Clifford Chance LLP has a longstanding reputation across a wide range of facilities, including subscription credit facilities, NAV facilities and hybrid facilities. The team’s diverse clientele encompasses both bank and non-bank lenders, the full spectrum of funds, as well as sponsors. Robert Lee is a seasoned practitioner with deep experience acting on the sponsor side for private equity, real estate, and private debt funds. A new addition to the team from Mayer Brown International LLP, Aimee Sharman, joined in February 2025 and is an expert in subscription credit facilities and more complex, bespoke fund finance solutions. Isabella Mashru is singled out for her expertise with large sponsors across the full gamut of asset classes. Richard Day draws on his leveraged experience to advise on structured fund financings. Matt Lilley, who also joined from Mayer Brown International LLP in February 2025, also comes recommended.
Fund finance in London
Clifford Chance LLP
Responsables de la pratique:
Robert Lee; Isabella Mashru; Aimee Sharman
Autres avocats clés:
Matt Lilley
Les références
‘Very proactive team with very valuable insights.’
‘I find the team very commercial, helpful and in tune with market practice and standards.’
‘I value Robert and Isabella because they know us and our business well. They are both very commercial whilst maintaining common sense. They are also a good reference point every time we negotiate terms with banks for what they are seeing in the market.’
Principaux clients
Permira
ICG
Nordea
BC Partners
NAB
Bridgepoint
State Street
Rothschild & Co
M&G
Stirling Square
Capital Dynamics
Mercer
Investec
RBSi
UOB
EPIRIS
Apis
BGO
DWS
5 Arrows
Pantheon PLC
DFI
Lakestar
Lion Capital
Montana
ICBCI
Barclays
Standard Chartered Bank
Bayview
Deutsche Bank
ING
SMBC
Investec
Lloyds
OGCI
Tenn Capital
CVC
Wells Fargo
MUFG
Principaux dossiers
Debevoise & Plimpton LLP
Debevoise & Plimpton LLP‘s stellar fund finance practice places PE nav financings at its core. The team has a significant focus on private equity and advises on the entire spectrum of fund financing products, including ESG-linked facilities and hybrids. Thomas Smith oversees the team and leads on the team’s most sophisticated matters, including for EQT and Bridgepoint, and is a first port of call for his large blue-chip sponsor and lender clients. Pierre Maugüé is highlighted for his international expertise, regularly advising on cross-border transactions. Rounding out the team are Almas Daud, who was promoted in July 2024, and Felix Paterson.
Responsables de la pratique:
Thomas Smith
Autres avocats clés:
Pierre Maugüé; Almas Daud; Felix Paterson
Les références
‘The team is incredibly well regarded in the fund finance space, with Tom Smith and Almas Daud being particularly good to work with. Felix Paterson also deserves a mention as he is central to many of their deals. The team is particularly well known for acting for borrowers on NAV financings.’
‘The team is highly creative, a valuable sounding board, and a strong source of market intelligence. They provide clear, transparent legal guidance on what’s achievable and flag potential challenges upfront—especially with our more unconventional asks.’
‘Tom Smith, the head of the team, is a trusted counterpart—respected across the market and frequently praised by peers at other law firms. He’s been instrumental in helping us push boundaries and drive market innovation.’
Principaux clients
Bridgepoint
EQT Partners
Oaktree Capital Partners
Coller Capital
DBAY Advisors
Glendower Capital
Bain Capital
Tikehau Capital
17 Capital
Stone Point Capital
Park Square Capital Partners
BPEA EQT
Barclays Bank
Fitzwalter Capital
Pemberton Capital
Copenhagen Infrastructure Partners
Principaux dossiers
- Advised EQT in a single-sleeve subscription line with a syndicate of 6 banks.
- Advised Bridgepoint Private Equity in a subscription line refinancing.
- Acted as borrower counsel to Bridgepoint Credit on the credit fund NAV facility for its BCO4 credit fund.
King & Spalding LLP
King & Spalding LLP has bolstered its fund finance offering with a team from Cadwalader, Wickersham & Taft LLP in September 2024. Samantha Hutchinson is highly regarded, advising syndicates and private credit funds on complex transactions, including NAV hybrid financing and umbrella facilities. Nathan Parker is well-versed across a range of financing products, while Mathan Navaratnam is praised for being an ‘excellent technical lawyer’, handling traditional subscription facilities alongside NAV facilities. James Hoggett is regularly instructed by private equity and private credit firms.
Responsables de la pratique:
Samantha Hutchinson
Autres avocats clés:
Nathan Parker; Mathan Navaratnam; James Hoggett
Les références
‘Every legal team should first of all understand their client and then advise and complete work. The K&S team completely understand us and advise accordingly, and most importantly they are efficient. They deliver great work.’
‘Fantastic and experienced team that moved recently from another firm. Most of our business followed the individuals, and they continue to build the practice in a positive way. The practice itself is a broad and diversified offering across the fund finance space.’
‘Sam Hutchinson continues to maintain a very high profile within the industry; known broadly across industry bodies, banks, and sponsors, she is one of the star individuals in the practice area. Mathan Navaratnam is an excellent technical lawyer with a calm and approachable manner. He is a pleasure to work with and adopts a commercial and « can-do » approach to trades which tends to be appreciated by all sides.’
Principaux clients
Ares
Apollo
NZ Superannuation Fund
Principaux dossiers
- Advising the Lenders on the $1,200,000,000 refinancing of HarbourVest Global Private Equity Limited’s NAV revolving credit facility, which is secured against a portfolio of minority interests in private equity funds and funds of funds in multiple jurisdictions.
Kirkland & Ellis International LLP
Kirkland & Ellis International LLP‘s fund finance practice maintains its stellar reputation in the fund finance space, drawing on the firm’s international network and excellent fund formation practice. The team is well-positioned to advise on the full spectrum of financing products at all stages of the fund lifecycle. The department is particularly known for its sponsor-side work, in which it is highly active. Overseeing a deep bench of specialists, Susannah Amini‘s reputation precedes her. Amini is a key authority for European private equity sponsors. Andrew Husdan joined in June 2025 from Clifford Chance LLP, and is an expert in syndicated and bilateral facilities for major banks and borrowers. George Dyesmith is another name to note, frequently advising on sub-line and NAV facilities. Sandipan De is lauded as a ‘superstar’, handling complex multi-jurisdictional deals for sponsors. Jack Bodkin is another key lawyer.
Responsables de la pratique:
Susannah Amini
Autres avocats clés:
Andrew Husdan; George Dyesmith; Sandipan De; Jack Bodkin
Les références
‘Very strong fund finance practice. Susannah and Sandipan are both superstars who are very dependable and commercially minded. ’
‘They truly understand our funds and pain points, while working collaboratively with our counterparts. ’
Principaux clients
Ardian
GHO Capital
Hg
IK Partners
Investindustrial
L Catterton
Montagu
Nordic Capital
PAI Partners
Vitruvian
Principaux dossiers
Ashurst
Ashurst maintains a strong position in the fund finance market. Both funders and lenders rely on the team for advice on complex transactions. With a strong foundation in traditional fund finance, including capital call and subscription facilities, the team also has a stellar track record of advising on NAV and innovative hybrid facilities. Robert Andrews is a standout practitioner, handling the full gamut of matters from syndicated subscription facilities to novel NAV secondaries facilities. Nick Wong is highlighted for advising leading lenders and sponsors on secured capital call facilities, while Navdeep Benning is well-versed in bespoke financing products. Briony Holcombe regularly handles matters involving a range of products for US-headquartered banks, alongside working on SMA financings.
Responsables de la pratique:
Robert Andrews; Nick Wong; Navdeep Benning; Briony Holcombe
Les références
‘The combination of deep experience, breadth and depth of practice, acting for lenders and borrowers.’
‘Rob Andrews has tremendous experience and wisdom, and Briony Holcombe benefit from having worked very closely with Rob over a long period.’
‘Market knowledge, attention to detail, trust and structuring.’
Principaux clients
Barclays
CBA
Danske Bank A/S
ING
Investec
NatWest Markets
Nordea Bank
RBC
Société Générale
Principaux dossiers
- Advising Investec in respect of a public-to-private acquisition, using subscription finance, GP Co-invest and hybrid facilities.
Cadwalader, Wickersham & Taft LLP
The Cadwalader, Wickersham & Taft LLP is employed by significant bank and non-bank lenders for fund finance matters spanning the full breadth of products, including subscription and NAV facilities, and GP financings. The team has recently expanded, with a number of key hires. Bronwen Jones joined from Reed Smith LLP in February 2025, while Doug Murning and Matthew Worth joined from Ashurst in March 2025 and May 2025, respectively. Jones is well-equipped to advise clients on sophisticated structures, while Murning is highly reputed for NAV and portfolio financings, predominantly for investment banks and credit funds. George Pelling is a trusted advisor on cross-border secondaries NAV financings.
Responsables de la pratique:
Bronwen Jones; Douglas Murning; George Pelling; Matthew Worth
Les références
‘The team is simply one of the market-leading lender-side practices. Its breadth of service from sublines to complex esoteric fund finance is second to none. There is very little the team hasn’t seen or isn’t able to cover; they are commercial, smart and pragmatic at all times.’
‘Stand out partners are: 1. George Pelling 2. Bronwen Jones 3. Doug Murning. The team are pragmatic and commercial as a lender-side counsel and is focused on getting the deal done for both the lender and borrower. Brownen has an infinite amount of knowledge and is a real market leader, while George Pelling is a rising star and will be a future market leader.’
‘The team has international proficiency, covering multiple jurisdictions. Highly knowledgeable and seasoned partners and associates. The number of members within the team also assists in the swift completion of work.’
Principaux dossiers
Fried, Frank, Harris, Shriver & Jacobson LLP
Fried, Frank, Harris, Shriver & Jacobson LLP‘s enviable client roster, which includes high-profile asset managers and the private credit arms of the largest international private equity firms, relies on the firm for advice on particularly sophisticated transactions. The team is well-versed in sublines and NAV facilities as well as more innovative deal structures, for example, using securitisation techniques in financing arrangements and ESG-linked deals. Kathryn Cecil is a prominent figure in the industry, regularly acting on both cross-border and domestic subscription, asset-backed, and NAV financings. Jons Lehmann is an expert at advising on the full range of products and facility documentation at different levels of the capital structure. Graham Greenwood plays a key role in subscription and GP liquidity line mandates. Ryan Jenkinson and Andrea Thomas are also recommended.
Responsables de la pratique:
Jons Lehmann
Autres avocats clés:
Graham Greenwood; Ryan Jenkinson; Andrea Thomas; Kathryn Cecil
Les références
‘Partner-led team who are all hard at work.’
‘Jons Lehmann and Kathryn Cecil are stand-outs in the market, not just at this firm. They are technically very good but commercially really incisive – just brilliant.’
‘Fried Frank’s London fund finance team stands out as a great firm to collaborate with in complex transactions. As local counsel, we’ve seen firsthand their deep market expertise, commercial approach, and ability to navigate sophisticated financing structures with efficiency and precision. Their ability to lead multi-jurisdictional deals seamlessly sets them apart from other firms.’
Principaux dossiers
Reed Smith LLP
Reed Smith LLP is well-positioned to advise on syndicated transactions for private equity and private debt fund clients. The team leverages its international network to handle complex multi-jurisdictional matters, including those involving NAV, asset-backed, and hybrid facilities. Leon Stephenson is instructed by banks and non-bank lenders for fund finance transactions with private equity, secondaries, and direct lending funds. Maccailein Campbell has a speciality in assisting where financings use multiple levels of capital structure, and is also active in the financing of energy assets. Linn Mayhew is another name to note, with a focus on traditional fund finance mandates.
Responsables de la pratique:
Leon Stephenson
Autres avocats clés:
Maccailein Campbell; Linn Mayhew; Chu Ting Ng
Les références
‘We have used Reed Smith to advise us and act for our funds on various fund financings, including NAV facilities and capital call bridging facilities, and have found them to be excellent. Great technical know-how. Excellent expertise, very responsive and commercially aware.’
‘Leon Stephenson and Maccailein Campbell – excellent expertise and responsiveness.’
‘Reed Smith has deep sector expertise, which gives the practice a very commercial understanding of its clients and their underlying clients. They are able to contextualise complex ideas or comments of a legal nature through the lens of the underlying commercial impact.’
Principaux dossiers
Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP excels at advising on the full spectrum of fund finance facilities, including secured and unsecured subscription, NAV, and hybrid facilities. The team is also skilled at curating tailored solutions using structured products and preferred equity arrangements. Kate Sinclair is a go-to for complex financings and is praised by one client for her deep knowledge of the ‘crossover between fund and facility structuring’. Katie McMenamin joined the team from Travers Smith LLP in May 2024 and is known for her expertise in highly structured transactions across the PE, debt, and infrastructure asset classes.
Responsables de la pratique:
Kate Sinclair
Autres avocats clés:
Katie McMenamin
Les références
‘Strong commercial understanding of the market, balanced views given to allow clients to fully understand key negotiation points and make informed decisions.’
‘Kate Sinclair is one of the most impressive Fund Finance lawyers globally and is a problem-solving machine. Her understanding of the crossover between fund and facility structuring is seamless.’
‘Very knowledgeable and fast to turn around queries and also bring good ideas that can be innovative.’
Principaux dossiers
A&O Shearman
A&O Shearman‘s fund finance practice has deep experience acting for borrowers and lenders, from mid and large-cap sponsors and sovereign wealth funds to banks and credit funds. The department is rated for its expertise across subscription line-financing, NAV, and GP facilities. Leadership is split between Greg Brown, Fiona Cumming and Parisa Clovis. Brown is active in advising leading GPs and routinely handles international matters. Cumming is experienced in the full suite of financing products and is intimately familiar with using securitisation techniques on finance facilities. Clovis, who joined from Kirkland & Ellis International LLP in July 2024, has a robust sponsor-side practice, covering a range of financings across all asset classes.
Responsables de la pratique:
Greg Brown; Fiona Cumming; Parisa Clovis
Les références
‘Strong bench of partners across fund finance and private capital, more generally.’
‘Fiona Cumming is a stand-out: strong work ethic, commercially minded but at the same time no stone is left unturned, understands the key drivers of deals in ways which other lawyers do not.’
‘The A&O Shearman fund finance practice combines deep technical expertise with a genuinely commercial mindset. What sets the team apart is its ability to provide pragmatic advice on complex structures without overcomplicating delivery.’
Principaux clients
Hines
Cheyne Capital Management
Exponent Private Equity
State Street Bank
M&G Investments
Principaux dossiers
- Advised Ares Alternative Credit in relation to a market first securitisation of a portfolio of subscription finance facilities to mid-market private equity firms, originated in partnership with Investec Fund Solutions.
- Advised an alternative investment manager in respect of inaugural USD800m capital call facilities for its various funds.
- Advised the infrastructure arm of a major private equity company on a EUR1.3bn syndicated capital call facility.
Goodwin
Praised for its ‘depth of experience’, the bench at Goodwin exhibits capabilities across preferred equity structures and subscription line financings. The team’s clientele spans the private equity, real estate credit fund, and infrastructure sectors. Ed Saunders oversees the team and is trusted by managers, GPs and banks on a variety of fund finance products. Simon Fulbrook is another name of note.
Responsables de la pratique:
Ed Saunders
Autres avocats clés:
Simon Fulbrook
Les références
‘The team is very strong with in-depth knowledge of the industry.’
‘They are willing to think outside the box and engage in difficult topics.’
‘The Goodwin team leverage their knowledge across different practice areas and jurisdictions to provide a seamless legal product.’
Principaux clients
Advent International
Ares Management
BentallGreenOak
Bluegem Capital Partners
Clarion Partners
EQT Group
Fidelity International
Intermediate Capital Group
Pantheon Ventures
Urban Partners
Principaux dossiers
- Advised Clarion Partners Europe on a €240 million NAV financing facility agreement with NatWest for one of Clarion Partners Europe’s co-mingled funds, which reports under Article 8 of the SFDR.
- Advised Fidelity European Real Estate Climate Impact Fund in connection with its inaugural subscription line facility.
Macfarlanes LLP
Macfarlanes LLP‘s fund finance offering caters to alternative asset managers, private equity firms and credit funds. The team has capabilities across NAV, ABL, and GP support facilities, with an increasing number of cross-border instructions. Practice head Andrew Perkins maintains a strong reputation in the direct lending space and is a first port of call for the firm’s credit fund clients. Richard Fletcher‘s workload consists of advising on an array of structures, from subscription lines to GP facilities. Adam Caines is also active across a breadth of products in the mid-market.
Responsables de la pratique:
Andrew Perkins
Autres avocats clés:
Richard Fletcher; Adam Caines
Les références
‘Macfarlanes LLP has one of the best fund finance teams in Europe. They are one of the main players in relation to financing solutions for credit funds. They are regularly assisting major credit fund managers in relation to capital call financings, net asset value (NAV) financings and leverage transactions involving investment funds located in various jurisdictions across Europe.’
‘Richard Fletcher and Andrew Perkins are outstanding. They have unique expertise in relation to complex financings for credit funds, and excellent relationships with major client fund managers. They are among the best in the fund finance industry.’
‘Transparent in their advice and straight to the point. Avoids taking detours on what may be straightforward items and going down tangential paths.’
Principaux clients
Hampshire Trust Bank
Blazehill
Principaux dossiers
- Advised Hampshire Trust Bank on the provision of a senior revolving credit facility to Blazehill Capital.
Simmons & Simmons
The fund finance team at Simmons & Simmons represents financial institutions, credit funds and fund sponsors on a broad range of fund finance facilities. Alongside its securitisation team, the practice has acted on innovative fund finance securitisations. Jen Yee Chan is at the helm of the team and handles subscription line facilities, including those that are ESG-linked, across the full breadth of asset classes. John Sayers specialises in NAV, ABL, and hybrid financings, with an emphasis on funds in the real estate and energy sector.
Responsables de la pratique:
Jen Yee Chan
Autres avocats clés:
John Sayers
Les références
‘The team, led by Jen Yee Chan, is extremely efficient, technically brilliant and personable. The team provides a more personal legal experience by keeping the same team members on clients to ensure the relationship remains strong and efficiencies are carried through different deals.’
‘Great communication, attentive, easy to get hold of, responsive, personable, technically brilliant.’
‘The Simmons fund finance team are the go-to team for all of our fund finance facilities across several vintages. What makes them unique is their joined up and commercial approach across their fund finance and funds team both in London and Luxembourg.’
Principaux clients
OakNorth Bank
Principaux dossiers
- Advising OakNorth Bank as lender on £50,000,000 liquidity facilities to Paloma Capital as borrower, a leading entrepreneurial private equity real estate investor which has raised over £520m of wholly discretionary capital.
- Advising OakNorth Bank as lender on a subscription line facility to Palamon Capital as borrower, a leading UK-based European mid-market private equity firm.
Travers Smith LLP
Travers Smith LLP‘s fund finance team has a longstanding reputation for its impressive lender-side practice, acting for several major financial institutions. Led by Danny Peel, the team is well known for its ‘excellent technical know-how’. Peel is reputed for his capabilities across subscription, co-investment, NAV, and hybrid facilities. Charles Bischoff is recognised for handling traditional subscription line facilities for major lenders. Laura Smith, who was promoted to partner in July 2024, advises sponsors on the full suite of fund finance products, including NAV and co-investment facilities.
Responsables de la pratique:
Danny Peel
Autres avocats clés:
Charles Bischoff; Laura Smith; Reece Morgan
Les références
‘The team has excellent technical know-how and the deal teams collaborate with clients in an organised and effective fashion.’
‘Danny Peel is very knowledgeable and proposes commercial solutions. He is hands-on and helps to drive the transaction forwards.’
‘The team seamlessly blends advice which is both commercial and technically excellent. They have deep industry knowledge and experience, which allows them to understand the « why » behind a lot of the work we do. The associate base is particularly strong.’
Principaux clients
OakNorth
NatWest Markets
Investec
RBSI
Lloyds Bank
Santander
Chrysalis
MUFG
ING
HSBC Innovation Bank
Wells Fargo
SMBC
First Abu Dhabi Bank
Principaux dossiers
- Advised NatWest Markets on a real estate NAV facility made available to a fund managed by Clarion Partners Europe.
- Advised Chrysalis on a £70 million NAV facility provided by Barclays Bank.
- Advised OakNorth on a £40 million NAV facility made available to Literacy Capital Plc.
Dechert LLP
Dechert LLP has a nascent sponsor-focused fund finance practice. Borrowers rely on the practice for advice on a range of finance products, from subscription facilities to hybrid and NAV facilities. Anthony Lombardi acts for the full breadth of funds, including private equity funds, hedge funds and real estate funds, on secured lending facilities.
Responsables de la pratique:
Anthony Lombardi
Autres avocats clés:
Karen Stretch
Les références
‘The Dechert team have a depth of knowledge which has been significantly enhanced by the addition of Anthony Lombardi.’
‘Anthony Lombardi is always a delight to have on deals. One of my favourite sponsor-side lawyers.’
‘Excellent fund finance practice, with partners who know everything about the market and commercial terms expected by clients. ’
Principaux dossiers
DLA Piper
DLA Piper‘s fund finance team acts predominantly for lenders, advising both banks and non-bank lenders on subscription and NAV financing. Duo Mei Mei Wong and Charlotte Lewis-Williams lead the practice. Wong is on the LMA Working Parties Group for subscription facilities, while Lewis-Williams handles subscription line and asset-backed facilities.
Responsables de la pratique:
Mei Mei Wong; Charlotte Lewis-Williams
Les références
‘Excellent and innovative approach to fund finance and securitisation.’
‘Charlotte Lewis-Williams is excellent, with a top-tier pedigree in banking and finance law.’
‘Their geographic presence (and particularly, their links to the United States) is second to none – they service clients seamlessly on cross-border transactions.’
‘Charlotte Lewis-Williams is exceptional – with years of experience in subscription lines and now facilities, she’s a safe pair of hands, knowledgeable, and extremely attentive and responsive to clients!’
‘Again, Mei Mei key standout performer. Very commercial and efficient.’
‘Great team with efficient solutions.’
Principaux dossiers
Haynes and Boone CDG, LLP
Building on its robust US presence, Haynes and Boone CDG, LLP’s London office has a strong focus on advising lenders, including non-bank lenders and insurance companies. Drawing on her transatlantic expertise, Emily Fuller regularly handles multijurisdictional deals, with a focus on subscription line facilities. Ellen McGinnis distinguishes herself for her expertise in advising both fund borrowers and lenders in delivering cross-border fund financing solutions. Jennifer Passagne's fund finance practice covers NAV facilities, hybrid facilities, and GP support lines. Emma Russell departed in December 2024.
Responsables de la pratique:
Ellen Gibson McGinnis
Autres avocats clés:
Emily Fuller; Jennifer Passagne
Les références
‘Haynes and Boone is one of 3 key lender-side FF practices in the US and the London office is fast carrying that legacy into the UK/ European market. Ellen McGinnis’ presence in London over the last year has added depth to the London bench. The London team is very able, led by Emily Fuller, with Jennifer Passagne, and Emily’s connections in the industry (both clients and FFA/ WFF) give her a great perspective on market trends and developments in the FF space.’
‘We predominantly work with Emily Fuller on lender-side transactions. Emily leads the FF practice in London with attention to detail but a commercial approach, which is the reason she’s trusted by many of the banks and alternative lenders in the London market. She has an excellent pedigree in fund finance and therefore expertise far beyond other junior partners in the industry.’
‘Highly knowledgeable and very easy to work with.’
Principaux dossiers
Latham & Watkins
Latham & Watkins‘ practice is adept at advising banks on the structuring of capital call facilities using securitisation techniques. The team is led by Jeremiah Wagner, who is well-equipped to advise banks on NAV facilities provided to credit funds. Daniel Marcus, who was promoted to counsel in January 2025, draws on his structured finance expertise to assist with fund finance matters.
Responsables de la pratique:
Jeremiah Wagner
Autres avocats clés:
Daniel Marcus
Les références
‘An excellent team. Commercial and experienced. Well staffed and incredibly responsive.’
‘Latham & Watkins is very much at the forefront in the fund finance space. They are key players in this segment of the legal market and provide accurate, commercial and responsive advice to clients.’
‘Dan Marcus and his dynamic team provide excellent and commercial advice in a timely manner. Their engagement with key stakeholders throughout the transaction process is invaluable.’
Principaux clients
Intermediate Capital Group
Principaux dossiers
- Advised on a groundbreaking capital call facility structured as securitisation by Intermediate Capital Group.
Linklaters LLP
Linklaters LLP maintains a track record for advising investment banks and funds on traditional and more bespoke financing products. The team is proficient in assisting on subscription line facilities as well as NAV facilities. Co-heads Oliver Edwards and Ian Callaghan spearhead the practice. Edwards is adept at multijurisdictional transactions, while Callaghan has capabilities across an array of fund financing products.
Responsables de la pratique:
Oliver Edwards; Ian Callaghan
Les références
‘Linklaters’ fund finance team is uniquely positioned with one of the most globally integrated and technically sophisticated practices in the market. Their strength lies in advising across the full spectrum of fund finance products—capital call, NAV, hybrid, and manager facilities—while offering deep expertise across diverse fund structures and jurisdictions.’
‘Clients benefit from their commercial pragmatism, cross-border coordination, and ability to tailor solutions to complex fund structures across asset classes like private equity, infrastructure, and real estate.’
‘Ian Callaghan, a standout partner in Linklaters’ fund finance team, is widely recognised for his deep technical expertise and commercially focused approach to complex structured lending.’
Principaux clients
Citigroup
J.P. Morgan
Barclays
Triton
Ares
Royal Bank of Scotland International
Santander
SoftBank Vision Fund
Morgan Stanley
HSBC
Société Générale
Deutsche Bank
UniCredit Bank GmbH
Blackrock
CBRE
Principaux dossiers
- Acted for a consortium of bank lenders on a EUR1bn+ complex cross-border margin loan facility for a major international investment group.
- Acted for a financial services provider on a number of fund financings to a key client of the provider, each of which comprised multiple underlying facility agreements.
- Acted for Barclays Bank in respect of a highly bespoke NAV financing for Chrysalis Investments against shares in portfolio holdings.
Proskauer Rose LLP
Proskauer Rose LLP is adept at creating liquidity solutions at all levels of the capital structure. The team is well-equipped to handle subscription, NAV, hybrid, GP management and co-investment facilities. Paul Tannenbaum leads the team and regularly advises on traditional subscription lines. Cameron Roper departed the team in May 2025.
Responsables de la pratique:
Paul Tannenbaum
Les références
‘Broad coverage across the various teams and all high calibre. Great junior resourcing supported by strong partner coverage.’
‘Deep knowledge of the sector and nice people to work with.’
‘Paul Tannenbaum is a really nice guy and helpful as well as highly skilled.’
Principaux clients
AnaCap
Schroders Capital
Principaux dossiers
White & Case LLP
White & Case LLP is equipped to advise on a broad spectrum of debt products available to private funds, including subscription, hybrid, NAV and GP facilities. Emma Russell, who joined the practice from Haynes and Boone CDG, LLP in December 2024, leads the team. Russell regularly acts for UK and international lenders, including syndicates of lenders, leveraging the firm’s US presence.
Responsables de la pratique:
Emma Russell
Les références
‘White & Case’s fund finance team is distinguished by its deep bench of expertise across the full spectrum of fund finance products—including subscription, hybrid, NAV, GP, and preferred equity facilities—paired with a strong global footprint that enables seamless cross-border execution.’
‘The team is known for its strategic, solutions-driven approach, advising both lenders and fund sponsors with precision and commercial insight. Clients value their ability to navigate complex structures and regulatory environments, particularly in secondary transactions and fund restructurings.’
‘Emma Russell, partner and head of the EMEA Fund Finance Practice at White & Case, stands out as a leading figure in the global fund finance market. With over two decades of experience, she brings unmatched depth across the full spectrum of fund lending products—from capital call and NAV facilities to GP support and securitisation-linked structures.’
‘What sets Emma apart is her rare combination of technical excellence, commercial pragmatism, and leadership in shaping the industry’s future.’
Principaux dossiers
- Acting for State Street Bank and Trust Company as Original Lender, Arranger and Facility Agent in connection with a $125,000,000 subscription line facility made available to a global secondaries fund.
- Representing Crestline in relation to a US 200,000,000 NAV facility for a UK real estate fund and their UK portfolio of properties, including receivables and asset security across 3 jurisdictions.
- Representing a syndicate of lenders, including SMBC and SMTB in relation to a capital call financing provided to an SMA Middle Eastern sovereign wealth fund.