News & Analysis as of

Lenders Liquidity

J.S. Held

“Unlocking Liquidity Through Fine Art Appraisal and Lending”

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It is widely understood that fine art collectors frequently identify investment as a primary motivation for acquiring fine art. Considering the fluctuating financial markets and prevailing global uncertainties, many fine art...more

White & Case LLP

Margin loans come to private markets

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At a time when sponsors are holding onto assets longer than expected, margin loans in private markets are providing a valuable channel of liquidity- Drawn out hold periods and low exit volumes have put liquidity at a...more

King & Spalding

The Evolving Face of Finance: Private Credit’s Role in the Middle East – Market Recap and 2025 Outlook

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The Gulf Cooperation Council region (the GCC) is becoming an ever-more important destination for the global private credit market. In this client briefing we explore the region’s rising prominence as a key destination for...more

Mayer Brown

The Spectrum of Loan Portfolio Backleverage Options: A Primer for Private Credit Funds

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EXECUTIVE SUMMARY - There is a spectrum of potential financing structures for a private credit fund (a “Credit Fund”) to obtain liquidity, including at various levels in the fund structure, such as at the fund level or by...more

Ropes & Gray LLP

U.S. Private Equity Market Recap - March 2025

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Read our latest insights into the U.S. private equity market. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. U.S. PE dealmaking had a slower start in 2025. YTD deal numbers...more

Mayer Brown

Private Credit Portfolio Back Leverage

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AT A GLANCE - The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market.  These strategies include the use of financings to provide market participants with...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA 2025 Supervisory Priorities: International Banks and UK Deposit Takers

On 21 January 2025, the UK’s Prudential Regulation Authority (PRA) published two supervisory letters outlining 2025 priorities for international banks and UK deposit takers, respectively. In this note, we look at some of the...more

Proskauer Rose LLP

The End of Non-Pro Rata Uptiers? Fifth Circuit Rules that Serta Exchange was Not an “Open Market Purchase”

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The United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) ruled on December 31, 2024 that Serta Simmons Bedding’s (“SSB”) 2020 uptier exchange included a transaction that, contrary to the assertions of...more

Conyers

Capital Call Securitisations: Fund Finance’s New Frontier…? An Offshore Perspective

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The recent closing by Goldman Sachs of its highly innovative and market leading US$475 million “capital call” securitisation of subscription credit lines has generated a lot of interest in both fund finance and structured...more

Cadwalader, Wickersham & Taft LLP

In the Lien of Sight November 2024 - Second Lien Loans in Subscription Finance

Although second lien loans in subscription line finance have been discussed with interest over the years, their use has been sporadic and it has only been very recently that we have started to see a real uptake in the use of...more

Seward & Kissel LLP

Party On, Burning Rubber and Casual Relationship

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Tupperware cancels auction, agrees to lender takeover | Reuters - On Tuesday, bankrupt Tupperware Brands concurred to sell its company for $23.5 million in and over $63 million in debt relief to a group of lenders,...more

DLA Piper

Key Takeaways From the Fund Finance Association 2024 Global Leadership Summit

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The Pine Cliffs Resort hosted the FFA’s 2024 Global Leadership Summit this week where key players and leaders from across the industry gathered to discuss macroeconomic, geopolitical, policy, legal, regulatory and other...more

Cadwalader, Wickersham & Taft LLP

B(ack to School) September 2024 - Unlocking Liquidity With a Tranche B Facility

Liquidity solutions are a topic du jour in fund finance. With bank balance sheets somewhat restricted by macroeconomic concerns and risk-weighted asset regulations, fund finance borrowers and lenders have sought creative ways...more

Proskauer Rose LLP

Private Credit Explained - Delayed Draw Term Loans

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A typical European leveraged loan will comprise of various tranches of debt, for a variety of purposes, all documented within a single facilities agreement. In a leveraged buyout scenario, the standard structure will be a...more

Paul Hastings LLP

Looking for Liquidity in Foreign Places: A Lender’s Guide to Financing Goods Located Outside the US Part II

Paul Hastings LLP on

Part II: Ticket to Ride- With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with asset-based...more

Paul Hastings LLP

Looking for Liquidity in Foreign Places: A Lender’s Guide to Financing Goods Located Outside the US Part I

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Part I: Whose Law is it Anyway? With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with...more

Cadwalader, Wickersham & Taft LLP

NAV Positivity April 2024 - In Defense of NAV Loans

NAV loans are getting constant coverage in the press now. For those of us that spent years trying to direct focus to the potential of NAV lending, this is a welcome development.  Admittedly, not all of the coverage is...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

Mayer Brown

Liquidity Covenants To The Fore

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WHAT IS A LIQUIDITY COVENANT AND WHY IS IT INTRODUCED? A liquidity covenant is a requirement for a business to maintain a minimum amount of available cash on a balance sheet. Originally Published in Butterworths...more

Proskauer Rose LLP

Trends in Private Credit Restructuring: Out of Court “Change of Control” Transactions

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Restructurings defy a one-size fits all approach because every deal is unique and different tools are required to solve different problems. At one end of the restructuring continuum is the so-called “amend and extend,” where...more

Proskauer - Blockchain and the Law

Part I: NFT Lending — Legal Issues Involving Secured Transactions under the UCC, Pre- and Post-Article 9 and 12 Amendments

Despite the protracted crypto bear market, innovators in non-fungible tokens (“NFTs”) are hard at work. Gone are the days when NFTs were merely profile pictures (“PFPs”) displayed on a pseudonymous social media account or...more

Proskauer Rose LLP

Question of the Week: As secondaries deals get bigger, what do GPs/LPs need to know about financing in the market?

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“GPs should remain thoughtful about employing leverage on their GP-led secondaries transactions given the higher interest rate environment. However, there are a variety of financing products on offer from lenders which can be...more

Seward & Kissel LLP

Net Asset Value Credit Facilities: Key Issues And The Current Market

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Net asset value based credit facilities (“NAV Facilities”) are credit facilities pursuant to which the availability thereunder is based on the net asset value of the investments of the borrower, typically a private fund. The...more

White & Case LLP

Term loan C in the spotlight

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In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity - Volatile credit markets and guarded banks have made securing term loan C (TLC)...more

Proskauer Rose LLP

Private Credit Deep Dives - Change of Control

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After the unprecedented boom of the immediate post‑COVID era, European M&A activity has slumped in recent months. Indeed, recent market intelligence from Dealogic showed that Q1 of 2023 in EMEA saw a 68% decline in M&A volume...more

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