Wildgen hosted another webinar in its Fund Finance series on July 8, this one a Next Generation Edition on Umbrella Facilities. The panelists were a group of Fund Finance rising stars. To watch the webinar, click here.
In anticipation that over the next decade private individuals will have similar private markets allocation ratios to institutional investors, Ganryu Capital Partners has published a white paper titled, “Private Markets for Private Investors."
Secondaries Investor covered 17Capital’s $4.5 billion fundraise this week for its fifth preferred equity fund and related vehicles. The subscription-required article is accessible here.
Private Funds CFO this week published an interview with Ted Goldthorpe and Tom Glover of BC Partners about the firm's platform and fund finance capabilities. The subscription-required article is accessible here.
Kroll Bond Rating Agency is looking for a fund finance attorney with 4+ years’ experience to join its Ratings Legal team. For more information, click here.
As a way to increase the availability of uncalled capital and deploy additional capital for new and existing investments, limited partnership agreements will typically permit the general partner to recall proceeds from investments received by a fund borrower (a “Fund Borrower”) and subsequently distributed by a Fund Borrower to its limited partners (“Fund Borrower LPs”). It is important for a lender and its counsel to review the recallable capital provisions in a limited partnership agreement in connection with a prospective or existing subscription credit facility (a “Facility”). Fund Borrowers usually request that a lender include recallable capital in the lender’s calculation of remaining uncalled capital, which effectively increases the borrowing base and availability to a Fund Borrower under a Facility. Careful analysis and understanding of the recallable provisions and limitations in a limited partnership agreement is a prerequisite in responding to such a request. In this article, we will touch on a few categories of recallable capital commonly found in limited partnership agreements.
We have been talking about the LIBOR transition a lot lately, whether here in FFF, amending deals to contemplate the benchmark transition, or working with our clients to determine the best way to address the move away from LIBOR in their credit documents.
The FFA’s Board of Directors this week issued a statement on the FFA’s commitment to diversity and inclusion. Special thanks to Natasha Puri for her guidance to the Board in the preparation of this statement, which is available here.
Scott Aleali and Jeff Maier of First Republic Bank put out another episode of “Fund Fanatics” on LinkedIn this week, this time with guest Lori Gleeman, Founder and CEO of Soul Equity Solutions, to discuss the surge of activity in the market along with the development of ESG mandates. To watch the clip, click here.
High net worth investors may allocate an additional 5% of their portfolios to private markets by 2025 to drive $1.5 trillion in additional AUM growth for the industry, according to a joint report by Morgan Stanley and Oliver Wyman. Other key drivers for private market growth in front of wealth and asset managers include ESG, crypto, and technological innovations that will permit scalable customization in private sector investment strategies.