Mike Mascia, head of Cadwalader's Fund Finance practice, has conversations with industry leaders to analyze important developments within the Fund Finance market.
In this week's FFF: Industry Conversations, Cadwalader partner Samantha Hutchinson sits down with No Limit Capital co-founders Neno Raic and Slade Spalding to discuss the exciting launch of their new fund, how their strategy interplays in the fund finance markets and what to expect from them in 2022 and beyond. Learn more at fundfinancefriday.com.
In this week's FFF: Industry Conversations, Cadwalader partner Samantha Hutchinson sits down with Ares Credit Group's Andie Goh and Peter Keane to discuss how fund finance fits into the alternative credit space, activity in the market, and more.
In this week's FFF: Industry Conversations, Mike Mascia sits down with Dee Dee Sklar. Dee Dee updates Mike on the various projects and Board initiatives that have kept her busy since she first announced her retirement nearly two years ago. Mike and Dee Dee also discuss the importance of the FFA's Women in Fund Finance group.
ICYMI: Mike Mascia sits down with 17Capital Investment Director Michael Timms. They discuss 17Capital's fund finance capabilities and Michael's role at 17Capital's west coast outpost. For more information, please visit fundfinancefriday.com
Cadwalader partner Jeff Nagle joins special counsel Leah Edelboim to discuss the latest in the LIBOR transition in another installment of FFF: Industry Conversations. Jeff is a leading authority on LIBOR reform and emerging benchmark regulation. He serves as counsel to the Federal Reserve's Alternative Reference Rates Committee (ARRC) and is working to guide the post-LIBOR financial world in best practices for the transition. He is also counsel to the Loan Syndications and Trading Association (LSTA) with respect to the transition. In this conversation, Jeff gives us insight into where we are in the benchmark transition and what it means for fund finance documents. It has been expected that ARRC would imminently recommend Term SOFR, and Leah and Jeff discuss the pending impact of that recommendation, which was announced yesterday, just after we taped this discussion. Learn more at fundfinancefriday.com
In this week's FFF: Industry Conversations, Cadwalader partner Samantha Hutchinson sits down with Citco's Michael Peterson and Shiraz Allidina to discuss market growth, the globalization of fund finance products, institutional capital and more. Learn more at fundfinancefriday.com
In this week's FFF: Industry Conversations, Mike Mascia sits down with Cadwalader partner Jed Miller to discuss capital relief trades (CRTs) for banks in the context of subscription facilities. Visit cadwalader.com or fundfinancefriday.com for more information.
In this episode of Fund Finance Friday: Industry Conversations, Bank of Ireland’s Nicholas Armstrong joins Cadwalader partner Jeremy Cross to discuss fund finance at BoI, as well as current market developments and predictions for the rest of 2021.
In this episode of Fund Finance Friday: Industry Conversations, Cadwalader partner Samantha Hutchinson is joined by Khizer Ahmed, Founder and Managing Member at Hedgewood Capital Partners, LLC, to discuss lender appetite over the course of the pandemic, the role of a fund finance advisor in the current market and more.
In this episode of Fund Finance Friday: Industry Conversations, Cadwalader partner Samantha Hutchinson is joined by MassMutual Portfolio Manager Dadong Yan to discuss trends and opportunities in the fund finance markets and how institutional capital can play an integral part. To learn more, please visit fundfinancefriday.com
In this episode of Fund Finance Friday: Industry Conversations, Cadwalader partner Nathan Parker is joined by EQT Managing Director Adam Larsson and Debevoise & Plimpton partner Thomas Smith to discuss the market-leading ESG linked capital call facilities put in place by EQT in the second part of last year. For more information, visit fundfinancefriday.com
In this episode of Fund Finance Friday: Industry Conversations, Tim Hicks sits down with Chad Stackhouse, the newest partner to join Cadwalader’s Fund Finance team. Chad discusses how he got his start in the industry as well as current market developments and predictions for 2021. Visit fundfinancefriday.com for more info.
In this episode of Fund Finance Friday: Industry Conversations, Fabien Bonavia and Mohith Sondhi of OakNorth Bank join Cadwalader partner Samantha Hutchinson to discuss their experience and outlook on the fund finance markets. Visit fundfinancefriday.com for more information.
In this episode of Fund Finance Friday: Industry Conversations, Michael Sinclair of People’s United Bank joins Mike Mascia to discuss the fund finance happenings at People’s United as well as current market developments and predictions for 2021. To learn more, visit fundfinancefriday.com
In this episode of Fund Finance Friday: Industry Conversations, RBS International's Spencer Goss joins Cadwalader partner Jeremy Cross to compare and contrast the Fund Finance market pre- the Great Financial Crisis in 2008/2009 to the market today. This episode was originally published as a video. To watch, visit https://youtu.be/hwCGXsq2b1w.
In this episode of Fund Finance Friday: Industry Conversations, Evelyn Zhang of Partners Group joins Cadwalader partner Samantha Hutchinson to discuss how the secondaries market has been impacted by COVID-19. For more information, visit fundfinancefriday.com
In today’s Fund Finance Friday: Industry Conversations, Jeff Nagle of Cadwalader’s LIBOR Preparedness Team joins Mike Mascia and gives a plain-English summary of what a fund finance banker needs to know about this week’s LIBOR transition updates from the ICE Benchmark Administration and the U.S. and UK regulators. To learn more, visit fundfinancefriday.com.
In this week’s Fund Finance Friday: Industry Conversations, Ganryu Capital Partners’ Josh Bourone joins Samantha Hutchinson to provide his take on evolving fund structures, LP sentiment to fund financings and the lender landscape. To learn more, please visit fundfinancefriday.com
In this week’s Fund Finance Friday: Industry Conversations, Barings’ Sabih Hussain joins Samantha Hutchinson to provide his take on the impact of COVID on the private credit markets and his experience of using fund finance products through the pandemic. Visit fundfinancefriday.com for more info.
In this week’s Fund Finance Friday: Industry Conversations, Jeff Maier joins Mike Mascia and discusses demand and deal structures for management fee lines and GP facilities.
In this week’s Fund Finance Friday: Industry Conversations, Sammy Asoli, the newly minted Global Head of Subscription Secured Finance at SMBC, joins Mike Mascia and discusses his new role, virtual leadership, what they are seeing in the market, predictions for 2021 and taking garden leave during a global pandemic. To learn more, visit fundfinancefriday.com
In this week’s Fund Finance Friday: Industry Conversations, long-time fund finance banker Charles Newcomb, Managing Director at Signature Bank, joins Mike Mascia and gives his thoughts on current market conditions, his forecasts for the 4th quarter and beyond, and his experience with return to work. For more information, visit cadwalader.com or fundfinancefriday.com
In this week’s Fund Finance Friday: Industry Conversations, Jeremy Cross is joined by the Founder of Avardi Partners, Sarah Lobbardi. Sarah gives us an insight into the founding of and philosophy behind Avardi Partners as well as her insights on the current and future direction of the Fund Finance market. For more information, please visit fundfinancefriday.com
In this week’s FFF: Industry Conversations, Jeremy Cross, a Cadwalader partner and member of our LIBOR Preparedness Team in London, discusses the state of play and issues around the proposed replacement of Sterling LIBOR with “SONIA” with two other members of the LIBOR preparedness team in London, special counsels Michael Sholem and Assia Damianova. The discussion covers all the high-level things you need to know, including what a “risk-free rate” is, the main differences between SONIA and LIBOR, the documentary and other changes that this will require, the implications of this on Margin and other costs, what market participants need to be thinking about and when, as well as some of the issues and questions that still remain. For more information, please visit fundfinancefriday.com
In this week’s FFF: Industry Conversations, Jeff Nagle, a Cadwalader partner and member of our LIBOR Preparedness Team, teaches a SOFR 101 session. He covers all the high-level things you need to know, including how SOFR is actually calculated, how it differs from LIBOR, what its variations are and which are best, how margins will be impacted, what the expected market conventions are, and what comparable rates exist for non-dollar denominated loans. With the LIBOR phase-out date approaching, the session teaches the basics you need to know to be prepared for moving to SOFR benchmark rates. Additionally, Mack McDonald, CEO of Renaissance West Community Initiative, provides an update on the great work the non-profit is doing to tackle generational poverty with a holistic approach.
In today’s Fund Finance Friday: Industry Conversations, Cadwalader's Samantha Hutchinson hosts Marlborough Partners' Kieran Welsh to discuss the impact of COVID-19 on fund finance products, appetite for asset-backed facilities and the market outlook for H2. For more, please visit fundfinancefriday.com.
In today’s Fund Finance Friday: Industry Conversations, Cadwalader's Samantha Hutchinson hosts Stephen Quinn of 17Capital to discuss liquidity solutions during the COVID-19 era. For more information, please visit fundfinancefriday.com.
In this week’s FFF: Industry Conversations, Taylor Johnson of Nuveen Investments joins Cadwalader’s Mike Mascia and discusses his fund finance and property-level market observations, including where he sees gaps in available lender-side supply and where he thinks banks could innovate to bring value to fund borrowers in the current environment. To learn more, visit fundfinancefriday.com or cadwalader.com.
In today’s Fund Finance Friday: Industry Conversations, Mike Mascia of Cadwalader hosts Mike Breaux, Director at Stifel Bank, who gives an update on the bank’s fund finance practice and his market observations; Tess Virmani, Associate General Counsel at the LSTA, who discusses the LIBOR transition and incorporating ESG standards in loan transactions; and Tina Meigh of the Maples Group, who offers a practical viewpoint from the trenches on obtaining Cayman registrations to comply with the Private Funds Law. Visit fundfinancefriday.com for more info.
In today’s Fund Finance Friday: Industry Conversations, Mike Mascia of Cadwalader hosts Alexandra Woodcock and Alex Last of Mourant to discuss the Cayman Islands Private Funds law and its impact for lenders, and then Terry Hatton, Managing Director at MUFG, gives an excellent update on what the bank has seen in the first half of 2020 and what it is forecasting for the rest of the year.
In today’s Fund Finance Friday: Industry Conversations, Mike Mascia of Cadwalader covers off the Fund Finance legal updates occurring over the past two weeks, Graham Bippart, the Editor at Private Funds CFO that just completed a ten-part series on Subscription Facilities, discusses his funds finance research and writing, and Zac Barnett of Fund Finance Partners and Mike have a wide-ranging conversation about fund finance activity levels, the market segments where FFP is looking for lenders to finance prospective transactions, and their forecasts and predictions for the remainder of the year and beyond. Additionally, Whitney Namm Pollack, the Executive Director of the Project Sunshine, discusses the great work her organization is doing to help hospitalized children and how FFA constituent firms can contribute. For more information, please visit fundfinancefriday.com.
In today’s video version of Fund Finance Friday: Industry Conversations, Pratap Dasgupta of Macquarie provides an update on the secondaries and greater NAV financing markets, Rich Young of Cadwalader discusses his next career chapter, Michelle Bolingbroke announces her more formal role with the Fund Finance Association, and Ken Bigelow, Managing Partner at Sionic, introduces his firm’s software solution for banks that is specifically customized and designed for subscription finance. Cadwalader’s Mike Mascia hosts. Visit fundfinancefriday.com for more.
In today’s video version of Fund Finance Friday: Industry Conversations, Tim Hicks, Partner at Cadwalader, provides a market update on the subscription facility sector, and Pramit Sheth, Managing Director at Kroll Bond Rating Agency, gives color on the types of fund finance transactions they are rating and what they are seeing in the market post-COVID. Additionally, Laura Clark, the CEO of the United Way of the Central Carolinas, discusses the tremendous uptick in community needs, what the United Way is doing to try and help our challenged neighbors from both a social justice and covid response perspective, and how we can all contribute and help. Cadwalader’s Mike Mascia hosts. Visit fundfinancefriday.com for more info.
In today’s Fund Finance Friday: Industry Conversations (check out Cadwalader's YouTube channel for the video version), Charlie Owens, Managing Director at Signature Bank, gives an update on what the bank is seeing and doing in the market currently, Ken Pierce, newly minted CEO of Lockton Capital Markets, describes the NAV-financing his firm is structuring and placing with insurance company lenders, and Cadwalader’s Samantha Hutchinson gives an update on the European market, with a deep dive into the rapidly expanding and evolving NAV-lending space. Visit fundfinancefriday.com for more.
In today’s FFF: Industry Conversations, we added video and connected with a host of fund finance market participants. Nick Mitra of Natixis joins to give a market update, Tina Meigh of the Maples Group provides an update on the Fund Finance Association, Rory Smith of Brickfield Recruiting provides an update on the hiring market, and Jeff Nagle of Cadwalader summarizes the best practices for LIBOR transition proposed by the ARRC last week. In addition, we feature a short but important discussion with Leslie Gordon, President & CEO of Food Bank For New York City, on the growing hunger challenges presented by COVID-19. Cadwalader’s Mike Mascia hosts and also provides some data from our practice for 2020-to-date to try and forecast transaction volumes for the summer.
Melanie Herald, Managing Director, Head of Alternative Lending at State Street, joins Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. Melanie discusses her role at State Street and her team’s market focus in fund finance. She also discusses the impact of COVID-19 on her team’s business, as well as that of the bank’s clients, and forecasts how the market is likely to evolve as a result of the disruption.
Jan Sysel and Adam Summers, Partners at Fried Frank, join Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. Jan and Adam cover what Fried Frank is seeing in fund formation and fund finance as the market stabilizes into month three of the disruption. They cover the current fundraising market, the pipeline for subscription facilities, and give forecasts around the impact on NAV facilities of mark write downs when 2nd quarter financials become available. Adam also provides an update on the leverage finance markets.
Jesse Hurley, Head of Global Fund Banking at Silicon Valley Bank, connected with Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Jesse covers what Silicon Valley Bank is seeing in their fund finance portfolio, including investor capital call funding performance, facility utilization and pipeline opportunities. He also discusses the growth of the SVB Fund Banking team and their many new hires, predictions for the venture capital and angel investment space for the remainder of 2020 and the corresponding impact on the innovation economy.
Dave Philipp of Crestline Investors and Scott Aleali of First Republic Bank connect with Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Dave covers the breadth of the NAV-lending market, including detail about transaction structures and attachment points, addressing revised marks in an existing portfolio, the uptick in borrower inquiries post-COVID and forecasts for how the NAV and pref equity markets may expand and evolve in the medium and longer-term. Scott gives a credit performance update on the capital call space, discusses the evolving uses of capital call lending in the new environment and provides a host of insightful predictions for how both the fund finance market and the macro landscapes are likely to play thru during the summer and into the future.
Sarah Elliott of National Australia Bank connects with Cadwalader’s Mike Mascia in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Sarah gives an update of what National Australia Bank is seeing in the fund finance markets. She also discusses her recent LinkedIn post on the human tragedy surrounding us all from the COVID-19 virus along with the great hope, resilience and leadership she sees emerging from the difficult circumstances.
Cadwalader’s Mike Mascia connects with Richard Wheelahan, founding principal of fund finance debt advisory firm Fund Finance Partners, in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Rich covers what his fund sponsor clients are seeing in the market, where the current demand for fund finance is the highest and what it is like being a principal in a start-up during challenging times.
Cadwalader’s Mike Mascia connects with Jeff Johnston, Managing Director and Head of Subscription Finance at Wells Fargo and Chairman of the Fund Finance Association, in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Jeff and Mike have a wide-ranging conversation, covering not only what Jeff is seeing in his portfolio and how the FFA is adjusting to the uncertainty, but also some of the challenges of leading large teams during stressful circumstances while in WFH, potential fund finance innovations coming out of the disruption and a deeply personal discussion of the passing of Jeff’s father-in-law in March.
Cadwalader’s Mike Mascia connects with Matt Posthuma, a Partner in Ropes & Gray’s fund formation group, in this week’s podcast edition of Fund Finance Friday: Industry Conversations. In the podcast, Matt gives an update on how the disruption is impacting fundraising in the real estate space, the state of real estate fund operations and capital call activity from his vantage point, and Investor performance on capital calls.
With all the press reports on subscription facilities and investor liquidity, Cadwalader’s Mike Mascia sits down for this week’s Fund Finance Friday: Industry Conversations with Jennifer Choi, the Managing Director of Industry Affairs at the Institutional Limited Partners Association. In the podcast, Ms. Choi gives updates on how the investor community is weathering the disruption, the state of capital call activity, communication levels between GP’s and LP’s and investor sentiment on their liquidity positions. While some of the data is sobering, Ms. Choi’s message for collective effort and cooperation across the market is uplifting and productive.
Jocelyn Hirsch, partner at Kirkland & Ellis LLP, sits down with Mike Mascia to discuss how COVID-19 is impacting the Fund Finance markets.
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