Date: 22 September 2021
Time: 3:00 PM UTC
Duration: 60 min
Language: English
Format: Online
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United States: Hot Topics in Fund Finance

In Hot Topics in Fund Finance, Mike Mascia, head of Cadwalader’s global fund finance practice, and Leah Edelboim, special counsel in Cadwalader’s fund finance practice, will cover the trends driving the fund finance market in 2021, a year in which transaction volume has been well ahead of 2020 with all signs pointing to robust demand for the foreseeable future.

Topics include:

  • Pricing Trends – An update on pricing trends as we approach the 4th quarter of 2021, how they compare to 2020 and expectations for 2022, with insight on creeping advance rates and what it means for the market.

  • ESG – Insights on the rapidly expanding market in fund finance that is ESG, including trends in ESG-linked facilities, deal structure, KPIs (key performance indicators), SPTs (sustainability performance targets) and more.

  • Revlon – The loan market reacted quickly to the District Court’s decision in In re Citibank August 11, 2020 Wire Transfers (knowns as “Revlon”); we’ll discuss how these rapidly adopted provisions came to be and their implementation in syndicated deals in the fund finance market, touching on hot button issues for syndicate banks as well as fund borrowers.

  • LIBOR – Guidance discouraging origination of LIBOR loans after December 31, 2021 and banks setting their own sunsets prior to that date means there’s a lot to talk about, and that’s even without the sheer volume of LIBOR loans transitioning, the complexities of multi-currency deals, multiple variations of LIBOR fallback language and non-SOFR based alternative rates floating in the market. We’ll break down what we’re seeing as parties in the fund finance market address the end of LIBOR.
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Michael C. Mascia

Mike Mascia is chair of Cadwalader's Finance Practice and leads the firm's global Fund Finance practice. He has a globally recognized fund finance practice, having represented lenders in subscription credit facilities and other fund finance transactions to private equity funds sponsored by many of the world’s preeminent fund sponsors.

Leah Edelboim

Leah Edelboim is a special counsel in Cadwalader’s fund finance practice representing banks and other financial institutions on syndicated and bilateral subscription credit facilities as well as NAV, asset-backed and hybrid facilities. She also has significant experience representing private equity, real estate, natural resources, debt funds and other fund borrowers in these transactions. 

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