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Troutman Pepper Locke

Evolving Dynamics in Subscription Line Lending: The Role of Private Credit Funds and Traditional Banks

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The landscape of subscription line lending is undergoing significant transformation, with both private credit funds (PCFs) and traditional banks playing crucial roles. PCFs, which pool capital from institutional and...more

Herbert Smith Freehills Kramer

Insurers in the securitisation market: Securitisations of lifetime mortgages

We have seen a marked increase in the volume of structured finance transactions involving lifetime mortgage products in recent years (both funding transactions and the sale and purchase of lifetime mortgage books through...more

Gerald Nowotny - Law Office of Gerald R....

To Be or Not to Be Contemplating the Meaning of Life Through Private Placement Life Insurance

The focus of this article illustrates why private placement life insurance (“PPLI”) is the best asset to utilize in the “Buy, Borrow and Die” strategy for high net worth investors including billionaires. After this article,...more

Cadwalader, Wickersham & Taft LLP

The Comfort Letter Comeback, March 2025 - Comfort Letters

In the evolving fund finance market, lenders are constantly assessing ways to mitigate risk and enhance credit support in order to provide for the smooth operation of subscription-based credit facilities. One such credit...more

Cadwalader, Wickersham & Taft LLP

Miami in the Rearview February 2025 - Key Takeaways From Miami 2025

A record more than 2,500 industry players attended the 14th annual Global Fund Finance Symposium that wrapped up at the Fontainebleau in Miami Beach. As has been the trend in recent years, there was a lot to discuss (beyond...more

White & Case LLP

Private credit builds momentum in the Middle East

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Companies in the Middle East have traditionally been well served by regional banks, but over the past two years, borrower interest in private credit has grown. Various factors have raised private credit’s profile in the...more

Blake, Cassels & Graydon LLP

Key Features to Watch for in Venture Debt

Introduction - Venture debt plays a prominent role in the Canadian venture capital market, and the size of the venture debt market continues to expand. According to the Canadian Venture Capital and Private Equity...more

White & Case LLP

European leveraged finance: A market reawakened

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European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 - Europe's leveraged...more

Bennett Jones LLP

From Barriers to Bridges: Navigating the Unique Landscape of Indigenous Enterprise Financing

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In recent years, growing attention and effort has been placed on studying Indigenous economies in Canada with the aim of closing gaps in business, project, community and housing financing, ultimately closing the...more

Carey Olsen

Fund Finance Laws and Regulations 2025: Assessing Lender Risk in Fund Finance Markets (GLI chapter)

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Carey Olsen have contributed to the Global Legal Insights – Fund Finance guide by authoring a chapter on assessing lender risk in fund finance markets. As the fund finance market continues to evolve, lenders will need to...more

White & Case LLP

Latin America structured finance: A flexible option in uncertain times

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A period of high interest rates and economic headwinds have made it challenging for companies in Latin America to secure financing for transactions. Against this backdrop, businesses, dealmakers, and lenders have increasingly...more

Cadwalader, Wickersham & Taft LLP

Navigating Transfers January 2025 - Investor Transfers: Lender Considerations in an Everchanging Fund Finance Market

Although transfers by investors of their interests in a fund have always been a feature of subscription / capital call facilities, as of late, there has been a palpable uptick in investor transfers and this trend is set to...more

White & Case LLP

US borrowers capitalize on repricing window

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Repricing issuance in US leveraged loan markets has surged in 2024, presenting borrowers with the opportunity to lower their financing costs - US loan repricing activity has approached near-record levels in 2024, with...more

Akin Gump Strauss Hauer & Feld LLP

Cybersecurity & Data Privacy Issues in Fund Finance

During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant “know-your-customer” information. In the context of a fund finance transaction, this...more

White & Case LLP

Tepid UK & European private capital markets spur unicorns into inorganic opportunities

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3 reasons for continuously high fintech M&A activity levels: Banks target indirect digital access: Through credit lines, investments in venture capital funds, collaborations with innovators and establishment of next...more

Cadwalader, Wickersham & Taft LLP

Clearing the Hurdle, September 2024 - Hurdling Into the Borrowing Base

As was briefly touched upon in a prior Fund Finance Friday article “Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities,” a subscription facility which uses the borrowing base approach looks at each...more

White & Case LLP

Despite short-term volatility, rising interest rates may improve Japan’s economic outlook

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Rising interest rates have challenged some markets, but in Japan, where rates have languished in negative territory for almost a decade, a rate increase is generally welcome news for investors - After waiting almost two...more

Cadwalader, Wickersham & Taft LLP

Going for Gold August 2024 - Credit Portfolio Finance – A Primer on Back-Leverage

The combination of increased regulatory pressure and additional investor demand for higher yield has seen numerous banks gradually displaced by private debt funds in the corporate lending sector (particularly for mid-market...more

Cadwalader, Wickersham & Taft LLP

Different Yet Similar August 2024 - Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities

The key component of any subscription credit facility is the underlying capital commitments that are pledged to secure the facility. Virtually every lender will require some level of over-collateralization – meaning, investor...more

Cadwalader, Wickersham & Taft LLP

Under Control March 2024 - How to Address Your Control Issues

One of the important components of the collateral package for a subscription finance facility is the lender’s perfected security interest in the fund’s bank deposit account into which the actual cash constituting the proceeds...more

Cadwalader, Wickersham & Taft LLP

Missing Miami March 1, 2024 - 13 Takeaways From Miami

More than 1,800 industry players attended the 13th annual Global Fund Finance Symposium that wrapped up yesterday afternoon at the Fontainebleau in Miami Beach. There was a lot to talk about in terms of market evolution...more

White & Case LLP

The 3rd Fintech Epoch: Europe’s first-movers drive M&A amid tightened purse strings

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UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Fintech - Whilst many European start-ups have struggled to successfully execute funding rounds at valuation levels of yesteryear, more mature fintechs...more

Hogan Lovells

Lenders beware – 48 is the new 60

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For the first time after four decades since the enactment of the Money Lenders Ordinance (Cap. 163) (the "MLO") in 1980, the Legislative Council ("LegCo") has yesterday passed a resolution to amend and lower the two interest...more

White & Case LLP

Recurring revenue reset?

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After a year of red-hot moves in the tech sector, markets have cooled down in 2022, as inflation and rate hikes prompted many investors to prioritize investment in safe haven asset classes....more

White & Case LLP

Sector trends - July 2022: Consumer Finance

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BNPL steals the show—20 successful European BNPL provider funding rounds in the past 12 months, covering the full spectrum from Seed through to late-stage.     New entrants and disruptors across Europe are likely to...more

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