FFA University, the intensive, full-day training session designed for both bankers and lawyers transacting under U.S. law in the arena of Fund Finance, will be held virtually this year on Tuesday, September 22.
Brickfield Recruitment, an executive search firm focused exclusively on the fund finance sector, is currently seeking candidates for a VP position on the credit desk of a global bank.
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In today’s video version of Fund Finance Friday: Industry Conversations, Mike Mascia of Cadwalader hosts Alexandra Woodcock and Alex Last of Mourant to discuss the Cayman Islands Private Funds Law and its impact for lenders, and then Terry Hatton, Managing Director at MUFG, gives an excellent update on what the bank has seen in the first half of 2020 and what it is forecasting for the rest of the year.
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Due to its proximity to the UK, the corporate vehicles available in Jersey have historically followed those available in England and Wales. This is mainly because HMRC classifies an entity according to its characteristics rather than using the "check-box" election system seen in the U.S. The introduction of the limited liability company (LLC) under Jersey law is designed with the U.S. market in mind and is seen as a means to enable Jersey to continue to grow the amount of in-bound business from North America.
Practising Law Institute (PLI) hosted a live webcast earlier this week, titled “Trends in Fund Finance in Light of COVID-19,” as part of its “One-Hour Briefings” program. Cadwalader’s Wes Misson was joined by Ramya Tiller of Debevoise & Plimpton for a discussion of the effects of COVID-19 on fund financing.
The FFA’s European NextGen initiative held their first virtual event earlier this week. The event had originally been scheduled to be held at Haynes & Boone’s offices in London in April but was postponed due to the COVID-19 pandemic. The original event was intended to focus on career progression, but due to the current climate, this took a new perspective and focused on career progression whilst working remotely.
The Fund Finance Association this week announced plans for this year’s FFA University. The program will be virtual and take place on September 22. The FFA dialed back the program to a single day to fit the virtual format and reduced the price to $195 in hopes of making the event widely available. Registration will open in the next week or two.
We continue our focus this week on NAV loans, discussing common issues that arise in evaluating the security structures for such loans. For our purposes, NAV loans refer to loans to private equity funds where the value of the portfolio companies comprising the investment assets of the fund support the private equity fund borrower’s loan obligations. In other words, lenders are underwriting the value of the private equity fund borrower’s investments in its portfolio companies, as opposed to another asset of the fund (e.g., capital call rights).
In today’s video version of Fund Finance Friday: Industry Conversations, Mike Mascia of Cadwalader covers off the Fund Finance legal updates occurring over the past two weeks; Graham Bippart, the Editor at Private Funds CFO, who just completed a 10-part series on Subscription Facilities, discusses his funds finance research and writing; and Zac Barnett of Fund Finance Partners and Mike have a wide-ranging conversation about fund finance activity levels, the market segments where FFP is looking for lenders to finance prospective transactions, and their forecasts and predictions for the remainder of the year and beyond. Additionally, Whitney Namm Pollack, the Executive Director of Project Sunshine, discusses the great work her organization is doing to help hospitalized children and how FFA constituent firms can contribute.
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On June 30, 2020, the Alternative Reference Rates Committee (“ARRC”) published recommendations regarding more robust fallback language for new originations of U.S. dollar-denominated syndicated business loans that reference LIBOR. The ARRC’s recommendations contain refreshed hardwired fallback language and an updated user’s guide regarding such hardwired language and potential drafting alternatives.