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UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024 — Consumer Finance - Current market: Inflexion point for UK & European consumer lending - We are seeing: Significant consolidation activity: -First-movers attempt to conquer their niches (e.g.,
UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024 — Specialty Finance / Marketplace Lending - Consolidation fever grips non-bank lenders and banks alike—SME lending, revenue-based finance and PropFinance at its core. Current market: Marginal uptick in M&A activity. By: White & Case LLP
The year 2023 presented the fund finance industry with many challenges that it rose to face with an inventiveness and rigour that showed just how mature and multi-faceted the market has become.
European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 - Europe's leveraged finance markets enter 2025 following a solid performance in 2024, with the syndicated loan and high yield bond markets rallying and (..)
Amendments to the UK real estate investment trust (REIT) rules were introduced in the new Finance Bill 2023-2024, which is expected to become law in the summer of 2024.
The Pine Cliffs Resort hosted the FFA’s 2024 Global Leadership Summit this week where key players and leaders from across the industry gathered to discuss macroeconomic, geopolitical, policy, legal, regulatory and other matters affecting the fund finance market and related capital markets. By: DLA Piper
McGuireWoods recently held its 20th Annual Healthcare Private Equity and Finance Conference (HCPE Conference) in Chicago. The premier, two-day conference held May 8-9, 2024, provided content-rich programming that explored the economic and legislative environments, approaches for.
As ever, the event brought together a wide range of market participants from across the industry, providing a unique opportunity to network and learn more about the many exciting developments taking place in fund finance. By: Cadwalader, Wickersham & Taft LLP
Access to liquidity was a central theme of 2024 in the European fund finance market. Whilst macro-economic factors suppressed demand for subscription lines, alternatives such as NAV, GP and back-leverage facilities kept many of us occupied throughout the year. By: Walkers
The primary purpose of a capital call facility is to provide bridge financing to a fund borrower that may be drawn upon, in lieu of calling capital, to make investments in accordance with the fund’s business purpose.
Although second lien loans in subscription line finance have been discussed with interest over the years, their use has been sporadic and it has only been very recently that we have started to see a real uptake in the use of these structures, especially here in Europe. By: Cadwalader, Wickersham & Taft LLP
At the beginning of 2024, the White & Case leveraged finance team made a series of predictions on how the leveraged loan and high yield bond markets would perform in 2024. By: White & Case LLP
European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. Subdued M&A pipeline and cautious underwriting by banks limit buyout financing opportunities. By: White & Case LLP
In this latest issue of The Entrepreneurs Report, we’ve compiled a range of data on venture, convertible note, and SAFE financing transactions in which the firm was involved during the second quarter of 2024, with the objective of identifying relevant trends in activity and valuation levels for the U.S.
While Chris van Heerden’s recent article gave some cause for optimism over the fundraising environment for 2024, for now on the ground we are continuing to see significantly longer lead times before funds hit their target size, even for top-tier sponsors. By: Cadwalader, Wickersham & Taft LLP
The mergers and acquisitions (M&A) landscape in 2024 showed signs of recovery following the slump experienced in 2023. Deal volumes increased, but the market remains considerably slower compared to the boom years of 2021 and 2022.
Corporate venture capital (CVC) continued at a slow rate in the third quarter of 2024. In this survey, we track investment trends as the market slowed for CVC financings. Only 23.2% of deals that were completed include a CVC investor in Q3, according to Pitchbook data.
14,801/2024 creates infrastructure debentures, changes rules for incentivized debentures and investment funds in the sector, including tax guidelines, and promotes incentives for raising funds through the issuance of debt securities abroad (bonds). New Law No. By: Mayer Brown
Corporate Venture Capital (CVC) slowed to its lowest share of total VC deals since 2014 in the second quarter of 2024. Pitchbook data shows that just over 978 corporates have made a VC deal in the United States so far in 2024. Nearly 62% of CVC deals through the first half of 2024 were made at seed or Series A. Only 23.3%
The Wall Street Journal's December 29 write-up Private Equity Faces Gloomy Fundraising Forecast for 2024 makes my point: The main statistic, Preqin Q1-Q3 global PE fundraising down 46% lower from a year earlier at 620 closings for $509 billion, drives the article’s discussion on the outlook for a prolonged downturn.
Who’s getting hired in 2024? Is there going to be hiring in public finance next year? Public finance is here to stay! The scrappy banker who is not relying on the use of a name on his/her card, they are the banker and the counsel who is going to get hired in 2024 (as I have shared over the last couple of blogs ).
In this latest issue of The Entrepreneurs Report, we’ve compiled a range of data on venture, convertible note, and SAFE financing transactions in which the firm was involved during the first quarter of 2024, with the objective of identifying relevant trends in activity and valuation levels for the U.S.
NAV facilities come in all shapes and sizes and, unlike subscription facilities, there is no standardised collateral package for these kinds of transactions. In the European market, many lenders - particularly investment banks - are focused on ensuring that they have recourse to the underlying assets of the fund via their security documents.
Wilson Sonsini’s inaugural Biotech Summit will address topics of critical importance to Biotech and Biopharmaceutical companies, including early and late-stage venture financing, partnering strategies, current and future AI trends in healthcare, and developments in M&A.
In this Edition - The ups and downs of the M&A and financing markets in the emerging companies and venture capital sector. By: Blake, Cassels & Graydon LLP
Luxembourg and the Cayman Islands are two of the world’s leading fund formation jurisdictions, and account for a large portion of the private equity funds domicile market. Most private equity fund structures are comprised of entities from a multitude of different jurisdictions, often including both Luxembourg and Cayman Islands funds.
Goodwin is presenting a two-part publication series covering life sciences trends involving license deals, M&A, and financing for Greater China’s life sciences sector. By: Goodwin
Global M&A activity continued to make slow progress in 2023, with stubbornly high interest rates and stringent financing conditions stifling market confidence. Nearly US$3.2
Recently, the Institutional Limited Partners Association (“ILPA”) issued guidance for Limited Partners (LPs) and General Partners ("GPs") around the use of Net Asset Value (NAV-)based financing facilities by private equity funds. By: Cadwalader, Wickersham & Taft LLP
On the other hand, packaged beverage and food companies, especially early stage packaged goods companies, faced a tight financing market and increased regulations, squeezing margins and, in some cases, driving. By: ArentFox Schiff
Is one of the greatest mysteries of the universe about to become less mysterious? That’s one possible question after U.S. banking regulators published a request for comment covering a proposed revision to the call report forms and process that would mandate more granular disclosure on loans made to private equity funds.
Liquidity solutions are a topic du jour in fund finance. With bank balance sheets somewhat restricted by macroeconomic concerns and risk-weighted asset regulations, fund finance borrowers and lenders have sought creative ways to put capital to work.
The market for financing pools of interests in private equity funds and private credit funds continues to sizzle, with new lenders joining the market and competition on pricing leading to a tightening of spreads for the most sought after deals.
Coller Capital’s recently released Global Private Capital Barometer included a few notable takeaways for fund finance lenders that suggested the fundraising market could be broadening and capital circulation improving. Here are a few specifics. By: Cadwalader, Wickersham & Taft LLP
As we conclude the recruiter tips for the hiring manager and candidate series of 2024, I want to end on the importance of conveying an adequate offer and having it accepted. Here’s to a wonderful holiday season and the start of a great 2024! Conclusion You don’t need a resume to chat with us! Friedman Search LLC.
Do you want to be where you were at the end of 2023 at the conclusion of 2024? We have public finance and bond counsel firms looking for the greats in our industry! Conclusion You don’t need a resume to chat with us! The post Be In Charge Of Your Career: Stop Kicking Tires In 2024, Act Instead! Don’t wait for this to happen.
Financial sponsors remained active, though at reduced levels, using larger equity contributions, seller rollovers and alternative forms of financing to navigate tighter and more costly financing markets. By: Skadden, Arps, Slate, Meagher & Flom LLP
Italy unveils tax-cutting 2024 budget amid debt worries By Giuseppe Fonte and Gavin Jones ROME (Reuters) -Italy’s government on Monday approved a budget for next year with measures worth around 24 billion euros ($25.3 billion) in tax cuts and increased spending, despite market concerns over the country’s strained public finances.
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