While Chris van Heerden’s recent article "A Few Thoughts on the “Gloomy” Fundraising Outlook" gave some cause for optimism over the fundraising environment for 2024, for now on the ground we are continuing to see significantly longer lead times before funds hit their target size, even for top-tier sponsors.
In many cases that is resulting in the implementation of subscription facilities being delayed entirely, while in others sponsors are coming to the financing market with a much more concentrated LP-base than they typically would have done in the past. In response, we are experiencing something of a resurgence in lenders requiring investor letters by way of a credit mitigant to the heightened risk of lending against a single or small pool of investor(s).
As part of Global Legal Insight's launch of the 2024 edition of the “Pink Book,” Mike Mascia, Co-Head of Fund Finance at EverBank, catches up with GLI publisher, James Strode, for a video interview about the new edition and how he sees the year ahead shaping up for the global fund finance market, available here.
The Fund Finance Association is excited to announce the FFA University program which will be held virtually this year on the 20 & 21st of March 2024. This version of FFA University is designed for bankers and lawyers transacting under Asia/Pacific law.
Investec’s second instalment of the ‘Sustainability in the mid-market: Ambition to Action’ report conducted in partnership with the Financial Times is out now, which features a private equity focused section on how corporates view ESG.
The report finds that companies that embrace ESG for strategic long-term benefits are able to differentiate themselves, attract capital and create value over the long term. Get the latest insights now by clicking here.
As we kick off 2024, the focus on the unavailability of certain benchmarks continues on. To refresh, we have already seen the benchmark for US Dollars generally replaced with the Secured Overnight Financing rate as administered by the Federal Reserve Bank of New York, Sterling replaced with the Sterling Overnight Index Average as administered by the Bank of England and Swiss Francs replaced with the Swiss Average Rate Overnight as administered by the SIX Swiss Exchange AG.
Looking ahead, we expect to see the cessation of additional benchmarks including, but not limited to, the Canadian Dollar Offered Rate and Singapore Interbank Offered Rates.
Listen now! Cadwalader's Wes Misson speaks with the Global Legal Insights publisher James Strode to introduce the latest edition of GLI - Fund Finance (aka the “Pink Book”) and the year ahead for the fund finance industry.
Listen to the full interview here.
Cadwalader Fund Finance partners have contributed to the just-released 2024 edition of Fund Finance 2024 (aka the “Pink Book”), the leading legal treatise for the fund finance industry, published by Global Legal Group.