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Asset Management Financing

Ropes & Gray LLP

Special Situations Credit: 2024 Year In Review and 2025 Outlook

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As expected, we experienced continued strong deal flow for special situations credit transactions in 2024, with both macroeconomic and industry-specific factors broadly impacting markets. While a slight lowering of interest...more

DLA Piper

Institutional Investor Newsletter: 2024 End-of-Year Roundup

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A recent trend in continuation vehicles involves traditional private equity sponsors serving as the “lead investor” in lieu of, or in addition to, more traditional secondary buyers and institutional investors. This expansion...more

DLA Piper

Key Takeaways From the Fund Finance Association 2024 Global Leadership Summit

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The Pine Cliffs Resort hosted the FFA’s 2024 Global Leadership Summit this week where key players and leaders from across the industry gathered to discuss macroeconomic, geopolitical, policy, legal, regulatory and other...more

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

Cadwalader, Wickersham & Taft LLP

Going for Gold August 2024 - Credit Portfolio Finance – A Primer on Back-Leverage

The combination of increased regulatory pressure and additional investor demand for higher yield has seen numerous banks gradually displaced by private debt funds in the corporate lending sector (particularly for mid-market...more

Cadwalader, Wickersham & Taft LLP

A New Age of PerFFFection June 2024 - Potential Impact of UCC Article 12 on Fund Finance Transactions

At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund...more

Cadwalader, Wickersham & Taft LLP

Lasting Excellence June 2024 - Insurance Companies in NAV, CLOs and Rated Feeders: Where Are We Now

If you are confused about the current state of play of insurance companies investing in CLOs, rated feeder structures and other NAV based loans, we are here to help. Let’s start with the basics: the National Association of...more

Cadwalader, Wickersham & Taft LLP

Liquidity in a Challenging Climate May 2024 - Financing a Continuation Vehicle – Lender Considerations

A continuation fund is an entity fund set up by a sponsor in order to purchase an asset (or assets) from an existing fund managed by that sponsor. There are a number of reasons as to why a sponsor would want to pursue this...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

Cadwalader, Wickersham & Taft LLP

Honey, do you think KYC is still open? September 2023 - The Irish ICAV – Key Features and Finance Considerations

While there has been much industry focus on the re-energised Irish Investment Limited Partnership vehicle, (“ILP”) the ICAV remains the workhorse, or perhaps more accurately the stallion, of Irish Fund structures. We have set...more

Proskauer Rose LLP

Private Credit Deep Dives – Leverage Covenants and Auto-Resets

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As the private credit industry has relentlessly expanded and the capital available for deployment by private credit asset managers has rapidly grown, those investing at the top end of the market have increasingly had to...more

Cadwalader, Wickersham & Taft LLP

Manager’s Special - July 2022 | Issue No. 185 - Asset Manager Earnings Should Provide a Timely Fundraising Check-In

Earnings season for alternative asset managers is underway and should provide a window into the private market outlook for the second half. Earnings, of course, shine the spotlight on the large diversified platforms, a group...more

Cadwalader, Wickersham & Taft LLP

Stars and Stripes - July 2022 | Issue No. 182 - FFA European Symposium: A Big Success

The Fund Finance Association European Symposium was held this week in London, bringing the industry together in Europe for the first time since 2019.  The event was a tremendous success, with a packed agenda spanning three...more

Cadwalader, Wickersham & Taft LLP

NAV Unrestricted - April 2022 | Issue No. 170 - Considerations in NAV Transactions When Collateral Includes Transfer-Restricted...

Net Asset Value (“NAV”) transactions, where a debtor pledges its downstream assets to secure a financing, can involve a wide variety of potential collateral. In some NAV transactions, the assets to be pledged to secure the...more

Cadwalader, Wickersham & Taft LLP

Managing Risks and Maximizing Leverage – Thinking Outside the Square

There has been considerable discussion in the market over the last 12 months about how lenders can increase liquidity and manage the risks that can arise through over-exposure to a particular sponsor, sector or product....more

White & Case LLP

Real estate joint ventures: Marriage of equity and expertise

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The asset manager's expertise, coupled with the investor's capital, allows both parties to maximise their respective returns. Real estate has always had a strong appeal to investors. Property yields have been outperforming...more

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