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Socium Fund Services 3Q23 Newsletter: Loan Agency and Loan Administration Service Offering, SEC Private Fund Rule and More…

As we enter the last quarter of the year, we’re keeping our foot firmly on the gas pedal to complete what we’ve set out to accomplish. Despite challenges the financial markets, world events and the current U.S. political environment present, we are firmly positioned to exceed the goals we set out for ourselves. But before we move into 2024, let’s reflect on all that we accomplished in the third quarter of this year.

We officially launched our Loan Agency and Loan Administration offering, expanding on our already comprehensive service solution for private credit funds. The new offering enables Socium to provide an additional array of services to both full fund administration clients and fund managers looking for standalone loan agency services. You can read the full announcement here.

For private equity and venture capital funds, we have been working closely with our Cayman Islands and European counterparts to offer U.S.-based clients expanded services. This includes Corporate Governance and Registered Office Services for Cayman-domiciled funds. Reach out to Matt Reynolds to learn more.

Thank you for being a part of the Socium story. As always, our door is always open. Please reach out to Beth or me with any questions.

Beth and Michael

Socium Launches Loan Agency and Loan Administration Service Offering

Private Credit Fund Admnistration Solutions

We are thrilled to announce that Socium has officially launched its Loan Agency and Loan Administration service solution, offering private credit fund clients a more comprehensive range of services. 

The new offering delivers a full suite of loan agency services covering all asset classes, including term loans, delayed draw loans, convertibles, hard money loans, and bank debt. Key features of the offering include:

  • Comprehensive loan lifecycle management
  • Customizable solutions
  • Advanced technology integration
  • Risk mitigation and compliance
  • Expert support

Read the press release announcing the Loan Agency and Loan Administration service offering here.

The Loan Agency and Loan Administration service solution announcement follows on the heels of welcoming Harvey Tian to the Socium team. Harvey brings a wealth of knowledge and experience to our private credit fund servicing team, having worked at Alter Domus for over five years in a Loan Agency, Trade Settlement, and Loan Administration capacity. in a new tab)

Check out the article in Private Funds CFO, where Jason Meklinsky and Harvey Tian discuss the new service offering and the value it delivers to private credit fund managers.

SEC Private Fund Rule

On August 23, 2023, the SEC voted 3-2 to adopt new rules and amendments for private fund advisers under the Investment Advisers Act of 1940. The new rules are expected to have a major impact on both registered investment advisers and exempt reporting advisers.

Although the rules are intended to provide increased transparency and further protection to investors, they place a burden on fund advisers to implement and report as required. While it remains to be seen how the SEC will interpret the final rules, investment advisers should consider revising their policies and procedures in advance of the SEC compliance dates.

Peter Bilfield, Eliza Fromberg and Lydia Joo Lee of Day Pitney LLP summarize the complex rules in a recent article titled Navigating the SEC’s New Private Fund Rules: Challenges Ahead for Sponsors and Advisers. The article discusses the new rule’s overarching purpose and goes in-depth on each provision, providing select commentary to help advisers interpret the SEC’s intention.

Read the full article here.

In Case You Missed It

The Do’s and Dont’s of Changing Fund Administrators

Changing fund administrators is a critical decision that fund managers may face at some point in their journey.  Whether prompted by performance issues, strategic shifts, or regulatory requirements, transitioning to a new fund administrator can be both a complex and impactful process. Download the article to discover best practices when considering a change in fund administrator.

Socium Optimizes Private Credit Fund Administration with Broadridge Technology

To more efficiently manage complex private credit loan portfolios and scale its middle- and back-office operations, Socium has implemented the Sentry loan portfolio management technology from global Fintech leader Broadridge. Read the press release here

In The Community

AREF Annual Dinner 2023

Suntera Global sponsored a table at the Association of Real Estate Funds (AREF) Annual Dinner on September 26th. The event has been a highlight in the real estate social calendar for over 20 years and returned to London this year.

AAPL Annual Conference 

Socium is pleased to be a Silver Sponsor at the 14th annual American Association of Private Lenders conference in November. The conference is the oldest and largest national association for the private lending industry, and each year, the AAPL hosts the largest private gathering that features the right mix of education and networking. If you are planning to attend, please reach out to Michael von Bevern or Matthew Reynolds.

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