Irish funds are prohibited, under the Central Bank of Ireland’s AIF Rulebook, from providing guarantees or security on behalf of third parties. It’s not uncommon, however, for an Irish fund group to contain entities, such as a special purpose vehicle, that may not be a wholly owned subsidiary. The application of a cascading structure in this and other similar situations for fund financing arrangements is the subject of a recent note published by Matheson. The full text is available here.