News & Analysis as of

Financing NAV

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

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

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

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

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

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

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

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

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

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

NAVigating November 2023 - NAV Financing: To Secure or Not To Secure, That Is the Question

As noted in Angie Batterson’s wonderful panel at our Finance Forum in Charlotte last month, the term NAV loan means different things to different people, and can encompass a diverse mix of structures and asset classes in the...more

Cadwalader, Wickersham & Taft LLP

NAVigating November 2023 - What We're Reading

Here’s what we’re reading these days. Less than half of private credit borrowers would generate positive free cash flow in a mild stress scenario, according to a recent analysis by S&P Global Ratings that reviewed more...more

Cadwalader, Wickersham & Taft LLP

NAVember November 2023 - U.S. NAV Finance Market Update – What a Year!

It’s already been two weeks since we wrapped up the Cadwalader Finance Forum in Charlotte, which featured a panel on “New Approaches in the NAV and Secondary Market.” The panelists provided attendees with an entertaining and...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

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

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

Challenge! The Lender’s Say on the V in NAV August 2023 - Valuation Challenge in NAV Facilities

In this article we look at the lender's right to challenge a sponsor’s valuation of their investments in the context of a NAV-backed financing. This right to challenge is a relatively recent development in these transactions,...more

Cadwalader, Wickersham & Taft LLP

What You Should Know Up Front July 2023 - What We're Reading

NAV financing, continuation funds, public pension funds and their increased private equity allocations, and the commercial real estate outlook – here’s what we’re reading....more

Cadwalader, Wickersham & Taft LLP

Portfolio Purchase Pointers July 2023 - NAV Acquisition Finance for Secondaries Facilities

In the private equity secondaries market, financing is often used to facilitate the purchase of portfolios of interests in private equity funds. These transactions require lenders to underwrite the value of assets that the...more

Cadwalader, Wickersham & Taft LLP

Happy FFFourth! June 2023 - FFA European Fund Finance Symposium Review, Part 2

We reported in last week’s edition of Fund Finance Friday on some of the significant themes and topics at the FFA 7th Annual European Fund Finance Symposium....more

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