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
The 2025 Fund Finance conference in Miami convened industry leaders, innovators, and experts to explore the latest trends and challenges in the rapidly evolving world of fund finance. Set against the backdrop of Miami's...more
Back when NAV was something that guided you to your chosen venue for the evening, the FFA conference in Miami (and earlier still, New York) was a slightly more 'NAV'igable event....more
The year 2024 was one of innovation and growth for the fund finance market. In October, Ares published its fund finance whitepaper, in which it estimated the global fund finance market to already be $1.2 trillion and growing...more
Introduction - NAV facilities operate by taking a portfolio of assets owned by a borrower and selecting which assets within that portfolio a lender is willing to lend against. This pool of approved assets becomes the...more
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
Welcome to IMpact: Investment Management News. In this regular bulletin, DLA Piper lawyers share their insights on key developments that are impacting the investment management industry....more
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
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
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
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
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
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
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