Regarded as ‘one of the top fund finance firms in the market’, Ashurst acts for both lenders and sponsors on the full spectrum of fund finance transactions, from traditional subscription and capital call lending to NAV and hybrid financing as well as ESG-linked facilities. On the lender side, Lee Doyle is a popular choice for large banks and credit providers across Europe and Asia. Offering ‘clear and practical advice’ is Robert Andrews, a partner that clients ‘can really rely on for sensitive decisions’. Nick Wong often handles NAV, hybrid and SMA financings as well as GP co-invest facilities on behalf of banks, insurance companies, funds and corporates. Doug Murning is noted as ‘excellent in the NAV facility space’.  With past international experience working in New York and Hong Kong, ‘standout partner’ Navdeep Benning is an expert in fund finance. Also noted is recently promoted partner Briony Holcombe.

The ‘leading fund finance practice’ at Cadwalader, Wickersham & Taft LLP acts for banks, alternative lenders, GPs and managers on all types of transactions, from large subscription and capital call facilities to complex structures such as NAV financings. Key practitioners include practice co-head Samantha Hutchinson, ‘a leading individual that knows the market very well and brings great practicality and commercial skills to her deals’, and fellow co-head Nathan Parker, who is highly regarded as ‘friendly, clever and great to work with’. At the senior associate level, James Hoggett is noted for his expertise in asset-backed and hybrid facilities as well as GP co-invest structures.

With ‘unrivalled knowledge of the fund finance market’, Clifford Chance LLP covers the full range of fund finance trasactions, including subscription lines, capital call lending, NAV and hybrid facilities as well as ESG-linked financing. Working alongside the firm’s fund formation, tax and regulatory teams across Europe, Asia and the US, the practice is geared to handle the full life-cycle of funds, from formation to GP-led secondary restructurings. The group’s leadership is split between ‘knowledgeable and highly engaged’ Andrew Husdan, who acts for both lenders and sponsors on bridge lending, complex structured financings and leveraged acquisitions, and Nicola Wherity, who often advises on private securitisations and is an active member of the Fund Finance Association.

Highly rated for its ‘unrivalled market knowledge and technical acumen’, Debevoise & Plimpton LLP ‘has been at the forefront of a number of fund finance innovations, including ESG margin ratchets, hybrid facilities and NAV facilities’. Under the leadership of acquisition, asset and structured finance experts Alan Davies, Pierre Maugüé, and the 'oustanding' Thomas Smith, the group often acts for high-profile clients across all fund types, including private equity, infrastructure, real estate, healthcare-focused, secondaries and venture funds, on large and mid-cap deals.

Housing a large team of dedicated fund finance lawyers, Reed Smith LLP is recognsied for its ‘deep and extensive fund finance knowledge across NAV, cap-call and MBO’. Benefiting from the firm’s cross-practice capabilities and international network across Europe, the US and Asia, the group is equipped to handle complex cross-broder mandates on behalf of major banks, alternative lenders, managers and private funds. Leading the group are Leon Stephenson and Bronwen Jones, who ‘have excellent commercial acumen and extensive legal knowledge’. Other key names are Colin Baker, who has extensive experience in advising real estate funds, and Kevin-Paul Deveau, who is well versed in alternative lending. Senior associate Kyrstin Streeter is noted for her expertise in cross-border deals.

With a strong portfolio of instituional lenders and private funds clients, Addleshaw Goddard handles both lender and borrower-side mandates. The firm continues to boost its fund finance capabilities with the opening in March 2022 of a new office in Luxembourg and new additons to the team, including managing associate Ahu Yalgin, formerly at Herbert Smith Freehills LLP, in September 2021. Leading the group is Jeremy Cross, who is highly regarded for his ‘excellent knowledge of the market and willingness to think laterally’, Angus Gill, a popular choice for banks and alternative investment funds looking for assistance with capital call, NAV and GP financing, and Zoe Connor, who has ‘amazing transaction management skills and knows how to manage clients’ expectations and local counsel needs’.

DLA Piper is retained by banks, alternative credit providers, managers, and special situations, private equity and infrastructure funds to handle the whole gamut of fund finance mandates. Leveraged real estate and structured finance transactions are areas of expertise for Paul Gray, who often acts on the restructuring of existing leveraged loans.

Benefiting from the firm’s strong capabilities in debt finance, investment funds and tax, Macfarlanes LLP‘s ‘exceptional’ fund finance practice ‘provides sound advice across a broad spectrum of fund finance products’. The group is also noted for its expertise in credit fund leverage, which makes it a popular choice for credit funds. Leading the team are Andrew Perkins, who is ‘very knowledgeable in the asset-backed facility space’ and the ‘highly competent’ Richard Fletcher, who is well regarded for his ‘excellent market knowledge’.

Mayer Brown International LLP has a strong lender-side practice, regularly acting for major financial institutions on complex cross-border fund finance transactions, most notably hybrid and asset-backed facilities. On the borrower side, the group is retained by general partners and sponsors to handle fund formation mandates and investment transactions. The practice’s leadership is split between Aimee Sharman, whose expertise spans subscription lines, NAV and asset-backed financing and co-investment facilities, and Paul Tannenbaum, who is described as ‘a very capable partner that goes above and beyond for his clients’.

Simmons & Simmons acts for both lenders and sponsors on the whole range of fund finance transactions, including ESG-linked loans, NAV financing and hybrid facilities. Covering a wide range of asset classes, spanning infrastructure, renewable energy, real estate and venture and multi-strategy funds, is co-practice head Jen Yee Chan, who ‘knows how to achieve clients’ commercial goals in an efficient manner’. Co-practice head John Sayers is especially sought after to handle debt transactions and structured financings. Another key name is of counsel Tom Armstrong, who has extensive expertise in syndicated and bi-lateral lending, real estate and restructuring.

Travers Smith LLP‘s ‘renowned’ practice advises financial institutions, listed funds, and sponsors on major mid-market transactions. The team is often instructed to to handle subscription line and secondaries facilities, NAV lending and hybrid financing. In line with the group’s continuing growth, Jamie Parish was made partner in July 2021. Receiving strong praise from clients is practice head Danny Peel, who ‘is very good at flagging the points which the client needs to consider and does so in a way which saves the client time’. Other key names in the team include Katie McMenamin and Charles Bischoff.

Banks, alternative credit providers and investment fund managers across an array of asset classes, including private equity, distressed debt, infrastructure and real estate, frequently turn to Allen & Overy LLP for assistance with the full range of fund finance transactions. Co-practice head Greg Brown is especially sought after to handle revolving credit facilities, subscription lines and capital call lending. Co-practice head Fiona Cumming often advises financial institutions on ESG-linked loans, syndicated lending and hybrid facilities.

A popular choice among leading asset managers and private equity funds, Fried, Frank, Harris, Shriver & Jacobson LLP is rated for its ‘ability to work on all types of financings, including subscription lines, NAV finacing and hybrid facilities.’ Key London-based practitioners include Kathryn Cecil, who is noted for her ‘commerical acum, empathy and work ethic’ and often advises on subscription, leveraged and asset-backed financing, and Jons Lehmann, whose expertise spans leveraged buyouts and real estate finance. Also recommended is special counsel Graham Greenwood.

Kirkland & Ellis International LLP is noted for its strong sponsor-side practice, which attracts mandates from leading European and US-based private funds operating across a wide range of asset classes, including infrastructure, buyouts, real estate, tech, debt and secondaries. Receiving strong praise from clients is practice head Susannah Amini, who is rated for her ‘practical approach’ and ‘experience across the full range of fund financing products, including capital calls, NAV lending, USPP debt and GP facilities’. Also recommended is Parisa Clovis, who focuses on sponsor-side representations.

Paul Hastings LLP advises leading banks, institutional investors and sponsors on an array of cross-border transactions, including umbrella subscription facilities, hybrid capital calls and NAV financing. The team collaborates with the New York office and the firm’s regulatory and tax practices, making it well positioned to deal with matters related to hybrid funds and other complex structures. The group is led by Cameron Saylor, who is dual qualified in England and New York and focuses on CLOs and revolving loans, Christian Parker, structured finance expert Diala Minott, and Sierra Taylor, who is especially sought after to handle NAV and hybrid facilities.

With extensive expertise in structured products, refinancings, securitisation and real estate finance, Haynes and Boone CDG, LLP acts for banks, alternative credit providers, fund managers and investors on ESG-linked facilities, subscription and capital call lending, and hybrid financing. The team is led by Emma Russell, who is sought after to handle transactions across a wide range of asset classes, including private equity, real estate, secondaries, and infrastructure.

Combining expertise in finance, private credit and private investment funds, the fund finance team at Proskauer Rose LLP is often sought after to handle cross-border transactions, including subscription and capital call facilities, NAV structures and hybrid financing. Receiving strong praise from clients is practice head Cameron Roper, who is rated for ‘the quality of advice he provides, the way he explains legal points and the quick replies’ and described as a ‘go-to lawyer for anything fund finance related’.