Last week’s Cadwalader 2022 Finance Forum included a panel titled “Heading Into the Storm: Preparing to Survive and Profit from Turbulence in Finance Markets,” which brought together a panel of industry experts to discuss the current market environment and the opportunities and challenges it presents for finance markets. The panelists included: Scott Bynum, a Managing Director and Portfolio Manager at Mudrick Capital Management; Bryan High, a Managing Director at Barings; James Kim, Head of Distressed Investments at Nuveen; and Cadwalader Financial Restructuring partners Mike Rupe and Casey Servais. The panel was moderated by Cadwalader Fund Finance partner Brian Foster.
NAV lending and its progeny garnered great interest at Cadwalader’s annual Finance Forum, bringing together industry experts on the cutting age of structuring creative solutions for the ongoing liquidity needs of private fund managers. Joining the panel were Akhil Bansal, Managing Director and Head of Credit Strategic Solutions at Carlyle; Robert Camacho, Senior Managing Director at Blackstone; Phillip Titolo, Head of Direct Private Investments at MassMutual; and Michael Vasseghi, Managing Director and Head of Insurance Solutions at Morgan Stanley. Cadwalader Fund Finance partner Angie Batterson served as moderator.
At last week’s Finance Forum, panelists Bryan Kearns, Managing Director at Bank of America, and Michele Simons, Managing Director at Wells Fargo, discussed the 2022 Fund Finance Market in a panel hosted by Cadwalader's Tim Hicks and Leah Edelboim. The aim of the panel was to dive into an analysis of Cadwalader’s raw data from its 2022 transactions, with these leading industry experts weighing in on trends and providing their insights and outlooks for 2023.
Today we release the second installment of our Sovereign Immunity Series. In this installment, continuing with our alphabetical order format, we provide a high-level overview of the sovereign immunity laws of Colorado, Connecticut, Delaware, Florida and Georgia. As we have mentioned previously, this is a complicated legal issue.
Observers of the FATF and EU’s many lists will be aware that Cayman currently sits on the FATF “Grey List” in respect of increased monitoring for AML and, as a direct result of this, the EU “Black List” for AML purposes (which mimics any FATF greylisting). While neither of these lists has any material relevance in the fund finance world, it’s never nice to be included on one due to the connotations that they carry.
Even amongst a battle of supply and demand between GPs and the banks, subscription lines of credit remain resilient. While investment activity is relatively slower than seen in 2021, the capital call process is healthy, nonetheless, with activity growing past double-digits in Q2. Read more here about how the sub line market is proving “to be a reliable source of liquidity during good times and bad.”
In this week's Fund Fanatics episode, hosts Scott Aleali and Jeff Maier speak with Rafay Farooqui, Co-Founder of CAIS and Founder & CEO of +SUBSCRIBE, and one of the first movers in the democratization of alternative assets. They discus forward-looking trends of the asset class, bold points of view about LP asset allocations, advice for others thinking about starting a firm or company supporting the private markets and more. Tune in here.
Fund Finance Partners has been named Private Equity Wire's "Best U.S. Fund Financing Solution," as part of its 2022 U.S. Awards that recognize excellence among private equity fund managers and service providers in the U.S. Learn more about the recognition here.
Cadwalader hosted its 6th Annual Girls in Finance Workshop for nearly 70 New York City high school girls at the firm's New York office earlier this week. Inspired by the “Girls Who Code” movement, the program is designed for student participants to gain hands-on exposure to elementary finance and investment concepts from women clients who are financial services professionals and attorneys in related practice areas.
In this week’s Fund Finance Friday, we will discuss the mechanics around an investor’s right to pre-fund all or a portion of its capital commitment (“Pre-Funding Investor”). In a subscription-based lending facility, a lender will lend against the unfunded capital commitments of a fund’s diverse investor pool composed of private equity funds, high-net-worth individuals, governmental entities and more. Some investors, such as tax-sensitive and governmental entities, may not want to participate in a subscription credit facility due to tax and other regulatory implications (e.g., a capital contribution linked to a financing may cause a tax-exempt investor to realize UBTI).