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Lenders Private Equity

Goodwin

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

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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

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

Mayer Brown

Subscription Credit Facilities: Understanding Shared Blockers

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EXECUTIVE SUMMARY - Private equity structures often use “blockers” to achieve certain tax benefits. In this Legal Update, we explain what blockers are, how they may be used in a subscription credit facility, and what...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: Private Credit with Golub Capital’s David Golub

In this episode, we are joined by David Golub, President of Golub Capital and one of the first movers in the private credit industry. Since its founding over 30 years ago, Golub Capital has made over $150 billion in loans and...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

White & Case LLP

The Private Credit Golden Age Continues: Key Insights from the LSTA and DealCatalyst 3rd Annual Private Credit Industry Conference...

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On May 9th and 10th, the Loan Syndications and Trading Associations held its third annual private credit industry conference in Ft. Lauderdale, Florida. The major theme of the conference—the speakers of which included...more

Goodwin

Subscription-Secured Credit Facilities: Recent Developments in the US Market and Considerations for Real Estate Funds

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Fund-level subscription-secured revolving lines of credit are a well-established instrument in the toolkits of a variety of private equity fund sponsors and managers, including for venture capital funds, hedge funds, debt...more

Vinson & Elkins LLP

Finance in Focus: Fostering a Forward-Thinking Practice

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In this edition of V&E+, Vinson & Elkins Partners Caitlin Turner and Lucy Jenkins sit down for a conversation on the firm’s thriving Finance practice, the market trends they’re watching, and the career principles they live...more

Cadwalader, Wickersham & Taft LLP

Staying Within the Margins April 2024 - What We’re Reading

Secondaries. The share of secondary sales done at a discount to NAV increased in 2023 according to Jefferies data cited in the Financial Times. Overallocations to PE, better returns in fixed income, and cash outflow needs for...more

McDermott Will & Emery

White House Activates $20 Billion IRA Funding Program for Renewable Energy Projects

On April 4, 2024, the White House activated a much-anticipated program meant to catalyze private investment in clean technology across the United States. It will award $20 billion in grant funding to eight recipients under...more

Mayer Brown

Subscription Credit Facilities: Considerations for Addressing Recallable Capital

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Recallable capital has become an increasingly common concept in subscription credit facilities. In this Legal Update, we explain the concept of recallable capital and its role in subscription credit facilities, as well as...more

White & Case LLP

Uptick in high yield could signal start of recovery

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High yield bond issuance in the US and Europe improved in 2023, but came in significantly below long-term annual averages, while markets in the Asia-Pacific (“APAC”) (excl. Japan) region remained stymied, primarily due to...more

DarrowEverett LLP

Venture Debt: Down Round Protection Without Triggering Downside Provisions

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There is increasing chatter in the startup and investor space surrounding venture debt. It is not at all surprising that as the availability of ready capital has contracted considerably over the past two years, debt and...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

Proskauer Rose LLP

Feeling Bullish: A Career in Private Credit

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Interest in private credit has grown significantly in the past 12 months. As the syndicated market has slowed, direct lenders (and borrowers) are finding better deal flow and increased opportunities. Market pundits have...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

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

White & Case LLP

How private credit funds are dealing with distress

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Private debt has grown quickly over the last decade. But as the macroeconomic backdrop has deteriorated, this asset class has not been immune to challenges. According to a McKinsey analysis of Preqin data, private debt...more

White & Case LLP

The 3rd Fintech Epoch: Europe’s first-movers drive M&A amid tightened purse strings

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UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Fintech - Whilst many European start-ups have struggled to successfully execute funding rounds at valuation levels of yesteryear, more mature fintechs...more

Nelson Mullins Riley & Scarborough LLP

The United States Second Circuit Court of Appeals' Decision in Kirschner v. JP Morgan

In the ruling decided by the United States Second Circuit Court of Appeals on Aug. 24 in Kirschner v. JP Morgan, the court upheld the District Court’s decision stating that the origination and distribution of $1.8B in...more

Goodwin

Debt Download - July 2023

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Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Are the debt capital markets this summer as hot as the weather? Read on to find out!...more

Proskauer Rose LLP

Private Credit Deep Dives – Covenant Cures

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Notwithstanding at least some deterioration in documentation standards towards the top-end of the private credit market in recent years, maintenance leverage covenants have remained a pervasive feature of unitranche as an...more

Cadwalader, Wickersham & Taft LLP

The Other Green Scene: Sublines for Evergreen Funds June 2023 - What We’re Reading

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

Cadwalader, Wickersham & Taft LLP

Cinco Celebration May 2023 - One (Cayman Corporate Governance) Rule to Rule Them All ...

The growth in regulation and oversight of private equity and venture capital funds (“Private Funds”) in the Cayman Islands has again taken a step forward with the recent introduction by the Cayman Islands Monetary Authority...more

Proskauer Rose LLP

Private Credit Deep Dives - Change of Control

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After the unprecedented boom of the immediate post‑COVID era, European M&A activity has slumped in recent months. Indeed, recent market intelligence from Dealogic showed that Q1 of 2023 in EMEA saw a 68% decline in M&A volume...more

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