3CL Travers Smith Seminar: 'An Introduction to Private Investment Funds’ Non-bank Lending: How Investment Firms Are Rapidly Displacing Banks as Lenders to the Real Economy'

Speaker: Gus Black & Elena Faloutsou (Dechert LLP)

The aim of the seminar is to give students an introduction to the law of private investment funds and discuss their growing role as lenders to the real economy. Such funds have seen explosive growth in recent years, and have dramatically encroached on the traditional role of banks. The seminar will begin with an overview of private investment funds in terms of their most common governing laws, possible legal forms and key regulations (particularly of EU origin) that may be applicable to them. The main part of the seminar will focus on private credit funds (otherwise known as ‘debt funds’ or ‘loan funds’) whose investment strategy is to lend to corporate borrowers as an alternative to commercial bank loans. This may – but need not necessarily – be to provide financing in the context of a leveraged buyout. Such lending may take the form of bilateral loans, participations in syndicated loans, sub-participations or debt securities such as notes or bonds. By way of a typical structure chart, students will be introduced to the structuring of such funds, including various legal, regulatory and tax considerations. The seminar will conclude by reflecting on potential future developments and systemic issues.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners. For more information on past events including recordings, please refer to the Centre activities page.

For all seminars in B16, lunch will be available beforehand in the Basement atrium area. There is no charge for lunch or to attend the seminar.

Enquiries to: 3cl@law.cam.ac.uk