Haynes and Boone, LLP Partner Albert Tan in February led panels and presented at two leading fund finance and investor conferences, sharing his insights and industry knowledge about private capital and global fund finance markets.
On Feb. 20, Tan, co-chair of the firm’s Fund Finance Practice Group, discussed “State of Growth of Private Capital and of Fund Finance” at the Institute Fund Summit America 2020, hosted by Sovereign Wealth Fund Institute (SWFI). The Austin, Texas, event was designed for sovereign wealth investors, institutional investors and C-level investment executives on sharing latest developments on investment themes for SWF and public pensions investors.
Joining Tan on the Feb. 20 panel were Keenan McBride of Morgan Stanley, Matt Liepart of Antares Capital, Christopher Rice-Shepard of Crow Holdings Capital, and Winston Ma, former head of North America for China Investment Corporation. Together, the group shared with the audience, among other topics, that the private capital raised in the buyout, debt, real estate, infrastructure and natural resources sectors totaled near $1 trillion in 2019 and global fund finance market has grown to estimated $500 billion to $600 billion in 2020; transparent usage of subscription financing by private equity real estate funds and private credit funds; and how returns with leverage and without leverage are shared with investors. The panel concluded with a discussion on the opportunities and challenges ahead in the investment markets of U.S. and China.
On Feb. 13, Tan led a panel discussion on “A Contrast of the Fund Finance Markets in U.S., Europe & Asia” at the Fund Finance Association’s 10th Annual Global Fund Finance Symposium 2020 in Miami. The group examined trends and difference in the fund finance industry across the three regions, along with growth opportunities in subscription financing and at Net Asset Value (NAV) facilities. To read more details about the discussion, click here.
Tan serves on Haynes and Boone’s Board of Directors, Partners Compensation Committee, and Strategic Growth Committee. He regularly represents investment and commercial banks in connection with fund financings for private equity funds in Asia, Europe, Latin America, and North America, and frequently speaks on fund finance at legal and business seminars, hosted by, among others, Private Equity International, PERE, Privcap and Institutional Real Estate, Inc.
In 2019, the National Law Journal named Tan a Trailblazer in Banking, Finance and Capital Markets for his efforts in structuring some of the first subscription financings to real estate private equity funds and infrastructure funds in Asia.
Fund financing started as primarily a real estate private equity financing product in North America but has become a global private equity financing product. Fund financing now is commonly used by private equity funds in buyout, private debt, real estate, infrastructure and natural resources, among others alternative asset classes, in North America and South America, Europe, and increasingly in the Asia-Pacific region.