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Lenders Investors

Hahn Loeser & Parks LLP

Using Private Capital for Commercial Real Estate Development

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The tightening in lending standards experienced over the last year is attributable to factors beyond credit quality of borrowers and lenders’ concentration in credit risk in CRE, namely: (1) lenders’ expectation...more

Dechert LLP

2024 Election - Implications on Private Equity & Private Credit

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Potential Election Impacts on the Private Equity and Private Credit Sectors - While the 2024 election cycle may introduce temporary uncertainty, the convergence of positive economic trends such as waning inflation,...more

Pillsbury Winthrop Shaw Pittman LLP

Lenders Beware: The Ponzi Scheme Presumption Can Trap an Unwitting Lender

A recent Ninth Circuit Court decision highlights a risk for lenders caught up in a Ponzi scheme. In its recent EPD Investment decision, the Ninth Circuit reaffirmed that (as a matter of law) upon finding the existence of a...more

White & Case LLP

China’s real estate sector shows the beginning signs of recovery

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China’s real estate industry, which accounts for about a fifth of the country’s economic activity, according to IMF, has faced numerous headwinds over the past three years. These have ranged from a mismatch in supply and...more

Akin Gump Strauss Hauer & Feld LLP

Cybersecurity & Data Privacy Issues in Fund Finance

During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant “know-your-customer” information. In the context of a fund finance transaction, this...more

White & Case LLP

Tepid UK & European private capital markets spur unicorns into inorganic opportunities

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3 reasons for continuously high fintech M&A activity levels: Banks target indirect digital access: Through credit lines, investments in venture capital funds, collaborations with innovators and establishment of next...more

Goulston & Storrs PC

Different Sectors, Same Page

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I recently attended the IMN Distressed CRE Forum in New York, alongside my colleagues Brian Cohen, Zev Gewurz and Doug Rosner.  It was great to connect with and hear from people across many different places in the industry,...more

Cadwalader, Wickersham & Taft LLP

Clearing the Hurdle, September 2024 - Hurdling Into the Borrowing Base

As was briefly touched upon in a prior Fund Finance Friday article “Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities,” a subscription facility which uses the borrowing base approach looks at each...more

White & Case LLP

Return of the megadeal: Big business powers US M&A

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The string of megadeals announced in the first half of 2024 reflect a growing confidence among US dealmakers. But can the bull run be sustained? Megadeals were firmly on the agenda in H1 as more stable inflation and...more

White & Case LLP

Other Financial Services - UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024

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Asset / Wealth Management - Current market: Consistently high M&A activity levels - We are seeing: Europe’s barbell becomes more pronounced—larger asset / wealth managers swallow smaller competitors at pace: -...more

DLA Piper

Key Takeaways From the Fund Finance Association 2024 Global Leadership Summit

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The Pine Cliffs Resort hosted the FFA’s 2024 Global Leadership Summit this week where key players and leaders from across the industry gathered to discuss macroeconomic, geopolitical, policy, legal, regulatory and other...more

Cadwalader, Wickersham & Taft LLP

B(ack to School) September 2024 - Unlocking Liquidity With a Tranche B Facility

Liquidity solutions are a topic du jour in fund finance. With bank balance sheets somewhat restricted by macroeconomic concerns and risk-weighted asset regulations, fund finance borrowers and lenders have sought creative ways...more

White & Case LLP

Refinancing surge reenergizes US and European loan markets

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Leveraged loan activity in the US and Europe sprang back to life in H1 2024, with both markets enjoying near-triple-digit increases in issuance. In the US, overall issuance surged 95.7% from US$461 billion in H1 2023 to...more

White & Case LLP

Despite short-term volatility, rising interest rates may improve Japan’s economic outlook

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Rising interest rates have challenged some markets, but in Japan, where rates have languished in negative territory for almost a decade, a rate increase is generally welcome news for investors - After waiting almost two...more

Goodwin

Pluralsight Change of Control Transaction - The Tip of the Private Credit Iceberg?

Goodwin on

The growth in private credit (lending by institutions other than banks) has been one of the most significant capital market developments of the last decade. It is estimated that the size of the private credit market was...more

Cadwalader, Wickersham & Taft LLP

Going for Gold August 2024 - Credit Portfolio Finance – A Primer on Back-Leverage

The combination of increased regulatory pressure and additional investor demand for higher yield has seen numerous banks gradually displaced by private debt funds in the corporate lending sector (particularly for mid-market...more

Proskauer Rose LLP

ILPA Guidance on NAV Facilities

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On 25 July 2024, the Institutional Limited Partners Association ("ILPA") published guidance (the "Guidance") on the use of net asset value ("NAV") facilities. The Guidance specifically applies to private equity funds and does...more

Levenfeld Pearlstein, LLC

M&A Insights and Outlooks Regarding Financing: A Conversation with Gary Grote of Bridgepoint Investment Banking

Below is his conversation with Gary Grote, Managing Director at Bridgepoint Investment Banking, which focuses on capital raising and M&A advisory solutions. Gary focuses on deals in the healthcare, leveraged finance,...more

Cadwalader, Wickersham & Taft LLP

Different Yet Similar August 2024 - Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities

The key component of any subscription credit facility is the underlying capital commitments that are pledged to secure the facility. Virtually every lender will require some level of over-collateralization – meaning, investor...more

White & Case LLP

High-profile deals in European regulators’ firing lines

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Dealmakers are learning to navigate a stricter regulatory environment as UK and EU authorities take an increasingly interventionist stance Global dealmaking experienced a slowdown in 2023 as the market battled headwinds on...more

White & Case LLP

Investors flock to investment grade debt markets

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Primary investment grade bond issuance surged in Q1 2024 as investors ramped up exposure to high-quality borrowers in a high interest rate environment. In the US, investment grade corporate borrowers secured US$429.7 billion...more

Cadwalader, Wickersham & Taft LLP

Big News for Funds June 2024 - A Fresh Look at Side Letters

Side letters have gone through a massive and largely unspoken transition over the last four to five years. From a position where a few investors in a closing might have quite short side letters dealing with niche issues we...more

Cadwalader, Wickersham & Taft LLP

Reliable Expectations May 2024 - Investors, We're Relying on You

Delaware remains the most popular jurisdiction for the domestic formation of private equity and venture capital funds (a “Fund”) as either a limited partnership or limited liability company.  In fact, 54.8% of the deals...more

Strafford

[Webinar] Corporate Transparency Act's Impact on Real Estate: Reporting Companies; Exemptions; Beneficial Ownership Reporting -...

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This CLE webinar will examine the Corporate Transparency Act (CTA), effective Jan. 1, 2024, and its impact on real estate entities and transactions, including who is considered a "reporting company" subject to new beneficial...more

Cadwalader, Wickersham & Taft LLP

Liquidity in a Challenging Climate May 2024 - Financing a Continuation Vehicle – Lender Considerations

A continuation fund is an entity fund set up by a sponsor in order to purchase an asset (or assets) from an existing fund managed by that sponsor. There are a number of reasons as to why a sponsor would want to pursue this...more

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