Women in Fund Finance hosted a virtual fireside chat this week on “Navigation and the Redesign of the Future Workplace & Managing Teams Remotely.” The event featured Macquarie Senior Managing Director Erin Ledger-Beaupre, who gave the audience an insider’s look at how she has successfully led Macquarie Asset Management’s Real Estate Investments team on a remote basis. Her team has been successfully functioning in a remote/hybrid environment for over 10 years. The event was moderated by Jeannie Kim, Vice President at Macquarie.
Following a record-breaking year of deals in 2021, including larger funds, new entrants into the market and the evolution of products to meet the wide variety of investor demands, this Walkers article provides jurisdiction-specific insight on how the macro trends seen last year will likely continue throughout 2022.
Wildgen will be hosting a March 31 webinar during which Michael Mbayi and other industry guests will be discussing the negotiation and structuring of NAV facilities. Click here for more information and to register for the event.
Strafford is hosting a 90-minute CLE session on April 14 titled “Private Equity GP and Employee Co-Investment Credit Facilities, Management Lines of Credit: Due Diligence, Structuring and Documentation; Role of Sponsor, Administrative Issues.” For more information, click here.
FUNDfire published an article on the growth of NAV lending, highlighted by coverage of Oaktree’s acquisition of 17Capital earlier this month. The subscription-required article is accessible here.
Goldman Sachs is looking to hire a fund financing associate in New York for its Alternatives Capital Markets & Strategy (ACMS) group. For more info, please visit here.
Two recent news items got me thinking about public pensions, their continued rise in private equity and their sovereign status. The first news item, already widely covered in the media, is the announcement by the Securities and Exchange Commission of new rules requiring (among other things) enhanced periodic disclosure for fees, expenses and performance (including, possibly, reporting performance with and without the use of fund financing). The second news item is the increasing deployment of public pension money in private equity as a long-term secular trend.
As noted in our previous update, “‘NAV’igating Cayman Share Security – Lender FAQs,” fund finance lenders are increasingly encountering pledges of shares in SPVs incorporated in the Cayman Islands as part of the collateral package in NAV-based transactions. Another commonly seen aspect of such deals is a pledge of limited partnership interests (“LP Interests”) held by a borrower or other credit party (“Credit Party”) in one or more exempted limited partnerships formed in the Cayman Islands (“Cayman ELPs”). Such Cayman ELPs may be downstream holding or operating vehicles held by the Credit Party or interests it holds in funds managed by other sponsors. While security over LP Interests in Cayman ELPs is similar in some ways to taking security over shares of a Cayman company, there are some notable differences in legal requirements. This note aims to answer some of the most frequent questions that lenders ask in respect of security over LP Interests in Cayman ELPs.
The Fund Finance Association this week opened registration for the 6th annual European Fund Finance Symposium, which will open with a Welcome Reception on the evening of June 27 and take place on June 28 at the Landmark Hotel in London. For more information or to register, click here.
Join WFF on Tuesday, March 22 for a Fireside Chat during which individuals from Macquarie Group will discuss the keys to engaging a hybrid team in the age of remote work. To register, please visit here.