What is Mayer Brown's Fund Finance group like?

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What is Mayer Brown's Fund Finance group like?

Post by Anonymous User » Wed Aug 12, 2020 7:55 pm

They're hiring for a role that's fund finance-specific (which seems odd, is it?). Could be in Chicago or Charlotte -- considering both. Anybody have any intel/impressions?

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Re: What is Mayer Brown's Fund Finance group like?

Post by Anonymous User » Wed Aug 12, 2020 8:19 pm

All I saw was a cap markets position in NY

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Re: What is Mayer Brown's Fund Finance group like?

Post by Anonymous User » Wed Aug 12, 2020 10:08 pm

I don’t work there, but I frequently work across from the fund finance group. It’s not weird for them to be hiring specifically for that group, they do a ton of work in that space and I know they’ve recently had some departures. Everyone I’ve interacted with there is pleasant to work across from and seems on top of their game. Obviously can’t say anything about what’s going on behind the scenes, but I hope this was helpful!

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Re: What is Mayer Brown's Fund Finance group like?

Post by Anonymous User » Wed Aug 12, 2020 10:38 pm

Anonymous User wrote:
Wed Aug 12, 2020 10:08 pm
I don’t work there, but I frequently work across from the fund finance group. It’s not weird for them to be hiring specifically for that group, they do a ton of work in that space and I know they’ve recently had some departures. Everyone I’ve interacted with there is pleasant to work across from and seems on top of their game. Obviously can’t say anything about what’s going on behind the scenes, but I hope this was helpful!

OP here. Thanks -- what do you think about fund finance practice generally? I'm coming from more of an ABL background, so different flavor but I don't know much about it.

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Re: What is Mayer Brown's Fund Finance group like?

Post by Anonymous User » Thu Aug 13, 2020 1:46 am

I actually really like the work! I also came from an ABL background. Compared to ABL stuff, I find fund finance to be refreshingly simple—collateral is typically just capital call rights so you will not see mortgages, IP security agreements, delivery of stock certificates and powers, etc...you know, all that paper that adds up and is annoying to keep track of. The documents tend to be more formulaic since there are only so many ways to say the same thing, and after a few months it’s easy to pick out the couple of points that are most important. I’ve been on some really crazy and complicated ABL deals and also some really crazy and complicated fund finance deals, but the most complicated fund finance deal I’ve been on was probably like 25% as complicated as the most complicated ABL deal I’ve been on, if that makes sense. There’s just not as much to fight over.

Downside is that you do really need to know some fund stuff. I didn’t have much of a funds background when I started and it was a slog. You really need to know the structure of the fund and (especially) how the money flows through it. Also if there is a Lux or Cayman fund in the structure (there almost always is), get ready to deal with Lux and Cayman counsel and their timetables.

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Anonymous User
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Re: What is Mayer Brown's Fund Finance group like?

Post by Anonymous User » Fri Aug 14, 2020 10:34 am

Anonymous User wrote:
Thu Aug 13, 2020 1:46 am
I actually really like the work! I also came from an ABL background. Compared to ABL stuff, I find fund finance to be refreshingly simple—collateral is typically just capital call rights so you will not see mortgages, IP security agreements, delivery of stock certificates and powers, etc...you know, all that paper that adds up and is annoying to keep track of. The documents tend to be more formulaic since there are only so many ways to say the same thing, and after a few months it’s easy to pick out the couple of points that are most important. I’ve been on some really crazy and complicated ABL deals and also some really crazy and complicated fund finance deals, but the most complicated fund finance deal I’ve been on was probably like 25% as complicated as the most complicated ABL deal I’ve been on, if that makes sense. There’s just not as much to fight over.

Downside is that you do really need to know some fund stuff. I didn’t have much of a funds background when I started and it was a slog. You really need to know the structure of the fund and (especially) how the money flows through it. Also if there is a Lux or Cayman fund in the structure (there almost always is), get ready to deal with Lux and Cayman counsel and their timetables.

MB fund finance team has always been great to work with. I continue to work on both fund finance and ABL deals, and would say structurally, fund finance can be significantly more complicated when you have multi-tranche cascading structures, and agreed, over time, the substance of the fund finance issues are largely consistent. The structure of the ABL deals I have worked on are generally straight forward though the substance of the documents are much more deal-specific, which can at times be more interesting and frustrating.

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Re: What is Mayer Brown's Fund Finance group like?

Post by Anonymous User » Fri Aug 14, 2020 11:55 am

OP Here. Thanks so much for the responses.

How do hours usually look for you all? I've heard of other subscription shops where associates are hitting 2500 every year. Is that the case at MB?

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