The year 2023 presented the fund finance industry with many challenges that it rose to face with an inventiveness and rigour that showed just how mature and multi-faceted the market has become. At Cadwalader in London we saw almost 25% revenue growth, we grew our team and promoted two of our own to Special Counsel and Counsel (congratulations to George and Tom)!
When we finalise our review of Q4 2023, we expect the number of new money sub-lines across the whole of 2023 to be fairly consistent with 2022 and unsurprisingly, renewals to be aligned to the past year’s performance.
Read more predictions below.
If you made your fundraising forecast in November, it could be due for an update. The Wall Street Journal's December 29 write-up Private Equity Faces Gloomy Fundraising Forecast for 2024 makes my point: The main statistic, Preqin Q1-Q3 global PE fundraising down 46% lower from a year earlier at 620 closings for $509 billion, drives the article’s discussion on the outlook for a prolonged downturn.
Is one of the greatest mysteries of the universe about to become less mysterious? That’s one possible question after U.S. banking regulators published a request for comment covering a proposed revision to the call report forms and process that would mandate more granular disclosure on loans made to private equity funds.
Join Scott Aleali, Head of Private Equity Finance at Citizens Bank, and Jeff Maier, Senior Managing Director - Private Equity Finance at Citizens Bank, with special guest Tom Ripley, for the latest episode of Fund Fanatics!
The Fund Finance Association’s annual symposiums bring together investors, fund managers, bankers and lawyers for education and networking within the fund finance market. The 13th Annual Global Fund Finance Symposium will take place February 26-29, 2024 in Miami Beach.
The FFA has announced esteemed political scientist Ian Bremmer as the keynote speaker for this year.
The Cayman Islands recently received an early Holiday gift when the EU Commission published a regulation in mid-December paving the way to remove Cayman from its list of ‘high-risk’ countries for AML/CFT purposes. The regulation is not yet in force as it goes through a period of scrutiny but will become effective 20 days after its publication in the Official Journal of the European Union.
Congratulations to the several accomplished attorneys promoted to partner, special counsel and counsel effective January 1, 2024. These attorneys have distinguished themselves through exceptional legal skills, outstanding client service and their consistent embodiment of Cadwalader’s values.
When an investor chooses a private equity fund, it is a calculated gamble on that fund’s general partner and more specifically its managing principals and the members of the investment team. The Key Persons are the individuals who the investors believe are critical to sourcing, making, managing and exiting from investments to maximize the investor’s return. A lender providing a subscription facility to a fund is also concerned with that fund’s management. These are the individuals that the lender is partnering with to provide liquidity and the Key Persons provide stability, predictability and, most important to the lender, instill confidence to incentivize an investor to fund its capital commitment to repay obligations under a subscription facility.