The International Organization of Securities Commissions (“IOSCO”) has now published its final report, Recommendations on Valuing Collective Investment Scheme (“CIS”) (the “Recommendations”), which updates and merges previous...more
The fund finance market in the Asia-Pacific (APAC) region has experienced significant growth in recent years, attracting increased attention from global sponsors, lenders, institutional investors and advisors. With a history...more
Enforcement of NAV facilities is complex and highly bespoke. The path to enforcement depends heavily on how the facility was structured and what collateral package was negotiated. Enforcement will also depend on the...more
Since our FFF Navigator was first published in July 2022, the fund finance market has continued to broaden in both product scope and legal complexity. In addition to new pieces on subscription facilities, side letters and...more
EXECUTIVE SUMMARY: A common hurdle in Net Asset Value (NAV) credit facilities is the presence of transfer restrictions on equity interests. In this Legal Update, we explain how these transfer restrictions operate in NAV...more
The Ropes & Gray fund finance team recently attended this year’s Fund Finance Association’s Global Symposium, where industry leaders convened to discuss the latest developments in fund finance....more
The Fund Finance Association (FFA) held its 15th Annual Global Fund Finance Symposium at the Fontainebleau in Miami Beach, Florida on February 2-4, and brought together fund managers, lenders, investors, insurers, rating...more
In net asset value (“NAV”) financings, a payment direction letter (“PDL”) is a useful tool that may be entered into in order to control the flow of cash from the underlying portfolio investments directly to a lender...more
Loeb sent its largest team yet to the 2026 Fund Finance Association's (FFA's) annual conference, and we weren't alone, as the 3000+ attendees set a new record in the conference's 15th edition. It was great to catch up with...more
In the third iteration of our “net asset value” (NAV) financing market survey, we engaged traditional banks, non-bank lenders and borrowers across North America, Europe, Asia-Pacific and Latin America to capture key trends...more
Introduction - Simple subscription lines in Europe do not typically come with an intercreditor agreement (an ICA). Keeping the fund at the top of the structure “clean” with very restricted permitted financial indebtedness...more
In the context of NAV facilities, one item that we often see heavily negotiated is the lender’s right to challenge the borrower’s valuations of its investment portfolio. In this article, we will explore a few key aspects of...more
Due diligence is a key aspect of the legal structuring and execution of fund finance facilities. In the subscription line market, there are generally well established conventions for performing due diligence on, in...more
When taking security in a NAV facility, borrowers often operate within a corporate structure where portfolio investments are held by holding vehicle subsidiaries. These holding vehicles serve various purposes, including tax...more
The Ropes & Gray team recently attended the 9th Annual European Fund Finance Symposium, hosted by the Fund Finance Association in London on September 18 where market participants gathered to discuss the latest developments in...more
The Fund Finance Association’s 9th Annual European Fund Finance Symposium, hosted on 18 September 2025, at the historic Old Billingsgate was well attended and, as usual, an opportunity to connect with industry friends from...more
Over the past few years, the fund finance market has seen net asset value (NAV) financing grow alongside more established “subscription line” facilities, to become an established part of the fund financing toolkit and an...more
When taking security over a portfolio of investments in a NAV facility, it may be difficult or costly to take security over the borrower’s investments. A common solution is to implement what we refer to as the SPV pledge....more
Private equity (PE) sponsors are increasingly seeking to broaden their investor base by offering retail access to traditionally institutional-only funds. Recently, statements by the SEC indicated the SEC staff will no longer...more
Private credit funds (PCFs) are emerging as key players in the subscription and net asset value (NAV) line market, significantly impacting fund financing. Regulatory changes, economic trends, and strategic innovations are...more
An Overview of Which Market Disruption Events to Include for the Most Common Asset Classes under a Medium-Term Note Program - A movie scene showing a day in the life of a calculation agent would likely not survive the...more
Here’s the deal: Interval funds and tender offer funds are registered closed-end funds that may continuously offer their shares at net asset value (“NAV”) to an unlimited number of investors....more
Investment funds have a variety of legal structures customized to investors’ various needs and investment policies. The two main fund structures are closed-end funds and open-end funds, which differ in several material...more
As Net Asset Value (“NAV”) credit facilities continue to grow in popularity, we have seen a steady increase in non-traditional borrowers utilizing NAV loans, including family office borrowers. The term “family office” is used...more
Right after Patrick Calves wrote about “continued momentum in the secondaries market, supported by both cyclical and structural tailwinds” in last week’s FFF, Yale University’s plans to sell up to $6 billion is dominating...more