We provide a selection of opinion pieces and industry insights from our experts, inevitably with a COVID-19 theme in this edition.

1. CLOs in the time of COVID-19

As COVID-19 continues to disrupt the economic landscape, we explore how existing CLOs are being affected and the ways in which new CLOs should adapt. 

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2. COVID-19 and general partner removal

Among the various investor protection measures one may find in a fund's constitution, removal of the general partner (GP) or the fund manager for wrongdoing is an important protection. We explain the common reasons for GP removal provisions, and how they could be applied in the midst of the COVID-19 crisis. 

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3. COVID-19 impact on funds – top five considerations

Fund managers and investors each face challenges resulting from the COVID-19 pandemic. As the focus shifts to planning for the future, we provide some important points to consider.

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4. Focus on open-ended real estate funds – closing time?

At the end of March, some of the largest open-ended real estate funds in the UK pulled down the shutters on their funds. The suspensions are a result of new rules requiring property fund managers to consider suspending funds during extreme market conditions. We provide some insight on what these rules entail and what this could mean for open-ended funds and the real estate sector.

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5. Key Persons and COVID-19

As financial markets and investment funds continue to be affected by the COVID-19 outbreak, our investment fund clients continue to be alert to its operational impact on their business and their funds under management. We look at key person provisions and consider the impact of the global pandemic.

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6. Private fund investor defaults – consequences and practical solutions

Whilst the true, long-term impact of the worldwide coronavirus pandemic remains to be seen, the global financial markets have already experienced a huge wave of turbulence. A significant effect on the closed-ended private funds market is looking increasingly likely, and there are concerns over the potential for investor defaults. We explore the impact of private fund investor defaults and ways to mitigate the associated risks.

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7. Structured Finance and the Corporate Insolvency and Governance Act 2020

On 20 May 2020, the UK government introduced the Corporate Insolvency and Governance Bill (the Bill) to Parliament, which went through a fast-track approval process in Parliament, received Royal Assent on 25 June 2020 and entered into force on 26 June 2020 as the Corporate Insolvency and Governance Act 2020 (the Act). We examine the effects of the Act on structured finance.

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8. The private fund model...

The traditional private equity investment model is the blind pool fund and, whilst this fund model works for many, there are growing numbers of investors in today’s fundraising market who are seeking a greater degree of transparency and control over the opportunities they invest in. This can be achieved through the use of certain non-traditional fund models. We examine each alternative fund model in turn and what the associated implications are for managers and investors.

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9. The trouble with trading venue shutdowns

The economic consequences of the ‘Spring 2020 shutdown’ continue to cascade across markets, asset classes and jurisdictions. Calls, from issuers, intermediaries but also investors, have been steadily growing to close trading venues in a more permanent manner. We discuss the proactive measures that firms may want to take as restrictions on certain trading activity may become more commonplace and talk of a ‘trading venue shutdown” and related risks may become more of a recurrence.

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