By Brent Shultz, Todd Cubbage and Robert Bruner (May 23, 2022, 3:15 p.m. EDT) — Russia’s invasion of Ukraine has sparked an unprecedented wave of sanctions against wealthy Russian oligarchs. As the seizure of mega yachts and massive villas around the world grabbed headlines, these oligarchs have substantial investments in hedge funds and private equity funds in the United States and abroad.
This article will examine the impact of a sanctioned investor after admission to a fund, with particular emphasis on the impact of a sanctioned investor on a fund’s underwriting credit facility.
The subscription lines of credit are revolving lines of credit secured by the right to recall the unfunded commitments of investors in these private equity funds.…
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