Private Funds CFO this week reported on 17Capital’s recent NAV fundraise and 2022 deployment. The article is available here.
Scott Aleali and Jeff Maier released a new edition of Fund Fanatics that covers the latest trends in the secondaries market and features Sameer Shamsi, Head of Secondaries at Houlihan Lokey. You can watch here.
First Republic is hiring for a Sr. Credit Analyst in San Francisco. The Sr. Credit Analyst qualifications include strong private equity credit and underwriting skills.
Wells Fargo continues to grow its European Fund Finance team and is hiring one Analyst and one Associate to support the bank’s fund-level financing activities to private equity funds and other asset managers through structured credit facilities.
Shuja Naqvi has been promoted to Assistant Vice President at State Street, where he works as part of the Fund Finance team based in London.
KBRA has announced the addition of Constantine Schidlovsky as Senior Director and Global Head of Business Development for its growing Funds business. Constantine will also lead its asset manager and BDC coverage, additional growing businesses for KBRA. Constantine joins KBRA from Fitch Ratings, where he spent several years in a similar position.
Cadwalader’s Fund Finance Team has been shortlisted in the “Fund Financing: Advisory Services” category as part of The Drawdown Awards 2022 program. The awards celebrate excellence and innovation within private capital fund operations, as recognized across 34 categories for both GPs and service providers. The winners will be announced at an awards ceremony on June 9 in London.
Fund Finance Friday has previously reported on the continuous rise of public pension money in private equity. Generally, such investments are made in commingled funds with a diversified group of investors, but we also commonly see these public pension and retirement funds (each, a “Public Fund”) invest in a fund-of-one vehicle where all or substantially all of the assets are from the Public Fund (a “Fund”). Such Funds are commonly known in the industry as an “SMA” (separately managed account). In this article, I will focus on the recommended scope of due diligence to be conducted when an SMA’s sole investor is a Public Fund to ensure that both the Public Fund has the authority to invest in the SMA (the “Investment”) and to confirm that there is no obvious prohibition of the Investment under state law.
In this episode of Fund Finance Friday: Industry Conversations, Brickfield Recruitment founder Rory Smith joins Wes Misson to discuss Brickfield’s upcoming report benchmarking U.S. and Europe fund finance banking compensation and hiring.
Women in Fund Finance – Europe this week announced that it is looking to increase its number of committee members. If you are interested in getting involved, click here.
Private Debt Investor this week covered Pemberton's hiring of Thomas Doyle in London to launch its NAV-based financing strategy. The subscription-required article is available here.
Strafford’s live CLE video webinar series announced an upcoming webinar, titled “Structuring Revolving Credit Facilities: Draw Provisions, Swingline Financing, Lender Liability Concerns,” featuring Tim Hicks of Cadwalader and James C. Schulwolf of Shipman & Goodwin. The 90-minute live webinar will be held next Thursday, April 21 at 1 p.m. For more information or to register, click here.