Ashurst houses a dedicated fund finance team with solid international capabilities. The team routinely acts for both funds and lenders on complex transactions. Highly experienced in traditional fund finance, the firm is also active in NAV financings and innovative hybrid facilities. Lee Doyle has been at the forefront of fund finance for more than 20 years, acting for many major European and US banks in that time. Robert Andrews is a leading fund financing specialist who frequently advises on high-value syndicated subscription facilities. Nick Wong’s highlights include acting on some of the largest capital call facilities and significant ESG-linked facilities, while Navdeep Benning is known for her ability to act for borrowers and lenders and her distinct focus on NAV facilities. Doug Murning’s wide expertise includes fund finance, leveraged finance, and private debt. Briony Holcombe regularly receives instructions from market-leading lenders concerning a range of products.

Clifford Chance LLP advises on broad range of facilities, from subscription lines to innovative hybrids and ESG-linked funds. The team’s breadth also extends to its clientele which, as well as sponsors, includes lenders, investors, and many types of funds. Practice head Andrew Husdan‘s impressive portfolio of work includes traditional financings as well as hybrids, NAV lending, and preferred equity structures. Robert Lee strengthens the practice with his distinct sponsor focus, acting for private equity, real estate, and private debt funds. Richard Day‘s experience in leveraged buy-out financings is key to the firm’s negotiations with facilities and sponsors. Isabella Mashru is noted for her considerable exposure to emerging market transactions and technical cross-border matters.

Debevoise & Plimpton LLP is renowned for its borrower-focused practice and global reach. The team’s deep understanding of private equity sponsors has been shaped by its activity on leveraged finance transactions. Working behalf of multiple high-profile clients, the team also assists with ESG-linked facilities, collateralised loan products, as well as other innovative deals. The team is spearheaded by Thomas Smith who has led some of the practice’s most significant transactions, including a €6bn ESG subline. Pierre Maugüé’s international perspective is welcomed on the team’s cross-border structured transactions. Within his fund finance and leverage-focused practice, Alan Davies regularly receives instructions from global private equity sponsors and lenders. Other key figures include Almas Daud and Felix Paterson, both of whom have amassed considerable experience working with the firm’s big-ticket client base.

King & Spalding LLP looks to kickstart its fund finance offering with the hiring of a number of lawyers from Cadwalader, Wickersham & Taft LLP. The team will be led by Samantha Hutchinson, a noted expert on fund finance products who has acted on some of the market’s most significant subscription and leverage deals. Other key figures include Nathan Parker, highly experienced in a range of transaction types; Mathan Navaratnam, noted for his capabilities in cross-border mandates; and James Hoggett, an adviser to various private equity and private credit firms.

Kirkland & Ellis International LLP has risen to a prominent position in the fund financing space, underpinned by its international network and market-leading fund formation practice. The team’s breadth of knowledge and expertise is evidenced by the diversity of transactions it handles, involving a range of sponsors and asset classes at any stage of the fund lifecycle. The group is a recognised authority on sponsor-side fund financing work, a speciality of the practice. Among private equity sponsors, Susannah Amini is a known name for intricate NAV financings and the use of alternative debt capital for investment funds. George Dyesmith assists with a number of products, including subscription lines, co-investment facilities, hybrids, and NAVs. Jack Bodkin joined the practice from Macfarlanes LLP in January 2024.

Reed Smith LLP continues to advise on a number of high-profile fund finance deals. The team is sought after by private equity and private debt fund clients seeking bespoke syndicated transactions. As well as advising on subscription line facilities, the firm is noteworthy for its activity with ESG, Sharia-compliant, and NAV facilities. Bronwen Jones‘ talents are routinely employed by financial institutions embroiled in complex international transactions. Leon Stephenson‘s varied practice incorporates NAV, hybrid, secondary fund, capital call, and GP facilities. Nicholas Williams is well versed in complex, cross-border matters, while Kevin-Paul Deveau regularly provides tailor-made financing solutions to lenders and borrowers. Other key figures include Mark Drury, who strengthens the practice with his commercial knowledge of the fintech arena, and Maccailein Campbell, who assists where financings utilise multiple levels of capital structure and/or involve energy assets. Colin Baker left the firm to join Maddocks.

Significant financial institutions, high-profile lenders and private markets managers are all regular clients of Cadwalader, Wickersham & Taft LLP’s funds team. The group is noted for its activity on the full range of fund finance products, including subscription and NAV facilities, and GP financings. The group is also well-equipped to advise clients on significant regulatory changes and other portfolio-impacting developments. Key figures include  George Pelling, who leverages his fund focus for various cross-border financings involving financial institutions. Former co-chair Samantha Hutchinson, as well as Nathan Parker, James Hoggett and Sukhvir Basran left the practice to join King & Spalding LLP in the summer of 2024.

Fried, Frank, Harris, Shriver & Jacobson LLP's active fund finance practice caters to many of the highest-profile and valuable asset managers, being entrusted to act on some of their most challenging transactions. The team has successfully undertaken a number of innovative deals such as those relating to securitisation and ESG-linked facilities. Kathryn Cecil is noted for her prowess with matters concerning subscription, asset-backed, NAV, and preferred equity across the full range of asset classes. Jons Lehmann is a broadly talented finance lawyer, capable with a plethora of products including leveraged finance, NAV facilities, and preferred equity financings. Graham Greenwood supports his clients with cross-border subscriptions and GP liquidity lines. Both Ryan Jenkinson and Kris Paltoglou are active in acquisition, high-yield, and syndicated bank financings.

Asset managers, private equity firms, and credit funds are all routine features of Macfarlanes LLP‘s client list. The team has nurtured its distinct knowledge of credit funds, particularly concerning their gearing facilities. Alternative work sources include subscription lines, NAV facilities, and GP support facilities. Team head Andrew Perkins is key to the firm’s relationships with credit funds, advising on their finance requirements and critical deployment mandates. Richard Fletcher helps his clients structure subscription lines, GP facilities, Manco facilities, and NAVs into a variety of investment funds. Adam Caines was promoted to partner in April 2023.

Advising both lenders and borrowers, Mayer Brown International LLP is a key player in the global subscription credit and fund finance market. The team’s breadth is evidenced by its capability in the full spectrum of portfolio financings. ‘Standout partner‘ Aimee Sharman spearheads the practice, bringing a deep understanding of complex fund finance solutions, such as preferred equity, equity commitment structures, and NAV-backed facilities. Matt Lilley, who was promoted to partner in 2024, boasts expertise in ESG fund financings and alternative sources of capital, such as preferred equity structures and insurance funding. Lynette Edwin‘s practice focuses on representing financial institutions, funds, and corporate borrowers in various finance transactions. Clare Betteridge acts on subscription credit facilities, NAVs, bridge loans, and management fee facilities. Paul Tannenbaum left to join Proskauer Rose LLP in June 2023.

Working on behalf of leading financial institutions and asset managers, Simmons & Simmons advises on the full range of fund finance products, from subscription line facilities to NAVs and hybrids. The firm acts for both lenders and borrowers across multiple jurisdictions. Jen Yee Chan plays a key role in matters concerning fund leverage, NAV and SMA facilities as well as bridging and subscription line facilities. John Sayers has particular experience with structured financings of portfolio companies in the energy sector. Gul Akad is active on multiple SMA, umbrella, NAV, and hybrid facilities. Nick Zander, Imran Iqbal-Mian, and Megan Livingstone are all key members of the team noted for their activity in the infrastructure and renewable energy sectors.

Proskauer Rose LLP continues to provide strategic liquidity solutions to various high-profile borrower and lender-side clients. Its team can oversee subscription, NAV, hybrid, GP management and co-investment facilities. Paul Tannenbaum - who joined the practice from Mayer Brown International LLP in June 2023 - has considerable experience in fund financings, acquisitions, and leveraged finance transactions. Cameron Roper has specialist knowledge of structuring liquidity solutions across all levels of capital structures. Cormac Ryan acts for both bank and non-bank lenders and various sponsors on the full range of fund finance transactions.

'Excellent at delivery and service, providing market-leading insights and great to work with', Simpson Thacher & Bartlett LLP advises on the full spectrum of liquidity solutions across any stage of fund activity. The practice is highly regarded for its sponsor-side expertise and cross-border integration which is evidenced by its numerous multijurisdictional deals. NAV, hybrid variations, capital call, GP, and co-investment facilities are all regular features of Kate Sinclair‘s broad and active practice. Thea Vukasinovic is especially noted for complex leverage fund financings. Katie McMenamin joined the practice from Travers Smith LLP in May 2024.

Lender-side expertise is a hallmark of Travers Smith LLP’s fund finance practice, which continues to act for a number of prominent financial institutions. Noted for his capabilities across various asset classes and strategies, active lenders regularly turn to Danny Peel for work concerning subscription, co-investment, NAV, and hybrid facilities. With a particularly established lender-side practice, Charles Bischoff‘s portfolio of work covers a range of highly structured transactions and financings. Laura Smith advises sponsors and borrowers on the full range of fund finance products, including NAV and co-investment facilities. Katie McMenamin left the practice for Simpson Thacher & Bartlett LLP in 2024.

DLA Piper’s global presence and ‘breadth of knowledge’ are both key features attracting its high-profile private equity clients. The team’s broad offering includes traditional and innovative fund financing products. As well as possessing key fund, acquisition, and portfolio financing experience, Mei Mei Wong regularly advises on sustainable finance products. Patrick Flannery-Wheeler regularly receives instructions from corporate clients, investment banks, and investment managers. Anthony Lombardi has left the practice.

Goodwin maintains high levels of activity in the private equity, real estate, credit fund, and infrastructure sectors, where it provides a range of services and debt financing solutions. The team is headed up by Ed Saunders, a well-respected fund finance lawyer who acts for managers, GPs, and banks on various products in the sector. Simon Fulbrook‘s practice centres on complex structured financing transactions. Paul Lyons is noted for his understanding of borrower and lender-side real estate debt finance.

Regularly at the centre of complex, multijurisdictional fund finance transactions, ESG fund financings have been a noteworthy source of work for the group at Haynes and Boone CDG, LLP, including high-value syndicated finance deals. Emma Russell‘s considerable market experience is evidenced by her activity on the full spectrum of fund lending products. Emily Fuller frequently acts for lender and borrower-side clients, while Jennifer Passagne is regularly entrusted to assist on complex finance transactions.

Hogan Lovells International LLP regularly works alongside offshore firms from jurisdictions such as Jersey, Gurney and the Cayman Islands, to produce multinational finance and leverage products. Its client base includes borrowers from the debt, infrastructure, and real estate sectors. Bryony Widdup combines over 10 years of fund financing experience with a deep understanding of sustainable finance and investment solutions. Mariel Luna focuses on borrowers engaged in syndicated and bilateral capital call facilities, as well as NAV and hybrid facilities.

Latham & Watkins is geared to handle the structuring of complex NAV facilities to private credit funds. The team’s wider experience with derivatives, repackaging, and repurchase transactions enables them to advise on back-leverage transactions related to asset portfolios. Jeremiah Wagner is well placed to advise banks on NAV facilities accessible to credit funds. Daniel Marcus has been key to the firm’s ongoing relationships with high-profile financial institutions.

Linklaters LLP has achieved renown for its activity on lender- and borrower-side NAV financings. The team’s wider expertise has granted access to the full range of traditional and innovative financing products. Oliver Edwards co-heads the practice, bringing specialist knowledge of margin lending and structured financing. Co-head Ian Callaghan is entrusted by funds, managers, and investment banks to assist with a range of loan transactions. William Evans is a key name for margin lending transactions and has maintained broad experience with a variety of fund financing products.