News & Analysis as of

Loans Financing Capital Markets

White & Case LLP

Private credit leans on PIK flexibility in competitive market

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In the face of intensifying competition from the broadly syndicated loan market, private credit lenders are leveraging their ability to provide payment-in-kind flexibility to secure deals - Private credit lenders in the US...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

White & Case LLP

Delayed-draw facilities: A key differentiator in a competitive market

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Competition between the private credit and broadly syndicated loan (BSL) markets is intensifying, with developments on both sides blurring the distinctions between the two products. One of these distinctive features is the...more

McDermott Will & Schulte

Key Takeaways | Sponsor-Led Syndications: How To Get From a Grid to a Club

During this session, the panelists discussed key considerations for selecting and managing lenders ahead of participating in a debt syndicate, including how to evaluate potential lenders, compare key terms, and choose club...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

Mayer Brown

Déductibilité des intérêts portant sur les obligations convertibles : validation de l'utilisation du logiciel Standard et Poor's...

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Par un arrêt du 28 janvier 2025, le Tribunal administratif de Cergy Pontoise (n°2100034) approuve l'utilisation du logiciel Standard et Poor's Capital IQ pour justifier le taux d'intérêt d'obligations convertibles....more

Cadwalader, Wickersham & Taft LLP

Navigating the Grey Area, March 2025 - Navigating the Grey Area: Financial Covenant Amendments and the Doctrine of Purview

The doctrine of purview under English law plays a critical role in determining whether amendments to a secured facility require reaffirmation or re-execution of guarantees and security. However, when it comes to adjustments...more

Ropes & Gray LLP

Special Situations Credit: 2024 Year In Review and 2025 Outlook

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As expected, we experienced continued strong deal flow for special situations credit transactions in 2024, with both macroeconomic and industry-specific factors broadly impacting markets. While a slight lowering of interest...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

Allen Matkins

What will be the big trends in commercial real estate in 2025 related to financing and capital markets?

Allen Matkins on

Real estate lending will continue to be impacted by elevated interest rates, limited borrowing capacities, and slow transaction volumes. Floating-rate debt will likely be the chosen option by borrowers. Additionally,...more

Cadwalader, Wickersham & Taft LLP

Location, Location, Location! December 2024 - Questions and Answers on Capital Call Securitization – An Idea Whose Time Is Now

Securitization of sublines continues to be the hottest of hot topics in fund finance. Whether it could be done, how to do it, and how to overcome certain real and perceived challenges were topics of countless articles and...more

Mayer Brown

Tips for New Fund Finance Professionals

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EXECUTIVE SUMMARY - In this Legal Update, we provide suggestions for junior finance professionals new to the fund finance market and offer practical suggestions for beginning their careers with a solid foundation....more

Cadwalader, Wickersham & Taft LLP

Next Stop: Charlotte October 2024 - Underwriting Secondaries Deals

The market for financing pools of interests in private equity funds and private credit funds continues to sizzle, with new lenders joining the market and competition on pricing leading to a tightening of spreads for the most...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

Read and React October 2024 - ILPA NAV Guidance: Market Reaction and Practical Considerations

As most Fund Finance Friday readers probably already know, over the summer, the Institutional Limited Partners Association (“ILPA”) issued guidance for Limited Partners (“LPs”) and General Partners (“GPs”) around the use of...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

Cadwalader, Wickersham & Taft LLP

A Truly Bingeworthy Series July 2024 - Some Key Considerations When Lending to a Master-Series Fund

Master-series funds are definitely not on our desks on a daily basis; however, they do arise from time to time, and certainly as transactions are becoming more and more bespoke. Care should be taken by lenders when lending to...more

Cadwalader, Wickersham & Taft LLP

Roll the Tape June 2024 - Fund Finance Highlight Reel: The First Half in Pictures

This year is starting to feel a bit more normalized after the 2021-2022 record origination numbers followed by the 2023 market disruption. In many ways, Fund finance has passed the stress test and moved forward. What has 2024...more

Cadwalader, Wickersham & Taft LLP

Muddled Macros - September 2022 | Issue No. 193 - Five Career Development Tactics (and One Digression) for Young Fund Finance...

On Wednesday, 300+ attendees participated in FFA University 1.0, and I was fortunate to get to provide the Closing Remarks to the highly engaged group. Below is a rough summary of the remarks I provided, which focused on my...more

Troutman Pepper

Mid-Market Trends - Leveraged Lending and the Current Regulatory Environment

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Financial institutions, institutional investors and liquidity providers to the leveraged loan markets are finding themselves increasingly subject to new regulation in the United States and abroad. Both global and U.S....more

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