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
We conducted an informal, small-scale survey during March to May 2023 to gather insights from prominent non-bank lenders on their activity over the past twelve months in the net asset value (NAV) lending market. In this...more
On March 12, 2023, in the wake of shutdowns of Silicon Valley Bank and Signature Bank by regulators in their respective states, the Federal Reserve Board announced the creation of a new Bank Term Funding Program (“BTFP”)...more
Recent press coverage has brought to light allegations of fraud in relation to a subscription credit facility made available to a fund managed by a Florida-based private equity fund manager, JES Global Capital. The...more
For private investment funds with limited or no remaining uncalled commitments, net asset value (NAV) and hybrid credit facilities can provide a useful source of liquidity to support underperforming assets or allow funds to...more
10/7/2020
/ Capital Markets ,
Coronavirus/COVID-19 ,
Credit Agreements ,
Credit Facilities ,
EBITDA ,
Investment Funds ,
Investors ,
Liquidity ,
NAV ,
Portfolio Companies ,
Private Equity Funds
For the past several years, loan market participants have been well aware of the anticipated phase-out of the London Interbank Offered Rate (“LIBOR”) as a benchmark for floating rate instruments. Based on current regulatory...more
The fund finance market has continued to grow at a fast pace in recent years. Increased demand by fund sponsors for fund-related financings has led to a large influx of new lenders. In trying to maintain or gain market share,...more
11/21/2019
/ Capital Contributions ,
Capital Raising ,
Co-Investment Rights ,
Credit Facilities ,
Creditors ,
Disclosure Requirements ,
Financial Markets ,
Fund Sponsors ,
General Partnerships ,
Limited Partnerships ,
Notice Requirements ,
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