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
The differing waiver rules governing the fragile attorney-client privilege and the robust work product doctrine protection predictably create stark differences when family members communicate with each other. This type of...more
The market for financing pools of interests in private equity funds and private credit funds continues to sizzle, with new lenders joining the market and competition on pricing leading to a tightening of spreads for the most...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
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
The Institutional Limited Partners Association (ILPA), a trade group for institutional investors in the private equity industry, recently published guidance for LPs and GPs concerning fund-level NAV facilities. See here for...more
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
"Fund managers will continue to innovate and be creative in how they address challenges in the market. For example, fund and portfolio level restructurings will progress at a steady pace to address limitations on exit...more
Net asset value based credit facilities (“NAV Facilities”) are credit facilities pursuant to which the availability thereunder is based on the net asset value of the investments of the borrower, typically a private fund. The...more
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
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
The Securities and Exchange Commission (SEC) announced two administrative settlements in June with a fund administrator that provided accounting and fund administration services to several private funds based on its alleged...more