Loans, Investment Funds, Risk Management

Fund Finance Insights: Prevalence of Concentration Limit Holidays

Haynes Boone on 8/15/2025

Introduction - Concentration limits are a familiar risk-management tool for lenders in subscription line facilities. By capping the amount of borrowing base credit that can be attributed to any single investor or group of...more

Haftungsbegrenzung für KVGen und andere Geniestreiche des Gesetzgebers

King & Spalding on 8/12/2025

Entwurf eines Fondsrisikobegrenzungsgesetzes veröffentlicht - Anfang August 2025 hat das Bundesministerium der Finanzen den Referentenentwurf eines Gesetzes zur Begrenzung der Risiken durch Investmentfonds und zur...more

Private Credit Funds as Key Lenders in Subscription and NAV Lines: Market Insights

Troutman Pepper Locke on 7/23/2025

Private credit funds (PCFs) are emerging as key players in the subscription and net asset value (NAV) line market, significantly impacting fund financing. Regulatory changes, economic trends, and strategic innovations are...more

Net asset value finance gains ground with infrastructure managers

White & Case LLP on 5/12/2025

The increase in the use of fund finance by private equity is carrying over into the infrastructure fund space, with managers using net asset value and back-leverage facilities to unlock liquidity for investors and portfolio...more

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

Cadwalader, Wickersham & Taft LLP on 4/25/2025

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

Beyond the Balance Sheet - The Future of Private Credit and Fund Finance

DLA Piper on 4/16/2025

The inaugural Beyond the Balance Sheet: The Future of Private Credit and Fund Finance Summit brought together industry leaders to explore key trends shaping private credit and fund finance. Hosted by DLA Piper and Opal, the...more

Subscription Credit Facilities: Understanding the Collateral

Mayer Brown on 4/15/2025

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

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

Mayer Brown on 3/25/2025

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

The Comfort Letter Comeback, March 2025 - Comfort Letters

Cadwalader, Wickersham & Taft LLP on 3/7/2025

In the evolving fund finance market, lenders are constantly assessing ways to mitigate risk and enhance credit support in order to provide for the smooth operation of subscription-based credit facilities. One such credit...more

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

Mayer Brown on 2/26/2025

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

Loans › Investment Funds › Risk Management