News & Analysis as of

NAV

Cadwalader, Wickersham & Taft LLP

Family Ties April 2022 - European Financing Structures Involving UHNWIs and Family Offices

It is no secret that fund managers are becoming increasingly resourceful in their efficient use of leverage in the net asset value (“NAV”) space of the fund finance market (see Financial Times article). What we have seen...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

Roaring into Q2 - April 2022 | Issue No. 169 - European GP Solutions

As to the first question − why now and what value does this add? − it was clear to us some time ago that the skill set divide between lenders and lawyers in the fund finance space, unlike many other finance sectors, was...more

Cadwalader, Wickersham & Taft LLP

Searching for Dragons to Slay - March 2022 | Issue No. 167: ‘NAV’igating Cayman LP Interest Security – Lender FAQs

As noted in our previous update, “‘NAV’igating Cayman Share Security – Lender FAQs,” fund finance lenders are increasingly encountering pledges of shares in SPVs incorporated in the Cayman Islands as part of the collateral...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

Cadwalader, Wickersham & Taft LLP

Views and News - February 2022 | Issue No. 161 - FFF Travels to the Channel Islands: An Introduction to Jersey and Guernsey

Cadwalader has recently seen a growth in the number of funds formed in Jersey and Guernsey that are party to subscription and NAV facilities. Trent Lindsay and Cassandra Best spoke with Julia Keppe, Senior Counsel at Walkers...more

Cadwalader, Wickersham & Taft LLP

And the Beat Goes On - January 2022 | Issue No. 157 - NAV Finance Market Update

Between Omicron, the holidays, and down-to-the-wire end-of-year closings, it was a hectic finish to 2021. But now that the calendar reads 2022, we wanted to reflect this week on the state of the NAV finance market and provide...more

Cadwalader, Wickersham & Taft LLP

The V in a NAV Facility September 2021 | Issue No. 143 - Asset Valuation Issues for NAV Loans

This article focuses on how private company and private fund interests are typically valued in NAV loan facilities and the increased focus we have seen lenders place on valuation issues since the beginning of the...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

White & Case LLP

Fund finance: Harnessing NAV finance in new ways

White & Case LLP on

Demand for net asset value (NAV) finance—where private equity (PE) firms raise borrowings against the NAV of the assets in their funds—is on the rise. NAV finance is still a relatively esoteric, industry-specific product, and...more

Cadwalader, Wickersham & Taft LLP

Notable in NAV: PitchBook Examines Accounting Fair Value

Fair value accounting, commonly used to value fund assets, tends to understate the true volatility in asset values, according to a research note published by PitchBook. While the findings are not new, NAV lenders may find the...more

Cadwalader, Wickersham & Taft LLP

Structural Risks for NAV Secondaries Facilities: The 'Indirect Pledge'

This week we continue our focus on NAV loans and, more specifically, a common structuring issue for NAV secondaries facilities: the “indirect pledge.” For our purposes, NAV secondaries facilities refer to loans to secondary...more

Cadwalader, Wickersham & Taft LLP

Considerations for Post-IPO NAV Financing

With a surge in asset-based lending to private equity funds since the start of the pandemic and a historic run of IPO fundraising, it is not surprising that we are increasingly seeing post-IPO shares being pledged as...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

Cadwalader, Wickersham & Taft LLP

Fund Finance – Positive Developments for Sponsors and Investors under Ireland’s Investment Limited Partnership 2.0 Regime

Why is this topic suddenly of interest? Irish Investment Limited Partnerships (“ILPs”) have been around since the introduction of the Investment Limited Partnership Act in 1994 (the “1994 Act”). Due to certain requirements...more

Morrison & Foerster LLP

The Rise Of Open-End Real Estate Funds In Asia

Manager and investor interest in open-end real estate (“OERE”) funds focused on Asia investments has exploded in recent years, with continued growth expected. CBRE recently estimated that Asia-Pacific-focused open-end funds...more

White & Case LLP

NAV finance gains traction as private equity seeks liquidity

White & Case LLP on

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market - Until recently, net asset value (NAV) finance—where PE sponsors...more

Proskauer Rose LLP

The Impact of COVID-19 on NAV and Hybrid Credit Facilities

Proskauer Rose LLP on

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

K&L Gates LLP

COVID-19: Crisis Management for End-Users of Swaps and Repos: Key Issues in Responding to Margin Calls and Early Termination...

K&L Gates LLP on

Counterparties to swap and repurchase transactions have come under pressure following the financial dislocations caused by the novel coronavirus pandemic in 2020 (“COVID-19”). Falling and illiquid markets may result in margin...more

Dechert LLP

COVID-19 Coronavirus: Fund Needs Cash? How about a Rights Offering?

Dechert LLP on

Key Takeaways - Rights offerings serve as an attractive capital-raising option for issuers in need of liquidity, particularly for closed-end funds and business development companies (“BDCs”), which generally cannot issue...more

Goodwin

The Past, Present and Future of the Non-Traded NAV REIT Structure

Goodwin on

More than 15 years ago, on behalf of an internationally recognized financial services firm, Goodwin created the first open-ended non-traded REIT structure that allowed for regular sales and redemptions at net asset value...more

Dechert LLP

Financial Services Quarterly Report - Second Quarter 2019: SEC Grants Exemptive Relief to Operate Non-Fully Transparent Active...

Dechert LLP on

The U.S. Securities and Exchange Commission on May 20, 2019 issued the first exemptive order permitting the operation of actively managed exchange-traded funds that do not disclose their full holdings on a daily basis...more

Skadden, Arps, Slate, Meagher & Flom LLP

Activists Take Another $290 Million Bite Out of Vulnerable Closed-End Fund Asset Class

On June 14, 2019, Saba Capital Management, L.P. (Saba) entered into three standstill agreements with Invesco Advisers, Inc. (Invesco) and three Invesco-managed registered closed-end funds. The agreements arose from proxy...more

McGuireWoods LLP

FERC Rescinds NAV Policy

McGuireWoods LLP on

This week, the Federal Energy Regulatory Commission (“FERC”) issued an order rescinding its Notice of Alleged Violation (“NAV”) Policy. The NAV Policy was put in place by a 2009 order and authorized FERC’s Office of...more

Carlton Fields

Buffer ETFs vs. Index-Linked Annuities

Carlton Fields on

Like most ETFs, the buffer ETFs are registered with the SEC on Form N-1A as “open-end” investment companies, and they issue and redeem their shares at net asset value (NAV) only as part of large blocks, known as “creation...more

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