Crypto & Fund Tokenisation
Episode 22
Funds and asset managers are increasingly considering the use of blockchain to unlock new sources of capital, including by way of investing in tokens and fund tokenisation. The UK governments and regulators have also taken steps to harness the potential of fintech and bolster the UK asset management industry. In this episode, we will be discussing what tokenisation means for private funds and for the traditional fund architecture more broadly. We will consider relevant use cases where firms could benefit from fintech. We will delve into the regulatory and commercial considerations that firms should be aware of in this context as well consider the challenges that lie ahead.
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Fundamentals of NAV Financing
Episode 21
The market for net asset value (NAV) credit facilities continues to evolve and expand across different sectors and asset classes. This webinar aims to familiarise participants with NAV financings by providing an overview of the fundamentals, including the following key topics:
Introduction to NAV facilities. What are the key features of NAV facilities and how do they compare to other products such as subscription line facilities?
NAV Facilities within the broader fund financing market. Why are NAV facilities attractive to market participants and how can they be used?
Setting up a NAV facility. What is a typical structure for a NAV financing?
Security. What does a typical security package look like for a NAV financing and how does the security package vary for different types of funds?
Documentation. What kinds of documentation are customary in NAV financings and what are the key features?
Due diligence. What are the key due diligence issues in NAV financings?
Valuation. What are key lender considerations in connection with the credit analysis/valuation process?
ESG-linked financing. What are some key features and considerations for ESG-linked NAV financings?
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UK sustainability disclosure requirements and investment labels – Key issues to consider
Episode 20
Now that most market participants will have familiarised themselves with the headline elements of the UK's sustainability disclosure standards and investment labels, attention must turn to the implementation of the new rules over the course of 2024. Given the wide-ranging impact of the new rules, which affect product design, disclosures, marketing materials and internal systems, policies and procedures, UK-authorised firms must commence scoping and implementation exercises promptly to ensure compliance by the relevant implementation deadlines, the first of which is less than 5 months away.
With a view to assisting clients with their scoping and implementation projects, our webinar will dived into multiple key issues.
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"Acquiring listed investment companies – Comparing code deals to section 110 schemes"
Episode 19
The number of London-listed investment companies has proliferated over the years, leading to concerns in the recent past over the number of companies which are potentially sub-scale and ripe for acquisition or consolidation. With many investment companies trading at significant discounts to NAV and the lack of capital market activity to fund managers seeking to increase AUM, there has now been a wave of consolidations in this space, providing an attractive route for managers of private capital focused investment strategies to either consolidate funds in their stable or to acquire third party funds with complementary investment strategies
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Making claims under W&I policies – A route map and experience to date
Episode 18
Warranty & Indemnity (W&I) insurance has now become a mainstay of the M&A landscape. However, with this consolidation has come a greater number of claims in the market and many frequent buyers of W&I insurance and their stakeholders are seeing the value of this transaction facilitator put to the test.
Our market-leading Disputes team has extensive experience of assisting insureds in relation to W&I claims as well as associated M&A disputes. This presentation focuses on the process of bringing a claim under a W&I insurance policy from initial assessment and notification through to evidence of breach and valuation of damages. In addition it considers matters such as how to deal with related warranty claims and different dispute resolution processes.
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Integrating ESG requirements into the investment process
Epsiode 17
Large parts of the EU's ESG regulatory framework came into force earlier this year, and other jurisdictions like the UK and the US are also in advanced stages of developing their own regulatory frameworks. Attention is now turning from integrating ESG-related requirements into the financial services industry to considering how these requirements may be implemented through investment processes. This webinar will provide an overview of the ESG-related regulatory regime in Europe and the UK, and how this impacts downstream investment processes.
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A look ahead to the key issues for investment funds 2023
Episode 16
The panel discuss the current private capital fundraising landscape, including, developments in fund formation terms and conditions, the current fundraising climate, the explosion of interest in secondaries, transfers of portfolio assets between funds managed by the same manager, single asset, and continuation funds, ESG and impact investing
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A discussion on trends in growth capital
Epsiode 15
The global venture and growth capital team delves into the complex and dynamic growth capital and venture capital environments as they respond to broader new macro-economic trends and how the evolving environment is impacting transactions.
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Real Estate Funds– Changes to the UK REIT regime and market update
Episode 14
We discuss the changes to the UK REIT regime which came into force in April 2022, adding flexibility to the REIT structure which is expected to result in greater uptake of REITs for private capital investments. We also explore structuring trends resulting from earlier changes to the UK real estate investment environment, including the changes to non-resident capital gains tax introduced before the pandemic, as well as broader market trends observed from recent transactions.
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Unlocking insurance and pension fund money for alternative investments
Epsiode 13
In this webinar we discussed "the greatest commercial opportunity of our age" and the increased interest of insurers and pension funds in buy-and-hold illiquid asset classes like private equity, infrastructure, renewables and private lending. We also cover the specific challenges posed by these investments and the possible solutions across the EU and the UK, providing the keys to unlock insurer and pension fund capital for alternative investments and private capital funds.
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Infrastructure – Trends in Capital Formation and Deployment
Epsiode 12
This webinar covered some of the structuring solutions we see being applied to address the secular tension between the traditional private equity fund lifecycle and the longer-term nature of infrastructure assets. We also discussed the rise of GP-led secondaries involving infrastructure funds and investments and current trends in investments and asset management in particular through the lens of the energy transition and digitalisation as drivers.
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The launch of the new Long Term Asset Fund (LTAF)
Epsiode 11
This webinar focussed on the new LTAF UK investment fund structure introduced into the FCA Handbook by the Financial Conduct Authority for unlocking access to long term private market investments (including private equity, private credit and infrastructure). This webinar built on our previous LTAF webinar, identifying where the FCA has landed on the key points that were under consultation and what that might mean for the prospects of the LTAF.
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Long Term Asset Fund – An introduction and overview
Epsiode 10
Here we discussed the new UK investment fund structure proposed by the Financial Conduct Authority for unlocking access to long-term private market investments (including private equity, private credit and infrastructure) for defined contribution pension schemes and potentially, private wealth investors.
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Fireside chat with Anne Fossemalle: Jonathan Blake in discussion with Anne Fossemalle
Episode 9
Here we Focussed on Anne's role at EBRD, Invest Europe and ILPA, EBRD's goals in relation to developing Europe and beyond, EBRD and Invest Europe roles regarding impact investing and ESG, developments during the pandemic and the exciting future ahead.
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EWM Global Tax Webinar: Taxation of carried interest for non-tax professionals
Episode 8
A webinar independently hosted by EWM Global. Aurell Taussig and Jonathan Blake of HSF participated in a discussion focussing on taxation of Carried Interest for non-Tax Professionals in the US and UK, recent US Guidelines announced in 2021 for changes outlined in the Tax Cuts and Jobs Act of 2017, new joiner carry award’s tax treatment in the US and UK and US ex-pats in UK with non-domicile status
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Fireside chat with Jeremy Coller: Jonathan Blake in discussion with Jeremy Coller
Episode 7
We discussed on the foundation of Coller Capital and of the Secondaries industry generally and Jeremy’s role in it, the spectacular growth of the industry and of Coller Capital as well as FAIRR and ESG and the exciting future ahead.
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2021: Private Funds – Hot Topics Roundup
Episode 6
We assessed the key trends and issues in fundraising since the New Year and outlook for 2021; marketing issues post-Brexit and in light of Covid-19 restrictions; proposals for reforms and policy change in the industry; and an update from our PE teams across Europe.
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National Security and Investment Bill – The Effect on Private Capital Investment Funds
Episode 5
This webinar upon potential impact of the proposed legislation – when an investor will need to make a mandatory filing and when the government will be able to call an investment in for a national security review; and the treatment of sponsor-managed vehicles and impact of governance and information rights on execution risk profile.
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Special Purpose Acquisition Companies: Towards a European SPAC attack?
Episode 4
This webinar offers an introduction to SPACs and the appeal of such vehicles; the similarities and differences between a SPAC and a PE fund; key trends in the UK, European and US markets and the challenges posed by such vehicles, including as part of a de-SPAC transaction, together with measures that could potentially mitigate these.
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Permanent Capital Vehicles: Opportunities, Challenges and (some) Solutions
Episode 3
Here we zoomed in on the different forms they can take, with a particular focus on listed investment funds; the different purposes that such vehicles can serve; and the appeal and challenges they pose.
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Sustainable Investment and ESG
Episode 2
Here we assessed sustainability and ESG-related developments in the funds and asset management sector, covering recent regulatory and industry trends and outlined the expected direction of travel over the next 12-18 months.
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Exploring opportunities: Private Capital
Episode 1
We looked at how the private capital industry in Europe has dealt with the Covid-19 crisis in the first 100 days or so and the part we anticipate it has to play as economies throughout the region emerge from hibernation. Areas discussed included: fund raising, liquidity and secondaries; a portfolio manager's perspective and the role of private capital in the recovery.
If you missed our kick off webinar and would like to listen to a recording click here.
