Collateral Accounts in NAV and Subscription Facilities: Control Agreements; UCC Perfection Considerations

Ms. Edelboim has more than a decade of experience in fund finance transactions, having worked on some of the largest deals with the biggest syndicates. She advises banks and other financial institutions on syndicated, club and bilateral subscription credit facilities, as well as NAV facilities, hybrids, management fee lines, GP Financings, Capital Relief Trades and other, often bespoke, fund finance transactions. With significant experience in both borrower- and lender-side representations, Ms. Edelboim has often been called upon to help clients devise creative structures that reflect evolving regulatory requirements and investor trends. She also has deep experience advising ratings agencies and providers of financial guaranty and other insurance products in fund finance transactions. Ms. Edelboim’s industry leadership is reflected in her frequent role as faculty member, panelist, speaker and author on cutting-edge fund finance issues.

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.  

Mr. Shultz has successfully negotiated and closed billions of dollars of complex debt financings for his clients. He counsels clients in connection with fund finance, including capital commitment-secured credit facilities, NAV credit facilities, hybrid subscription facilities, management lines of credit, general partner financings and employee co-investment facilities. Mr. Shultz is a noted voice in the fund finance arena, has published numerous articles on fund finance topics and has served as a panel moderator at the Fund Finance Association’s Global Symposium. He leverages this expertise and thought leadership to help his clients navigate the most complicated and cutting-edge fund financing structures.