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Melanie Herald, Managing Director, Head of Alternative Lending at State Street, joins Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. Melanie discusses her role at State Street and her team’s market focus in fund finance. She also discusses the impact of COVID-19 on her team’s business, as well as that of the bank’s clients, and forecasts how the market is likely to evolve as a result of the disruption.
Jan Sysel and Adam Summers, Partners at Fried Frank, join Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. Jan and Adam cover what Fried Frank is seeing in fund formation and fund finance as the market stabilizes into month three of the disruption. They cover the current fundraising market and the pipeline for subscription facilities, and give forecasts around the impact on NAV facilities of mark write-downs when 2nd quarter financials become available. Adam also provides an update on the leverage finance markets.
Jesse Hurley, Head of Global Fund Banking at Silicon Valley Bank, connected with Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Jesse covers what Silicon Valley Bank is seeing in their fund finance portfolio, including investor capital call funding performance, facility utilization and pipeline opportunities. He also discusses the growth of the SVB Fund Banking team and their many new hires, predictions for the venture capital and angel investment space for the remainder of 2020 and the corresponding impact on the innovation economy.
Dave Philipp of Crestline Investors and Scott Aleali of First Republic Bank connect with Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Dave covers the breadth of the NAV-lending market, including detail about transaction structures and attachment points, addressing revised marks in an existing portfolio, the uptick in borrower inquiries post-COVID, and forecasts for how the NAV and pref equity markets may expand and evolve in the medium and longer-term. Scott gives a credit performance update on the capital call space, discusses the evolving uses of capital call lending in the new environment, and provides a host of insightful predictions for how both the fund finance market and the macro landscapes are likely to play through during the summer and into the future.
Sarah Elliott of National Australia Bank connects with Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Sarah gives an update of what National Australia Bank is seeing in the fund finance markets. She also discusses her recent LinkedIn post on the human tragedy surrounding us all from the COVID-19 virus, along with the great hope, resilience and leadership she sees emerging from the difficult circumstances.
Cadwalader’s Mike Mascia connects with Richard Wheelahan, founding principal of fund finance debt advisory firm Fund Finance Partners, in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Rich covers what his fund sponsor clients are seeing in the market, where the current demand for fund finance is the highest and what it is like being a principal in a start-up during challenging times.
Cadwalader’s Mike Mascia connects with Jeff Johnston, Managing Director and Head of Subscription Finance at Wells Fargo and Chairman of the Fund Finance Association, in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Jeff and Mike have a wide-ranging conversation, covering not only what Jeff is seeing in his portfolio and how the FFA is adjusting to the uncertainty, but also some of the challenges of leading large teams during stressful circumstances while in WFH, potential fund finance innovations coming out of the disruption and a deeply personal discussion of the passing of Jeff’s father-in-law in March.
Cadwalader’s Mike Mascia connects with Matt Posthuma, a Partner in Ropes & Gray’s fund formation group, in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Matt gives an update on how the disruption is impacting fundraising in the real estate space, the state of real estate fund operations and capital call activity from his vantage point, and Investor performance on capital calls.
With all the press reports on subscription facilities and investor liquidity, Cadwalader’s Mike Mascia sits down for this week’s "Fund Finance Friday: Industry Conversations" with Jennifer Choi, Managing Director of Industry Affairs at the Institutional Limited Partners Association (ILPA). In the podcast, Jennifer gives updates on how the investor community is weathering the disruption, the state of capital call activity, communication levels between GPs and LPs and investor sentiment on their liquidity positions. While some of the data is sobering, Jennifer's message for collective effort and cooperation across the market is uplifting and productive.
Starting this week, FFF is going to include short podcasts with third-party industry leaders in an effort to get real-time information to our readership. The podcasts will be accessible from FFF, on fundfinancefriday.com and on Spotify. In our premiere "Fund Finance Friday: Industry Conversations" podcast, Cadwalader's Mike Mascia interviews Jocelyn Hirsch of Kirkland & Ellis on what she is seeing in the leveraged finance and fund finance markets along with what she is hearing from her fund sponsor clients.