Everyone is talking monetary policy as though they have been watching the Federal Reserve closely for years. Some people are even claiming to have had lunch with Paul Volcker in the ‘80s. Inflation and rising rates are a frequent topic among private equity professionals these days. Everyone seems to be auditioning for a CNBC segment (if CNBC is reading this, my professional email is in my bio). We all have seen incredible growth in the fund finance product over the last several years. With the rapid increase in interest rates in the United States and elsewhere, it’s prudent to ask what is the future of the fund finance product in a rising rate environment. To help gain some insight, Cadwalader sent out a client survey to our bank clients, “The Cadwalader Fund Finance Decision Maker Survey.” Here is what we have found.
This week the FFA held the inaugural FFA University 2.0 at Cadwalader’s offices in New York. The intensive full-day program was geared towards mid-level and more senior bankers and lawyers in the fund finance space. This interesting and educational event included a roster of seasoned presenters who are some of the foremost experts and deal makers in the fund finance space.
The FFA EMEA Diversity in Fund Finance team will host a panel discussion on November 10 in London titled, "Why Diversity Makes Good Business Sense." The panel will cover topics such as why diversity is important to organizations from an operational/profitability perspective, what progress is being made in implementing DE&I policies and how the promotion of diversity issues in any institution is critical to success. For more info and to register, visit here.
Kroll Bond Rating Agency last week announced it has assigned ratings to $600 million of debt issued by Nassau CFO 2022 LLC in a collateralized fund obligation transaction.
Silicon Valley Bank is seeking to hire a Vice President, Relationship Manager for its Global Fund Banking team, with the position based in Austin. More information is available here.
Former NBA standout Muggsy Bogues will tip things off as keynote speaker at Cadwalader's 2022 Finance Forum on Thursday, October 27 at the JW Marriott in Charlotte.
The Cadwalader London Fund Finance team continues to receive industry recognition for its market leadership. Most recently, The Legal 500 UK 2023 edition has ranked the practice group as a prestigious Tier 1, while recognizing UK practice head Samantha Hutchinson as a “Leading Individual,” Nathan Parker as a “Next Generation Partner” and special counsel Mathan Navaratnam and associate James Hoggett as recommended attorneys. For more information, please visit here.
In this week’s Fund Finance Friday, we release the first installment of our Sovereign Immunity Series, a new series in which we examine, in alphabetical order, the sovereign immunity status of each state. Today, we will provide a high-level overview of sovereign immunity in Alabama, Alaska, Arizona, Arkansas and California. Sovereign immunity is a complex legal issue, and one that has been discussed at great length in previous Fund Finance Friday articles.
Brickfield, the Fund Finance recruiter, this week released its 2022 banker compensation report, based on confidential surveys it has been collecting throughout the summer. As part of the report, be sure to check out the Cadwalader-contributed article about building a winning fund finance team and an interview featuring Cadwalader’s Wes Misson and Sam Hutchinson on key legal talent trends in fund finance. Access the full report here.
Bloomberg reported this week on fund level backleverage reportedly taken out by Apollo in connection with its acquisition of telecom and broadband assets from Lumen Technologies. The article is accessible here.