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As the fund finance industry has matured, investment managers and lenders alike have sought increasingly efficient and flexible ways to structure credit facilities across expanding fund platforms. Sponsors today generally manage multiple funds with differing investment strategies while lenders are navigating borrower relationships, balance-sheet optimization and evolving syndication dynamics.
As the umbrella facility has continued to evolve and a new form, the master credit facility, has emerged to provide even more optionality to market participants. This article distills the differences from an operational, documentation and practical perspective so you can implement these important structuring tools in your next relevant facility.
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This week we welcomed Bob Hayes, a top advisor to leading financial institutions and non-bank lenders on large commercial lending and middle-market loan transactions. He has deep experience representing leading financial institutions and other lenders in complex commercial lending transactions with a primary focus in asset-based lending.
The Fund Finance Association (FFA) has released its inaugural Industry Survey, which features responses from 93 lenders on topics such as market size, lenders' Fund Finance portfolio sizes, product offerings by firm, and length of market participation.
Cadwalader Fund Finance Partner George Pelling will be a panelist at the 10th Annual European Fund Finance Symposium, taking place in London on Wednesday, June 24.
Change is a constant force in your life. Change can be great, change can be boring and change can be bad. You can choose to change, you can chose not to change, or change can be thrust upon and be out of your control. Change will always happen; your success and happiness depend on how you handle it. Sticking to your old ways during change is pointless and inevitably will lead to disappointment, so let’s chat about the cold hard facts of weathering change.
While landing in line with consensus, this week’s CPI reading in the U.S. reinforces long-term changes in inflation and rates regime. Narratives aside, these changes are significant and lasting enough to challenge the LP-GP allocation approach that evolved in a different era.
Diversity in Fund Finance (DFF) is hosting Ditto to Diversity – A Summer Soirée, an evening of networking, light bites, and cocktails in New York City on Thursday, June 18.
Cadwalader Fund Finance Partner George Pelling will be a panelist at the 10th Annual European Fund Finance Symposium, taking place in London on Wednesday, June 24.
Registration is now open for FFA University 2.0, taking place on Thursday, September 10 at Cadwalader's New York office.