We have been following the litigation over the question of whether certain syndicated loans are securities. Kirschner v. JPMorgan Chase Bank, N.A., which has been before New York federal courts for years, is now before the United States Court of Appeals for the Second Circuit.
Cadwalader was delighted to co-sponsor yesterday’s inaugural Women in Fund Finance golf outing at Dyker Beach Golf Course in Brooklyn, New York. The event was planned and orchestrated by Kristin Castellanos, head of fund finance at TriState Capital Bank, along with Mary Touchstone, partner and head of fund finance at Simpson Thacher, and was sponsored by TriState Capital, Assured Guaranty and Cadwalader.
Our UK team tracks data and trends coming out of the European subscription finance market on a quarterly basis, and has just completed the Q2 2023 review and outlook. To arrange a call or meeting to discuss, please reach out to Mike Hubbard or your Cadwalader UK fund finance counsel.
Investec has just published its latest annual report on the Secondaries market – and it is well worth a read.
NAV financing, continuation funds, public pension funds and their increased private equity allocations, and the commercial real estate outlook – here’s what we’re reading.
Fitch Ratings is seeing strong demand for subscription finance ratings following publication of its new rating methodology, and so the company is adding staff to support this initiative.
In the private equity secondaries market, financing is often used to facilitate the purchase of portfolios of interests in private equity funds. These transactions require lenders to underwrite the value of assets that the borrower does not yet own, which gives rise to a specific set of challenges for the lenders. Here we discuss some of those challenges and the steps lenders can take to get comfortable making such loans.
Cadwalader partner Sukhvir Basran and special counsel Katie McShane will lead a Strafford CLE video webinar this Tuesday on ESG in fund finance, with a specific focus on how to structure and draft Sustainability-Linked Loans in order to help achieve ESG-related objectives.
PLI will be hosting a webinar titled “A Field Guide to Fund Finance” on Wednesday, July 19 at 1 p.m. EDT. This program will serve as a comprehensive introduction to fund finance and a gateway to the advanced topics covered in PLI’s flagship Fund Finance 2023 conference to be held in October.
No one will be surprised to hear that the initial read on first half fundraising is pointing lower for 2023. Pitchbook reports U.S. private equity fundraising of $153 billion through June, which annualizes to a down 19% from the prior year.