News & Analysis as of

NAV Investors

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

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

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

Understanding the Increasing Use of Holdco NAV Loan Structures

Proskauer Rose LLP on

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

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

Hogan Lovells on

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

Proskauer Rose LLP

Question of the Week: What is your outlook for private capital in 2024?

Proskauer Rose LLP on

"Fund managers will continue to innovate and be creative in how they address challenges in the market. For example, fund and portfolio level restructurings will progress at a steady pace to address limitations on exit...more

Dechert LLP

ELTIF 2.0 RTS: ESMA adopts a conservative approach toward open-ended ELTIFs

Dechert LLP on

ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission - The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...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

Seward & Kissel LLP

Net Asset Value Credit Facilities: Key Issues And The Current Market

Seward & Kissel LLP on

Net asset value based credit facilities (“NAV Facilities”) are credit facilities pursuant to which the availability thereunder is based on the net asset value of the investments of the borrower, typically a private fund. The...more

Goodwin

Opening the Fund Finance Toolkit

Goodwin on

Recent years have seen significant growth and innovation in the fund finance industry — and, with an increase in the number and complexity of products in the market, it has become commonplace for industry publications and...more

King & Spalding

AIFMD II Credit Funds

King & Spalding on

Loan Origination Funds Have a Lot of Wood to Chop Before Aifmd II Kicks In - Following a review of the AIFMD, the Commission, in a draft amending directive published in 2021, noted that common rules should be laid down to...more

Walkers

Relations with the Cayman Islands Monetary Authority and investors – update 2023

Walkers on

Directors of Cayman Islands hedge funds must conduct a fund’s affairs in a transparent and honest manner, always disclosing to the Cayman Islands Monetary Authority's ("CIMA") any substantive issues which could materially...more

Dechert LLP

SEC Adopts Money Market Fund Reforms; Form PF Amendments

Dechert LLP on

Today, the Securities and Exchange Commission, by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments). Among other things,...more

King & Spalding

NAV Facilities

King & Spalding on

In its most simple form, a net asset value-based facility (“NAV Facility”) is a credit facility, whereby availability under the facility is based on the net asset value of the portfolio investments of the borrower, often a...more

White & Case LLP

The fund finance market takes flight

White & Case LLP on

Fund finance is positioned for record levels of growth as private equity (PE) general partners (GPs) tap traditional subscription and net asset value (NAV) financing lines in greater numbers....more

Cadwalader, Wickersham & Taft LLP

Breaking Bad - May 2022 | Issue No. 176 - Assessing ‘Bad Acts’ Risk in NAV Facilities (Part 1 of 2)

One aspect of NAV loans that lenders often focus on is the risk of “bad acts” by a borrower with respect to the investments that underpin the loans. For our purposes, NAV loans are loans to alternative investment entities...more

Cadwalader, Wickersham & Taft LLP

Miami, Here We Come - February 2022 | Issue No. 162 - NAV Covenants and Subscription Lines

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

Cadwalader, Wickersham & Taft LLP

The V in a NAV Facility September 2021 | Issue No. 143 - Asset Valuation Issues for NAV Loans

This article focuses on how private company and private fund interests are typically valued in NAV loan facilities and the increased focus we have seen lenders place on valuation issues since the beginning of the...more

White & Case LLP

Fund finance: Harnessing NAV finance in new ways

White & Case LLP on

Demand for net asset value (NAV) finance—where private equity (PE) firms raise borrowings against the NAV of the assets in their funds—is on the rise. NAV finance is still a relatively esoteric, industry-specific product, and...more

Morrison & Foerster LLP

The Rise Of Open-End Real Estate Funds In Asia

Manager and investor interest in open-end real estate (“OERE”) funds focused on Asia investments has exploded in recent years, with continued growth expected. CBRE recently estimated that Asia-Pacific-focused open-end funds...more

White & Case LLP

NAV finance gains traction as private equity seeks liquidity

White & Case LLP on

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market - Until recently, net asset value (NAV) finance—where PE sponsors...more

30 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide