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Side letters have gone through a massive and largely unspoken transition over the last four to five years. From a position where a few investors in a closing might have quite short side letters dealing with niche issues we are now at a point where it is not uncommon to see the vast majority of investors in a closing have the benefit of negotiated side letter protections in side letters that can extend to upwards of 20-30 pages.
The doctrine of sovereign immunity is a foundational element of the interplay between a governmental investor’s contractual obligation to satisfy capital calls and a fund’s or lender’s ability to enforce that obligation against the investor. We recently completed our comprehensive series on sovereign immunity across all fifty states of the United States, as well as England and Wales and a cameo from the Cayman Islands. In this article we look at the rest of the world. We assess key statutory and equitable principles, deconstruct how to satisfy judgments against foreign sovereigns and peruse related side-letter provisions so you can understand how to mitigate the risks of these international investors in your fund finance facilities.
Investec’s Private Equity Trends survey (formerly known as GP Trends) closes on the 28th September, so don’t miss your chance to share your thoughts and experiences and contribute to a better understanding of the industry.
Are you registered yet? We are just a few weeks away and would love for you to join us for our seventh Annual Finance Forum on October 19 at The Ritz-Carlton in Charlotte.
Leaders from over 150 of the world’s top financial institutions are registered for an interactive day with the industry’s foremost experts. We are going to take deep dives into the wide range of challenges and opportunities that will shape the global financial landscape in 2024 and beyond.
We have come to the final installment of our FFF Sovereign Immunity Series, having covered the 48 other states previously. In this article, we will look at sovereign immunity in Wisconsin and Wyoming.
Today we release the twelfth – and penultimate – installment of our Sovereign Immunity Series. In this part, we discuss and provide a high-level overview of how sovereign immunity is viewed specifically through the lens of fund finance transactions in the states of Utah, Vermont, Virginia, Washington and West Virginia.
After leaving South Dakota and taking on a full tank of gas in Tennessee last week, today we have our biggest prize in our 50-state road trip of sovereign immunity: Texas.
It’s the Friday before Memorial Day Weekend here in the United States. Given the holiday weekend, this installment of our Sovereign Immunity Series will be light, as we will cover just two states: South Dakota and Tennessee. However, next week we will have an installment dedicated to Texas sovereign immunity, which is a complex and popular topic as many market participants know.
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.