictions and the interesting range of approaches taken by various states to sovereign immunity. With the Cayman Islands being the largest offshore fund domicile for U.S. fund managers, we thought it was worth extending the series offshore.
Subline demand vastly outstrips credit availability, according to a Wall Street Journal article this week titled “Bank Pullback Leaves Buyout Firms Starving for Bridge Loans.” The article highlights lenders that have retreated from the market. It’s also the first time we can recall seeing subscription facility margins explicitly quoted in a mainstream news article. Facility margins of around 300 bps affects the way funds use credit facilities, according to the article.