United States: Fund Finance

Trump v. California: On August 24, 2026, the U.S. Supreme Court paused an injunction issued by the U.S. District Court for the District of Massachusetts and allowed the Trump administration to move forward with implementation of a March 2026 executive order affecting mail voting in 23 states and the District of Columbia.

A federal court decision clarifies critical enforcement rights under UCC Article 9 for lenders in partner and investor loan programs, addressing the 10-day notice safe harbor, commercial reasonableness standards, and timing requirements for collateral disposition notices. The ruling provides essential guidance on foreclosure procedures when limited partnership interests serve as loan collateral.

The Department of War's Office of Strategic Capital has launched a groundbreaking $500 million to $1 billion fund finance program targeting critical minerals vital to U.S. national security. How will this federal-private capital partnership reshape financing for companies addressing supply chain vulnerabilities in strategic materials?

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks. This package of proposals (the “Proposed Rules”) is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of regulatory capital ratios.

Two prestigious law firms, Hogan Lovells and Cadwalader Wickersham & Taft, have received partner approval to merge, creating a global legal powerhouse with approximately 3,100 lawyers across key G20 markets. The combination unites Cadwalader's market-leading finance and capital markets expertise with Hogan Lovells' regulatory and disputes capabilities, positioning the new firm among the world's largest by revenue and establishing significant presence in Washington D.C., London, and New York.

Markets have recently been experiencing heightened volatility and credit availability has tightened, which has placed valuation practices under unusual pressure from regulators and investors.

Welcome to the fifth edition of the Private Markets Update, a report in which our cross-border, multidisciplinary team of private capital advisers shares insights on the latest...

2025 was a challenging year for the litigation finance market, as fears of tax changes in the Trump administration's One Big Beautiful Bill Act threatened...

Cadwalader Fund Finance partners have contributed to the 2026 edition of Fund Finance 2026 (also known as the "Pink Book"), the leading legal treatise for the fund finance industry, published by Global Legal Group. Co-Managing partner Wes Misson served as Contributing Editor.