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Jones Day

CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

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A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC...more

Cadwalader, Wickersham & Taft LLP

Striking a Balance January 2025 - Getting the Balance Right – Lender Controls Over Eligible Investments in NAV Facilities

Introduction - NAV facilities operate by taking a portfolio of assets owned by a borrower and selecting which assets within that portfolio a lender is willing to lend against. This pool of approved assets becomes the...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: Scoping Out Secondaries with Portfolio Advisors' Liz Campbell

In this episode, we are thrilled to be joined by Liz Campbell, Chief Investment Officer at Portfolio Advisors, a global private asset manager specializing in the US middle market. Together with its parent company FS...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: Scoping Out Secondaries with Portfolio Advisor’s Liz Campbell

In this episode, we are thrilled to be joined by Liz Campbell, Chief Investment Officer at Portfolio Advisors, a global private asset manager specializing in the US middle market. Together with its parent company FS...more

Seward & Kissel LLP

Multi-Strat Funds: Structuring Considerations

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In a typical multi-strategy fund (“Multi-Strat”), a fund structure is established by an investment manager (the “Investment Manager”) that runs multiple investment strategy portfolios within it, oftentimes with different...more

K&L Gates LLP

Europe: Publication of Irish Funds Sector 2030 Report

K&L Gates LLP on

Following a review of the Irish funds industry and wide engagement with industry participants, discussed in our earlier blog here, the Department of Finance has issued its Final Report on the Funds Sector 2030. The report...more

Mayer Brown

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

Mayer Brown on

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

Mayer Brown

NAV Facilities: Appraisal and Valuation Challenge Rights

Mayer Brown on

EXECUTIVE SUMMARY - Net Asset Value ("NAV") credit facilities are lending arrangements underwritten on the borrower’s portfolio of investments, where the amount available for borrowing is based on the value of such...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

Mayer Brown

NAV Credit Facilities: The Spectrum of Collateral Structures

Mayer Brown on

Executive Summary - Net Asset Value (“NAV”) credit facilities are a tool that borrowers may use to access financing based on the value of their underlying investment portfolio. The users of these facilities are generally...more

Mayer Brown

Hong Kong's New Capital Investment Entrant Scheme

Mayer Brown on

Introduced in the 2023-2024 Budget, the new and revamped Capital Investment Entrant Scheme (New CIES) aims at enriching the talent pool and attracting more new capital to Hong Kong. It is one of the eight policy measures...more

Conyers

ケイマン諸島プライベートエクイティ/ベンチャーキャピタル/不動産ファンドの設立

Conyers on

ファンドの 投資家 がファンドに対して償還 請求権を有するオープンエンド型ファンドは、 流動性 のある 資産に投資するヘッジファンド等ファンド に適している一方、プライベートエクイティ、ベンチャーキャピタル、不動産等の非流動資産に投資するファンドは、投資が実現するまでにより多くの時間を必要とし、クローズドエンド型ストラクチャーが適しています。...more

Cadwalader, Wickersham & Taft LLP

Unlocking the Hybrid October 2023 - Continuation Funds and the Hybrid Solution

It has been a common refrain in the fund finance industry that “hybrid” loan facilities (i.e., loans underwritten on the basis of both a fund’s investor capital commitments and its investment portfolio) are constantly talked...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks Episode 4: Market on the Move with Bain Capital Credit's Mike Ewald

As private credit lenders move up market, Mike Ewald, partner at Bain Capital Credit, joins the Private Market Talks podcast to discuss how big the market might get, when – and if – the syndicated market comes back, and what...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks Episode 2: Driving Alpha with AB Private Credit Investors’ Brent Humphries

In this installment of Private Market Talks, Brent Humphries, President and Founding Member of AB Private Credit Investors, speaks with us from his home in Austin, Texas. Over the course of the episode, Brent shares his...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks Episode 1: Navigating Headwinds in Private Credit with KKR’s Dan Pietrzak

In the first episode of Private Market Talks, host Peter Antoszyk sits down with Dan Pietrzak, co-head of Private Credit at KKR. Peter and Dan talk about their journeys in private credit, the importance of culture in building...more

Cadwalader, Wickersham & Taft LLP

Green Banks Express Frustration After Net-Zero Banking Alliance Declines to Impose Restrictions on Fossil-Fuel Financing

The Net-Zero Banking Alliance (“NZBA”), the UN-led coalition of global banks “committed to aligning their lending investment portfolios with net-zero emissions by 2050,” is facing backlash from certain sustainability-focused...more

Goodwin

AIFMD II Gathers Momentum: The European Parliament Finalises Its Proposed Text

Goodwin on

Since the European Commission (the Commission) published a proposed amending Directive (together with the results of its evaluation of AIFMD) in November 2021, there have been ongoing discussions between the European...more

Seward & Kissel LLP

[Event] Getting a Deal Done: M&A Opportunities for Asset and Wealth Managers - October 26th, New York, NY

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What to expect? The first half of 2022 marked another banner period for asset and wealth management deals, with deal volume up 11% compared to the same period in 2021, according to PWC. And the market for buying and selling...more

The Volkov Law Group

Allianz Global Hit With $6 Billion Fine And Portfolio Manager Indicted in Connection with Million-Dollar Fraud Scheme

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In a blockbuster settlement, DOJ unleashed its full power against Allianz Global and key portfolio managers responsible for a massive, long running fraud scheme involving a series of private investment funds managed by...more

Conyers

Greening the Economy: ESG and BVI Companies

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Institutional investors and regulators across the globe are increasingly focusing on environmental, social and governance (ESG) issues in terms of investment portfolio composition, corporate best practices and corporate...more

Goodwin

Fintech 2020: A Global Survey on the State of Financial Technology

Goodwin on

Letter from Our Co-Chairs - As the digital transformation of financial markets accelerates at breakneck speeds, fintech presents significant opportunities and challenges for both investors and innovators around the world. ...more

Ballard Spahr LLP

Illinois enacts law to fund income share agreements; distinguishes them from loans

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Illinois’ Democratic legislature recently passed, and its progressive Democratic Governor, J.B. Pritzker, recently signed into law, the Student Investment Account Act, which establishes a Student Investment Account to be...more

Carlton Fields

Ninth Circuit Considers Jurisdiction To Hear Appeal Of Decision Vacating Arbitration Award And Remanding For A New Arbitration

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The Ninth Circuit has found that it had jurisdiction to hear an appeal of a district court decision vacating an arbitration award and remanding the case for a new arbitration....more

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