Ogier's new fund finance specialist in Luxembourg, Jad Nader, says that the deal pipeline is beginning to flow following a summer slowdown.
In particular, 'diverse' NAV transactions are beginning to increase and sponsors building on their existing relationships with lenders to set up new sublines, he says.
Jad joined as a partner in Ogier's Luxembourg-based banking and finance team in August, having moved from New York for the role.
Jad, who also specialises in cross-border lending and debt restructuring, told Private Funds CFO recently that NAV lending activity in particular – the kind secured against large portfolios of diverse assets – has seen a resurgence.
He said: "Dealflow has increased very substantially after a slowdown in May-June... Everyone needs liquidity." Pipeline deals are gradually closing, as well as some new deals coming in, he added.
"Fund finance activity in Luxembourg has been gaining traction for some time now, with the major US, UK and Asian lenders leading that market. It is particularly appreciated for the liquidity it provides to funds while relieving their investors from being called for capital contribution at times of scarce liquidity."
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