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By Katia FETTES, Partner Ashurst
Fund finance transactions—ranging from acquisition financings, traditional subscription or capital call facilities to net asset value (NAV) facilities—are now a mainstay of the Luxembourg market. A recurring structural question is the role of the alternative investment fund manager (AIFM) of the relevant alternative investment fund (AIF) in these financings. The answer turns on the legal mandate of the AIFM under the Luxembourg law of 12 July 2013 on alternative investment fund managers, as amended (the AIFM Law), the scope of any contractual delegations granted to the AIFM in the fund documentation, and the nature of the financing and security package.
The AIFM’s legal mandate under the AIFM Law...
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