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Cadwalader, Wickersham & Taft LLP

Going Upstream May 2023 - Upstream and Affiliate Guaranties in NAV Loans

Guaranties are a common feature in fund finance transactions. Particularly in NAV loans, upstream and affiliate (or “sideways”) guaranties are used. Below we discuss some of the context for the use of these types of...more

Reed Smith

Reed Smith's webinar summary: Innovation in NAV and hybrid facilities

Reed Smith on

At a time of increased volatility in global financial markets, adapting quickly to new challenges is crucial. Innovation is a key component in this respect and, when it comes to innovation, the fund finance market has a...more

Reed Smith

Utilizing NAV facilities to back-lever acquisition finance

Reed Smith on

A more established staple in the European fund finance market, U.S. lenders have seen increasing demand from closed-end private equity, venture capital, and other investment fund borrowers (“Funds”) for net asset value...more

Seward & Kissel LLP

SEC Settles Charges Against Investment Adviser for Improper Fixed Income Securities Trading

Seward & Kissel LLP on

Quick Take: The SEC charged an investment adviser in connection with improper trading in certain fixed income securities. The SEC’s order alleges that the adviser improperly traded the securities between advised clients,...more

Cadwalader, Wickersham & Taft LLP

Forbear and Move Forward April 2023 - PEI Provides an Update on Fundraising

PEI’s Fundraising Report 2023, published this week, provides a timely update on the state of play in private market capital formation. The feedback loop conundrum facing private markets emerges as one of the main themes in...more

McDermott Will & Emery

HPE Miami 2023 | Trends and Developments in Fund Finance: Oh My!

McDermott Will & Emery on

During this session, Partner Anh Lee moderated a panel that provided key insights on current fund financing trends, including the latest in net asset value (NAV) facilities....more

Cadwalader, Wickersham & Taft LLP

Miami Musings February 2023 | Issue No. 211 - Fund Finance Symposium Panel Recap: Market Evolution & Industry Perspectives

The 2023 edition of the Fund Finance Association’s annual conference was again filled with interesting insights from a wide range of industry participants and leaders. The panel titled “Market Evolution & Industry...more

Cadwalader, Wickersham & Taft LLP

Miami Musings February 2023 | Issue No. 211 - Fund Finance Symposium Panel Recap: Secondaries and Continuations

Cadwalader’s own fund finance partner Brian Foster moderated one of the four panels focused on NAV financing at this year’s Global Symposium, evidencing the growing relevance of NAV products in the fund finance market. The...more

Reed Smith

12th Annual Global Fund Finance Symposium - Event Summary

Reed Smith on

Reed Smith was a proud sponsor of the Fund Finance Association (FFA) 12th Annual Global Fund Finance Symposium in Miami, on February 8-10, 2023. The FFA symposium brings together investors, fund managers, bankers and lawyers...more


A Better Liquidity Feature for Non-Traded REITs: Share Repurchase Plans and the Next Frontier

Goodwin on

In recent periods, a number of prominent non-traded real estate investment trusts (REITs) disclosed that repurchase requests from stockholders under their share repurchase plans exceeded monthly or quarterly repurchase limits...more


Innovations in Private Fund Liquidity Solutions

Goodwin on

NAV Financings and Preferred Equity: What Are They and Why Are They Used? In a changing economic landscape, fund sponsors are increasingly conscious of the need to shore up liquidity, whether to take advantage of the...more

Cadwalader, Wickersham & Taft LLP

Let’s Be Direct January 2023 | Issue No. 208 - Direct Pledges in NAV Secondaries Facilities: Common Uses and Key Considerations

A quick look at the agenda for the Fund Finance Association’s annual symposium (in less than two weeks!) highlights the continued growing interest in NAV secondaries facilities (i.e., there are now three events dedicated to...more

Cadwalader, Wickersham & Taft LLP

New Year, New Opportunities - January 2023 | Issue No. 206 - FFA Miami Symposium Update

The Fund Finance Association is excited to welcome attendees to the 12th Annual Global Fund Finance Symposium, which is rapidly approaching on February 8-10 at the Fontainebleau Hotel in Miami, Florida. We are pleased to...more

Cadwalader, Wickersham & Taft LLP

Happy NAV Year! January 2023 | Issue No. 205 - NAV Financing – What Was Old Is New Again

Happy New Year! As we begin the new year and look back at the developments in the fund finance market in 2022, and look forward to what 2023 has in store for us, one common theme is the continued increase in the use of NAV...more

Cadwalader, Wickersham & Taft LLP

Happy NAV Year! - January 2023 | Issue No. 205 - FFF Sovereign Immunity Series – Part IV

We continue our alphabetical 50-state survey of sovereign immunity with our fourth installment in the series – this week summarizing sovereign immunity in Kansas, Kentucky, Louisiana, Maine and Maryland....more

Cadwalader, Wickersham & Taft LLP

Polishing Up the Crystal Ball December 2022 | Issue No. 204 - 2023 European Fund Finance Market Predictions

It’s that time of year again when conversations are dominated by reflections on our market’s performance over the last 12 months and expectations as to what 2023 will hold for our industry....more

Sullivan & Worcester

SEC Proposes Changes to Liquidity Risk Management and Swing Pricing Rules

Sullivan & Worcester on

On November 2, 2022, the Securities and Exchange Commission (“SEC”) proposed  amendments to the current rules relating to liquidity risk management and swing pricing (the “Proposal”)....more

Cadwalader, Wickersham & Taft LLP

A Fantastic Forum November 2022 | Issue No. 199 - Finance Forum Panel Recap – ‘Heading Into the Storm: Preparing to Survive and...

Last week’s Cadwalader 2022 Finance Forum included a panel titled “Heading Into the Storm: Preparing to Survive and Profit from Turbulence in Finance Markets,” which brought together a panel of industry experts to discuss the...more

Cadwalader, Wickersham & Taft LLP

Fund Finance Starter Pack October 2022 | Issue No. 197 - Fund Finance 101 – Back to Basics

Following on Mike Mascia’s Closing Remarks delivered to young Fund Finance professionals at last month’s FFA University 1.0, I wanted to take things back to the basics for those who are just starting their careers in fund...more

Cadwalader, Wickersham & Taft LLP

Muddled Macros - September 2022 | Issue No. 193 - NAV Facilities – The Swiss Army Knife of the Fund Finance Market

We continue to see significant interest in NAV financing products in both the U.S. and European markets, which is reflected in double digit year-over-year growth in our deal activity for these facilities to date. As compared...more

Cadwalader, Wickersham & Taft LLP

Security, Please - August 2022 - Issue No. 189 - Feeling (In)Secure: Security Interests in NAV Facilities

The fund finance market has experienced serious growth over the last few years. Fund borrowers are seeking more liquidity than ever in terms of the number of funds taking advantage of credit facilities as well as the sheer...more

White & Case LLP

The fund finance market takes flight

White & Case LLP on

Fund finance is positioned for record levels of growth as private equity (PE) general partners (GPs) tap traditional subscription and net asset value (NAV) financing lines in greater numbers....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

Capital Relief, Cayman Register … Continue Reading June 2022 | Issue No. 179 - Re-member Where the Register Is! Why the Location...

As we are moving further into the realm of Fund Finance 2.0 and the rise of the NAV facility, there has been a lot written about taking security over the equities of various types of Cayman entities, particularly Cayman...more

Cadwalader, Wickersham & Taft LLP

Breaking Bad - May 2022 | Issue No. 176 - Assessing ‘Bad Acts’ Risk in NAV Facilities (Part 1 of 2)

One aspect of NAV loans that lenders often focus on is the risk of “bad acts” by a borrower with respect to the investments that underpin the loans. For our purposes, NAV loans are loans to alternative investment entities...more

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