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Fund finance

The most influential fund finance experts of 2022

Charting the market’s movers and makers

Comment: The world has changed - how are lenders and markets reacting?

With great challenge comes great opportunity, writes Mohith Sondhi, senior director – debt finance at OakNorth Bank

Shanks joins NLC

Ian Shanks joins fund finance lender No Limit Capital as senior adviser and chair of the investment committee

TDA 2022 Fund Finance: Provider winner: Investec

We explore the firm's mid-market focused full-service offering for private equity which sets it apart from its peers

TDA 2022 Fund Finance: Advisory winner: Haynes Boone

We explore how Emma Russell has propelled Haynes Boone’s offering to one of the most well-known and well-respected teams in the world

TDA 2022 Legal: Fund Formation winner: Travers Smith

Sam Kay, funds partner at Travers Smith describes what's enabled the firm to have such a deep understanding of the market

TDA 2022 Foreign Exchange Services winner: Alpha FX

The team describe the way in which every aspect of their business is dedicated to the needs of the alternative investment industry

TDA 2022 Advisory/Consultancy: Fundraising winner: Asante Capital Group

The placement agent's team explains how they support each and every project to ensure their clients are successful

Legal lowdown: Sam Kay, Travers Smith

Partner and head of investment funds discusses PE’s evolution since 1998, the importance of carry, along with the challenges of labelling funds in relation to SFDR and the Taxonomy Regulation

LP appetite for PE suffers sharp decline

The Rede Liquidity Index score has decreased from 70 in 2021 to 55 for H1 2022 signalling a sharp fall in LP investor appetite.

Failure rate for GP-leds exceeds 50%

The uptake in GP-led strategies have continued to rise despite a significantly high failure rate - - said panellists at SuperReturn

Cinven secures €4bn ESG-linked sub line

The sustainability linked loan will support portfolio company ESG initiatives

Capital calls hit 10-year low

Reduction in the frequency of drawdowns driven by increased use of subscription lines

Campbell Lutyens bolsters GP capital advisory offering

The practice has made three new hires; Edouard Chu, Allone Taieb and Linh Nguyen

Fund finance tracker: 2nd edition

The latest instalment of the Fund Finance Tracker found tightening of NAV loan amounts and increased activity for GP facilities

Comment: Fund forecast

Mohith Sondhi of OakNorth Bank shares his top predictions as macroeconomic challenges intensify

17Capital promotes Shahin to partner

General counsel Emad Shahin has been at the firm since 2019

Profile: Susan Wilkins, Actis

The COO discusses her pathway from Actis portfolio company to the GP, taking over management of Abraaj funds and her role as a member of the inclusion & diversity committee

Circularity secures first ESG-linked facility

The firm has put a fund finance facility in place to provide more flexibility for future investment processes

Pemberton launches NAV offering

The lender has hired 17Capital’s Thomas Doyle to lead its new NAV financing strategy

Nominations open for the Most Influential Fund Finance Experts

The Drawdown is launching a new report, celebrating the most influential players in the fund finance market - nominations are now open

5 minutes with… Birchstone Markets

We caught up with Devonshi Mody and James Arnold of Birchstone to find out about their connected treasury offering.

5 minutes with… Derivative Path

Brett Morrell & Ciccy Yang discuss how the technology-focused business supports private equity risk management

Fund finance: structural innovations

Investec’s Helen Griffiths and Oliver Bartholomew discuss key structural developments for capital call facilities, including cost savings awarded by the master facility agreement, the importance of GP credit ratings, and continuation vehicle solutions.

A new asset class arrives

At the recent Fund Finance Association Symposium, held in Miami last month, it's clear that this market is no longer a subset of the private funds industry, but rather a burgeoning asset class in its own right

Crestline closes sophomore portfolio financing fund

$1bn fund focuses on fund finance including NAV loans and preferred equity

Pressure point

The explosive growth of the fund finance market has hugely benefited the private capital fund industry. But with banks straining to keep up with growing demand, where next for capital call facilities?

Triton secures €1.455bn ESG-linked fund facility

New facility is earmarked for speeding up ESG efforts in Triton V, a €5.2bn fund closed in 2018

5 minutes with… No Limit Capital

Co-founders of No Limit Capital, Neno Raic and Slade Spalding, discuss why they set up the fund finance lender and what makes them different from traditional banks

Out of the deep freeze and into the sun

Fokke Lucas of 17Capital discusses the merits of single asset portfolio finance for companies impacted by the pandemic

5 minutes with… Rory Smith, Brickfield

Founder of Brickfield Recruitment, Rory Smith, discusses his journey into fund finance and why it’s such a special market to work in

​Introducing the Fund Finance Tracker

Shining a light on subscription lines, NAV facilities and GP finance, to provide insights on how a selection of lenders approach these loans

LPs paying more for administrative costs

25% of LPs are being charged separately for expenses such as in-house legal, accounting and computer software

Former Investec execs launch fund finance provider NLC

Neno Raic and Slade Spalding, who worked together at Investec Bank’s Funds Solution Group aim to revolutionise capital call financing

P10 acquires Hark and Bonaccord

P10 is made up of RCP Advisors, TrueBridge Capital Partners, Five Points Capital, and Enhanced Capital

The Drawdown Awards 2021: Winners announced

Congratulations to the winners of our recent 2021 Drawdown Awards

Carlyle secures €2.3bn ESG-linked facility

Revolving credit facility is linked to boosting board diversity, tackling climate change and ESG-competent training

ICG secures €1.45bn ESG-linked sub-line

Facility was provided by Standard Chartered Bank, BNP Paribas, ANZ Banking Group, ING Bank, and Royal Bank of Canada

Comment: Navigating through the storm: An evolution in fund finance

Leon Stephenson and Colin Baker of Reed Smith outline the various uses and advantages of NAV facilities

17Capital closes fifth fund on $2.9bn

The GP has raised $4.5bn in total for preferred equity portfolio financing

The Drawdown Awards 2021: Finalists Announced

Thank you to everyone who entered, and a massive congratulations to all those that made the shortlist

Aliante secures €160m preferred equity

“The Aliante Equity 3 preferred equity transaction is a unique and complex GP-led secondary that reflects the growing adoption of preferred equity for liquidity and add-ons”

17Capital finances Investcorp assets

The $200m portfolio financing provides 17Capital with exposure to a diverse set of assets

Investec’s Mansy joins Macquarie

Investec is winding down its operations in Australia to focus on the UK and South Africa

Comment: ESG and fund finance

Michael Mbayi of Wildgen and Thomas Hallett of Barclays explore how funds can embrace ESG fund finance solutions

Cadwalader’s Cross joins Addleshaw Goddard

Cross joins from Cadwalader, Wickersham & Taft where he was part of setting up the law firm’s fund finance practice in Europe

Comment: ESG fund financing trends

Sarah Lobbardi of Avardi Partners details the latest trends around ESG-linked fund finance

AlpInvest secures ESG-linked sub-line

ABN AMRO arranged the facility while Rabobank acted as sustainability co-ordinator

5 minutes with… Charlie Jolly, RSM

The head of private equity discusses how RSM supports GP fund restructurings; the importance of valuations, and the latest innovations within the process

Comment: Everything you need to know about preferred equity waterfalls

Ben Yeoh from Goodwin provides a succinct overview of how preferred equity waterfalls work

Hark Capital raises $400m for NAV fund

Hark III’s initial target was $300m

Fund Finance Provider award winner: Raiffeisen Bank International

RBI's William Lamain explains why being one step ahead is vital in the competitive fund finance space

Fund Finance Advisor award winner: Cadwalader Wickersham & Taft

Cadwalader's Samantha Hutchinson has built a diverse team with a unique culture, enabling a more well-rounded client experience

The Perfect Match: Finding the ideal fund finance solution partner

OakNorth's Mohith Sondhi details a recent subscription line facility placed with private equity firm Bluegem

Failure to launch

Designed to increase the flow of retail capital into long term funds, ELTIFs have had few takers, but could a renewed focus from the European Commission see these structures gain popularity?

Private Equity Service Provider Awards: Winners announced

Winners of the Private Equity Service Provider Awards revealed

Comment: NAV facilities: Talk turns to action

While there has been lots of discussion around NAV facilities from buyout private equity managers, transaction numbers are lower than expected, writes Sarah Lobbardi of Avardi Partners

WATCH: Perfect match: finding the ideal fund finance solution

Mohith Sondhi of OakNorth Bank and Emilio Di Spiezio Sardo of Bluegem Capital Partners discuss a how a recent subscription line facility was put in place

Class of 2020

A cross-section of industry practitioners share their greatest lessons of this year

2020 in review: Fund finance goes mainstream

A look back at fund finance and all its various iterations throughout 2020