United States: Fund Finance

Preferred equity is transforming structured finance by enabling sponsors to attract third-party capital below rated debt without diluting residual positions or triggering additional rating requirements. This analysis examines how CFOs, CLOs, NAV facilities, and other securitization vehicles are deploying bespoke preferred structures to widen investor pools while preserving manager incentives. What contractual mechanics, legal considerations, and market dynamics are driving this shift from niche accommodatio

Payment-in-kind (PIK) interest allows fund borrowers to defer cash interest payments by converting them into additional principal obligations, offering a powerful liquidity management tool for private equity and real estate investment funds. This analysis examines the strategic considerations, tax implications, and regulatory guardrails that both borrowers and lenders must evaluate when implementing PIK interest provisions in subscription and NAV facilities. From leverage covenant compliance to interest rat

The rated note fund market has experienced explosive growth, with 2025 issuance volumes reaching all-time records as insurance companies and regulated investors seek capital-efficient exposure to private credit strategies. This comprehensive analysis examines how RNFs elegantly solve regulatory capital challenges by converting LP equity interests into rated debt instruments, the structural mechanics of vertical versus horizontal capital structures, and the evolving regulatory landscape including NAIC's prin

In Lundin Mining Corp. v. Markowich, 2025 SCC 39, the Supreme Court of Canada clarified how issuers must identify and meet their disclosure obligations regarding “material changes”...

In February, the Women in the Law and Civil Rights Committees chose to benefit St. Jude Children’s Research Hospital as their co-located seminars DRI Cares project in Orlando...

On March 16, a coalition of attorneys general from 15 states and the District of Columbia filed a complaint in the U.S. District Court for the Northern District of California challenging a set of September 2025...

On January 9, CFPB Acting Director Russel Vought submitted a $145 million funding request to Federal Reserve Board Chair Jerome Powell for the CFPB's second quarter of fiscal year 2026.

In December 2025, the Staff of the U.S. Commodities Futures Trading Commission ("CFTC") issued a no-action letter (the "Letter")...

This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility's borrowing base, the underlying loan must be eligible to be sold and transferred to the facility's SPV borrower...