Alexandra Valente, partner at SRS Advogados, attended the Spring Meeting of the Monterey Funds Club in Madrid, hosted by Fernando de las Cuevas Castresana, partner and M&A head at Gomez-Acebo & Pombo.

The Club is an alliance of investment funds specialist lawyers from 16 countries across Europe. The group was joined by Fernando Magnet, managing partner at Guidebridge Capital, Spanish partner of TPG, a leading venture capital, private equity and debt financer, who made a presentation on distressed and broader credit and asset investing opportunities across the spectrum of related fixed income products.

Among other topics, the ESMA opinion 'Key principles for a European framework on loan origination by funds' was discussed by the lawyers present at the meeting, who concluded that a better title for the paper would have been 'Key principles for a European framework to regulate lending activities (including loan origination, loan acquisition and loan participation) by the passportable AIFs of full-scope AIFMs.' In fact, there is clearly a demand in the market for non-bank lending of various forms; that passportable alternative investment funds constituted under the AIFMD are suitable vehicles to undertake lending activities; and that the different types of lending activities should not necessarily be treated differently. Whether AIFs need to be regulated in relation to such lending activities remains debatable. However, cross-border lending by passportable AIFs could be facilitated by a common European framework.

 For more information on the Monterey Funds Club see www.montereyfundsclub.com.

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