In this week’s Fund Finance Friday: Industry Conversations, Jeremy Cross is joined by Sarah Lobbardi, the founder of Avardi Partners. Sarah discusses the founding of and philosophy behind Avardi Partners as well as her insights on the current and future direction of the Fund Finance market.
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The U.S. Securities and Exchange Commission adopted rule changes that expand the definitions of “accredited investor” in Rule 501(a) of Regulation D and of “qualified institutional buyer” in Rule 144A under the Securities Act of 1933. The amendments are largely driven by a determination to move away from the rule’s historic use of wealth and income as the sole proxies for financial sophistication, looking to add "investors with reliable alternative indicators of financial sophistication to participate” in investments in “areas of the economy that disproportionately create new jobs, foster innovation, and provide for growth opportunities."
In case you missed it live, the FFA this week released the video of the fund formation update presentation by Preqin's Dave Lowery at the FFA’s August Market Update call.
Kroll Bond Rating Agency, LLC, has opportunities for both a senior analyst and an analyst to join its growing Funds ratings team, covering credit ratings for debt instruments issued by investment funds.
Long-time fund finance lawyer Jad Nader joined Ogier’s Luxembourg office as a partner this week.
In this week’s Fund Finance Friday: Industry Conversations, Jeremy Cross, a Cadwalader partner and member of our LIBOR Preparedness Team in London, discusses the state of play and issues around the proposed replacement of Sterling LIBOR with “SONIA” with special counsels Michael Sholem and Assia Damianova, two other members of our LIBOR team in London. The high-level discussion covers, among other topics, the definition of “risk-free rate,” the main differences between SONIA and LIBOR, the documentary and other changes required by LIBOR transition, implications on margin and other costs, what market participants need to be thinking about and when, as well as some of the issues and questions that still remain.
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Australia and the United States have much in common. We have a shared history, a common language, and a similar common law-based legal system governing a federated nation occupying a large land mass blessed with abundant natural and human resources. The United States is one of Australia’s greatest trading partners, and we welcome inward investment from the U.S. with most favoured nation trade terms. We also enjoy a friendship and strategic alliance that goes back over a century. So how does this play itself out in the fund financing space?
Scott Aleali and Jeff Maier appeared on a debut episode of “Fund Fanatics” this week, providing a fund finance market update. Scott also provided his “Fearless Four” fantasy football picks, and Jeff gave an update on the rookie football card market.
Luxembourg law firm Wildgen is hosting a Fund Finance Webinar on September 15 titled “State of the Market: Outlook of the Fourth Quarter.”
Private Equity International’s September issue focuses on secondaries and takes a look at how leverage is affecting secondary fund managers during COVID-19 and the liquidity solutions available to these managers. PEI also discusses with Partners Group’s Evelyn Zhang how COVID-induced market dislocation has created opportunities for secondary funds but that not all opportunities are created equally.