Valuation Reports and Fairness Opinions in Fund Finance: Purpose, Application, and Key Considerations
As the fund finance market continues to mature and transactions grow in complexity, valuation reports (or “valuations”) and...
Legal Update Archive
LEGAL UPDATES
Asset-Level Eligibility Series: Criteria to Consider When Assessing Borrowing Base Credit for Participation Interests
This Legal Update explores the considerations that a warehouse lender should bear in mind when deciding whether to...
Preferred Equity: Key Tax Considerations
This Legal Update concludes our three-part series on preferred equity in private capital markets, exploring key tax considerations...
Transfer Restrictions in NAV Credit Facilities: Impact on Collateral and Market Solutions
A common hurdle in Net Asset Value (NAV) credit facilities is the presence of transfer restrictions on equity interests. In this Legal Update, we explain how these transfer restrictions operate in NAV credit facilities, their practical implications, and potential solutions for navigating their complexities.
Preferred Equity: Comparing Alternatives and Managing Legal Risks
This is the second in a three-part series on preferred equity in private capital markets. This Legal Update...
Good Faith and Fair Dealing in Fund Finance Transactions
Every contract is subject to an implied duty of good faith and fair dealing pursuant to principles established under common law, state statutes, and, with respect to certain contracts, including fund finance credit documentation, the Uniform Commercial Code (“UCC”). While lenders and borrowers are permitted to pursue their respective interests, they are obligated to act in good faith.
Preferred Equity: Another Option in the Private Capital Liquidity Toolkit
This is the first in a three-part series on preferred equity. It examines the core features and principal...
More is Not Always Better: FinCEN Grants Risk-Based Relief from Repeat Beneficial Ownership Verification Requirements
On February 13, 2026, the Financial Crimes Enforcement Network (“FinCEN”) issued an order granting exceptive relief to “covered...
Upcoming Reporting Requirements for Venture Capital Companies with a Nexus to California
Venture capital companies with a nexus to California should be aware of new reporting requirements that become effective...
Delaware Chancery Court Enforces Capital Calls Based on Subscription Documents and Contract Terms in a Partnership Agreement
In a recent post-trial memorandum opinion, the Delaware Court of Chancery ordered specific performance of capital calls issued under a fund’s limited partnership agreement, reinforcing that capital commitments are enforceable as contractual obligations when clearly documented in a fund’s governing documents and subscription agreements.