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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

Latham & Watkins LLP

Chambers Global Practice Guide - Private Credit 2025

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The private credit market has emerged as a formidable force in the global financial landscape, offering a compelling alternative to traditional syndicated bank lending. The Private Credit Guide provides a broad overview of...more

Troutman Pepper Locke

More Than $1.895 Billion in SBA Debenture Leverage Priced at 4.963%

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Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more

Alston & Bird

Structured Finance Spectrum – Winter 2025

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a close look at business development companies, an introduction to project...more

Proskauer Rose LLP

2025 Private Credit Survey Shows Enthusiasm for Dealmaking and Lending in Year Ahead - Insights

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NEW YORK and LONDON, February 3, 2025 – Leading international law firm Proskauer today shared its 2025 Trends in Private Credit report, highlighting market participants’ strong belief that 2025 is expected to be an exciting...more

Proskauer Rose LLP

Talking Trends with MidCap

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In Women in Private Credit: Talking Trends, we dive into the world of private credit through the lens of eminent women in the field — from professionals at the forefront of industry leadership to our own lawyers. Together, we...more

Mayer Brown

ESCs in Fund Employee Co-Investment Loan Programs

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EXECUTIVE SUMMARY - Fund sponsors may offer their employees and other investment professionals an opportunity to invest in its funds through a co-investment program, which a lender may partially finance....more

Cadwalader, Wickersham & Taft LLP

Clearing the Hurdle, September 2024 - Hurdling Into the Borrowing Base

As was briefly touched upon in a prior Fund Finance Friday article “Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities,” a subscription facility which uses the borrowing base approach looks at each...more

Mayer Brown

The Intersection of NAV and Margin Loans: Single Asset and Concentrated Asset Pools

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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

Mayer Brown

Covered Transactions and Considerations in Fund Finance

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Section 23A and Super 23A can create additional complications for lenders in the fund finance market. Intended to protect the stability of financial institutions by restricting transactions with affiliates, Section 23A and...more

Cadwalader, Wickersham & Taft LLP

Teaming Up for Term Loans February 2024 - Term Loan Market Update

About a year ago, we published “Term Loan Solutions in Fund Finance,” which ended up being a popular article on Fund Finance Friday. Since then we have seen lenders, sponsors, law firms and rating agencies become more...more

Cadwalader, Wickersham & Taft LLP

Finance Frontiers February 2024 - Writing to Reach You – Investor Letters and Subscription Facilities

While Chris van Heerden’s recent article gave some cause for optimism over the fundraising environment for 2024, for now on the ground we are continuing to see significantly longer lead times before funds hit their target...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights January 2024 - Regulators Propose More Granular Disclosure for Loans...

Is one of the greatest mysteries of the universe about to become less mysterious? That’s one possible question after U.S. banking regulators published a request for comment covering a proposed revision to the call report...more

Mayer Brown

Fund Finance Reporting Requirements Proposed by US Banking Regulators

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On December 27, 2023, the US federal banking regulators proposed reporting requirements for bank loans and commitments to the fund finance sector. This change reflects not only the rapid growth in this sector but also the...more

Cadwalader, Wickersham & Taft LLP

Cinco Celebration May 2023 - One (Cayman Corporate Governance) Rule to Rule Them All ...

The growth in regulation and oversight of private equity and venture capital funds (“Private Funds”) in the Cayman Islands has again taken a step forward with the recent introduction by the Cayman Islands Monetary Authority...more

Cadwalader, Wickersham & Taft LLP

Brief Primer on CFOs and Rated Feeder Funds

Through our extensive experience representing underwriters and sponsors in connection with CFOs and Rated Feeders, we’ve identified a number of key issues and considerations that should be addressed when contemplating a CFO...more

Cadwalader, Wickersham & Taft LLP

Magnificent Miami! - February 2022 | Issue No. 163 - Panel Recap: 'Fund Finance Market Update'

The “Fund Finance Market Update” panel focused on the current state of the market. Moderated by Laurie Lawler, Managing Director at Société Générale, the panel included the following: Roshan Chagan, Partner at Ares...more

Hogan Lovells

Luxembourg is modernising its securitisation law

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The Luxembourg law on securitisation dated 22 March 2004 (the “Securitisation Law”) has been tremendously successful in providing a flexible and secure framework for Luxembourg securitisation vehicles (“SVs”), attracting a...more

Polsinelli

IRS Ruling Takes Aim at Impact Investing

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What many in the nonprofit community would have expected to be a direct road for tax exemption for a new 501(c)(3) nonprofit organization has suffered a significant set-back. On October 9th, the Internal Revenue Service...more

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