The Fund Finance Association this week announced the inevitable: that the European and Singapore conferences scheduled for the fall will be converting to virtual. The FFA is going to host “FFA Virtual Week” (sort of like The Discovery Channel’s Shark Week?), which will include web-based programing for all regions spread across a single week. The FFA will be releasing dates and more information in the near future.
The Loan Syndications and Trading Association (LSTA) set forth the following model provision (the so-called “yank-a-bank” provision and usually captioned “Replacement Lenders” in loan agreements) in the wake of the 2008 financial crisis.
In today’s video version of Fund Finance Friday: Industry Conversations, Mike Mascia of Cadwalader hosts Mike Breaux, Director at Stifel Bank, who gives an update on the bank’s fund finance practice and his market observations; Tess Virmani, Associate General Counsel at the LSTA, who discusses the LIBOR transition and incorporating ESG standards in loan transactions; and Tina Meigh of the Maples Group, who offers a practical viewpoint from the trenches on obtaining Cayman registrations to comply with the Private Funds Law.
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Private Equity Wire recently published an article highlighting Investindustrial’s recent EUR 600 million facility as one of the first European subscription credit facilities linked to Environmental, Social, and Governance (ESG) initiatives.
Private Equity International published an article last week on the recent popularity of NAV facilities as a tool to access liquidity. The article discusses how NAV facilities have emerged in “record numbers” as an answer to the liquidity crisis stemming from the COVID-19 pandemic. But the article goes on to warn that the practical challenges accompanying these facilities cannot be overlooked.
This week, Private Equity News published an article by 17Capital partner Thomas Doyle highlighting portfolio financing as a quick source of liquidity in the midst of the COVID-19 pandemic, with 17Capital completing nearly one billion dollars’ worth of financings in recent months.
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.