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Private Equity Loans

Mayer Brown

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

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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

Troutman Pepper

Recent Trends in Private Credit

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What began as an outlet for companies with riskier credit to raise debt, the private credit asset class has morphed into a viable alternative lending source for middle-market and, increasingly, large-cap companies. Private...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

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

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

White & Case LLP

European leveraged finance: A whole new world

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European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest...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

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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

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

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

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

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

White & Case LLP

Private equity sponsors intensify focus on flexibility in portfolio company loan...

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As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents Given the sharp...more

Cadwalader, Wickersham & Taft LLP

Happy NAV Year! January 2023 | Issue No. 205 - NAV Financing – What Was Old Is New Again

Happy New Year! As we begin the new year and look back at the developments in the fund finance market in 2022, and look forward to what 2023 has in store for us, one common theme is the continued increase in the use of NAV...more

Cadwalader, Wickersham & Taft LLP

Polishing Up the Crystal Ball December 2022 | Issue No. 204 - 2023 European Fund Finance Market Predictions

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

White & Case LLP

Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region

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Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains - Debt markets in the Asia-Pacific region (excl. Japan) (APAC)...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

White & Case LLP

Financial markets in the Asia-Pacific region

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The COVID-19 pandemic's severe impact on the global economy continued through 2020 and 2021, and the Asia-Pacific region (APAC) was no exception. Despite the many current challenges, justified optimism and robust deal...more

Cadwalader, Wickersham & Taft LLP

NAV Meets Pref August 2021 | Issue No. 141 - NAV Financing for Pref Shares

Over the past 18 months, as we have previously discussed, use by private equity funds of both NAV loans and preferred equity solutions has increased. For our purposes, NAV loans are loans to private equity funds that are...more

Hogan Lovells

Subscription line fraud and its impact on private equity

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Those involved in the private equity industry will have seen the recent reports of an alleged fraud on a U.S. bank by a Florida-based private equity fund manager, the accusation being that subscription agreements with LPs, as...more

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