Mark Dempsey
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Articles by Mark Dempsey
The ABCs of Credit Agreement Waterfalls
This is the first in a two-part series on waterfalls in syndicated and private credit transactions. This Legal Update explains how waterfalls allocate value in a single syndicated facility. The subsequent installment will address multi-creditor structures, recent market developments and key practice considerations.
Day-1 Preferred Equity For Horizontal Rated Note Feeders
The standard Day-1 Equity commitment structure works well for vertical strip rated note feeders (“RNFs”), but it can disrupt the negotiated tranche waterfall in horizontal strip structures. This Legal Update proposes a preferred equity alternative that preserves investor priority, maintains ratings neutrality, and provides lenders with an enforceable, borrowing base-eligible commitment (“Day-1 Pref”).
Collateral Sales Under Article 9: Lessons For Partner Loan And Investor Loan Programs
Mayer Brown are most popular: within Compliance, Government and Public Sector topic(s) Commercial Reasonableness, Notice Requirements, and the 10-Day Safe Harbor Partner loan programs and investor loan programs are core features of fund finance. A secured lender extends credit to individual participants—employees, partners, or investors—who invest in private equity or other investment funds through various fund vehicles.
Op-ed | Enlarge the Jail? Sacramento County’s Misstep
PC: Anthony Ramos Via Wikimedia Commons Sacramento County will have another “listening session” Thursday, August 27th at 5 PM concerning its “Jail System Master Planning.” Pre-register for the Zoom session here if you’re interested.
The Irish Presidency of the Council of the European Union Should Welcome Scrutiny from Academia
Irish Minister for Foreign Affairs Helen McEntee delivers a speech at Dublin Castle in Dublin, during the opening ceremony of Ireland's EU presidency on Wednesday July 1, 2026.
Valuation Reports And Fairness Opinions In Fund Finance: Purpose, Application, And Key Considerations
MB Mayer Brown More Mayer Brown is an international law firm positioned to represent the world’s major corporations, funds, and financial institutions in their most important and complex transactions and disputes. Valuations and fairness opinions have become essential tools in fund finance transactions as deals grow more complex.
Op-ed | The Supervisor Rodriguez Conundrum
PC: Anthony Ramos Via Wikimedia Commons In Sacramento County Supervisor Rosario Rodriguez’s latest newsletter, she decries the County’s budget deficit as a threat to public safety. Why? Because cops, courts and cages are not fully funded. And this, she says, is a big, big problem. Sure: Incarceration is seven times more expensive than medical treatment for addiction (rehab) The US incarcerates at five times the world average, per-capita.
Ireland's Whelan Must Prove EU Competition Law Still Has Credibility
Mark Dempsey is EU Lead for ARTICLE 19. Anthony Whelan, Director-General of DG Competition is pictured on the left. (EU Competition, April 13, 2026) In recent weeks, Irishman Anthony Whelan was appointed as Director General of the European Commission’s Directorate General for Competition (DG COMP). The appointment was welcome news for the Irish government, which has long sought to reverse the decline in the number of Irish-born officials in senior Brussels roles and it matters far beyond Brussels.
Severe leg pain, vomiting and diarrhoea after intralipid infusion in a woman undergoing in-vitro fertilization: a case report
Get full text access Log in, subscribe or purchase for full access. References 1. Lensen, S. ∙ Chen, S. ∙ Goodman, L. ... IVF add-ons in Australia and New Zealand: a systematic assessment of IVF clinic websites Aust N Z J Obstet Gynaecol. 2021; 61:430-438 2. Zhou, P. ∙ Wu, H. ∙ Lin, X. ...
Delaware Chancery Court Enforces Capital Calls Based on Subscription Documents and Contract Terms in a Partnership Agreement | JD Supra
EXECUTIVE SUMMARY In a recent post-trial memorandum opinion,1 the Delaware Court of Chancery ordered specific performance of capital calls issued under a fund’s limited partnership agreement, reinforcing that capital commitments are enforceable as contractual obligations when clearly documented in a fund’s governing documents and subscription agreements.
Considerations In Continuation Vehicle Transactions
Continuation vehicles are a tool to allow a sponsor to transfer one or more portfolio assets from an existing fund to a new, sponsor‑affiliated vehicle to extend ownership and pursue additional value creation, often with a reset of economics and infusion of new capital. These transactions may create perceived or actual conflicts when sponsors benefit from renewed fees or carried interest, while existing investors must choose between selling their interests or rolling into the new structure.
What Europe’s Digital Markets Act Has Delivered So Far and What Comes Next
The headquarters of the European Commission in Brussels.
Material Conditions Matter: Slavery, the Fall of Rome, and the Civil War
Both Rome and the American South illustrate how social inequality leads to a deterioration of civic life and the danger of social collapse. A recent article about the fall of Rome cites the corruption and lack of civic consciousness of the elites as some of the causes of (Western) Rome's fall in the fourth and fifth centuries CE. However, it overlooks one important material cause of Rome's decline: food shortages. Material conditions matter.
Civil Society is the Democracy Shield Europe Can’t Ignore
This piece is part of the "Ideas for Europe’s Future" series by Tech Policy Press. Read more about the series here.
Asset-Level Eligibility Series: Confidentiality Restrictions
MB Mayer Brown More Mayer Brown is a distinctively global law firm, uniquely positioned to advise the world’s leading companies and financial institutions on their most complex deals and disputes. We have deep experience in high-stakes litigation and complex transactions across industry sectors, including our signature strength, the global financial services industry.
Crafting Credit Facilities For Defined Contribution Plans | JD Supra
[co-author: Camille Doom] INTRODUCTION Over the past 50 years, the retirement landscape has steadily shifted from defined benefit (DB) pension plans to defined contribution (DC) plans.
Crafting Credit Facilities For Defined Contribution Plans
Over the past 50 years, the retirement landscape has steadily shifted from defined benefit (DB) pension plans to defined contribution (DC) plans.
Kildare Senior Hurling And Football Teams Named For Saturday's Games
It’s a massive day of local GAA action in Newbridge tomorrow. There’s a double header in Cedral St Conleth’s Park, as the hurlers play Dublin in the preliminary quarter-final of the All-Ireland Championship at 4pm.
Kildare Team Named To Play Sligo In Tailteann Cup Round 3
Kildare play Sligo in Round 3 of the Tailteann Cup on Sunday in Dr. Hyde Park, Roscommon. Throw-in is at 2pm and Kfm will have live commentary of the game in association with Hanlon Concrete Robertstown.
Kildare Team Named To Play Westmeath In Leinster Championship On Saturday
Kildare play Westmeath on Saturday evening in the Leinster Championship in Cedral St Conleth's Park. Throw-in is at 7pm and Kfm will have live commentary of the game in association with Hanlon Concrete Robertstown.
The Spectrum of Loan Portfolio Backleverage Options: A Primer for Private Credit Funds | JD Supra
EXECUTIVE SUMMARY There is a spectrum of potential financing structures for a private credit fund (a “Credit Fund”) to obtain liquidity, including at various levels in the fund structure, such as at the fund level or by incurring debt to lever a particular loan asset or an entire loan portfolio. Each type of financing possesses distinct characteristics and may be used to accomplish different objectives.
OPINION: The False Promise of California's Zoning
(Editor’s Note: The author was Vice Chairman for nearly a decade on a Sacramento County Planning Advisory Council) SACRAMENTO, CA – Zoning is a series of (necessarily) false promises, made in (unnecessarily) unclear zoning codes at least as California’s local governments practice it now.
Guest Column: The false promise of zoning – Citrus Heights Sentinel
By Mark Dempsey– Zoning is a series of (necessarily) false promises, made in (unnecessarily) unclear zoning codes, at least as California’s local governments practice it now.
The Spectrum Of Loan Portfolio Backleverage Options: A Primer For Private Credit Funds
There is a spectrum of potential financing structures for a private credit fund (a "Credit Fund") to obtain liquidity, including at various levels in the fund structure, such as at the fund level or by incurring debt to lever a particular loan asset or an entire loan portfolio. Each type of financing possesses distinct characteristics and may be used to accomplish different objectives.
Interoperability in the EU: A Judgment Opens the Door
Mark Dempsey / Mar 27, 2025 Despite a concerted campaign by the Trump Administration to threaten and pressure Europe to drop its efforts to regulate tech platforms, EU leaders have defended their regulations.
The False Promise of California's Zoning
Zoning is a series of (necessarily) false promises, made in (unnecessarily) unclear zoning codes at least as California's local governments practice it now.
OPINION: The ‘StudentsFirst’ Reform Scam
Licensed under the Unsplash+ License SACRAMENTO, CA – Former Sacramento Mayor Kevin Johnson’s wife, Michelle Rhee, was appointed the superintendent of Washington D.C.’s schools where she implemented her philosophy of education which includes these three principles: Charter schools (privately managed public schools) are better and more flexible.
Private Credit Portfolio Back Leverage | JD Supra
AT A GLANCE The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market. These strategies include the use of financings to provide market participants with leverage and/or supplemental liquidity to support their direct lending activities.
Private Credit Portfolio Back Leverage
The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market. These strategies include the use of financings to provide market participants with leverage and/or supplemental liquidity to support their direct lending activities.
Private Credit Portfolio Back Leverage
At A Glance The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market. These strategies include the use of financings to provide market participants with leverage and/or supplemental liquidity to support their direct lending activities.
OPINION: Poverty Denial is a Form of Mental Illness
Licensed under the Unsplash+ License Newly-elected Sacramento County Supervisor Rodriguez recently announced a “New Chapter” for our region in her newsletter, saying she will champion “Addressing Homelessness with Real Solutions.” Even low-information voters have noticed the beggar-on-every-corner economy. Unfortunately, she also implies that “substance abuse and mental health issues” are the causes of homelessness. Recent studies disagree, saying the problem is predominantly poverty.
How Regulation W Affects Subscription Credit Facilities
Section 23A of the Federal Reserve Act and its implementing regulation, Regulation W, impose restrictions on banks concerning "covered transactions" with their affiliates. With the increasing intertwining of banking institutions and private investment funds, understanding the implications of Regulation W is more critical than ever.
Beginner's Glossary To Subscription Finance
Originally by Kristin M. Rylko and Mark C. Dempsey; as updated by Mark C. Dempsey and Magdalena Schenone1 The following glossary is intended to serve as a reference tool for those that are new to the private equity fund finance space by demystifying some of the more commonly utilized terms in the fund finance industry with respect to subscription credit facilities.
ESCs In Fund Employee Co-Investment Loan Programs
Fund sponsors may offer their employees and other investment professionals an opportunity to invest in its funds through a co-investment program, which a lender may partially finance. While co-investment loan programs can provide various benefits, complications can arise when the co-investment program includes interests in employee securities companies ("ESCs"). In this Legal Update, we explain various options for dealing with potential complications of ESCs in co-investment loan programs.
ESCs in Fund Employee Co-Investment Loan Programs | JD Supra
EXECUTIVE SUMMARY Fund sponsors may offer their employees and other investment professionals an opportunity to invest in its funds through a co-investment program, which a lender may partially finance. While co-investment loan programs can provide various benefits, complications can arise when the co-investment program includes interests in employee securities companies (“ESCs”).
OPINION – How Money Works: The Overview - Davis Vanguard
Since before the Renaissance, businesses have used double-entry bookkeeping to track their finances. This means financial items have two names: asset and liability (debt). If you have a note and deed of trust—the California equivalent of a mortgage, that is your liability. The note is the IOU, and the deed of trust specifies the security for the loan. People buying a house with a note and deed of trust pay the note holder, that is their liability.
Understanding LPA Default Remedies
MB Mayer Brown More Mayer Brown is a distinctively global law firm, uniquely positioned to advise the world’s leading companies and financial institutions on their most complex deals and disputes. We have deep experience in high-stakes litigation and complex transactions across industry sectors, including our signature strength, the global financial services industry.
Understanding LPA Default Remedies | JD Supra
EXECUTIVE SUMMARY A subscription credit facility is secured in part by the fund’s and its general partner’s (“GP”) right to call unfunded capital commitments from the fund’s investors, to receive capital contributions once funded and to enforce default remedies against investors who fail to fund.
Socialism = Shock and Awe
A while ago I told some politically interested people about the difference between publicly-owned SMUD (Sacramento Municipal Utility District) and privately-owned PG&E (Pacific Gas & Electric). It turns out SMUD’s electricity rates are roughly 35 percent cheaper than PG&E’s.
OPINION: County Supervisor Frost Supports Prop 36 and Requests Even More Incarceration
Police car with blue lights on the crime scene in traffic urban environment. SACRAMENTO, CA – County Supervisor Frost’s latest newsletter touts her support for Proposition 36 – a measure that rolls back recent attempts to diminish our reliance on prisons to prevent crime, namely Props 47 and 57.
GUEST COMMENTARY: Do Prisons Prevent Crime?
I’ve said it before, but people are very easy to influence, particularly with the stories we tell ourselves, via Hollywood. These stories include crime dramas, police procedurals, detective stories, and courtroom dramas. Solving the crime typically drives the plot, and the bad guys perish, or are appropriately punished roughly 90% of the time. Is there any murder plot so complex Perry Mason can’t solve it?
The Intersection Of NAV And Margin Loans: Single Asset And Concentrated Asset Pools
Over the last several years, a need has arisen in the fund finance market, which caters to private equity, venture capital, family offices, and other investment funds ("Funds") and their sponsors, for financing to support and leverage investment portfolios of highly concentrated asset pools or even single assets, in each case, with limited liquidity. These portfolios present challenges for financings, including issues with valuation, enforcement, and liquidation.
The Intersection of NAV and Margin Loans: Single Asset and Concentrated Asset Pools | JD Supra
Executive Summary Over the last several years, a need has arisen in the fund finance market, which caters to private equity, venture capital, family offices, and other investment funds (“Funds”) and their sponsors, for financing to support and leverage investment portfolios of highly concentrated asset pools or even single assets, in each case, with limited liquidity. These portfolios present challenges for financings, including issues with valuation, enforcement, and liquidation.
NAV Credit Facilities: The Spectrum of Collateral Structures | JD Supra
Executive Summary Net Asset Value (“NAV”) credit facilities1 are a tool that borrowers may use to access financing based on the value of their underlying investment portfolio. The users of these facilities are generally private equity funds, family offices, and large investors with diversified private equity holdings.
NAV Credit Facilities: The Spectrum Of Collateral Structures
Net Asset Value ("NAV") credit facilities1 are a tool that borrowers may use to access financing based on the value of their underlying investment portfolio. The users of these facilities are generally private equity funds, family offices, and large investors with diversified private equity holdings. Because of the structures that accompany these types of entities and constraints related to the investment portfolio, there is no one-size-fits-all approach when it comes to NAV credit facilities.
Subscription Credit Facilities: Understanding Shared Blockers
Executive Summary Private equity structures often use “blockers” to achieve certain tax benefits. In this Legal Update, we explain what blockers are, how they may be used in a subscription credit facility, and what lenders should consider when blockers are shared among multiple funds. Background Private equity fund structures (“Funds”) can take a variety of forms that range in complexity, depending on the investor base and sponsor.
Raising Wages Does Not Close Businesses
The cashier at a nearby store solemnly told me that a restaurant in her shopping center closed because California raised the minimum wage for fast food workers in April 2024. I was going to protest that labor wasn't the only reason restaurants close, and sure enough, a recent LA Times article (The fast-food industry claims the California minimum wage law is costing jobs. Its numbers are fake) by Michael Hitzik exposes that bit of deception now making the rounds.
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