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Private Funds Investment Funds Credit Agreements

Cadwalader, Wickersham & Taft LLP

Back to School: Lessons in NAV Lending, September 2025 - Taking Security in NAV Lending: The SPV Pledge

When taking security over a portfolio of investments in a NAV facility, it may be difficult or costly to take security over the borrower’s investments. A common solution is to implement what we refer to as the SPV pledge....more

Cadwalader, Wickersham & Taft LLP

Summer, Sun, Sand and Sensitive Information, August 2025 - Balancing Lender and Borrower Confidentiality Interests

Confidentiality provisions in subscription credit facilities have always served a central purpose – protecting sensitive fund and investor information. These provisions have grown more detailed, more prescriptive, and, for...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Relief Permits BDCs To Incur Additional Leverage and Co-Invest With Affiliated Private Funds

The U.S. Securities and Exchange Commission (SEC) has issued an order intended to facilitate the ability of business development companies (BDCs) to borrow under their existing credit agreements and issue new debt and...more

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