Evolving Trends in NAV Facilities: Holdco Structures, Collateral, Credit Support, Loan-to-Value Ratios, Repayment Terms

Mr. Kerfoot focuses principally on fund finance and structured finance transactions. He has held leadership positions in both banking and law in the fund finance industry for over two decades and is a frequent speaker and author on various fund finance matters. Mr. Kerfoot advises on a broad spectrum of private equity and private credit financing and liquidity solutions. He counsels both borrowers and lenders on subscription lines, NAV-based facilities and preferred equity financings, as well as asset-based middle market loan and other private credit portfolio financings. Mr. Kerfoot  also structures and advises on both GP-led and LP-led collateralized fund obligations, collateralized loan obligations, insurance securitizations, and other similar securitized and structured products and derivatives. Prior to joining the firm, he was a Managing Director in the Credit and Structured Financing group at Société Générale, where he structured and marketed collateralized financings for portfolios of private equity secondaries, middle market loans, broadly syndicated loans and senior and mezzanine tranches of CLOs and other securitized products. Prior to that, Mr. Kerfoot was the Americas Head of Fund Finance at UBS AG.  

Ms. Musa’s practice focuses on borrowers and alternative lenders in all aspects of fund financing  transactions, with a specific focus on subscription credit facilities, net asset value (NAV) and hybrid credit  facilities. She also regularly represents clients on management fee and GP lines of credit and other financings throughout an investment fund’s structure. Ms. Musa has been lead counsel on many of the largest and most complex credit arrangements to funds affiliated with preeminent fund sponsors. She partners with clients to provide meaningful and practical advice across the spectrum of fund financing transaction. Additionally, Ms. Musa has experience advising on more general corporate finance transactions, including acquisition financings, and complex domestic and cross-border transactions.

Ms. Snelson has extensive experience acting as lead counsel for lenders, private equity funds, and their portfolio companies in connection with leveraged finance and fund/portfolio finance transactions. She is dual qualified in New York and England & Wales and practiced previously in the UK. Ms. Snelson has acted as lead counsel on hundreds of finance transactions that span a wide array of industries and jurisdictions throughout the Americas, Europe and Asia. Hers experience also includes advising investors and borrowers in connection with both in- and out-of-court debt restructurings, DIP financings, exit financings, 363 sales, English administrations and schemes of arrangements, and insolvency related matters in several European jurisdictions.