Scott Aleali and Jeff Maier posted a Fund Fanatics highlight reel of their 2022 interviews and are now looking for some engaging guests and topics for 2023. Contact Scott and Jeff with any suggestions and any comments.
The Deloitte Private Debt Deal Tracker Autumn 2022 includes an article from Director Jamie Mehmood titled “The Evolution of NAV Financing against the Current Market Outlook.” To access the Tracker and Article, click here.
The Cayman Islands has long been a leading investment funds jurisdiction, and the North American fund finance industry is relatively familiar with the key legal concepts arising on a fund financing involving Cayman Islands private equity and other alternative funds. The Cayman Islands is internationally recognized as a well-established, modern, transparent, commercial and flexible common law jurisdiction. Luxembourg is the largest fund domicile jurisdiction in Europe and, over the past years, has become a key player in the fund finance industry. In this article, we explore the background and evolution of Luxembourg as a jurisdiction, how it compares with the Cayman Islands, the essential Luxembourg fund finance points, and how to get the best of both worlds.
We continue our alphabetical 50-state survey of sovereign immunity with our third installment in the series. Today we have something for everyone (tropical beaches, rugged mountains, big cities and wide-open spaces): Hawaii, Idaho, Illinois, Indiana and Iowa!
On Tuesday night, Women in Fund Finance hosted a pre-holiday networking event in New York at the Metropolitan Club. The event was sponsored and hosted by TriState Capital Bank, one of the newest sponsors of Women in Fund Finance. The event brought bankers, attorneys and fund sponsors together for an evening of cocktails and conversation.
Collateralized Fund Obligations (CFOs) are securities that create leveraged exposure to portfolios of fund investments through the issuance of an equity tranche and one or more debt tranches. Although CFOs have been around since the early 2000s, the product has recently received renewed interest from private equity sponsors and investors as a potential fund financing solution. The Financial Times, in a recent article, discussed CFOs, noting certain sponsors that have recently issued CFOs and mentioning interest in the product from insurance companies and public pension plans.
A recent article in Private Funds CFO, titled “Lenders get cautious on ESG-linked lines, but issuance remains resilient,” addressed some market developments involving ESG-linked subscription credit lines, including comments from Cadwalader’s Wes Misson. The subscription-required article is here.
Walkers’ Julia Keppe and Alice Wight interview Luxembourg-based fund finance expert Michael Mbayi on the latest episode of “We Talk Banking & Finance” podcast. During this episode, Michael highlights fund finance activity over the last 12 months and the emerging trends in the practice. He also provides insight into the current capital market environment and how it converges with fund finance. To hear more on this topic, click here.
The holiday season is near, and in NYC, networking is the gift that keeps on giving! Join FFA’s NextGen committee for an engaging discussion with private fund CFOs followed by a networking reception from 5:30-8:00 p.m. next Wednesday, December 7. Register here for more details. We look forward to seeing you!
As we head into the Thanksgiving Holiday in the U.S. next week and try to take a breather from the breakneck pace of the market over the last 18 months, it is a good time to reflect on where we have been, where activity levels stand and the trends we expect to continue into 2023.