Fund Financer News’ Post

Please see the latest installment of our "Meet the Fund Banker" series.

💡 Fund finance facilities: a cradle to grave timeline Bronwen Jones, Kevin-Paul Deveau, and Brendan Gallen of Reed Smith LLP cover the different types of #fundfinance that may be available to funds at the various stages of a fund’s life. A #privateequity fund is the fund on which to base this chapter; the other common asset classes – credit funds, real estate funds, infrastructure funds and secondary funds – are mentioned where relevant. The full analysis can be read in the latest edition of Global Legal Insights – Fund Finance and at 🔗 https://lnkd.in/eg8xpw35

💡 From the latest edition of Global Legal Insights – Fund Finance, Leon Stephenson of Reed Smith LLP covers NAV and hybrid fund finance facilities, with focus on the type of fund utilising these facilities - including secondary, direct lending and credit, and private equity - the structure and terms around NAV finance facilities and key developments in the area. Read the full article, here🔗 https://lnkd.in/ebkzzu5P #fundfinance

The private equity secondaries market, particularly GP-led continuation funds, has seen a slowdown due to investor concerns about conflicts of interest and other issues. In 2023, GP-led secondaries reached $51 billion, down from $68 billion in 2022, now comprising less than half of the total secondaries market, according to Churchill Asset Management. Nicholas Lawler, managing director and head of secondaries at Churchill, noted that investors have a “love-hate” relationship with this asset class, citing conflicts of interest in asset valuation and similar economic structures to equity co-investment programs but with additional fees or adverse selection. https://lnkd.in/grmBB7cn

The recent FFA Global Fund Finance Symposium presented an ideal forum to discuss the success and vigor that the fund finance industry, and Fried Frank's Fund Finance Practice, enjoyed throughout 2023 and the opportunities and challenges for 2024 and beyond. Read notable takeaways from the symposium in the latest Fried Frank client memo below by partners Kathryn Cecil, Jons Lehmann, Duncan K. R. McKay, Cameron Mitcham, Ryan Plasky, Adam Summers, Jan Sysel, Ariel Zell, of counsel F. William (Bill) Reindel and special counsel Graham Greenwood. #FFA #FundFinance

💡 Meyer Dworkin, Kwesi Larbi-Siaw and David Kennedy of Davis Polk & Wardwell LLP on the continuing evolution of private equity net asset value facilities. The team discuss the rise of Primary NAV Facilities and examine several important considerations when structuring such facilities. From the latest edition of Global Legal Insights – Fund Finance, the full article is available here 🔗 https://lnkd.in/epxRZQ25 #fundfinance #privateequity

Exploring the world of fund finance. We take a deep dive into fund finance and answer some of the big questions. For Professional investors only. Capital at risk. Read more: https://ow.ly/Kmyf50QMxK6

Fund finance – friend or foe? The use of fund-level leverage in private equity has become a hotly debated topic, sparking diverse opinions among managers, investors and stakeholders. Joining us to delve into this is Paul Cunningham, CFO of Helios Investment Partners, ahead of his session at SuperReturn CFO/COO next week! Read his insights here: http://spr.ly/6048oPmzi Find out more about what’s in store next week >> http://spr.ly/6042oPmzm #SRCFO #fundfinance #privateequity

This Fall, Fund Finance Partners will once again host an evening of cocktails and networking in downtown Charlotte for investors, fund managers, bankers and lawyers within the fund finance market. Please mark your calendars and look out for the invitation in the coming weeks. We hope to see you there! #ffp #fundfinancepartners #fundfinance #privateequity #privatedebt #privatecredit #privateequityrealestate #assetmanagement #fundmanager #finance

More on the efforts to get corporations out of our housing! "The Merkley/Smith bill as written would force large corporate owners to divest from their current holdings of single-family homes over 10 years. An applicable entity that manages investor funds, is a fiduciary of the funds, and purchases new homes would be taxed half the cost of each additional home. Entities that fail to divest homes they own in excess of the 50-home cap would be taxed $50,000 for each excess home. And hedge funds, specifically, would pay that fine if they own any homes at all (with 10 years to divest of them). The taxes would go toward a new housing trust fund for downpayment assistance for aspiring homeowners." https://buff.ly/3VyAUvB