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Subscription Credit Lines

In part three of this four-part guest article, Seward & Kissel partners Greg Cioffi and Jeff Berman look at issues that arise with RNFs when the underlying fund enters into a subscription facility.
Learning from the past is about asking the right questions. Whether the sub-line ABS heralds the second coming of the synthetic CDO and subsequent apocalypses isn’t one of them.
An illustration of a businessman standing in front of a growth chart
Bank leaps over hurdles to make a product that could reshape the fund finance industry.
Julia Kohen and Jennifer Levitt will succeed Mary Touchstone, who helped to establish the group.
A puzzle made up of the grey silhouettes of businesspeople. A hand is placing the final puzzle piece, which has a blue silhouette
Law firm lands seasoned attorney amid growing demand for fund debt.
Businessman standing in front of glowing portals
Depressed fundraising hits subscription finance, but M&A slump boosts demand for NAV
From a regional banking crisis to regulatory scrutiny, here are five trends set to shape the course of an industry.
As the regional banking crisis abates, subscription finance settles into rhythm.
A personnel puzzle
Teams will fall under joint leadership, with industry vet Jeff Johnston as head.
Business person watering money tree
Division led by industry veterans beats expectations since launch, according to one of the platform’s top executives.
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