Executive Summary - Over the last several years, a need has arisen in the fund finance market, which caters to private equity, venture capital, family offices, and other investment funds (“Funds”) and their sponsors, for...more
Executive Summary - Net Asset Value (“NAV”) credit facilities are a tool that borrowers may use to access financing based on the value of their underlying investment portfolio. The users of these facilities are generally...more
The year 2023 presented the fund finance industry with many challenges that it rose to face with an inventiveness and rigour that showed just how mature and multi-faceted the market has become. At Cadwalader in London we saw...more
It has been a common refrain in the fund finance industry that “hybrid” loan facilities (i.e., loans underwritten on the basis of both a fund’s investor capital commitments and its investment portfolio) are constantly talked...more
Subscription lines, NAV, over-allocations ... and the connection between exercise and good health – here’s what we’re reading this week. Private Funds CFO provided a subline market update in Borrowers turn to new...more
A quick look at the agenda for the Fund Finance Association’s annual symposium (in less than two weeks!) highlights the continued growing interest in NAV secondaries facilities (i.e., there are now three events dedicated to...more
It’s that time of year again when conversations are dominated by reflections on our market’s performance over the last 12 months and expectations as to what 2023 will hold for our industry....more
For funds that are nearing the end of their investment period and have limited or no remaining unfunded capital commitments, the need to continue a subscription line facility for ongoing liquidity may continue to exist for...more
This week we continue our focus on NAV loans and, more specifically, a common structuring issue for NAV secondaries facilities: the “indirect pledge.” For our purposes, NAV secondaries facilities refer to loans to secondary...more
Following an initial “soft” consultation with industry participants and relevant stakeholders, the Securities and Futures Commission (SFC) launched a three-month consultation on proposed amendments to the Code on Unit Trusts...more