Corinne Musa and Matthew Bivona Author Chapter in GLI’s Fund Finance 2024
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Fund finance partners Corinne Musa and Matthew Bivona have authored “Fund finance considerations in fund manager M&A,” a chapter in Global Legal Insights’ eighth edition of “Fund Finance.”
The chapter explores various issues that arise when a fund manager looks to purchase another fund manager in an M&A transaction and analyzes how these complex transactions are financed at the acquisition level; how the target manager’s financing documents, and any related target fund’s financing documents, may impact how the acquisition is structured, financed and ultimately consummated; and issues that buyers and sellers should be considering from both a diligence perspective and an execution perspective.
The authors conclude that investment manager M&A transactions create a variety of unique issues, especially from the financing and structuring perspectives. With more moving pieces than traditional portfolio-company-level M&A, managers benefit from counsel with deep understanding of the nuances of fund financings before contemplating any transformative transaction.
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