News & Analysis as of

Investment Funds Loans

Wilson Sonsini Goodrich & Rosati

Revenue Purchase or Predatory Loan? New York Attorney General Targets Merchant Cash Advance Providers

On March 5, 2024, the New York Attorney General (AG) Letitia James sued Yellowstone Capital LLC (Yellowstone) and various affiliates, accusing them of running a predatory lending operation by disguising the loans as purchases...more

Cadwalader, Wickersham & Taft LLP

Controlling Cash March 2024 - Cash Control Event: Lender and Borrower Considerations

Our readers have been blessed with wonderful Fund Finance Friday articles dealing with the maintenance of collateral accounts in 'When Deposits Don’t Travel with Loans', control over collateral accounts in 'Control or Control...more

Cadwalader, Wickersham & Taft LLP

Missing Miami March 1, 2024 - 13 Takeaways From Miami

More than 1,800 industry players attended the 13th annual Global Fund Finance Symposium that wrapped up yesterday afternoon at the Fontainebleau in Miami Beach. There was a lot to talk about in terms of market evolution...more

Cadwalader, Wickersham & Taft LLP

Teaming Up for Term Loans February 2024 - Term Loan Market Update

About a year ago, we published “Term Loan Solutions in Fund Finance,” which ended up being a popular article on Fund Finance Friday. Since then we have seen lenders, sponsors, law firms and rating agencies become more...more

Cadwalader, Wickersham & Taft LLP

My Achy Breaky Default February 2024 - Common Events of Default in Subscription Credit Facilities: How Parties End Up Here, and...

Private equity sponsors and their funds benefit from the flexibility of revolving credit facilities and the ability to borrow significant amounts of capital on short notice. But that fast access to liquidity can quickly be...more

Cadwalader, Wickersham & Taft LLP

Finance Frontiers February 2024 - Writing to Reach You – Investor Letters and Subscription Facilities

While Chris van Heerden’s recent article gave some cause for optimism over the fundraising environment for 2024, for now on the ground we are continuing to see significantly longer lead times before funds hit their target...more

Mayer Brown

The Benefits of Term Debt Tranches in Fund Finance Products – and What to Consider When Utilizing Term Debt

Mayer Brown on

With new banking rules on the horizon for financial institutions, lenders are looking for new strategies to bolster lending capacity and accommodate debt issuances. One such option is term debt....more

Cadwalader, Wickersham & Taft LLP

Here We Go Again January 2024 - A Note to My Younger Self Part II: Starting Over Every January

As I sit here again with one more year in the rearview mirror since the last time we chatted, this older, wiser self has been reflecting on what I would tell my younger self if I had the chance at the beginning of January of...more

Mayer Brown

Subscription Finance: Commingling Collateral Accounts

Mayer Brown on

For loans primarily secured by a cash flow stream, subscription facility lenders heavily depend on collateral accounts as a key element of the security package. In this Legal Update, we delve into why subscription facilities...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights January 2024 - Regulators Propose More Granular Disclosure for Loans...

Is one of the greatest mysteries of the universe about to become less mysterious? That’s one possible question after U.S. banking regulators published a request for comment covering a proposed revision to the call report...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights - 2024 European Fund Finance Market Predictions

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

Mayer Brown

Fund Finance Reporting Requirements Proposed by US Banking Regulators

Mayer Brown on

On December 27, 2023, the US federal banking regulators proposed reporting requirements for bank loans and commitments to the fund finance sector. This change reflects not only the rapid growth in this sector but also the...more

Cadwalader, Wickersham & Taft LLP

Out of Control December 2023 - Change of Control – Back to Basics

This year has seen a significant amount of consolidation of sponsors in the private equity market, and this is a trend that is predicted to continue throughout 2024 and beyond....more

Cadwalader, Wickersham & Taft LLP

Out of Control December 2023 - PEI Annual LP Perspectives Survey

Higher interest rates have rearranged the investment landscape with liquid products offering more attractive value while forward private market returns are somewhat uncertain in light of challenges facing valuations and the...more

Cadwalader, Wickersham & Taft LLP

Out of Control December 2023 - What We’re Reading

Here’s a slice of what we’re reading (and listening to) this week: Bain’s most recent Dry Powder podcast episode discusses internal processes at pension funds, sovereign wealth funds, endowments, and foundations with...more

Cadwalader, Wickersham & Taft LLP

Recallable Capital Ripples November 2023 - Total Recall

Recallable capital is a hot topic these days in both subscription financing and NAV financing transactions, both at industry events and in the press. There has been a good deal of attention to this concept in the NAV market...more

Cadwalader, Wickersham & Taft LLP

NAVigating November 2023 - NAV Financing: To Secure or Not To Secure, That Is the Question

As noted in Angie Batterson’s wonderful panel at our Finance Forum in Charlotte last month, the term NAV loan means different things to different people, and can encompass a diverse mix of structures and asset classes in the...more

Cadwalader, Wickersham & Taft LLP

NAVigating November 2023 - What We're Reading

Here’s what we’re reading these days. Less than half of private credit borrowers would generate positive free cash flow in a mild stress scenario, according to a recent analysis by S&P Global Ratings that reviewed more...more

Cadwalader, Wickersham & Taft LLP

NAVember November 2023 - U.S. NAV Finance Market Update – What a Year!

It’s already been two weeks since we wrapped up the Cadwalader Finance Forum in Charlotte, which featured a panel on “New Approaches in the NAV and Secondary Market.” The panelists provided attendees with an entertaining and...more

Mayer Brown

MSR Fund Investments: 7 Aspects to Consider

Mayer Brown on

While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights...more

Cadwalader, Wickersham & Taft LLP

Unlocking the Hybrid October 2023 - Continuation Funds and the Hybrid Solution

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

Cadwalader, Wickersham & Taft LLP

Unlocking the Hybrid October 2023 - Let’s Get “Real”

Old habits die hard. For the decade leading up to Covid, inflation averaged a very comfortable 1.5%-2.0%. Stable, low inflation meant no one could be blamed for letting “real,” inflation-adjusted thinking fall by the wayside....more

Cadwalader, Wickersham & Taft LLP

Foreign Sovereign Immunity Garden Guide September 2023 - Laying the Groundwork on Foreign Sovereign Immunity

The doctrine of sovereign immunity is a foundational element of the interplay between a governmental investor’s contractual obligation to satisfy capital calls and a fund’s or lender’s ability to enforce that obligation...more

Cadwalader, Wickersham & Taft LLP

Foreign Sovereign Immunity Garden Guide September 2023 - What We're Reading

Here's what we're reading this week. Sponsor consolidation is likely to accelerate in response to challenging fundraising conditions, according to sources cited in the FT’s  Private equity is in for rampant consolidation...more

Cadwalader, Wickersham & Taft LLP

Honey, do you think KYC is still open? September 2023 - The ABCs of KYC (accounts)

Subtly pivoting from the topic of collateral accounts, introduced in the August 25, 2023 Fund Finance Friday (“FFF”) article by Chad Stackhouse and Katie Clardy titled “Control or Control Agreement”, we will explore a few of...more

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