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Mensuel de novembre 2021 - Fonds d’investissement

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Equity bridge financing and side letters, the hidden enemies
By Catherine MARTOUGIN, Partner, Baker McKenzie   The recourse to equity bridge financing at the fund level has a long tradition that is currently developing even more in the present context of low interest rates. These lines of credit are used to allow the limitation on the numbers of capital calls and reduce the administrative burden associated with it, combined with a better responsiveness for closing transactions. The managers also appreciate it as performance booster thanks to the leverage effect.   Since the adoption of the Alternative Investment Fund Managers Directive (AIFMD), as long as such lines of credit are granted for a temporary period, usually set for a maximum of 365 days, and are secured by the undrawn commitments of the...
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