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Articles by Georgina Pullinger
Cayman Ultimate General Partners In Subscription Facilities: Do They Ultimately Matter?
In subscription finance transactions where the borrower or another pledgor entity (such as a feeder fund or guarantor) is a Delaware limited partnership or a Cayman Islands exempted limited partnership (ELP), the role of the general partner (GP) is well understood and regarded as fundamental to the security structure. The GP is the entity that exercises the right to call capital from investors and typically grants security over those rights in connection with the facility.
Cayman Ultimate General Partners In Subscription Facilities: Do They Ultimately Matter?
Given the GP’s importance, it is commonly included as a party to the credit agreement and treated as a “Credit Party,” meaning that it is subject to the standard suite of representations, covenants, and other obligations under the facility. The GP also signs the security agreement in its own right as a pledgor. Additional issues arise, however, when the GP itself is a Cayman ELP. Why does this matter? Unlike a Delaware partnership, which has separate legal personality, a Cayman ELP does not.
Cayman Ultimate General Partners in Subscription Facilities: Do They Ultimately Matter?
In subscription finance transactions where the borrower or another pledgor entity (such as a feeder fund or guarantor) is a Delaware limited partnership or a Cayman Islands exempted limited partnership (ELP), the role of the general partner (GP) is well understood and regarded as fundamental to the security structure. The GP is the entity that exercises the right to call capital from investors and typically grants security over those rights in connection with the facility.
Appleby: Platinum Sponsor Of The 2025 Global Fund Finance Association Symposium
Commitment to Industry Growth and Inclusion As a founding member of the FFA, Appleby remains dedicated to shaping the future of fund finance by educating industry stakeholders—including legislators and regulators—on its evolving landscape. Beyond sponsoring the Global Symposium, Appleby is a key supporter of the European and Hong Kong symposiums and actively champions initiatives such as Women in Fund Finance and NextGen, fostering the next generation of industry leaders.
Fund Finance Laws And Regulations 2025 - Cayman Islands
After the market upheaval of the previous year, 2024 was a calmer venture into more recognised territory for the US-focused fund finance markets. Balance sheet constraints are no longer at the forefront of discussions, but the relatively difficult fundraising and exit environment has presented a new set of challenges for both private equity funds and lenders.
Fund Finance Security Guide 2024 - Cayman Islands
This publication provides an overview of the subscription finance security package in transactions involving Cayman Islands fund structures. Cayman Islands private equity funds have historically been registered as exempted limited partnerships (ELPs), particularly for the North American and European markets.
CIMA “Records Management” 2023 Thematic Review Published
The report highlights “Best Practices” for regulated entities’ record keeping arrangements. The report also identifies expectations with respect to the retention, maintenance, security, preservation and accessibility of all relevant documentation and records.
Appleby Platinum Sponsor Of The 2024 Global Fund Finance Symposium
Appleby is a founding member of the FFA – whose mission is to educate members, legislators, regulators and other constituencies about the fund finance market – and supports its efforts to raise the profile of the industry. Appleby is also a sponsor of the European and Hong Kong symposiums, as well as the Women in Fund Finance and NextGen initiatives, which focuses on the increased engagement, recognition and promotion of women leaders within the alternative investment fund finance industry.
Fund Finance Laws And Regulations 2024 – Cayman Islands - Fund Finance - Cayman Islands
The year 2023 could perhaps be described as a rollercoaster with a side of upheaval for the US-focused fund finance markets, with an already relatively slow start to the year then coming up against bank collapses, interest rate rises, balance sheet constraints and ongoing significant macroeconomic and geopolitical headwinds.
Re-member Where The Register Is! Why The Location Of The Cayman Register Of Members Is Relevant To A Lender's Security Package
Authored by Georgina Pullinger (Appleby) As we are moving further into the realm of Fund Finance 2.0 and the rise of the NAV facility, there has been a lot written about taking security over the equities of various types of Cayman entities, particularly Cayman exempted limited partnerships and Cayman exempted companies ("CayCos").
We Hope This Registers! A Summary Of Cayman Corporate And Partnership Registers In A Finance Transaction.
Cayman Islands: We Hope This Registers! A Summary Of Cayman Corporate And Partnership Registers In A Finance Transaction. 03 November 2021 Appleby Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com. Cayman registers... they all sound vaguely similar but do very different things (and not always what you are expecting). Where does a Cayman partnership record security that it has granted?
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