Structuring Credit Facilities for Private Equity Funds: Subscription, NAV, and Hybrid Loans
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will provide finance counsel with the tools to structure credit facilities for private equity funds, including subscription and net asset value (NAV) based facilities and hybrids that combine aspects of both. The panel will contrast the documentation and collateral for subscription vs. NAV loans and review additional issues to address when underwriting and documenting a hybrid transaction.
- Financing lifecycle of a private equity fund
- Subscription facilities
- NAV facilities
- Hybrid facilities
- Types of collateral: UCC perfection
The panel will review these and other key issues:
- What is the collateral for subscription facilities, and when are they most useful in the life of the fund?
- When should NAV facilities be created, and how are adjustments made for underlying assets of a fund?
- How should a hybrid facility be structured to address both subscription and NAV underwriting?
- What are the UCC considerations for each type of collateral?
Mr. Baker’s practice encompasses a wide range of fund level finance transactions (including equity bridging,... | Read More
Mr. Baker’s practice encompasses a wide range of fund level finance transactions (including equity bridging, subscription line financing, investment warehousing, portfolio and asset acquisition facilities, GP facilities and carry/co-investment facilities), where he advises private equity houses, asset managers and financial institutions.Close
Mr. Deveau is a banking and finance partner with Reed Smith in London. He advises clients on a broad range of domestic... | Read More
Mr. Deveau is a banking and finance partner with Reed Smith in London. He advises clients on a broad range of domestic and cross-border debt finance transactions, including fund finance, acquisition finance, real estate finance, project finance, general corporate lending, and restructuring.Close
J. Eric Holland
Mr. Holland represents lenders and borrowers in secured and unsecured credit facilities and other financial... | Read More
Mr. Holland represents lenders and borrowers in secured and unsecured credit facilities and other financial transactions with an emphasis on the energy industry, including upstream, midstream, downstream and services. Such transactions include senior and subordinated debt financings, fund finance, acquisition financings, project financings, term loans, working capital loans, and asset-based and reserve-based loans. Mr. Holland has experience working with hedging facilities and International Swaps and Derivatives Association (ISDA) and ISDA collateral transactions. Additionally, he has also worked on matters involving the work-outs, restructuring and bankruptcies of several facilities.Close
Ms. Jones acts for banks and other financial institutions, sponsors, general partners and fund managers on a range of... | Read More
Ms. Jones acts for banks and other financial institutions, sponsors, general partners and fund managers on a range of fund finance matters including capital call facilities, NAV and asset backed facilities, general partner facilities and co-investment facilities.Close
Partner, European Head of Funds Finance
Mr. Stephenson is a member of the Financial Industry Group and Head of Funds Financing in London. He and his team work... | Read More
Mr. Stephenson is a member of the Financial Industry Group and Head of Funds Financing in London. He and his team work with banks, other financial institutional lenders, Managers, General Partners and Limited Partners of funds on specialist financing transactions with private equity, secondaries, real estate, direct lending and infrastructure funds. His Firm has one of the market leading funds finance practices acting for lenders and funds in the European, US, Asian and Middle Eastern markets. He has particular specialist knowledge of NAV/Asset Backed and Hybrid facilities, capital call facilities, co-investment and GP/Manager support facilities and other types of liquidity facilities provided to funds. He represents a large proportion of lenders that provide fund financing and has just won the award of partner of the year for Banking at the Client Choice Awards 2017.Close
Elizabeth R. Tabas Carson
Ms. Tabas Carson is a partner in the firm's Financial Services Group. Experienced in a wide range of U.S. and... | Read More
Ms. Tabas Carson is a partner in the firm's Financial Services Group. Experienced in a wide range of U.S. and English law banking and transactional finance matters, she concentrates her practice on banking and financing transactions including domestic and cross-border leveraged acquisition financings, fund financings, dividend recapitalizations, working capital financings, restructurings and other distressed transactions.Close
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