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Cadwalader, Wickersham & Taft LLP

Summer Reading: CRD VI, August 2025 - Cayman Ultimate General Partners In Subscription Facilities: Do They Ultimately Matter?

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In subscription finance transactions where the borrower or another pledgor entity (such as a feeder fund or guarantor) is a Delaware limited partnership or a Cayman Islands exempted limited partnership (ELP), the role of the...more

Cadwalader, Wickersham & Taft LLP

Quarter End Fireworks, June 2025 - Letter of Credit Refresher

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Many subscription credit facilities will provide for the issuance of letters of credit in addition to the funding of loans. A letter of credit is an irrevocable undertaking for the payment of money issued by a bank at the...more

Cadwalader, Wickersham & Taft LLP

Family (Office) Affairs May 2025 - Family Office NAV Facilities

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As Net Asset Value (“NAV”) credit facilities continue to grow in popularity, we have seen a steady increase in non-traditional borrowers utilizing NAV loans, including family office borrowers. The term “family office” is used...more

Mayer Brown

Subscription Credit Facilities: Understanding the Collateral

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Subscription credit facilities, commonly referred to as “sub-lines” or “capital call facilities,” are a cornerstone of private equity finance. These facilities are secured by a bespoke collateral package that protects lenders...more

Cadwalader, Wickersham & Taft LLP

Springtime for Alternative Currencies, March 2025 - Updated State of Play of Alternative Currency Benchmark Rates

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With four major interest rate benchmarks ceasing to be published by the end of last year, we thought now would be a good time to provide a refresher on alternative currency rates. In this article we first discuss the key...more

Mayer Brown

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

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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

Cadwalader, Wickersham & Taft LLP

Subscription Agreements 101 – Back to Basics July 2024 - Subscription Agreements

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We have said it before – the “credit cornerstone” of a subscription credit facility is the limited partnership agreement (the “LPA”) – it is the primary contract, together with any side letters, governing the relationship...more

Goodwin

Subscription-Secured Credit Facilities: Recent Developments in the US Market and Considerations for Real Estate Funds

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Fund-level subscription-secured revolving lines of credit are a well-established instrument in the toolkits of a variety of private equity fund sponsors and managers, including for venture capital funds, hedge funds, debt...more

Cadwalader, Wickersham & Taft LLP

Total Recall July 2021 | Issue No. 134 - Getting It Right: Recallable Capital Provisions

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As a way to increase the availability of uncalled capital and deploy additional capital for new and existing investments, limited partnership agreements will typically permit the general partner to recall proceeds from...more

Hogan Lovells

Effects of Covid-19 on facility agreements under German Law

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We give an overview of the possible effects of the corona crisis on existing facility agreements under German law if borrowers get into financial difficulties due to the crisis. ...more

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