Partner Angie Batterson and Special Counsel Michael Celso Gonzalez both enjoyed speaking at the DealCatalyst Securitization in Fund Finance Conference this week in New York. Thank you to all those who joined to hear them discuss an Overview of the Spectrum of Structures in Fund Finance and Motivations and Strategies for CFO Issuance, respectively.
If you are confused about the current state of play of insurance companies investing in CLOs, rated feeder structures and other NAV based loans, we are here to help.
Coller Capital’s recently released Global Private Capital Barometer included a few notable takeaways for fund finance lenders that suggested the fundraising market could be broadening and capital circulation improving. Here are a few specifics:
Side letters have gone through a massive and largely unspoken transition over the last four to five years. From a position where a few investors in a closing might have quite short side letters dealing with niche issues we are now at a point where it is not uncommon to see the vast majority of investors in a closing have the benefit of negotiated side letter protections in side letters that can extend to upwards of 20-30 pages.