Fund Finance

NAV structures are now able to suit both borrowers’ goals and investors’ yield targets, but some are worried certain structures go too far, including a structure that essentially gives borrowers equity at the cost of debt.

Banks hitting concentration limits and syndicating deals, insurance companies coming in as both buyers and lenders, and even rising interest rates all point to a bigger slice of market for non-banks.

The departures come soon after the fund finance specialist was acquired by Oaktree and following the close of its debut NAV lending fund on €2.6bn.

Near overflowing attendance at the Fund Finance Association’s European Symposium in London, where attendees debated some important new developments in the market

Claire Hedley most recently led GSAM’s ESG client strategy group in London and was responsible for the asset manager’s client facing and commercial ESG efforts across EMEA.

The former Jones Day partner's expansive expertise includes fund finance. Her hire follows the recent departure of Cadwalader's former head of fund finance.

JES Global founder Elliot Smerling pleaded guilty last month to a $133m fraud scheme.

Three managing directors in London were made partners during a growth period in the NAV financing market.

The firm, which has raised €2.6bn for its debut lending fund, estimates the size of this market could grow to $700bn by the end of this decade.

The proliferation of NAV-based lending makes it possible for closed-end funds to transition away from bank credit lines for their currency hedging needs. Mark Battistoni of HedgeNAV LLC explains.