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Partner | Fund Finance
Associate | Fund Finance

In-person client presentations have taken a hiatus in the last year plus, but when they were occurring, the question, “Are you seeing a lot of management fee lines these days?”, would always come up. The answer to that question has been: “They are still not that common, but we are starting to see more.” Gaining momentum is still the correct answer. That trend has continued through the hiatus, and while we are not yet willing to say that they are common, we certainly continue to see a higher percentage of them. With that being the case, it would be valuable to once again take a look at management fee lines − what they are, what they are not, and what are (or should be) the underwriting pillars of a loan to a management company.

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Articles

Partner | Fund Finance

The fund finance markets continued their healthy clip into June, with activity levels remaining elevated. Below are our observations since my last update.

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Gary Gensler, Chair of the SEC, delivered prepared comments to the Financial Stability Oversight Council on June 11, in the main reiterating that the SOFR index is based on a large number of observable transactions but also criticizing the Bloomberg Short-Term Bank Yield Index (BSBY) as a LIBOR alternative.

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The FFA’s Women in Fund Finance group has announced several upcoming virtual events, including two next week. WFF US: Women in Boston will host a panel discussion titled “A Focus on DE&I in Fund Finance,” while WFF Europe will host a breakfast discussion event titled “Raising Your Professional Profile."

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Private Funds CFO this week covered Stifel’s fund finance business expansion to the West Coast and its hiring of Charlie Smith. The subscription-required article is available here.

The Drawdown ran an article this week written by Michael Mbayi of Wildgen and Thomas Hallett of Barclays on how private equity funds can embrace ESG fund finance solutions. The subscription-required article is accessible here.

Scott Aleali and Jeff Maier hosted an episode of Fund Fanatics this week featuring Michelle Kleger, a Vice President at Kensington Vanguard National Land Services, LLC, for a discussion on the reopening of New York City, trends in commercial real estate and mindfulness. To view the episode, click here.

Strafford’s live CLE video webinar series this week announced an upcoming webinar titled “Structuring ESG Provisions in Finance Transactions: Performance Targets, Key Indicators, Reporting Obligations, Remedies,” featuring Wesley Misson and Katie McShane of Cadwalader. The live webinar is July 15th at 1 p.m. For more information or to register, click here.

On the Move

Antoine Fortier-Grethen, a well-known name in the Luxembourg fund finance market, has moved to SJL Jimenez Lunz as head of its fund finance practice. SJL will be the first boutique law firm in Luxembourg with full fund finance capacities. Read the announcement here

Associate | Fund Finance, Corporate

FFA NextGen hosted a live webinar about ESG’s rise in Fund Finance earlier this week. The event was moderated by Annabella Kwei (Citi), and the panelists included Christopher Spitzhoff (Carlyle), Jose Liz-Moncion (Bank of America), Harlin Singh Urofsky (Global Head of Sustainable Investing at Citi Private Bank) and our very own Wes Misson (Cadwalader).

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Fair value accounting, commonly used to value fund assets, tends to understate the true volatility in asset values, according to a research note published by PitchBook. While the findings are not new, NAV lenders may find the summary to be thought-provoking given their reliance on asset values.

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June 18, 2021 | Issue No. 131
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Recent Issues

June 18, 2021 | Issue No. 131
June 11, 2021 | Issue No. 130
June 4, 2021 | Issue No. 129
All Issues »
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