The global and ‘market leading’ fund finance practice at Ashurst consists of a ‘good collection’ of ‘outstanding’ lawyers and acts for funds and lenders on traditional fund finance and new products including NAV, hybrid, GP and sharia fund financings. Supported by teams in Europe, Asia, Australia and the US, the team is also well-versed in tax, regulatory and securitisation matters and has its hand in the sustainable finance market, advising borrowers, lenders, sponsors, and investors. The team is headed up by:  Lee Doyle; the ‘trusted’ Nick Wong, who sits in the global loans practice and specialises in acting for borrowers and lenders in the insurance and reinsurance sector and for various funds including private equity funds, real estate funds and credit funds; Navdeep Benning, who advises on capital call, NAV and asset backed facilities, GP and co-investment facilities and single-investor facilities; Robert Andrews, who has ‘impressive technical skill,’ and offers ‘commercially pragmatic advice;’ the ‘exceptionally talented lawyer’ and expert in fund finance, leveraged finance and private debt, Doug Murning; and newly promoted partner Briony Holcombe, who offers ‘great commercial awareness and a pragmatic attitude,’ and has a client roster that includes financial institutions, corporate borrowers and funds.

Described as ‘one of the best’ fund finance teams in the market, Cadwalader, Wickersham & Taft LLP offers the full spectrum of fund finance products such as subscription credit facilities, NAV, hybrid and GP line facilities. Acting across private markets for banks and insurance companies, the team is headed up by ‘one of the best-known fund finance lawyers,’ Samantha Hutchinson, whose client roster features financial institutions and private markets managers on a range of products across various asset classes, the ‘constructive and proactive’ Nathan Parker, who advises on a wide range of financing transactions, and Mathan Navaratnam, who is well-versed in advising on debt financing solutions and structures such as investment funds. Special counsel James Hoggett is also noted in the market and regularly assists lenders and GPs on a range of primary and secondary fund products.

Acting for lenders, investors and a wide variety of funds, the banking and finance team at Clifford Chance LLP is ‘available, proactive, responsive’ and has extensive experience in a diverse range of securitisations, hybrid financings and specialist financings including ESG, and sustainability linked financings. Leading the team is the well-regarded Andrew Husdan who is well-versed in advising sponsors and lenders on traditional capital call, bridge and hybrid financings, NAV lending and preferred equity structures. Richard Day specialises in leveraged buy-out financings and fund-level facilities and has dealt with subscription bridge finance, leveraged NAV facilities and hybrid financing. Noted as ‘standout,’ the highly experienced Robert Lee has recently acted on subscription lines, NAV facilities, hybrid facilities and private securitisations for funds. Associate Alex Hutcheson is well regarded by peers. Nicola Wherity is no longer at the firm.

Delivering ‘quality work in an efficient manner,’ the ‘extremely strong’ and ‘great fund finance team’ at Debevoise & Plimpton LLP is reputed for its expertise in relation to borrower-side fund finance. Also well-versed in private equity work, the team has its hand in a variety of fund strategies including real estate, credit, healthcare, Africa-focused and venture funds. The practice is co-headed by a trio of lawyers including: corporate partner Alan Davies who focuses on asset and structured financing and acquisitions; dual qualified in English and New York law, Pierre Maugüé, who is well-versed in leveraged buyout and structured financings, offers experience in the United States, Asian and European markets, and was noted by one client as an ‘excellent’ lawyer; and the ‘brilliant’ and ‘extremely knowledgeable’ Thomas Smith, who acts for funds, borrowers, sponsors and financial institutions and has significant experience in ESG-linked fund finance transactions and NAV financings. Also recommended is the ‘detail-oriented’ Daniel Hoborough, the ‘very strong associate’ Almas Daud and the ‘key’ player Andrea Thomas.

The ‘highly competent’ financial industry group at Reed Smith LLP provides a ‘first-class’ fund finance offering, regularly advising both borrowers and lenders on funds work including capital call, NAV, hybrid and asset-backed facilities. The team’s client roster features a range of financial institutions and funds. Leading the team is veteran practitioner Bronwen Jones, who acts for banks, sponsors, general partners and fund managers and offers a ‘great depth of experience’ in a comprehensive range of fund finance matters and transactions, and the ‘commercial’ Leon Stephenson, who offers extensive experience in NAV facilities, secondary funds facilities, GP/manager and co-investment facilities and is noted for his ‘industry engagement.’ Colin Baker specialises in equity bridging, investment warehousing, portfolio and asset acquisition facilities, GP facilities and subscription lines. Dual qualified in England and Australia, Maccailein Campbell advises borrowers, sponsors and lenders on domestic and cross border financings in multiple levels of capital structures. The ‘standout’ and ‘formidable’ counsel Chu Ting Ng’s practice focuses on advising banks and other financial institutions on the full spectrum of fund finance facilities. Also of note is Kyrstin Streeter, whose expertise lies in fund finance and real estate finance transactions.

Part of the broader banking and finance offering, the funds finance group at Addleshaw Goddard serves banks, alternative lenders and investment fund managers on significant hybrid, NAV and structured transactions. Also able to advise on the Scots and Irish law aspects of deals, the international practice is led by: loan finance lawyer Jeremy Cross who is well versed in real estate financing and subscription, NAV and preferred equity and GP and manager financing; Angus Gill, who is sought out by banks and investment funds to advise on international fund financing and syndicated, investment grade and corporate lending; and structured finance and securitisation and funds finance practitioner Zoe Connor, who handles capital call facilities to NAV and co-invest facilities. Managing associate Ahu Yalgin is another key member of the team.

Benefiting from its international network and Europe-wide bench strength, the ‘reliable, straightforward and easy to work with’ team at Kirkland & Ellis International LLP is well-placed to advise on transactions at every stage of a fund’s life, with recent work involving subscription facilities, ESG-backed and NAV facilities and equity financing. Its client roster features European and US sponsors across a diverse range of asset classes including buyout, real estate, debt, technology, healthcare and secondaries funds. Leading the team is Susannah Amini, who provides ‘invaluable hands on support,’ and has established the use of innovative alternative debt capital for investment funds, using leverage finance technology. Parisa Clovis, who acts exclusively as sponsor-side counsel, specialises in complex NAVs and preferred equity financing, GP commitment, continuation fund financings and syndicated subscription facilities across various jurisdictions. Debt finance partner George Dyesmith joined the team from Simpson Thacher & Bartlett LLP in October 2022.

Advising across a range of a mainstream and alternative asset classes and on the full lifecycle of funds, with the use of AI, the ‘highly knowledgeable and experienced’ team at Macfarlanes LLP regularly advises on investor call bridge facilities, NAV facilities, GP support facilities, equity bridge facilities and equity commitment finance structures. The team is jointly headed up by the ‘top-notch players’ Andrew Perkins, whose focus lies in fund and leverage finance from the lender perspective and Richard Fletcher, who also leads the structured finance and securitisation practice and excels in the structuring of debt finance into a range of investment funds.

Counselling both lenders and borrowers across the US, European and Asian markets, the ‘experienced’ fund finance team at Mayer Brown International LLP, which is headed up by the ‘outstanding’ Aimee Sharman, acts on various fund and portfolio level financings including subscription-backed credit facilities, NAV and hybrid facilities, management fee credit lines and leveraged asset level transactions. Sharman offers considerably knowledge and experience of the fund finance market and has also been appointed to the EMEA Executive Committee for the Fund Finance Association. Also of note is counsel Matt Lilley whose expertise lies in lending transactions covering many asset classes and fund structures including credit, infrastructure, secondary and emerging market funds, and ESG-linked fund financings. Former co-practice head Paul Tannenbaum left the team to join Proskauer Rose LLP in June 2023.

Offering expertise in both financing and fund structuring, the ‘diverse and strong’ banking department at Simmons & Simmons is sought out by large financial institutions seeking assistance with a range of fund financing solutions including capital call and subscription line facilities, NAV, SMA and hybrid facilities, as well as alternative investment vehicles. Leading on fund finance transactions totalling over £6.5bn in the past year for borrowers, lenders and sponsors, the team is helmed by ‘standout partner’ Jen Yee Chan, who has recently acted on capital call and letter of credit facilities and offers expertise in leading transactions concerning fund level/holdco leverage, NAV and single managed account facilities, as well as general partner, manager and co-investment facilities.  John Sayers specialises in syndicated, bilateral and structured lending, while the ‘incredibly diligent and responsive,’ supervising associate Gul Akad is also noted by the market, working with IFIs and financial institutions on structured finance matters, focusing on trade and commodities finance.

The fund finance team at Allen & Overy LLP regularly advises banks, alternative lenders and investment fund managers on a wide range of facilities with European and offshore fund structures. Offering experience in acting for both lenders and borrower across his debt financing practice, co-head Greg Brown has a specialism in sustainability linked loans and has recently advised on revolving credit facilities, bilateral loan agreements, and subscription line and capital call facilities. Also heading the team is Fiona Cumming, who has significant knowledge of the Asian fund finance market, having established the firm’s fund finance practice in APAC, and offers expertise in advising lenders to funds on fund level financing, equity finance and leveraged and acquisition financings. Franz Ranero is well-equipped to stakeholders in the CLO and related debt fund financing market, focuses on structured finance and products, handling capital markets and financing transactions. Tom Constance advises bank and non-bank clients across a range of asset classes on structured finance ranging from leveraged loans to auto-loans and trade receivables. The team has been bolstered with the arrival of two new partners in November 2022 including Anneliese Foster, who joined from Goldman Sachs and offers real estate finance experience and experience in infrastructure debt and Holdco financing transactions, and US qualified partner Marwa Elborai, who joined from Shearman & Sterling LLP and advises corporates, private equity, and financial institution clients on high yield bonds and leverage finance transactions. Paul Sampson left the firm in November 2022.

DLA Piper offers a ‘unique’ one stop shop, assisting with fund structuring and tax mandates to fund finance, investment and regulation work. Known for its ‘sound, pragmatic and commercial partner-led advice’, the fund finance department offers ‘outstanding broad market knowledge’ and ‘unrivalled cross-practice capabilities.’ The team is now led by Anthony Lombardi, who joined the team from Schulte Roth & Zabel International LLP. Lombardi is a 'diligent financing lawyer' noted for his strong ‘technical knowledge,’ who represents hedge funds, private equity funds, family offices and ultra-high-net-worth individuals. Another key lawyer in the team is Mei Mei Wong, who is dual qualified in England and Australia, and focuses on borrower-side fund financing, acquisition and corporate financing. Bryony Widdup and Mariel Luna left the firm in November 2022.

Offering ‘legal and commercial rigour,’ the finance team at Fried, Frank, Harris, Shriver & Jacobson LLP, described by a client as ‘the team everyone wants to see on their deals,’ caters for clients that are seeking advice on the full range of fund finance products, from subscription facilities to NAV lines. The ‘fully integrated’ team assists clients on transatlantic fund structures and has been described by another client as ‘the first point of call for fund finance advice.’ J. Christian Nahr heads the team from New York. Key lawyers include: the highly regarded Kathryn Cecil, who acts for funds, lenders, borrowers and sponsors on leveraged finance, subscription, asset-backed and NAV financing arrangements with ‘uncompromising commitment’; and Jons Lehmann who has a broad practice and offers extensive experience in leveraged buyout financings, real estate finance transactions, structured finance transitions including fund level financings and investment-grade finance transactions. Also of note is special counsel Graham Greenwood who handles cross-jurisdictional transactions and financings involving investment banks, private debt funds, financial sponsors and borrowers. Chris Barron, an expert in leveraged finance matters, joined the team from Dickson Minto WS in March 2023.

Specialising in ESG fund financings, the finance practice at Haynes and Boone CDG, LLP advises financial sponsors, lenders, borrowers, fund managers, investors and central banks on fund finance, structured finance, refinancings, securitisation, financial institutions lending and real estate finance advice on fund financing with an international element. The team is led by loan finance lawyer Emma Russell, who has ‘valuable experience’ in fund and real estate finance, and structured and specialty finance. The ‘detail orientated’ Emily Fuller, whose expertise lies in syndicated and NAV facilities, SMA deals, GP support lines and capital facilities, is another name to note.

Highly integrated with its fund formation team, the fund finance group at Hogan Lovells International LLP acts for fund clients, borrowers and lenders on all facility and fund types, assisting with fund set-up to end of fund life financing and ESG financings. Active across the UK, Luxembourg, the US, the Asia Pacific region and offshore jurisdictions, the team offers ‘depth of experience’ and ‘commercial understanding.’ Bolstering the practice with her arrival from DLA Piper in November 2022, practice head and fintech and finance lawyer Bryony Widdup is highly skilled in fund financing, structuring transactions, lending platform and digital assets related work. Another key name to note is fellow new arrival senior associate Mariel Luna, who acts for fund clients on capital call, hybrid and NAV facilities and GP support lines. Other key lawyers include Emma Clarke and Philip Robb.

The cross-departmental fund finance team at Latham & Watkins, described by one client as the ‘preeminent lender counsel,’ is well versed to advise on the structuring and drafting of NAV facilities and credit funds, capital call financings and hybrid facilities. The team is jointly headed by Jeremiah Wagner, who specialises in advising banks on NAV facilities and credit funds in the European market, offering ‘strong technical expertise,’ and ‘standout lawyer’ Alex Martin, who advises fund sponsors and credit funds on NAV-based facilities and asset-backed lending arrangements, from regulatory matters to the structuring of transactions. Noted by the market, ‘rigorous and clever’ senior associate Daniel Marcus is ‘responsive, has excellent experience and is always on top of his brief’, and is heavily involved in managing fund financing transactions involving banks and lending funds across various asset classes.

Leveraging the combined expertise of the finance, private credit and private investment funds practices, the ‘collaborative, responsive’ and ‘strong’ fund finance team at Proskauer Rose LLP regularly provides solutions for funds of different types at all levels of the capital structure. With a client roster that features funds, sponsors, financial institutions and alternative lenders such as Schroders Capital and Kartestia, the team is jointly headed up by two partners: the ‘responsive and pragmatic partner’ Cameron Roper, who is ‘well plugged into the market,’ offers significant experience in a wide range of funds matters including subscription line, NAV, hybrid and general partner commitment facilities, as well as general lending and advisory work for fund managers and financial institutions; and new arrival Paul Tannenbaum, who joined from Mayer Brown International LLP in June 2023, bringing a specialism in advising lenders, borrowers and financial institutions on a range of finance transactions including but not limited to traditional subscription lines, co-investment facilities and asset leverage facilities for credit funds. Also recommended is the ‘instrumental’ and ‘proactive’ Cormac Ryan, whose practice concerns the full range of finance transactions which particular expertise in fund finance transactions such as capital call facilities, SMA deals and syndicated and bilateral leveraged/NAV facilities.