With all the press reports on subscription facilities and investor liquidity, Cadwalader’s Mike Mascia sits down for this week’s "Fund Finance Friday: Industry Conversations" with Jennifer Choi, Managing Director of Industry Affairs at the Institutional Limited Partners Association (ILPA). In the podcast, Jennifer gives updates on how the investor community is weathering the disruption, the state of capital call activity, communication levels between GPs and LPs and investor sentiment on their liquidity positions. While some of the data is sobering, Jennifer's message for collective effort and cooperation across the market is uplifting and productive.
The Federal Reserve has moved quickly since mid-March to expand the use of conventional monetary policy along with adding a slate of temporary programs to support specific capital markets and intermediaries. For once, fiscal policy has moved in step, with the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act making a relatively expedited trip through the legislative process. How have private funds fared so far? Here are the key takeaways.
The LSTA this week hosted a webinar on Fund Finance. Cadwalader’s Mike Mascia joined Meyer Dworkin of Davis Polk, Joel Denny of Nomura and Tess Virmani of the LSTA to provide a high-level overview of subscription facility and NAV-based lending structures and terms.
Some fund managers are taking action to address liquidity concerns and find solutions in a market impacted by the COVID-19 pandemic. In a conversation with Private Debt Investor, Fund Finance Partners identifies key dynamics that have developed in the fund finance market as sponsors focus on liquidity.
Scott Aleali and Jeff Maier of First Republic Bank published an article earlier this week on LinkedIn discussing the impact of COVID-19 on subscription lines and the fund finance market.
Private Equity International and Private Funds CFO published and distributed multiple articles this week about limited partner liquidity and the private equity space in light of the COVID-19 crisis.
Annabella Kwei has joined Citibank, N.A. as Vice President/Specialist Lead on the Sponsor Finance team as part of the firm’s initiative to expand its growth in fund finance.
Here's a look at what we're reading outside the four corners of fund finance.
Atrium Health, the largest healthcare provider in the Carolinas, has created an initiative called “Make Noise to Make a Difference” to support all of the healthcare providers battling COVID-19.
Another wild week: we saw massive swings on the stock market, political drama over aid packages, and many settling into a work-from-home routine that includes challenges such as home schooling and the need for at least one-third of the world’s population to comply with government-mandated stay-at-home orders. All of this in the midst of the greatest public health crisis the world has seen since 1918. Just two weeks ago, many of us were going about our daily lives – traveling, going to shows and sporting events, eating and drinking at our favorite restaurants and bars, and routinely convening face-to-face with colleagues and clients. This seems like two decades ago.