Firms To Watch: Fund finance

Noted by peers and clients in the market, the ‘responsive, pragmatic,’ and ‘professional’ fund finance team at Goodwin has grown its offering with the hiring of Ed Saunders, who advises managers, general partners, funds and lenders, and specialises in a range of fund finance products including subscription line, NAV and hybrid facilities across multiple asset classes.

Fund finance in London


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.

Practice head(s):

Lee Doyle; Nick Wong; Navdeep Benning; Robert Andrews; Douglas Murning; Briony Holcombe

Other key lawyers:

Kishen Vora; Tamsin Crawford; Alex Short; Fiona Palamarczuk; Matt Worth


‘Ashurst has a good collection of fund finance partners, the majority of whom work well in the fund finance market. We work with Ashurst on some of our very largest transactions and they are practical, efficient and commercial. They are often a pleasure to work with, which is not the case for many law firms. Doug Murning is an excellent, detail-oriented and commercial lawyer. He works on NAV transactions and brings a strong leverage finance background to fund finance. He deserves recognition. Briony Holcombe is an up-and-coming young partner, who is making great strides at Ashurst. She is practical, commercial and very willing to be pragmatic. We love working with her and recommend her to others whenever we can.’

‘The team is cohesive, well managed, thoughtful, experienced and consistent. The practice has key relationship people at partner and associate level and these include Robert Andrews who has so much wisdom and experience, cares deeply about the details, and once those are addressed is helpful in finding solutions. Briony Holcombe and Robert come as a package, they know how each other work, deals can move seamlessly between them, and that is really important for an institutional relationship.’

‘The lawyers have deep structural and legal knowledge. They pay fantastic attention to detail and deliver top class client service. They have experience across leveraged finance and more complex and special situation areas that enables the team to give advice which others cannot.’

Key clients

Assured Guaranty








Intesa Sanpaolo


Morgan Stanley

NatWest Markets

Nordea Bank

Partners Group





Silicon Valley Bank


Société Générale

Skandinaviska Enskilda Banken AB

Standard Chartered

Wells Fargo

Work highlights

  • Advises Nordea Bank SBP, Filial I Sverige and Skandinaviska Enskilda Banked AB (Publ) on a single investor subscription line facility, made available to Bridgepoint Advisors’ direct lending fund, Bridgepoint Direct Lending III.
  • Acted for an investment bank in relation to two facilities provided to managed funds, in each case secured against certain investments of the fund held directly and indirectly via special purpose vehicles.
  • Advised a club of nine lenders, led by Barclays Bank Ireland PLC in respect of set of facilities, exceeding EUR 1 billion, made available to a European debt fund.

Cadwalader, Wickersham & Taft LLP

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.

Practice head(s):

Samantha Hutchinson; Nathan Parker; Mathan Navaratnam

Other key lawyers:

James Hoggett; George Pelling


‘Cadwalader’s fund finance team is one of the best in the London market. They are one of the key firms for lender side representations, and act for most of the lenders in the market. Their team is big, and they have a very large deal-flow. They are bigger than most in the market too. They also actively collaborate with others.’

‘Sam Hutchinson is the leader of the practice and is one of the best-known fund finance lawyers in the market generally. She is practical and commercial, and always willing to be available to discuss issues, taking a pragmatic view in the interests of the deal. She is the stand-out partner in the team and leads from the front. Nathan Parker is a good, upcoming partner, who is constructive and proactive.’

Clifford Chance LLP

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.

Practice head(s):

Andrew Husdan

Other key lawyers:

Isabella Mashru; Richard Day; Robert Lee; Alexander Hutcheson


They have good expertise in fund financing and a good understanding of the product. They are available, proactive, responsive and understand the sense of urgency with matters.

The team is very experienced and has a commercial focus. They have good engagement with the client. Stand outs in the team include are Robert Lee and Isabella Mashru.’

Key clients




BC Partners



State Street

Rothschild & Co


Stirling Capital

Capital Dynamics





Debevoise & Plimpton LLP

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.

Practice head(s):

Alan J. Davies; Pierre Maugüé; Thomas Smith

Other key lawyers:

Daniel Hoborough; Almas Daud; Andrea Thomas; Christine Gilleland; Anna Moore; Alex Bell; Felix Paterson; Gregg Young


‘The team provides concise and accurate advice. It is rare to find legal counsels who are both commercial and experts in their field. Tom Smith is brilliant! He is always on point and an effective negotiator who is great with giving concise and accurate advice. Daniel Hoborough is one of the best associates I’ve worked. He is detail-oriented, patient and gets things done.’

‘Tom Smith and Alex Bell are excellent. Their attention to detail, prompt action and efficient resolution to queries is impressive.’

‘This team, led by Tom Smith, is extremely knowledgeable on the market, collaborative in their approach, focused on achieving solutions for complex issues for their clients and extremely commercial. Tom Smith is definitely one of the best fund finance partners in the City. He has a collaborative and commercial approach to every transaction. He is very responsive and involved in every aspect of the deal, guides his clients through complex issues and to a position where both sides feel the outcome is fair. Tom intelligently and reasonably walks through issues and is a pleasure to work with.’

‘The Debevoise team deliver quality work in an efficient manner with a focus on providing accurate and up to date advice. Tom Smith is a great partner with deep experience in NAV financing. His leveraged finance background means he brings a different lens to the work than others in the space. Almas Daud is a very strong associate and capable of leading deals.’

‘Debevoise have a great fund finance team. They push to make sure things are done on time and take the much of the pressure off the client. Their knowledge is second to none. Over the last 12 months, I’ve reached out to Tom Smith and Almas Daud on a number of topics. 2023 has been challenging on many fronts and I always appreciate D&P’s commentary and counsel to help navigate these interesting times.’

‘Debevoise & Plimpton has a first-class investment funds finance practice that impresses with its unparalleled knowledge of the industry, solutions focused advice and round the clock service. Our team works with the excellent lawyers Pierre Maugue, Christine Gilleland and Anna Moore, who are sharp, helpful and very user-friendly.’

‘A commercially focused and high quality team that has strong breadth across the associate pool and highly experienced partners. Tom Smith has a track record of being a thought leader in the fund finance space, spearheading new initiatives such as ESG margin ratchets and hybrid facilities. A number of his associates are very strong including Felix Paterson, Gregg Young and Almas Daud.’

A very strong team in the NAV and fund financing space, with a renowned reputation in top-of-the market deals. Tom Smith is an excellent lawyer with a strong track record in NAV and fund financing. He is both a good adversary and collaborator in this space and we value his presence in the market.’

Key clients

EQT Partners

Bridgepoint Private Equity



Reed Smith LLP

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.

Practice head(s):

Bronwen Jones; Leon Stephenson

Other key lawyers:

Colin Baker; Maccailein Campbell; Chu Ting Ng; Kyrstin Streeter


‘As a package, we like the combination of Bronwen’s experience and gravitas with Leon’s commercial outlook and industry engagement. Bronwen Jones has great depth of experience and gets into the details.’

‘Reed Smith has a unique approach to bridge legal advice with aspects of funds financing transactions that commonly end up in the legal-commercial grey area. They always provide first-class service, and have remained our top choice for legal advisers over the past five years. They have a broad range of expertise within the team, with great diversity and the ability to collaborate across teams where the need arises – including funds formation, securitisation, tax, local counsel, etc.. Further, the team goes above and beyond to assist our team with developments in the fund financing world. In our experience with other firms, few go to the lengths that Reed Smith does to make sure our execution capabilities are matched on the legal side.’

‘Chu Ting Ng has been a stand-out since we started working with her, and has embodied the commercial and client focused approach. In addition to providing advice and service at the top of the industry, Chu is also just as vested in closing transactions as we are. We have worked on some very complex and time critical transactions over the past few years, and Chu and her team have always delivered in a timely and professional manner.’

Addleshaw Goddard

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.

Practice head(s):

Jeremy Cross; Angus Gill; Zoe Connor

Other key lawyers:

Ahu Yalgin

Kirkland & Ellis International LLP

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.

Practice head(s):

Susannah Amini

Other key lawyers:

Parisa Clovis; George Dyesmith


‘They have good coverage across the US and Europe which means that this team is able to give a complete picture when providing advice or insight. The partners have excellent market insight across both the European and US landscape and have produced some high quality market papers which we have really appreciated. They have also made time to discuss the findings from these papers.’

‘The team is at the forefront of innovation and is reliable and dependable.’

‘They are reliable, straightforward and easy to work with. George Dyesmith in particular is an individual who can be commended for providing straightforward and practical advice in a range of scenarios.’

‘We have worked with the K&E team and Susannah in particular for a number of years. Susannah and the team provide invaluable hands on support, they are excellent in marrying the technical detail with a practical approach to ensuring the right commercial deal is achieved.’

‘Susannah and more recently the expanded team bring with them market leading knowledge and relevant precedent across the entire range of fund financing products. We have benefited immensely from their ability to execute complex transactions on or before deadlines which given current levels of liquidity in the market is no small feat.’

Key clients

Apax Partners

Basalt Infrastructure

EMR Capital


Ergon Capital

GHO Capital

GLP Capital Partners

Henderson Park

Hg Capital


Lion Capital

L Catterton

Montagu Private Equity

Nordic Capital


PAI Partners


Trilantic Capital Management

Work highlights

  • Advised Norvestor, a Nordic private equity firm on a EUR270 million continuation fund financing with Investec Bank to finance the acquisition of assets into its continuation fund.

Macfarlanes LLP

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.

Practice head(s):

Andrew Perkins; Richard Fletcher


‘Macfarlanes has only of the best fund finance team in UK. The practice has exceptional knowledge of the market, and their fund finance expertise is impressive.’

‘Richard Fletcher and Andrew Perkins are top-notch partners focusing on fund finance deals.’

‘They are highly knowledgeable and experienced. The team provide creative solutions to problems and very high quality work.’

‘Super responsive and helpful in the fund financing work. The team have good depth and knowledge in areas that were of importance to our funds. The partner knowledge is very strong and this is a well managed and good team that is performing well.’

Key clients

NatWest Markets PLC (as Agent for the Secured Parties)

Pearl Brook Holdings Limited (“PBHL”), owned by Al Zamil Group.

Montagu Private Equity LLP

Mayer Brown International LLP

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.

Practice head(s):

Aimee Sharman

Other key lawyers:

Matt Lilley


‘Mayer Brown holds a prominent position at the very forefront of the industry and are the firm that we turn to whenever we have any particularly complex or unusual scenarios which require more specialist help and advice. Their work has been always of the highest calibre and well received by both us and our own clients.’

‘Aimee Sharman stands out. Her grasp of the subject matter is second to none as she has the ability to analyse and distil complex situations into tangible and practical advice for her clients.’

‘Mayer Brown has an experienced team with a decent number of seasoned professionals on hand to assist with fund finance asks. The EMEA team benefits from the co-operation with its US team and can leverage knowledge around legal structures, side letters and borrower behaviour.’

‘Aimee Sharman has been an outstanding partner across the last couple of years as she combines extensive legal knowledge with a tremendous understanding of the private equity industry. She is firm but never condescending and understands the need to compromise at all times.’

Simmons & Simmons

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.

Practice head(s):

Jen Yee Chan

Other key lawyers:

John Sayers; Gul Akad; Imran Iqbal-Mian; Charlotte Glazebrook; Matt Pitman


‘Jen Yee Chan has built a diverse and strong team, with significant experience seconding on the lender side. The Simmons’ fund finance team are very attentive to detail, friendly and approachable, and very fast and efficient when it comes to drafting and amending documents. We have found them diligent and thorough in their approach to transactions.’

‘Gul Akad is incredibly diligent and responsive when working on transactions. She is also approachable and communicative, and the quality of her work is outstanding. She is a pleasure to work with.’

‘We have used this team for the last 7 years and have always been impressed by the quality of their work, quick turnaround and their understanding of the key issues. We use Matt Pitman and Jen Yee Chan in the UK and they are fantastic at what they do. They have a strong team around who have a good understanding of the issues and the culture of our business.’

Key clients

Raiffeisen Bank

A&O Shearman

The fund finance team at A&O Shearman 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 A&O Shearman 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.

Practice head(s):

Greg Brown; Fiona Cumming

Other key lawyers:

Franz Ranero; Tom Constance; James Smallwood; Marwa Elborai; Anneliese Foster; Amanda Lemesle Adams

Key clients




IDG Capital


National Australia Bank (NAB)

State Street Bank

Ares Management

Marguerite Fund

Northleaf Capital

Work highlights

  • Acting for Hines European Core Fund, a sub-fund of Hines Real Estate Master FCP-FIS, on a EUR150m corporate-style unsecured revolving credit facility agreement to be used for general corporate purposes.
  • Acting for Hines European Value Fund III in relation to a EUR900m committed capital call facility with a global financial institution.
  • Advising a global alternative asset manager in connection with a NAV facility.

DLA Piper

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.

Practice head(s):

Anthony Lombardi

Other key lawyers:

Mei Mei Wong


‘The team is unique in acting for a large number of high-profile clients across all fund types, including hedge funds, infrastructure funds, real estate funds, private equity, fund of funds, venture funds, family offices and principals of all funds in a large variety of financings across multiple asset classes. The team benefits from the firm’s unrivalled cross-practice capabilities and international network across Europe, the US and Asia. Leveraging the firm’s unrivalled global knowledge, the practice has the ability to cover any asset or legal issue for funds in all jurisdictions at an exceptional standard. This enhances the capability to handle complex cross-border deals.’

‘Anthony Lombardi is an excellent lawyer. He is exceptionally responsive to queries and responds in friendly, pragmatic and commercial manner. He understands our business and spends time getting to know what really matters for our commercial objectives and guides other fee earners to do so. He’s a strategic partner to our business and facilitates early commercial calls.’

‘This is a unique sponsor and HNW focused practice. Anthony Lombardi is great to work with on a deal, he is pragmatic and focused on the end result.’

‘Having worked with this team for a while, I can only say that they are truly dedicated to their clients in the best possible way. They are exceptional at transaction management and ensuring the deal is done smoothly. The team are incredibly smart people and totally on top of every detail. They are an absolute pleasure to work with. Anthony Lombardi in particular is a phenomenal lawyer. He has the incredible ability to structure transactions in the best interests of his clients, and he really knows the deal inside out. He is involved in every detail and is a real champion. He is someone you want on your side of the table.’

‘We have worked with Anthony Lombardi and he was able to navigate the needs of us as a client with the other stakeholders.’

‘A truly unique offering for high-profile clients across a variety of challenging fund types. Anthony Lombardi goes above and beyond for his clients. He is responsive, thoughtful, diligent and collaborative. He is exceptionally commercial and proactive in his thinking and actions, with deep-seated market knowledge, understanding and innovation.’

‘The team acts for a number of good clients across a variety of fund types eg. hedge funds, infrastructure funds, real estate funds, private equity, fund of funds, venture funds, family offices and principals. My experience of them is that they have good market knowledge and are often involved in novel structures and provide pragmatic and commercial advice. The teams seem close to the ultimate fund clients/lenders. They are a pleasure to deal with.’

‘Anthony Lombardi is exceptionally responsive to queries, is very commercial and close to his clients. Anthony flags points early and is very collegiate and collaborative. Anthony has excellent market knowledge and is happy to share information. We have worked together on innovative structuring solutions combining expertise in fund finance with structured finance and derivatives experience.’

Fried, Frank, Harris, Shriver & Jacobson LLP

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.

Practice head(s):

J. Christian Nahr

Other key lawyers:

Jons Lehmann; Kathryn Cecil; Graham Greenwood; Chris Barron


‘The fund finance team at Fried Frank is fully integrated with the fund formation and advisory practice at the firm, and accordingly their advice, whether they are acting for borrowers or for lenders, benefits from high level analysis of the mechanics and operational nuances of the funds. Legal and commercial rigour comes as standard on all transactions.’

‘Kathryn Cecil is not only a lawyer’s lawyer, but through her uncompromising commitment to client service and getting deals done on time, she is beloved by lenders and borrowers across the market. The same is also true of Jons Lehmann at the firm. Together they are the team everyone wants to see on their deals. The first point of call for fund finance advice.’

Haynes and Boone CDG, LLP

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.

Practice head(s):

Emma Russell

Other key lawyers:

Emily Fuller


‘Emma and Emily have a depth of knowledge and experience across fund finance having represented both Borrowers and Lenders. They bring a pragmatic approach to negotiations.’

‘Emma Russell has valuable experience and a wide network of contacts across the market. Emily Fuller is very detailed orientated with good connections and relationships with more junior team members of opposing counsel which is a real benefit in negotiations.’

Key clients

Investec Bank plc

BNP Paribas

Mitsubishi UFJ Trust and Banking Corporation (MUFG)

Mitsui Banking Corporation (SMBC)



Ilmarinen Pension Fund

Sumitomo State Street Banking and Trust Corporation

MV Credit

Partners Group

Raiffeisen Bank

Bank of America

Hogan Lovells International LLP

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.

Practice head(s):

Bryony Widdup

Other key lawyers:

Emma Clarke; Philip Robb; Matthew Cottis; Mariel Luna


‘The depth of experience from Bryony Widdup’s team is an invaluable resource. Additionally, the ability to have a deep and connected commercial understanding in addition to their technical legal points allows for best execution as when drafting terms, there is a clear alignment between the commercial direction and the way that it is presented in the docs.’

Key clients


Infrastructure Investments LP

M&G Secured Property Income Fund

Pantheon Infrastructure Plc

Work highlights

  • Advising HICL Infrastructure Plc and its subsidiary Infrastructure Investments LP on the renegotiation of an existing revolving credit facility agreement with a syndicate of international banks including ESG linked aspects to support their principal infrastructure projects.
  • Advising M&G Secured Property Income Fund acting by its trustee Northern Trust (Guernsey) Limited in relation to its debt facilities, including the refinancing of an existing revolving credit facility with RBS International to provide funding for, amongst other things, the acquisition of new properties and general working capital.
  • Advising Pantheon Infrastructure PLC, a listed global infrastructure fund, on a new multicurrency revolving credit facility for an aggregate commitment of £62.5m with Lloyds Bank Corporate Markets plc.

Latham & Watkins

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.

Practice head(s):

Jeremiah Wagner; Alex Martin

Other key lawyers:

Daniel Marcus; Jana Zupikova


‘With regard to the deals on which we have worked together, it appears that the Structured Finance & Securitisation Practice of Latham is advising highly sophisticated finance institutions with their financing arrangements including notably asset-backed and hybrid facilities to fund structures. They have an in-depth knowledge of the market practice, know their client’s expectations and always make sure the interest of their clients come first. They also make sure to understand the evolution of the legal landscape of foreign jurisdictions appearing in their deals.’

‘I would mention Dan Marcus who is very rigorous and clever when it comes to tackling legal points in a transaction and moving forward to closing. As a lead counsel, he demonstrates both leadership and team spirit, always with the aim to achieve the best deal for the client.’

‘The team is very responsive and quick to come back with feedback. Jana Zupikova is a very hard working individual,  is always ready to help get the deal across the line and can be commercial to work with. Jana can be trusted to act in the best interest of the client at all times’

‘The Latham & Watkins team are the preeminent lender counsel for direct lending fund financing facilities. The quality of their drafting and advice is top drawer and they have seen practically every nuance before and devised elegant solutions. Jeremiah Wagner is arguably the best lender counsel in the market for direct lending leverage facilities. His depth of experience and attention to detail is very impressive. He has strong technical expertise and the ability to provide wise counsel and practical solutions to all complicated issues. Dan Marcus is a very strong senior associate and must be knocking on the partner door soon. He is very responsive, has excellent experience and is always on top of his brief.’

‘This is a very high performing team with great commitment to their client and finding a win win solution. Alex Martin is a standout lawyer that is always caring for the best outcome for his clients.’

‘This is a market leading securitisation team involved in a vast majority of fund financing securitisations.’ 

‘The team has responsive, innovative and decisive individuals who are very comfortable to give a well thought out view. Namely Jeremiah Wagner and Dan Marcus stand out.’

Proskauer Rose LLP

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.

Practice head(s):

Cameron Roper; Paul Tannenbaum

Other key lawyers:

Cormac Ryan; Peter Olds; Lucie Rose; Nigel van Zyl; Chris Elson


‘A strong team across the board. Their advice is prompt, clear and creative when required. Nigel van Zyl offers clear commercial advice and brings creativity when required. Chris Elson is very detailed and offers balanced views.’

‘The team have been excellent at identifying the more commercial and material points that need our input, which is more efficient with our time. At each stage they have added value in structuring and negotiation e.g. alternative options and finding a middle ground in the negotiation etc.’

‘We engaged the partner, Cameron Roper on our first fund finance transaction, and have worked with him again since. He was able to help from the initial stage of identifying lenders, through to term sheet drafting and negotiation, and then onto full legals. He is very well plugged into the market, and is always helpful and friendly to engage with. The associate Cormac Ryan has been instrumental in ensuring all transactions run smoothly from a project management and execution management perspective. He’s also proactive in providing updates in the process. Overall, this is a wonderful team to work with and we look forward to continuing to work with them.’

‘Cameron Roper is a responsive and pragmatic partner who can work at speed when required to close out facility documentation in very short order but always ensures all of the key points are still addressed. He knows market terms and knows when to pick battles and when not to. Overall great guy to work with.’

‘The team is fully engaged on the assignment and does not hesitate to go the extra mile to make the whole process efficient. Cameron Roper is the partner in charge of the project we worked on. Despite the challenging environment around fund financing and difficult counterparties, Cameron managed our expectations well. Cormac Ryan ensured that all documents were shared accordingly to all parties and that everything was in good order to execute in a timely manner.’

‘The team is very collaborative, responsive and knowledgeable. They are always happy to jump on a call. Cameron Roper is innovative and thinks outside the box. He also responds quickly.’

‘The strength and scale of the private equity funds practice means that the fund finance team has a deep understanding of how fund finance interacts with the fund documents and the underlying deals. Lawyers that concentrate just on finance will not get this. The Proskauer team clearly does and this is very helpful to clients. Cameron Roper is a young partner who is knowledgeable and enthusiastic. He is very responsive and keeps on top of matters.’

‘The lawyers in this team provide high levels of attention to detail, are very responsive in discussions and felt like an extension of the internal team. This team provides consistently strong advice and are fundamentally good people that I enjoy interacting and working alongside. Peter Olds and Lucie Rose are a fantastic combination and great team, they complement each other incredibly well and always provide top-tier client service.’

Key clients

EMK Capital

Tenzing Private Equity

One Peak


Schroders Capital

AnaCap Financial Partners