The Fund Finance Association continues to be very active as we gallop towards the end of the year. Read on for a few highlights.
Brickfield Recruitment has posted an article on its website examining diversity in the fund finance sector and how recruitment practices are a key part of attracting more female talent. The article was produced from research Brickfield has been conducting into several key policy aspects of hiring in fund finance teams at banks and law firms, and discusses how mentoring by female leaders, recruitment initiatives and cultural change all have roles to play.
In this article, Private Debt Investor looks at the increased demand for portfolio-level financing from European and U.S. funds. Early in lockdown, GPs were looking at liquidity options to defend their portfolio, but as the economic environment has evolved, they are now looking to portfolio-backed credit to address liquidity needs and further their strategies.
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Bree Mitchell has recently been promoted to Director within National Australia Bank (NAB)’s fund finance business in the Client Management and Execution team. NAB’s fund finance business operates a relationship-led model servicing funds clients globally across Australia, London, New York and Asia. |
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Audrey (Fuying) Yu recently joined National Australia Bank as an Associate Director, focusing on fund finance. |
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Tej Sahi recently joined CIBC as Managing Director in its Innovation Banking division. Based in New York, Tej will lead the expansion of CIBC’s Innovation Banking by originating and structuring capital call lines of credit and other debt products to Private Equity and Venture Capital Funds. |
The fundamental legal principles underlying the use of and the market practice of payoff letters.
In this week’s Fund Finance Friday: Industry Conversations, Robert Duggan, Nick Mitra and Danielle Roman join Mike Mascia to discuss the content and speakers for the FFA’s upcoming Virtual Week.
Click “Read More” to watch!
First Republic Bank explains why the fund finance industry and subscription credit facilities have passed the COVID-19 test in spite of fundraising and broader economic challenges. FRB analyzed 2020 private equity data and trends, predicting that a stronger, more diverse fund finance market will emerge.
In Walkers Offshore Fund Finance Update – Asia, Europe & US Markets, Walkers notes recent trends, including differences in the range of deals they are seeing across the markets, their anticipated activity for deals going into 2021, and general observations on how long deals are taking to close and the potential impact on financing terms.
In its “NAV Facilities Playbook,” Ganryu Capital Partners has put together a guide to designing tailored NAV facilities, and shows how these bespoke, asset-backed arrangements can be used to supplement traditional subscription credit facilities throughout the life of a fund.
Lexology recently featured an article – authored by Khizer Ahmed, Managing Partner, Hedgewood Capital Partners; Matthew Kerfoot, Partner, Dechert; and Edward Newlands, Partner, Dechert – titled “NAV Facilities: The ‘Small’ Approach That’s Big News in Fund Finance” that considers the so-called “concentrated NAV facilities,” and highlights how such facilities are distinguished from traditional NAV facilities.