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This week we connect with Pramit Sheth, a Managing Director at Kroll Bond Rating Agency, where he manages the Funds group. Pramit has over 13 years of experience in the credit rating industry. Before leading the Funds group, Pramit was a senior analyst in KBRA’s CMBS analytical team, where he led ratings analysis on a wide range of complex real estate transactions and helped refine KBRA’s rating methodologies in that dynamic market. |
Private equity will be a high-profile 2020 election topic. The U.S. Chamber of Commerce joined the fray this week, releasing an economic study of Senator Elizabeth Warren’s Stop Wall Street Looting Act (the one that removes the limited liability construct). The Chamber’s study concludes that, if enacted, the legislation would result in significant job losses, reduced tax revenues, and diluted investment returns at pension funds and other institutional investors.
ILPA’s model LPA, published at the end of October, continues to garner publicity as industry participants process the document.
Macfarlanes hosted the FFA's fifth Next Generation in Fund Finance London event, an educational discussion on default and enforcement in fund finance.
Andrew Waldele has joined Validus Risk Management as an Associate in its Fund Finance Advisory group in London.
Here's a look at what we're reading outside the four corners of fund finance.
Here are updates to our Fund Finance Calendar.
One of the core principles of subscription finance is the ability of the lender to call capital upon a default for repayment of the loan. Nearly every deal permits an immediate right of the lender to do so following an event of default, or at least following a short standstill period that permits the fund to make the initial call before the lender steps in.
Back in September, in Part 6 of this series, we touched on the issues surrounding the inclusion (or not) of investors in the leverage or borrowing base calculation in a subscription/capital call facility and the factors which might impact on that. In this article, we look a little more closely at one of those issues – namely, transfers by investors of their interests in a fund.
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This week we break with convention and interview our own Holly Loftis in the latest installment in our Player Profile series featuring leaders in the fund finance industry. While we’ve from time to time highlighted our counterparts at law firms elsewhere, we decided it’s high time to add a U.S. lawyer’s perspective to the discussion. Holly is a Counsel in Cadwalader’s Fund Finance practice. |
