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NAV

Mayer Brown

How the Automatic Stay in Bankruptcy Can Affect Net Asset Value Facilities

Mayer Brown on

Executive Summary - In net asset value (NAV) facilities, the borrowing capacity typically adjusts to reflect changes to the value of the underlying investment portfolio, and borrowers face the risk of potential borrowing...more

Mayer Brown

The Intersection of NAV and Margin Loans: Single Asset and Concentrated Asset Pools

Mayer Brown on

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

Walkers

AIFMD II 101: Part 1 - Loan-Origination

Walkers on

On 15 April 2024, Directive 2024/927/EU ("AIFMD II") entered into force, which marked a significant milestone for the European asset management industry. AIFMD II will introduce a harmonised framework for loan-originating...more

Akin Gump Strauss Hauer & Feld LLP

Finally, We Know What a Nav Loan Is (According to ILPA)?

Last month, the Institutional Limited Partners Association (“ILPA”) weighed in on the interesting philosophical question that fund formation and finance lawyers frequently debate - what is a NAV loan?  Where is the line...more

Seyfarth Shaw LLP

Updated Guidance on NAV-Based Facilities for Private Equity Strategies

Seyfarth Shaw LLP on

Net Asset Value (NAV)-based financing facilities (“NAV Facilities”) continue to proliferate in private equity. In response, the Institutional Limited Partners Association (ILPA) released comprehensive new guidance making the...more

Mayer Brown

NAV Facilities: Appraisal and Valuation Challenge Rights

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EXECUTIVE SUMMARY - Net Asset Value ("NAV") credit facilities are lending arrangements underwritten on the borrower’s portfolio of investments, where the amount available for borrowing is based on the value of such...more

White & Case LLP

ILPA Publishes NAV-Based Facilities Guidance for Limited Partners and General Partners

White & Case LLP on

The Institutional Limited Partners Association (ILPA), a trade group for institutional investors in the private equity industry, recently published guidance for LPs and GPs concerning fund-level NAV facilities. See here for...more

Proskauer Rose LLP

ILPA Guidance on NAV Facilities

Proskauer Rose LLP on

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

Proskauer Rose LLP

Talking Trends with Blue Owl

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In Women in Private Credit: Talking Trends, we delve into the world of private credit through the lens of eminent women in the field — from professionals at the forefront of industry leadership to our own lawyers. Together,...more

Mayer Brown

NAV Credit Facilities: The Spectrum of Collateral Structures

Mayer Brown on

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

Cadwalader, Wickersham & Taft LLP

Subscription Agreements 101 – Back to Basics July 2024 - ILPA Releases NAV Guidance

Recently, the Institutional Limited Partners Association (“ILPA”) issued guidance for Limited Partners (LPs) and General Partners ("GPs") around the use of Net Asset Value (NAV-)based financing facilities by private equity...more

Cadwalader, Wickersham & Taft LLP

Roll the Tape June 2024 - Fund Finance Highlight Reel: The First Half in Pictures

This year is starting to feel a bit more normalized after the 2021-2022 record origination numbers followed by the 2023 market disruption. In many ways, Fund finance has passed the stress test and moved forward. What has 2024...more

Mayer Brown

NAV Facilities Appraisal and Valuation Challenge Rights

Mayer Brown on

Net Asset Value ("NAV") credit facilities are lending arrangements underwritten on the borrower’s portfolio of investments, where the amount available for borrowing is based on the value of such underlying portfolio...more

Cadwalader, Wickersham & Taft LLP

Lasting Excellence June 2024 - A Number of Green Shoots in the Coller Capital LP Survey

Coller Capital’s recently released Global Private Capital Barometer included a few notable takeaways for fund finance lenders that suggested the fundraising market could be broadening and capital circulation improving. Here...more

Cadwalader, Wickersham & Taft LLP

8th Annual European Fund Finance Symposium: The Latest From London May 2024 - FFA European Fund Finance Symposium Review – Key...

Last week saw almost 1,140 registrants attend the FFA’s annual symposium at the Queen Elizabeth II Conference Centre in London. As ever, the event brought together a wide range of market participants from across the industry,...more

Cadwalader, Wickersham & Taft LLP

Insights From the PRA’s Thematic Review of the Treatment of Risk in Private Equity Financing

On 23 April, the UK’s banking regulator, the Prudential Regulation Authority (“PRA”), published a letter to Chief Risk Officers setting out the results of a thematic review of private equity related financing activities....more

Proskauer Rose LLP

Understanding the Increasing Use of Holdco NAV Loan Structures

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While the market for NAV financings—loans to funds supported by the net asset value of their portfolios—grew in 2023 and continues to rapidly evolve, a consensus has developed around what is sometimes referred to as a “Holdco...more

Cadwalader, Wickersham & Taft LLP

NAV Positivity April 2024 - In Defense of NAV Loans

NAV loans are getting constant coverage in the press now. For those of us that spent years trying to direct focus to the potential of NAV lending, this is a welcome development.  Admittedly, not all of the coverage is...more

Dechert LLP

New CSSF Circular on NAV Errors and Investment Rule Breaches

Dechert LLP on

The CSSF has issued a new circular (Circular 24/856) aiming to protect investors in the event of certain errors and breaches. Circular 24/856 will enter into force on 1 January 2025 and will repeal circular 02/77....more

Cadwalader, Wickersham & Taft LLP

Shining a Light on “Security-Lite” March 2024 - Shining a Light on European “Security-Lite” Financings

NAV facilities come in all shapes and sizes and, unlike subscription facilities, there is no standardised collateral package for these kinds of transactions. In the European market, many lenders - particularly investment...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Trusts and Activist Funds: What UK Companies Need To Know

On 15 February 2024, Skadden partners Kenneth Burdon, Robert Chaplin, Eben Colby and Greg Norman presented the webinar “Investment Trusts and Activist Funds,” which outlined recent trends in shareholder activism in publicly...more

Proskauer Rose LLP

Insights on the NAV Lending Market – Full Year 2023

Proskauer Rose LLP on

In the middle of 2023, we conducted an informal, small-scale survey to gather insights from prominent non-bank lenders on their activity in the net asset value (NAV) lending market for the first half of 2023. We have expanded...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

Teaming Up for Term Loans February 2024 - Luxembourg and the Cayman Islands: A Comparative Analysis of Two Leading Fund Finance...

Luxembourg and the Cayman Islands are two of the world’s leading fund formation jurisdictions, and account for a large portion of the private equity funds domicile market. Most private equity fund structures are comprised of...more

Hogan Lovells

Secondaries fund financing: deep diving into security and consents

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With fluctuating capital availability, broadly tightening terms, increasing sponsor demand and pressure on pricing in particular on capital call facilities, the market has been changing, if not challenging, for fund borrowers...more

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