News & Analysis as of

Lenders NAV Private Equity

Cadwalader, Wickersham & Taft LLP

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

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

Cadwalader, Wickersham & Taft LLP

Is Cash King? Deferred Consideration and Specie/in-Kind Transactions in the Context of Private Equity NAV Financings

Net asset value (NAV) facility documentation, at least in the context of private equity, has evolved to a large extent on the assumption that borrower funds will usually execute transactions in cash - paying cash on...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

DLA Piper

Institutional Investor Newsletter: 2024 End-of-Year Roundup

DLA Piper on

A recent trend in continuation vehicles involves traditional private equity sponsors serving as the “lead investor” in lieu of, or in addition to, more traditional secondary buyers and institutional investors. This expansion...more

Cadwalader, Wickersham & Taft LLP

Inside NAV Loans October 2024 - What’s in a NAV Loan?

The purpose of this article is to unpack the basic building blocks of what constitutes a NAV Loan to make sure that market participants have a basic understanding of what is in a NAV Loan and their key negotiated issues. As...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights - 2024 European Fund Finance Market Predictions

The year 2023 presented the fund finance industry with many challenges that it rose to face with an inventiveness and rigour that showed just how mature and multi-faceted the market has become. At Cadwalader in London we saw...more

Cadwalader, Wickersham & Taft LLP

Recallable Capital Ripples November 2023 - Total Recall

Recallable capital is a hot topic these days in both subscription financing and NAV financing transactions, both at industry events and in the press. There has been a good deal of attention to this concept in the NAV market...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

Cadwalader, Wickersham & Taft LLP

The Other Green Scene: Sublines for Evergreen Funds June 2023 - What We’re Reading

Subscription lines, NAV, over-allocations ... and the connection between exercise and good health – here’s what we’re reading this week. Private Funds CFO provided a subline market update in Borrowers turn to new...more

Cadwalader, Wickersham & Taft LLP

Polishing Up the Crystal Ball December 2022 | Issue No. 204 - 2023 European Fund Finance Market Predictions

It’s that time of year again when conversations are dominated by reflections on our market’s performance over the last 12 months and expectations as to what 2023 will hold for our industry....more

Cadwalader, Wickersham & Taft LLP

Miami, Here We Come - February 2022 | Issue No. 162 - NAV Covenants and Subscription Lines

For funds that are nearing the end of their investment period and have limited or no remaining unfunded capital commitments, the need to continue a subscription line facility for ongoing liquidity may continue to exist for...more

Cadwalader, Wickersham & Taft LLP

Views and News - February 2022 | Issue No. 161 - FFF Travels to the Channel Islands: An Introduction to Jersey and Guernsey

Cadwalader has recently seen a growth in the number of funds formed in Jersey and Guernsey that are party to subscription and NAV facilities. Trent Lindsay and Cassandra Best spoke with Julia Keppe, Senior Counsel at Walkers...more

White & Case LLP

Fund finance: Harnessing NAV finance in new ways

White & Case LLP on

Demand for net asset value (NAV) finance—where private equity (PE) firms raise borrowings against the NAV of the assets in their funds—is on the rise. NAV finance is still a relatively esoteric, industry-specific product, and...more

White & Case LLP

NAV finance gains traction as private equity seeks liquidity

White & Case LLP on

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market - Until recently, net asset value (NAV) finance—where PE sponsors...more

Cadwalader, Wickersham & Taft LLP

European Fund Finance Market Update

On October 11, 2017, the Fund Finance Association (the “FFA”) hosted its 3rd Annual European Fund Finance Symposium (the “Conference”) at the Landmark Hotel in London. Forty-two market participants sponsored the Conference...more

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