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Subscription Credit Facilities: The Importance of an Investor’s Agreement to Fund Without “Setoff, Counterclaim or Defense”

EXECUTIVE SUMMARY - Subscription credit facilities rely on the obligations of investors to a private investment fund (“Fund”) to contribute their capital commitments to the Fund when called. From a subscription credit...more

Evolving Competitor Definitions in Fund Finance

Recent developments in fund finance documentation reflect a significant shift in how insurance companies are treated under assignment provisions. Traditionally, “competitor” definitions have served to restrict loan...more

How Regulation W Affects Subscription Credit Facilities

EXECUTIVE SUMMARY - Section 23A of the Federal Reserve Act and its implementing regulation, Regulation W, impose restrictions on banks concerning “covered transactions” with their affiliates. With the increasing...more

Tips for New Fund Finance Professionals

EXECUTIVE SUMMARY - In this Legal Update, we provide suggestions for junior finance professionals new to the fund finance market and offer practical suggestions for beginning their careers with a solid foundation....more

The Intersection of NAV and Margin Loans: Single Asset and Concentrated Asset Pools

Executive Summary - Over the last several years, a need has arisen in the fund finance market, which caters to private equity, venture capital, family offices, and other investment funds (“Funds”) and their sponsors, for...more

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