On Friday, March 10, 2023, Silicon Valley Bank (“SVB”) became the largest U.S. lender since the Great Financial Crisis to enter into receivership with the Federal Deposit Insurance Corporation. SVB was a major provider of depository services and liquidity to various investment funds, managers and their related entities through subscription or capital call facilities, net asset value facilities and management company, GP and co-invest lines. The SVB situation is continuing to evolve and we expect to see material developments in the coming days.

For more details on this current development, read the full client alert here.

Photo of Monica Arora Monica Arora

Monica Arora is a partner and co-head of the Private Funds Group at Proskauer.

Monica advises asset managers across the full spectrum of investment fund matters. Her particular expertise concentrates within the areas of buyout, private credit, distressed debt, growth equity, infrastructure and…

Monica Arora is a partner and co-head of the Private Funds Group at Proskauer.

Monica advises asset managers across the full spectrum of investment fund matters. Her particular expertise concentrates within the areas of buyout, private credit, distressed debt, growth equity, infrastructure and real estate funds, including the establishment of bespoke fund structures, joint ventures and other strategic arrangements for sponsors globally.

Monica is a thought leader in the industry.  She is consistently ranked as a leading investment funds lawyer, including by Chambers USA and The Legal 500 and is frequently invited to speak on panels at various industry related events. She is also a prominent and engaged member of the private funds community, including as a committee member and contributor on the New York City Bar Association’s Private Investment Funds Committee and a member of the Editorial Board of Law 360 Private Equity.

Monica’s leadership in the Firm extends well beyond her role in the department as she is a key member of numerous diversity and inclusion initiatives. She is also actively engaged in a number of charitable boards outside of the Firm.

Prior to joining Proskauer, Monica was the global head of the investment funds group at White & Case.

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Howard Beber

Howard J. Beber is a partner in the Corporate Department and co-head of the Private Funds Group, which is recognized by Chambers Global, Chambers USA and US Legal 500. His practice focuses on representing private funds sponsors in all aspects of…

Howard J. Beber is a partner in the Corporate Department and co-head of the Private Funds Group, which is recognized by Chambers Global, Chambers USA and US Legal 500. His practice focuses on representing private funds sponsors in all aspects of their business, including fund formation and ongoing operations and internal structuring and compliance. His practice includes buyout, growth equity, venture capital, private credit, secondary and fund-of-funds, ranging from some of the largest and well known sponsors in the industry to newly-formed managers.

He advises clients on a broad range of secondary transactions, including the acquisition and sale of partnership interests, tender offers, preferred equity financings, continuation funds,  fund restructurings and other GP-led transactions, and has worked with several management teams on large spin-out transactions. Howard routinely represents some of the most active institutional and fund-of-fund investors when investing in venture capital, growth equity, buyout, private credit and other private investment funds, as well as co-investment transactions.

Howard has been an active member of the Private Investment Funds industry for many years. He is frequently invited to speak at major industry events and has authored numerous articles regarding managing and investing in private investment funds. Howard is a contributing author to “The Business of Venture Capital,” a leading book on the venture capital industry.

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Photo of Andrew Bettwy Andrew Bettwy

Andrew Bettwy is a partner in the Corporate Department and co-head of the Finance Group. His principal focus is the representation of financial institutions, private equity sponsors, and public and privately held companies in leveraged finance and other financing transactions. Andrew represents both…

Andrew Bettwy is a partner in the Corporate Department and co-head of the Finance Group. His principal focus is the representation of financial institutions, private equity sponsors, and public and privately held companies in leveraged finance and other financing transactions. Andrew represents both lenders and borrowers in a wide range of transactions involving multiple industries and diverse debt capital structures, including acquisition financings, recapitalizations, multiple lien and subordinated debt financings, debtor-in-possession and exit financings, and private placements.

Andrew has represented several leading financial institutions while at Proskauer, including Bank of America, Citibank, CoBank, Credit Suisse, Imperial Capital, Jefferies Finance and Lazard Capital Markets.

Andrew is co-chair of Proskauer’s CARES Act Team and a part of the Firm’s cross-disciplinary, cross-jurisdictional Coronavirus Taskforce helping to shape the guidance and next steps for clients impacted by the pandemic.

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Photo of Ron Franklin Ron Franklin

Ron D. Franklin is co-head of the Firm’s Corporate Finance Group and leads the Firm’s Fund Finance practice.  He advises clients across a broad spectrum of finance issues, including secured and unsecured lending transactions, domestic and cross-border acquisition financings, all types of fund…

Ron D. Franklin is co-head of the Firm’s Corporate Finance Group and leads the Firm’s Fund Finance practice.  He advises clients across a broad spectrum of finance issues, including secured and unsecured lending transactions, domestic and cross-border acquisition financings, all types of fund financings, project financings, workouts, restructurings and general banking concerns. He also counsels corporate clients regarding stock and asset acquisitions, contract negotiations, and general corporate matters. Ron is part of the Firm’s cross-disciplinary, cross-jurisdictional Coronavirus Response Team helping to shape the guidance and next steps for clients impacted by the pandemic.

Prior to joining Proskauer, Ron worked with another prominent law firm located in New York.

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Photo of Stephen T. Mears Stephen T. Mears

Stephen T. Mears is a partner in the Corporate Department and co-head of the Private Funds Group. He concentrates on private investment funds, including venture capital, growth equity and buyout funds. He represents fund sponsors in all aspects of fund formation, operation and…

Stephen T. Mears is a partner in the Corporate Department and co-head of the Private Funds Group. He concentrates on private investment funds, including venture capital, growth equity and buyout funds. He represents fund sponsors in all aspects of fund formation, operation and management, including fund structuring, portfolio investments, sales and distributions, internal governance and management, regulatory compliance and ongoing maintenance and administration. Stephen also represents institutional investors in connection with their participation in private investment funds.

Stephen has recently represented sponsors in raising funds ranging in size from under $100 million to over $2.5 billion.

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Photo of Jinyoung Joo Jinyoung Joo

Jinyoung (Jin) Joo is a partner in the Corporate Department and a member of the Finance Group.  He represents borrowers, lenders and private investment funds on a wide range of financing transactions, including acquisition financings, fund finance transactions, restructurings and other secured and…

Jinyoung (Jin) Joo is a partner in the Corporate Department and a member of the Finance Group.  He represents borrowers, lenders and private investment funds on a wide range of financing transactions, including acquisition financings, fund finance transactions, restructurings and other secured and unsecured lending transactions.

As a U.S. Air Force veteran, Jin also devotes a significant amount of time providing pro bono legal services to disabled veterans.

Prior to joining Proskauer, Jin was an associate at Sullivan & Cromwell LLP, where he focused on capital markets, credit and leveraged finance.

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