2018 has been another terrific and all-consuming year for the fund finance industry. A lot of hard work went into our industry’s success this year, and I hope everyone is able to get some meaningful downtime over the holidays. As we wrap up the year, we provide some reflections on 2018, some observations from the year-end closing scramble and some forecasts on items we are working on for 2019. I am extremely appreciative of the support and trust our clients and friends have put in Cadwalader this year. A sincere thank you. I hope you have a restful holiday and a fun New Year’s Eve.
We have seen multiple partnership agreements this week that include an embedded buffer in the concentration-linked overcall limitations – a thoughtful evolution that provides a safety net to both the fund and its lender.
Vanbridge is a unique advisory and intermediation firm that functions both as an insurance broker and a solutions provider, and brings together banks, insurance companies and asset managers to structure risk transfer and financing transactions, now including for fund finance.
PitchBook unveiled its 2019 Private Equity Outlook this week, detailing the trends it expects will drive the industry in the next year. We hit the high points.
Well-known fund finance banker Charlie Owens joins Signature Bank.
Federal regulators have proposed amendments to (i) exclude certain community banks from the Volcker Rule and (ii) allow banking entities to share a name with a hedge fund or private equity fund under certain circumstances.
Here are some updates to our Fund Finance Calendar.
Click here for past editions.
We have seen several transactions this fall where an investor’s capital commitment is, at least in part, structured in the form of a “loan commitment” and not purely in the form of an equity capital commitment, as is traditionally the case. Given the recent influx of funds utilizing this arrangement, we thought it might be helpful to include a refresher in this week's Fund Finance Friday as to the risk created by debt commitments.
Some incremental information on the Abraaj matter trickled out in the press this week.