Winter 2014 Subscription Credit Facility Market Review
Capital call subscription credit facilities (each, a “Facility”) continued their positive momentum in 2013 and had an excellent...
Legal Update Archive
LEGAL UPDATES
Net Asset Value Credit Facilities: An Overview
As real estate, buyout, infrastructure, debt, secondary, energy and other closed-end funds mature beyond their investment or commitment...
Subscription Facilities: Analyzing Overcall Limitations Linked to Fund Concentration Limits
As the subscription credit facility (each, a “Facility”) market has evolved further from its real estate fund roots...
Separate Accounts vs. Commingled Funds: Similarities and Differences in the Context of Credit Facilities
The use of managed accounts as an investment vehicle has been widely publicized of late with institutional investors...
Court Rejects PBGC Position That an Investment Fund Is Part of a Controlled Group for Purposes of Pension Liabilities of a Portfolio Company
Late in 2012, in Sun Capital Partners v. New England Teamsters (“Sun Capital”),1 a federal district court in...
Benchmark Rate Reform: Orderly Transition or Potential Chaos?
In the wake of several widely reported LIBOR and other benchmark rate manipulation scandals reflected in headline-grabbing stories...
Collateralized Fund Obligations: A Primer
Collateralized fund obligations (“CFOs”) emerged in the early 2000s as a means of applying securitization techniques developed for...
Subscription Credit Facilities: Certain ERISA Considerations
A subscription credit facility (a “Facility”), also frequently referred to as a capital call facility, is a loan...
Management Fee Credit Facilities
As part of the evolution of the fund finance market, some lenders seeking a competitive advantage have expanded their product offerings to private equity and other similar funds (a “Fund”) from traditional capital call facilities made to closed-end Funds to other financing products, including lines of credit to open-ended Funds or separate-account vehicles and net asset value facilities.
Sovereign Immunity Analysis in Subscription Credit Facilities
Subscription credit facilities (a "Facility") are a popular form of financing for private equity and similar investment funds ("Funds").