We are a market leader in fund finance, including lending against capital commitments (subscriptions) and other fund assets. Our long experience has created a valuable knowledge base relating to the investors whose obligations to contribute capital constitute the collateral for many credit facilities. Virtually since the inception in the 1990s of subscription finance facilities and advances against capital commitments, Moses Singer has represented money center banks in connection with these complex transactions. The spectrum of fund borrowers has ranged from funds with a single investor (such as a state retirement system) to funds with hundreds of investors, billions of dollars of capital commitments, and multiple parallel funds, alternative investment vehicles, and feeder funds, and has included seasoned fund sponsors and first-time sponsors. In the majority of the transactions we have represented the administrative agent for a syndicate of lenders, but we have also handled bilateral transactions and the representation of syndicate members. Most of these transactions involve complex borrowing bases including select unpaid capital commitments and, in some cases, the net asset value (NAV) of other fund assets. The fund vehicles have ranged from U.S. limited partnerships, limited liability companies and corporations to a host of non-U.S. vehicles and the commitments have included commitments to make loans and purchase securities as well as the more common commitments to make equity contributions in consideration of equity interests acquired upon subscription rather than upon payment.

^{Prior results do not guarantee a similar outcome.}