While not as robust as we once anticipated, we have seen a steady flow of financings for alternative investment funds that are registered as investment companies under the U.S. Investment Company Act of 1940. In structuring financing transactions with registered investment companies, there are a handful of issues that lenders should be aware of. Below is a brief (and, by design, over-simplified) description of a few of the more common issues that are addressed in loan documentation.
In this episode of Fund Finance Friday: Industry Conversations, Fabien Bonavia and Mohith Sondhi of OakNorth Bank join Cadwalader partner Samantha Hutchinson to discuss their experience and outlook on the fund finance markets.
In this episode of Fund Finance Friday: Industry Conversations, Tim Hicks sits down with Chad Stackhouse, the newest partner to join Cadwalader’s Fund Finance team. Chad discusses how he got his start in the industry as well as current market developments and predictions for 2021.
Scott Aleali and Jeff Maier released 2021’s second episode of "Fund Fanatics" with an interview of Graig Vicidomino of Alliant Insurance Services. Graig provides some guidance for private equity funds going through the renewal cycle for D&O and E&O insurance policies and teams up with Jeff to debate Scott on the greatness of Joe Montana versus Dan Marino. Check it out here.
TPG is looking to hire for a newly created position in its Treasury Capital Markets team responsible for fund-level financings. Please reference this link for further detail and to apply.
Fund Finance jobs: Cadwalader’s U.S. fund finance team is recruiting for associates, staff attorneys and paralegals. Opportunities are open in New York, Washington, D.C. and Charlotte. For more information, please contact Sophia Pizzorni at sophia.pizzorni@cwt.com.
Kevin Bolz has recently been promoted to Director within Citi Private Bank’s Sponsor Finance group.
Cadwalader Fund Finance partner Kurt Oosterhouse was profiled as an alumnus of Hope College, where he has established the Kurt Oosterhouse ’90 Scholarship Fund to help students reach their full potential. Click here for the full story.
The COVID-19 pandemic brought with it a newfound concern for the financial strength of state pension plans, particularly in states that were already experiencing credit deterioration, growing debt concerns or underfunding issues. Having weathered what will hopefully be the worst of the crisis, our market has emerged unscathed in terms of no known material defaults by governmental investors, including state pensions. In fact, many state pensions have re-upped commitments with funds, and we saw the end of 2020 cap off the most robust year ever for SMA facilities with state pensions as the sole investor. But what if you had to sue to collect from a state pension investor?
Despite the virtual environment, the FFA is as busy as ever. For example, European FFA University is just around the corner on February 4, and the keynote speaker – just announced – will be premier women’s soccer player Eniola Aluko. Please consider investing in your newer team members and supporting the FFA by registering them for the program.
Global Legal Group published the 5th edition of the Pink Book (Fund Finance 2021) this week. Similar to prior years, there are 23 product- and market-oriented chapters and 16 jurisdictional updates, each submitted by a leading fund finance law firm. Mike Mascia was again the Contributing Editor, and this year included his “Year in Review” article as the Introductory chapter (available here). Our great thanks to all of the contributors and to GLG.