Diversity in Fund Finance will host its next Boundary Breakers speakers series event: a conversation with Marcia Page, Co-Founder and Executive Chair, and Kirsten Voss, Senior Managing Director, of Värde Partners. The program will be held on Thursday, June 24 from 11 a.m.-12 p.m. ET/4-5 p.m. BS.
Carey Olsen outlined common issues a lender must address when utilizing investor portals as the delivery method for required notices to investors to perfect a capital call security.
Tune in on June 15 as a panel of industry experts hosted by Matheson will provide their insights into the potential trends and developments in the coming year. A few of the topics to be highlighted include (i) whether the fund finance market has fully stabilized from the impact of COVID-19, (ii) ESG’s impact on the fund finance market, and (iii) Ireland’s Investment Limited Partnership offering. Panel members will include Alan Keating (Matheson), Donal O’Donovan (Matheson), Erin Goldstein (Wells Fargo), Ryan Troiano (MUFG) and Nick Armstrong (Bank of Ireland). For more information on this webinar, click here.
Private Equity International provided an update on the European mid-market outfit, Waterland Private Equity, which has joined other PE firms with ESG-linked subscription credit facilities. Waterland Private Equity entered an equity bridge facility of €500 million linked to the firm’s €2.5 billion Fund VIII with key performance indicators tied to management company and portfolio company ESG objectives.
“The use of subscription credit facilities is an excellent way to demonstrate a fund’s commitment to ESG, with asset managers putting their margins where their mouths are,” writes IQ-EQ’s Justin Partington in a recent guest column in Private Funds CFO.
Bryan Fischer, a BDO USA alum, has joined Crestline Investors, a Texas-based alternative asset manager specializing in credit financing, where he will work to expand awareness of Crestline’s offerings to a wider universe of private equity, real estate and infrastructure partners. Read more at Private Funds CFO.
Canadian Imperial Bank of Commerce is looking to add a Director to its Fund Finance team based in Toronto.
ING’s Fund Finance business is seeking to recruit an Associate for its Luxembourg-based team.
Cadwalader is looking to hire an experienced finance associate (3-4 years PQE) in its Fund Finance group in the London office.
Congratulations to Andrew Grant, Finn Howie and Marianne Wilson on their recent promotions to Counsel at Mourant. Andrew, Finn and Marianne are an integral part of Mourant's rapidly growing fund finance practice.
The Cadwalader Fund Finance practice recently added two new associates, Johan de Wet and Dylan Glazier, in our Washington, D.C. and New York offices, respectively.
This week we continue our focus on NAV loans and, more specifically, a common structuring issue for NAV secondaries facilities: the “indirect pledge.” For our purposes, NAV secondaries facilities refer to loans to secondary private equity funds (i.e., funds that invest in other private equity funds, primarily by purchasing existing commitments from limited partners seeking to exit their investments). For these types of facilities, the value of the borrower’s portfolio of fund investments (“Portfolio Investments”) support its loan obligations. As discussed here in greater detail, the primary structural risk for a transaction of this type is that lenders typically will not have a direct security interest in the assets that support the borrower’s loan obligations (i.e., the Portfolio Investments themselves), instead taking an “indirect pledge.”