"Mastering Secondaries" will be the theme of the next installment of the Fund Finance webinar series hosted by Michael Mbayi of Pinsent Masons Luxembourg on Thursday, April 20.
State Street, Avardi Partners and Intesa Sanpaolo IMI CIB are looking to fill roles.
When a lender is faced with an actual default or even an anticipatory default under a credit facility, a fund borrower will typically request a default waiver from the lender. Another approach that a lender may pursue instead of an outright waiver is to forbear taking action with respect to the default, thus providing the fund borrower additional time to cure the default or comply with a new covenant or performance milestone within a certain period of time.
Bloomberg recently reported that some lenders were setting up trading desks focused on private debt. This, together with the recent events in the banking market and regulatory capital-driven exposure reductions that have been underway for some time now, has caused many lenders to examine the restrictions on loan sales imposed by borrowers via assignment consent rights and the disqualified lender list – the list of entities that are disqualified from becoming lenders or participants under the credit agreement.
PEI’s Fundraising Report 2023, published this week, provides a timely update on the state of play in private market capital formation.
Women in Fund Finance US will hold its first Wit and Wisdom event in Charlotte on Tuesday, April 18 from 5:30-8:30 p.m. The evening will be filled with networking and a panel discussion on a range of topics from office politics to feeling stuck. All are welcome to join, but please note that the event is specifically targeted towards junior to mid-level female colleagues with at least two years of experience working in the fund finance industry.
Space is limited. To reserve your spot, please fill out the form here.
FFA's U.S. Diversity team is hosting a Wednesday, April 12 “fireside chat” between Shana Ramirez, Partner and leader of the fund finance practice at Katten, and FFA Diversity in Fund Finance Co-Chair Anastasia Kaup. Shana will speak about her career path, trends in fund finance, the realities facing Hispanic/Latinx women in large law firms, and ways to further improve diversity, equity, and inclusion in large law firms and the fund finance industry.
Lloyds Bank Corporate & Institutional Banking has appointed William A. Lamain as Managing Director and Head of Financial Sponsors Syndicate, a newly-created role.
State Street is looking for an Assistant Vice President, Fund Finance in Boston and a Vice President, Credit Services in Boston or Charlotte.
- The Assistant Vice President will be responsible for, among other responsibilities, due diligence process and underwriting of capital call credit facilities to private equity funds; the presentation and defense of credit recommendations; maintenance of up-to-date approvals, risk ratings as well as credit and legal files; addressing requests for information from Enterprise Risk Management, internal audit and bank examiners; and working with Loan Operations and customers as appropriate to facilitate operational aspects of credit relationship. Click here for additional information.
- The Vice President role will include, among other responsibilities, growing and managing a portfolio of fund level credit facilities to alternative investments funds; working closely with Alts Sales and Relationship Management teams to identify and develop cross-sell opportunities and ensure client retention; managing due diligence process and underwriting of subscription credit facilities, including legal documentation; presenting and liaising with respective deal committees and stakeholders internally such as operations, legal, risk management, etc.; networking within the fund finance and alternative investment management industries to promote and strengthen State Street’s reputation; and providing effective portfolio oversight and management reporting in accordance with State Street risk framework. Click here for additional information.
Barclays has an opening for a new Legal Vice President to join its growing Corporate Banking Legal team in New York. Basic qualifications include a minimum of five years’ experience working in commercial lending at a law firm and/or in-house. For a more detailed description of the role and information on how to apply, please visit here.
Avardi Partners, a leading fund finance advisory practice, is looking to hire multiple candidates in London, from analyst to vice president. If you have up to eight years of experience in fund finance and are interested in joining our fast-growing firm, please get in touch. To apply, please visit here.
Intesa Sanpaolo IMI CIB is looking for a VP role to join the Fund Financing desk at Intesa Sanpaolo Bank Luxembourg. The candidate will be responsible for the structuring and execution of FF deals, together with a fast-growing team. Visit here for more information and to apply.
Interest rates rise, demand exceeds supply and the fund finance market adapts to a changing landscape. As we seek depth and breadth of new liquidity in our market, we have often wondered how to bring more non-bank lenders into agented subline facilities as participants. This search for meaningful non-bank lending continues as banks, funds and their respective teams are working harder than ever to fill capacity in their facilities. There may be an enticing solution in sight. Specifically, an opportunity may exist in attracting some insurance companies and institutional investors via a term loan tranche.