<p>Filter Knowledge</p>

Head of Derivatives & Structured Products Jonathan Gilmour, Partner Joseph Wren, Senior Associate Nicholas Baines and Associate Nick Morgan have authored a chapter on derivatives at fund level in the latest edition of Global Legal Insights' annual fund finance publication. This chapter highlights some key structuring and legal issues that should be considered by a private capital manager thinking about entering into derivatives transactions at fund level as part of its risk management or investment strategy.

Head of Finance Charles Bischoff, Partners Danny Peel and Laura Smith, and Senior Associate Adam Burk have authored a chapter on rated subscription lines in the latest edition of Global Legal Insights' annual fund finance publication. In this chapter they consider the elements of fund and finance documentation that are likely to be in focus when assigning credit ratings, and explore what their application may mean for the fund finance market in the medium to longer term.

This article was first published in the October 2024 issue of Butterworths Journal of International Banking and Financial Law.

Travers Smith LLP has advised Chrysalis Investments Limited (Chrysalis) on a £70 million NAV facility provided by Barclays Bank.

Travers Smith LLP has advised OakNorth Bank plc ("OakNorth") on a new £40 million NAV revolving facility agreement (the "RCF") to Literacy Capital Plc ("Literacy"), a listed investment trust primarily focused on investing directly into private, UK-based businesses.

On 25 July 2024 the Institutional Limited Partners Association ("ILPA"), the trade body for institutional limited partners in the private equity industry, issued its much anticipated Guidance for Limited Partners and General Partners in respect of NAV-based facilities (the "Guidance").

Head of Finance Charles Bischoff, Partner Danny Peel and Senior Counsel Laura Smith have contributed to the recently published International Comparative Legal Guide on Lending & Secured Finance.

This article was first published in the May 2024 issue of Butterworths Journal of International Banking and Financial Law.

In this In Practice article we will explore the benefits of obtaining a rating for a subscription facility. By reference to ratings criteria announced by the main agencies, we will explore how the limited partnership agreement, side letters and the related finance documentation are analysed to arrive at a rating.

On 2 May 2024, the Fund Finance Association hosted its 8th Annual European Fund Finance Symposium at the Queen Elizabeth II Conference Centre in London, bringing together participants from all corners of the fund finance community including GPs and fund managers, lenders, rating agencies, lawyers, and other advisers for a busy day of education and networking. Travers Smith was proud to once again be a Platinum sponsor, and our sincere thanks to the Fund Finance Association and all involved for their efforts in organising another fantastic Symposium.

Head of Finance Danny Peel, Partner Charles Bischoff and Senior Counsel Laura Smith have authored a chapter on rated subscription lines in the latest edition of Global Legal Insights' annual fund finance publication. In this chapter they consider the elements of fund and finance documentation that are likely to be in focus when assigning credit ratings, and explore what their application may mean for the fund finance market in the medium to longer term.

Head of Derivatives & Structured Products Jonathan Gilmour, and Partners Peter Hughes and Joseph Wren have authored a chapter on derivatives at fund level in the latest edition of Global Legal Insights' annual fund finance publication. This chapter highlights some key structural and legal issues that should be considered by a private capital manager thinking about entering into derivatives transactions at fund level as part of its risk management.

In our new Talking. Secondaries. series, we will seek to demystify the secondaries and synthetic secondaries markets and provide insights into the variety of tools available to GPs when looking to provide liquidity to their limited partners and their portfolios.

Travers Smith's asset management team won awards for its expertise in both Fund Finance and Tax at the annual Drawdown Awards yesterday evening - reflecting that the team continues to lead in its tactical and technical advice to the industry.

Jonathan Gilmour, Peter Hughes and Joseph Wren have co-authored a chapter in the latest edition of Global Legal Insights' annual fund finance publication highlighting the key structural and documentary legal issues that should be considered by a private capital manager thinking about entering into derivatives transactions at fund level. This chapter was first published in GLI - Fund Finance 2023 (Seventh Edition).

Danny Peel, Katie McMenamin, Charles Bischoff and Kirsty Emery have co-authored a chapter in the latest edition of Global Legal Insights' annual fund finance publication assessing the current fund finance market and newer liquidity solutions available to alternative asset fund managers. This chapter was first published in GLI - Fund Finance 2023 (Seventh Edition).

Danny Peel, Katie McMenamin and Jamie Parish have co-authored a chapter in the GLI - Fund Finance 2022 publication highlighting the new liquidity solutions available for alternative asset fund managers.

Travers Smith LLP has advised the Royal Bank of Scotland International Luxembourg (RBSI Luxembourg) on a new €300m subscription line made available to NREP Income+ Fund, a fund managed by NREP, the leading real estate investor and innovator in the Nordics.

Finance Partners Danny Peel and Katie McMenamin and Senior Counsel Jamie Parish have written a chapter for Global Legal Insights on the fund finance market and liquidity solutions available to alternative asset fund managers.

Travers Smith LLP has advised longstanding client Investec Bank plc (Investec) on an uncommitted four-year €40 million facility made available to Aberdeen Standard European Logistics Income PLC (ASLI).

Travers Smith LLP has advised private equity firm BlueGem Capital Partners (BlueGem) on a revolving subscription credit facility, provided by OakNorth Bank (OakNorth).