Real Deals published an article in which Investec’s Helen Griffiths and Oliver Bartholomew discuss key structural developments for capital call facilities, including cost savings awarded by the master facility agreement, the importance of GP credit ratings, and continuation vehicle solutions. To view a preview or access the full subscription-based article, click here.
Follow this link to read up on Ropes & Gray’s key takeaways from the Fund Finance Association’s 11th Annual Global Fund Finance Symposium in Miami, where market participants gathered to discuss the latest developments in global fund finance and to consider the outlook for the industry in 2022 and beyond.
The 11th Annual Global Fund Finance Symposium just wrapped up in Miami, and what an event it has been.
Cadwalader partner Tim Hicks participated on the Symposium panel titled, “Underwriting and Due Diligence Lessons Learned,” which focused on best practices for completing due diligence in the wake of recent developments in the market and COVID-19. Others on the panel were Keenan McBride, an Executive Director at Morgan Stanley; Michael O’Connor, a Partner at Conyers; Brent Shultz, a Partner at Haynes and Boone who served as moderator; Guy Simpson, the Head of Equity Fund Resources at Bridge Bank; and Storey Whalen, a Director at First Republic. The key takeaway from the discussion was that recent litigation has caused lenders to reevaluate their due diligence processes, and some lenders have implemented additional safeguards in terms of independent verification of investor commitments. However, the market has not made any drastic changes for a product with an incredibly strong track record of performance.
The Thursday afternoon panel on “Hot Topics in Fund Finance” was chock full of interesting insight on the latest trends in our industry. Subjects included ESG, rated note feeders, continued LIBOR transition and the competition for talent in the market.
There has been an evolution of the private equity secondaries market.
The “Fund Finance Market Update” panel focused on the current state of the market. Moderated by Laurie Lawler, Managing Director at Société Générale, the panel included the following: Roshan Chagan, Partner at Ares; Christopher Galletta, Director at SMBC; Julia Kohen, Partner at Simpson Thacher; Micaela Mastrogiannis, Principal at KKR & Co. Inc.; and Georgina Pullinger, Counsel at Appleby. The panel covered a broad range of topics, and here are some of my takeaways.
The panel "Market Evolution and Industry Perspectives," featuring Nick Mitra of Société Générale, Tim Powers of Haynes and Boone, Joe Rocco of Blackstone, and Mary Touchstone of Simpson Thacher, discussed the evolution of the fund finance product, from its earliest days in the mid-1980s up to the present.
Enjoy some early photos from the FFA's 11th Annual Global Fund Finance Symposium in Miami.
The FFA’s Diversity in Fund Finance group Q4 newsletter is here! It includes a roundup of the group’s Q4 events, profiles of the 2022 FFA DEI Emerging Leaders, and updates regarding upcoming plans and events. The newsletter is available here.