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As the fund finance industry has matured, investment managers and lenders alike have sought increasingly efficient and flexible ways to structure credit facilities across expanding fund platforms. Sponsors today generally manage multiple funds with differing investment strategies while lenders are navigating borrower relationships, balance-sheet optimization and evolving syndication dynamics.
As the umbrella facility has continued to evolve and a new form, the master credit facility, has emerged to provide even more optionality to market participants. This article distills the differences from an operational, documentation and practical perspective so you can implement these important structuring tools in your next relevant facility.
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In NAV credit facilities, the mandatory prepayment section will often include a requirement for the borrower to repay a certain percentage of the loan obligations on a periodic or ongoing basis. The amount of loan obligations required to be paid on the relevant payment dates are tied to a proportion of the distributions and sale proceeds received by the borrower from its portfolio investments prior to such prepayment or during the prior cash sweep period.
Rede’s 2026 NAV financing survey confirms that NAV lending is now a core fund finance product, not a special-situation workaround.
(Note - this is reprinted from the special July 2 edition of Fund Finance Friday for those who were enjoying a holiday vacation and may have missed it.)
When I first entered the fund finance business nearly twenty years ago, I could not have imagined the size and scale the industry would reach—or the extent to which we’d need to grow to keep you, the client, at the forefront of everything we do.
Hogan Lovells Cadwalader is proud to sponsor and host the Fund Finance Association's "FFA University 2.0: US" at our 200 Liberty Street office in New York on September 10.
When I first entered the fund finance business nearly twenty years ago, I could not have imagined the size and scale the industry would reach—or the extent to which we’d need to grow to keep you, the client, at the forefront of everything we do.
The FFA rolled out the blue carpet for the 2026 European Symposium on Wednesday 24 June 2026. Senior members of the Hogan Lovells Cadwalader Fund Finance team attended, and Partner George Pelling spoke on the Sublines: The Second Coming? panel. Below you'll find the team's concise session summaries.
In connection with our merger with Hogan Lovells, we are thrilled to share that four longtime Fund Finance colleagues are now Hogan Lovells Cadwalader partners.
This issue marks the final Fund Finance Friday you’ll receive from Cadwalader. Starting next week, Fund Finance Friday will arrive in your inbox carrying the Hogan Lovells Cadwalader branding.