Firms To Watch: Banking, finance and capital markets

The arrival of the ‘technical and pragmatic’ Saniyé Tipirdamaz in November 2022 from Arendt & Medernach was a statement of intent for Mourant, significantly enhancing the practice’s ability to provide financing advice to the firm’s impressive roster of funds clients.

Banking, finance and capital markets in Luxembourg

A&O Shearman

Acting on its own and also able to tap into vast resources throughout its international network, the ‘highly skilled’ offering at A&O Shearman provides a ‘business-oriented mindset’ to commercial and private banks, multilateral lenders, funds, corporates and fintech entities across a broad range of transactional and regulatory matters. Frank Mausen has a thorough understanding of debt and equity capital markets matters, including in relation to bond issuances and the establishment of securitisation vehicles. The ‘calm and pragmatic’ Paul Péporté co-heads the capital markets function alongside Mausen and is noted for his ‘deep understanding of structured products.’ Pierre Schleimer excels at handling fund and real estate financing matters, and also provides advice on distressed financing. Promoted to partner in May 2023, Andreas Hommel co-heads the banking and finance team alongside Schleimer and is particularly active advising on real estate and fund finance mandates. Baptiste Aubry is newly appointed head of the office’s financial services regulatory group and is a popular resource among both banks and fund managers seeking to navigate the intricacies of the country’s regulatory framework.

Practice head(s):

Pierre Schleimer; Frank Mausen; Paul Péporté; Andreas Hommel

Other key lawyers:

Baptiste Aubry; Francois Guillaume de Liedekerke; Bénédicte Kurth; Evelina Palgan; Pierre-Henry Maroteaux; Carole Schmidt; David Van Gaever


‘The firm displays a business-oriented mindset, making discussions about legal concepts simpler.’

‘They are a highly skilled firm with comprehensive expertise on regulatory matters and structured products.’

‘Paul Péporté was always available to discuss the risks, pros and cons of any amendments in a calm and pragmatic way.’

Work highlights

  • Advised EIB on the provision of a €300m credit line to SES for the financing of a new satellites programme.
  • Advised Banque et Caisse d’Epargne de l’Etat, the Luxembourg state savings bank, on a significant fund finance transaction to a fund managed by Luxembourg private equity fund manager SwanCap.

Arendt & Medernach

The ‘deal oriented’ team at Arendt & Medernach provides a ‘high-quality’ service to a loyal and large pool of lenders and borrowers across the spectrum of new money financings, restructurings and regulatory matters. Matthieu Taillandier, who heads the firm’s transactional offering, advises lenders and borrowers on fund financing matters. On the capital markets front, François Warken has a strong grasp of regulatory and transactional procedures and remains a popular choice for issuers, in particular, across a plethora of debt and equity capital markets work. Displaying a ‘keen understanding of cross-border issues,’ Grégory Minne has ‘quickly grown to be well respected in the banking field,’ handling new money and restructuring mandates. Glenn Meyer heads the overarching banking practice and handles AML and terrorist financing matters. Philippe Dupont also remains ‘a key figure in the Luxembourg market’, providing transactional, litigation and regulatory expertise to banking clients. At a more junior level Emmanuelle Mousel excels at regulatory matters, Nicolas Tintanne has a broad transactional finance practice and Dominik Pauly is ‘an impressive expert in complex cross-border finance’ mandates, including those with a German nexus. Other recommended practitioners include founding partner Paul Mousel, for his insurance regulatory knowledge, and Laurent Schummer for equity capital markets work.

Practice head(s):

Glenn Meyer; Matthieu Taillandier

Other key lawyers:

François Warken; Grégory Minne; Pierre-Michaël de Waersegger; Philippe Dupont; Paul Mousel; Laurent Schummer; Marc Mouton; Lynn Alzin; Emmanuelle Mousel; Dominik Pauly; Nicolas Tintanne


‘The team is extremely knowledgeable, approachable and solutions-oriented.’

‘The firm has outstanding expertise in all major finance and capital markets areas, including financial restructuring. The team has built a loyal and large client base which allows them to advise clients on almost all major Luxembourg finance and restructuring transactions.’

‘The team provides continuous high-quality services and relies on highly accessible team members. They are well organised and particularly adept at handling a high volume of complex cross-border finance transactions.’

‘I would highlight their in-depth knowledge of the banking market, as well as their expertise in complex margin loans and other banking products. They are deal oriented.’

‘Matthieu Taillandier is very technical but practical when delivering solutions and has a very deal-oriented approach. He is also good at creating consensus among large banking syndicates.’

‘Philippe Dupont clearly is a key figure in the Luxembourg market.’

‘Grégory Minne has quickly grown to be well respected in the banking field generally and shows deep competence in structured finance and insolvency risk analyses. I also appreciate his keen understanding of cross-border issues and application of private international law principles.

‘Dominik Pauly is an impressive expert in complex cross-border finance transactions as well as complex financial restructuring matters. In particular, I appreciate his strong commercial understanding and excellent work efficiency, as well as his hands on mentality.’

Key clients



Clearstream Banking

Crédit Agricole

Goldman Sachs


Midas Wealth Management

Pictet & Cie

Swissquote Bank Europe S.A.


Work highlights

  • Advised Permira on the negotiation of the €4.5bn subscription credit line made available to Permira VIII 1 SCSp and Permira VIII 2 SCSp.
  • Assisted UBS Fund Management (Luxembourg) S.A. on the issuance of debt securities linked to European Union allowances under its €10bn fiduciary note programme.
  • Advised VINCI Airports SAS, in the context of a major acquisition of a minority stake in Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) (Mexico).

Clifford Chance

Clifford Chance provides a ‘high quality and responsive service’ to a stellar roster of banking and funds clients providing or seeking finance to facilitate a range of transactions. The team is well-placed to advise on cross-border mandates by virtue of its vast international network but is also picking up an increased volume of work where Luxembourg law governs the contractual documentation between parties. In this regard, the ‘very responsive’ Martin Wurth is noted for his fund financing prowess and regularly advises banks and borrowers on both syndicated and bilateral facilities. Steve Jacoby also provides ‘top-notch’ advice on fund financing subscription and capital call facility agreements, as well as handling a considerable amount of fintech and acquisition finance mandates. Stefanie Ferring handles new money deals, refinancings and restructurings, with the real estate sector a particularly fertile source of work. Marc Mehlen rounds out the team at a leadership level and is noted for his capital markets prowess, particularly as it relates to securitisations and debt issuances.

Practice head(s):

Steve Jacoby; Martin Wurth; Marc Mehlen; Stefanie Ferring

Other key lawyers:

Christian Kremer; Audrey Mucciante; Eimear O’Dwyer; Adnes Muhovic; Udo Prinz; Boika Deleva; Yolanda Ghita-Blujdescu; Alexandre Sensi; Margaux Felix; Sadan Ramovic; Yi Wang; Sherazade Ould-Hocine


‘The team provides a high quality and responsive service.’

‘It is a very strong and experienced team, especially in the fund finance sector. Their practice is backed up by an equally strong fund formation team, which makes them a go-to law firm in Luxembourg.’

‘Very good and knowledgeable partners working alongside talented associates. They are responsible and attentive to detail. They do not compromise with short cuts and help us mitigate our legal risks to a great extent.’

‘Steve Jacoby is top notch.’

‘Martin Wurth is very responsive and always available to answer questions, hands-on, shares his knowledge, has strong negotiating skills and has a very good legal expertise and industry knowledge in Luxembourg financing.’

‘Martin Wurth is probably the best and the most competent player here in Luxembourg in fund financing matters.’

Key clients

BNP Paribas Fortis SA/NV

Münchener Hypothekenbank eG

EQT Infrastructure

Banco Santander


Fonds de Garantie des Dépôts Luxembourg

Sixth Street Partners LLC

China Merchants Bank Co. Ltd., Luxembourg Branch

China Construction Bank (Europe) S.A.


Fund Financing



B2Holding ASA

European Investment Bank

ING Bank N.V.

Bayview Global Opportunities

Work highlights

  • Advised BNP Paribas Fortis as documentation agent, joint co-ordinator and mandated lead arranger on €750m revolving credit facilities agreement with swingline option for Encevo S.A., governed by Luxembourg law.
  • Advised European Investment Bank on an issuance by the EIB of its first euro-denominated bond on a private blockchain.
  • Advised a syndicate of international lenders on a Luxembourg law-governed €440m green term loan facility for Warehouse De Pauw NV.

Elvinger Hoss Prussen

Elvinger Hoss Prussen leverages an ‘in-depth knowledge of the Luxembourg legal market,’ enabling it to provide ‘practical, responsive and results-oriented advice’ to funds, corporates and banks on both domestic and cross-border transactions. Headed by the vastly experienced Pit Reckinger, the team’s generalist ethos ensures that clients receive a holistic and coordinated service and a degree of flexibility that can be lacking in more siloed practices. André Hoffmann exemplifies this approach, being equally comfortable handling regulatory matters as he is banking and finance transactions. Other key practitioners include capital markets experts Philippe Prussen and Philippe Hoss, Karl Pardaens, who is adept at handling fintech regulatory work, as well as ECM matters (including SPAC listings) and Henri Wagner, whose recruitment from A&O Shearman in March 2023 was a major boost for the firm in light of his international banking and financial services regulation expertise.

Practice head(s):

Pit Reckinger

Other key lawyers:

Philippe Hoss; André Hoffmann; Toinon Hoss; Katia Panichi; Karl Pardaens; Philippe Prussen; Cintia Martins Costa; Nicolas Steichen; Henri Wagner; Anna Hermelinski-Ayache; Ana Bramao; Thierry Kauffman; Azadeh Djazayeri; Tiago Nogueira


‘The firm brings in-depth knowledge of the Luxembourg legal market coupled with awareness of drivers such as commercial factors and other jurisdictions.’

‘I found the partners and associates super responsive and understanding of the needs of a US fund setting up in Luxembourg, then transacting an acquisition.’

The team provides practical, responsive and results-oriented advice.’

‘We appreciated the approachability of the partners, their responsiveness, market knowledge and reputation.’

‘The team has a brilliant lead in the form of partner Karl Pardaens – a true leader in the Luxembourg market, with connections at all levels of government, commerce and law.’

‘The corporate team at EHP is pulling away from the Luxembourg market and cementing themselves as the leaders for corporate work in Luxembourg.’

‘Karl Pardaens – the best corporate partner I have worked with in Europe.’

Key clients

The European Investment Fund

Providence Equity/PSG Equity

Banque de Luxembourg

Banque Haviland

Massachusetts Mutual Life Insurance Company

Gramercy Funds Management LLC

Valaris Limited – Valaris Finance Company LLC

Fortress Investment Group



The European Investment Bank


Revantage Europe

Ardagh Group S.A.

Monroe Capital

Société Générale Bank & Trust

Aareal Bank AG





Codic International SA

Digital Bridge






Silver Lake


Work highlights

  • Advised the European Investment Fund in the implementation of a first loss portfolio guarantee agreement.
  • Advised Cinven on the acquisition financing for the acquisition of Euro Techno Com Group.
  • Advised Quilvest on financings for its fund range and for its group.


A strong offering in its own right and also able to leverage international resources across the network, the 'approachable, dedicated and efficient' team at Linklaters is able to ensure full alignment for large global creditors and debtors engaged in cross-border financings. ‘Always abreast of legal developments and market trends,’ team head Melinda Perera has gained trusted advisor status for clients on banking as well as debt capital markets work, where she has regular engagement from banks as underwriters on landmark supranational debt issuances. The ‘exceptional’ Patrick Geortay has a broad ranging practice that includes both regulatory and transactional expertise, including in relation to asset, acquisition and real estate finance. Nicki Kayser is ‘definitely someone you want in your team for complex matters,’ including for advice on debt issuances in digital form through DLT. The ‘very accessible, responsive and solutions oriented’ Eliane Dejardin Botelho is also recommended on regulatory issues and the establishment of bespoke derivatives and securities financing structures.


Practice head(s):

Melinda Perera

Other key lawyers:

Nicki Kayser; Patrick Geortay; Eliane Dejardin Botelho; Rémy Bonneau; Delphine Horn; Anna Christina Görgen; Thibaud Müller; Tiago Ventura Mendes; Merve Nazli Kaylan; Laura Mbo; Laurent Benoit; Adrian Danciu


They have strong industry knowledge and connectivity with all the landmark deals in the market coupled with a global reach in regard to sector knowledge and regulatory insight/compliance.

‘The team, from partners to associates is very well trained, well versed, supportive, protective, commercial, and is seen nearly as an extension of the business.’

‘The team is approachable, dedicated and efficient.’

‘Melinda Perera is a trusted advisor for banking and capital markets work and is always abreast of legal developments and market trends.’

‘The exceptional Patrick Geortay is a brilliant lawyer with deep knowledge of banking, security interests and restructuring issues.’

Nicki Kayser is definitely someone you want in your team for complex matters. He is excellent at making you consider all the potential real issues (legal and others) and providing you with good and practical solutions.’

‘Delphine Horn has shown outstanding qualities both in terms of availability, flexibility, time and cost constraint management.’

Eliane Dejardin Botelho is a wonderful professional who is very accessible, responsive and solutions oriented.’

Key clients

Bank of China

AXA Logistics Europe Master S.C.A.

Moolec Science Limited


Artex Services AG

Crédit Agricole Corporate and Investment Bank/Skandinaviska Enskilda Banken AB

Work highlights

  • Advised lead managers in the connection with several issuances of notes by the European Union under the debt issuance programme.
  • Advised the joint lead managers in relation to a dual tranche (10-year tenor and 20-year tenor) bond issue by the Grand Duchy of Luxembourg for an aggregate amount of €3bn.
  • Advised Crédit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB with the issuance by the European Investment Bank of its first ever digital Climate Awareness Bond.

Loyens & Loeff

Resourcing matters with ‘responsive lawyers who are proactive and diligent,’ and who have comprehensive knowledge across loan and capital markets financial products, Loyens & Loeff provides ‘an excellent client service’ across a range of secured and unsecured new money and refinancing and distressed financings. Spearheaded by Vassiliyan Zanev, the firm has gained acclaim for its fund financing work, with a myriad of major fund clients regularly turning to the firm for credit through subscription, capital call and NAV facilities, among other methods. Zanev is also well-versed at advising on structured finance matters, structuring of securitisation vehicles and the issuances of asset-backed securities. Anne-Marie Nicolas heads the secured lending team and as well as being ‘very skilled in insolvency situations’ is also adept at advising on new money acquisition and leveraged financing transactions. Other key members of the team include Audrey Jarreton, who excels at handling acquisition and real estate finance work, and Adrien Pierre, who has ‘very strong technical skills and great market knowledge’ in the context of financial services regulatory work.

Practice head(s):

Anne-Marie Nicolas; Vassiliyan Zanev

Other key lawyers:

Audrey Jarreton; Noémi Gemesi; Adrien Pierre; Maude Royer; Natalja Taillefer; Ekaterina Lebedeva; Sarah Ambulante; Marko Huskic


‘They are solid technicians and provide an excellent client service.’

‘Great team with responsive lawyers who are proactive and diligent.’

‘Vassiliyan Zanev is one of the pre-eminent Luxembourg finance lawyers and is noted for his practical and pragmatic approach.’

‘Vassiliyan Zanev has a long track record of delivering exceptional work for hedge funds.’

‘Anne-Marie Nicolas is very skilled in insolvency situations.’

‘Audrey Jarreton is a standout lawyer. She is friendly, diligent and ensures transactions are closed with minimal fuss.’

‘Adrien Pierre is a top financial regulatory lawyer. Very strong technical skills and great market knowledge. His combination of Magic Circle and in-house experience is very helpful.’

‘One of Loyens & Loeff’s highlights is the capability to render service in multiple matters without losing the quality of excellence.’

Key clients


Goldman Sachs

Corestate Capital Holdings

EQT Fund Management

Brookfield Asset Management

J.P Morgan

Morgan Stanley


Bain Capital Credit

Bank of America

Work highlights

  • Advised BlackRock on the establishment of an $11.5bn Islamic financing as well as a first-of-its-kind issuance of $3bn Sukuk notes in the context of its refinancing of its stake in Aramco Gas.
  • Advised Bank of America in relation to the subscription credit facility for the Luxembourg fund of Blackstone Real Estate Partners X.
  • Advised on the landmark Adler Group restructuring, implemented through a restructuring plan under Part 26A of the UK Companies Act.


Led by Laurent Lazard, the ‘responsive and efficient’ team at BSP provides ‘high quality and cost-effective advice’ to banks, funds and corporates seeking or providing finance, often requiring a more bespoke structure. Lazard is particularly adept at advising arrangers and issuers on securitisation transactions, particularly where auto loans form the underlying asset class. The ‘impressive’ Nuala Doyle also advises on securitisation mandates, although she is best-known for her DCM and ECM work, both from a transactional and a regulatory perspective. Nicolas Widung, who was recently promoted to partner, is ‘highly responsive, pragmatic and knowledgeable,’ and has earned particular acclaim for his real estate finance work.


Practice head(s):

Laurent Lazard

Other key lawyers:

Nuala Doyle; Nicolas Widung


‘The firm provides high quality and cost-effective advice.’

‘They are commercial, responsive and efficient.’

‘Nicolas Widung is highly responsive, pragmatic and knowledgeable.’

‘Nuala Doyle is impressive.’

‘We often work with BSP for setting up of corporate financings and we are really impressed by the high quality of services BSP is able to deliver.’


Key clients

Absa Bank Limited

Novus Capital Luxembourg S.A./Nomura International SA

Volkswagen Bank GmbH

Goldman Sachs

Banque Internationale à Luxembourg

Deutsche Bank AG


Bank of Ireland


Nordic Investment Opportunities

Work highlights

  • Advised ABSA Bank on their $1bn Master Structured Note Programme.
  • Advised Nomura International (as arranger) and Novus Capital Luxembourg (as issuer) on its successful securitization programme.
  • Advised Deutsche Bank with respect to a series of guarantee agreements that it entered into with European Investment Bank for the purposes of covering loan and bond positions held by Deutsche Bank in Spain.

DLA Piper Luxembourg

DLA Piper Luxembourg has ‘rapidly developed good cross-border capabilities’ since it was established in 2017, and regularly advises on multi-jurisdictional mandates. An ‘outstanding all-around lawyer,’ team head Xavier Guzman is ‘a wizard in the Luxembourg financing environment,’ with a varied offering that includes acquisition finance work, as well as niche expertise in relation to renewable energy financings. Combining extensive financial services regulatory knowledge with an impressive transactional practice, Laurent Massinon finds ‘practical solutions in difficult situations’ including in relation to project finance work, as well as restructuring matters. Yann Zellet provides ‘client and business-oriented advice’ to borrowers and lenders, particularly in the context of energy and fund financing transactions.

Practice head(s):

Xavier Guzman

Other key lawyers:

Laurent Massinon; Constantin Iscru; Christina Nickel; Yann Zellet; Berta Blasco Lázaro; Eduardo Fonseca


‘Technically irreproachable, responsive and reliable. Deep knowledge of the market practices.’

‘Xavier Guzman is a wizard in the Luxembourg financing environment; he is very knowledgeable and has acute attention to details to ensure the deal moves into the right direction. Highly recommended!’

‘Xavier Guzman is an outstanding all-around lawyer.’

‘The outstanding Laurent Massinon has great financial services regulatory knowledge and finds practical solutions in difficult situations.’

‘Yann Zellet provides client and business-oriented advice.’

‘DLA Piper offers comprehensive advice in the field of asset finance and the team has a good knowledge of the banking regulatory framework.’

‘Laurent Massinon is DLA’s most visible finance lawyers with a strong commercial mind-set, combined with an extensive expertise in project finance.’

‘The proactivity and clear drafting, as well as team availability are the aspects that stand out for DLA Piper Luxembourg. We know that when they are in charge, we do not need to chase or worry about things being done on time.’

Key clients

3R Petroleum Óleo e Gás S.A.

Danaher Corporation

Aareal Bank AG

EIG Global Energy Partners

Energy Infrastructure Partners AG

European Bank for Reconstruction and Development

Fortress Investment Group LLC


Harrison Street

The Carlyle Group

Claret Capital Partners

Axalta Coating Systems


PRA Group Inc.

Medtronic Global Holdings S.C.A

Traton SE

Landesbank Hessen-Thüringen Girozentrale

Treo Asset Management

Paragon Customer Communications Limited

Signature Capital

Work highlights

  • Advised Traton S.E. with the second update of its debt issuance programme of up to €12bn.
  • Advised EIG Global Energy Partners on the financing/refinancing aspects relating to a $4.8bn acquisition of a minority interest in Repsol Upstream.


NautaDutilh provides a ‘hands-on, accessible and responsive’ service for a bank-focused client base across a range of finance mandates throughout the Benelux region. As well as work on fund and acquisition finance transactions, Josée Weydert regularly advises underwriters on debt capital markets mandates, including recently in a liability management context. Sara Gerling co-heads the team alongside Weydert and as part of her broad practice regularly handles real estate finance mandates with a German nexus.

Practice head(s):

Josée Weydert; Sara Gerling

Other key lawyers:

Margaretha Wilkenhuysen; Romain Sabatier; Meliha Dacic; Ann Blato


‘They have a good presence in the market.’

‘Pleasant to deal with and keen to help.’

‘The first-class firm is at the top of their game and top of the market in Luxembourg and Netherlands.’

‘They display a hands-on, accessible and responsive approach.’

‘A highly knowledgeable and responsive team.’

Key clients

Citigroup Global Markets Inc.




Jefferies Finance LLC

Masonite International Corporation


Onex Corporation

Orion Engineered Carbons



Rothschild Bank

SS&C technologies

Work highlights

  • Advised Gamuda Berhad in connection with an acquisition structure (including the establishment of a Luxembourg joint venture company) of a site at Hampstead along with a co-investor, Astir Living Limited.
  • Assisted Edmond de Rothschild with the listing of a Luxembourg law-governed notes issuance programme on the professional segment of the EuroMTF market of the Luxembourg stock exchange and subsequently with its first loan investment in the UK.
  • Assisted Deutsche Bank and the other purchasing banks on a €700m secured senior notes issue by Merlin Entertainment, via a Luxembourg issuing vehicle, Motion Finco Sarl.

Baker McKenzie

Acting on its own and regularly working alongside practitioners across the firm’s extensive international network, Baker McKenzie provides ‘very reliable’ and ‘solutions oriented’ advice to lenders and borrowers on financing solutions to facilitate M&A transactions, for working capital and restructuring solutions. The real estate sector informs much of the workflow, with Jean-François Trapp regularly engaged in domestic and pan-European financing mandates to facilitate large-scale commercial and retail projects. Laurent Fessmann co-heads the team alongside Trapp and regularly provides bridge and fund finance solutions to asset managers.

Practice head(s):

Laurent Fessmann; Jean-François Trapp

Other key lawyers:

Ana Vazquez; Alexis Bouvet


‘The team provides very reliable advice.’

‘Explanations and clarifications are clear and understandable. The team provides solutions-oriented advice.’


Key clients

Invel Real Estate group/Goldman Sachs Asset Management

Bausch Health

Work highlights

  • Assisted Invel Real Estate group with a financing restructuring completed in the context of a secondary sale of Italian and Luxembourg real estate fund units by Castlelake to Goldman Sachs through the implementation of a new joint-venture and co-investment agreement between Invel Group and Goldman Sachs.
  • Assisted Bausch Health with several amendments to its credit facilities agreement.


Leveraging ‘excellent market knowledge and deep expertise’ in the fund and banking space, CMS' Luxembourg office is regularly instructed on standalone domestic regulatory issues, as well as providing local law financing advice, alongside lawyers throughout its network of offices, across a myriad of transactional matters. Team head Vivian Walry has ‘great knowledge and commercial understanding’ and is noted for his project finance, regulatory and capital markets expertise. Aurélia Viémont takes the lead on all regulatory matters and through her involvement in working groups, as well as her fee-earning work, has developed a deep understanding of both traditional banking and fintech regulatory developments.

Practice head(s):

Vivian Walry

Other key lawyers:

Aurélia Viémont; Zornitsa Dimitrova


‘The team has excellent market knowledge and deep expertise.’

‘Vivian Walry has a great knowledge and commercial understanding and treats every task, whether small or large, with the same amount of attention and care.’

‘This team has it all, dedicated and engaged professionals, human touch, technical knowledge, specific experts, they dedicate time and effort to customers. Honestly, I am super happy that we found them.’

‘They are professional while human. The interest for our organisation is clear, they do not see us as one more client, but as a partner, that’s key.’

‘The team is readily available and willing to assist.’

‘Straight forward replies in a limited time.’

‘The team work efficiently together to contribute the best knowledge to tasks.’

‘Vivian Walry has a great knowledge and commercial understanding and treats every tasks whether small or big with the same amount of attention and care.’

Key clients

Bank of Ireland

UniCredit Bank


Royal Bank of Scotland


National Australia Bank

Erste Bank

Raiffeinsenbank International

Aareal Bank

Novo Banco

Nordic Capital

Tristan Capital Partners


The asset management sector is at the core of Dentons' financing workflow, both in relation to providing liquidity and capital to funds for their core business, as well as in the context of downstream investment activity. Pure fund finance work remains the core driver, with ‘very efficient’ team head Stéphane Hadet regularly instructed by banks lending to funds utilising a myriad products including NAV, subscription and hybrid facilities. The team also regularly works alongside colleagues throughout Europe (including the CEE region), advising real estate funds and property companies on financings to facilitate property acquisitions. Other work includes securitisations and regulatory advice.

Practice head(s):

Stéphane Hadet

Other key lawyers:

Oilver Lesage; Nathalie Campello; Christophe Renaudin; Yifan Zhang


‘The firm provides an extremely high level of service across the board. They have very good strength in depth, which means they are able to support large numbers of transactions at any one time while maintaining good quality advice and transaction management.’

‘Stéphane Hadet is a pleasure to work with, always ensuring that his team delivers transactions on time and in an efficient manner.’

‘Christophe Renaudin shows complete dedication to getting the deal done and is a real asset to use on our transactions.’

Key clients


CPI Property Group

Slate Asset Management

Al Habtoor Hotels Overseas LLC

CPI Property Group

HB Reavis

Round Hill Capital



Work highlights

  • Advised a syndicate of ten European, Asian, and North and South American banks, led by Rabobank, on a two-year sustainability-linked loan facility to multinational coffee merchant Sucafina.
  • Advised CPI Property Group on a successful tender offer of outstanding bonds due in 2026, 2027 and 2028.
  • Advised Slate Asset Management on the financing to Move About Group to support the rollout of more than 150 electric vehicles as well as electric vehicle charging infrastructure across Europe.


The ‘very commercial and relationship driven’ team at KLEYR GRASSO provides ‘efficient solutions’ to a borrower-focused client base on their ongoing financing needs as well as to facilitate their transactional needs. Combining ‘extensive legal knowledge and commercial acumen,’ team head Renata Jokubauskaite regularly advises on acquisition finance mandates. The arrival of ‘very well reputed practitioner’ Pierre-Alexandre Degehet from BSP in June 2023 also strengthens the team in light of his broad ranging transactional and regulatory expertise.


Practice head(s):

Renata Jokubauskaite

Other key lawyers:

Mevlüde-Aysun Tokbag; Delphine Tempé; Pierre-Alexandre Degehet


‘A boutique firm with an approach as efficient as a big law firm. They are flexible enough to negotiate fees and timelines and have commercial acumen along with remarkable legal skills.’

‘They are very commercial and relationship driven.’

‘What makes this practice unique is their understanding of the client’s needs and the capacity that they have to propose adequate and efficient solutions to the legal difficulties that are encountered.’

‘Renata Jokubauskaite is very professional, understanding and reliable.’

‘The outstanding Renata Jokubauskaite combines extensive legal knowledge and commercial acumen, and has an easy-going persona.’

‘Pierre-Alexandre Degehet is a very well reputed practitioner.’

‘Very commercial and relationship driven.’

‘What makes this practice unique is their understanding of the client’s needs and the capacity that they have to propose adequate and efficient solutions to legal difficulties that are encountered.’

Key clients

TA Associates



The first offshore law firm to establish a presence in Luxembourg, Ogier gained a first-mover advantage and has cultivated a loyal roster of clients, including funds and banks, as well as regularly being referred work from well-established international firms lacking a presence in the jurisdiction. Led by Jad Nader, the ‘strong banking team’ has ‘extensive experience in funds finance,’ and is able to provide integrated advice utilising Cayman and Luxembourg structures for lenders providing a range of credit facilities to these asset managers. Other work includes a borrower-focused offering for funds on financing to facilitate their downstream M&A and real estate transactions.

Practice head(s):

Jad Nader

Other key lawyers:

Nicolas Bonora; Caleb Holder; Chloe Dominici; Fabiana Popescu


‘They have a strong banking team with extensive experience in funds finance. They are user-friendly and provide the right service for London market transactions.’

‘Jad Nader and Caleb Holder are both very responsive and always go the extra mile when needed.’



The ‘very responsive’ team at Stibbe provides ‘pragmatic, proactive and cost-effective advice’ to borrowers and lenders on real estate, corporate finance and restructuring matters. Sponsor-backed leveraged finance work is also a particular strength, with the team working well with UK and US referral firms, as well as directly with funds, which are appreciative of the firm’s ‘great grasp of international issues.’ ‘Technically impeccable’ team head Jean-Marc Delcour has ‘a vast knowledge of the market,’from both a transactional and regulatory perspective.

Practice head(s):

Jean-Marc Delcour

Other key lawyers:

Nicolas Pradel; Steven Paridaens; Nawelle Deghdough; Lawene Mulla


‘The Stibbe team is very responsive and able to meet tight deadlines whilst always providing excellent quality advice.’

‘They provide good quality, pragmatic, pro-active and cost-effective advice.’

‘Jean-Marc Delcour is technically impeccable and has a vast knowledge of the market. He looks after our interests, but he knows how to adequately handle the relationship with the sponsor and tries to find common ground.’

‘Jean-Marc Delcour is our “go to” guy. He provides an outstanding service and quality. Would recommend any day. ’

‘Nicolas Pradel – good quality advice and prompt service.’ 

‘Steven Paridaens goes above and beyond on each transaction to assist with queries in a very timely manner.’

‘Stibbe is incredibly attentive to the details and works well with requirements of outside jurisdictions.’

‘The team is always available and delivers high quality in a swift and straightforward manner.’

Key clients

Unicredit Bank

Eleuthera SPC

Morgan Stanley

Software Solutions Investments

Deutsche Pfandbriefbank AG

Betlclic Everest Group

RREEF Pan-European Infrastructure Lux S.à r.l.

Deutsche Bank AG

Argentex BV

London & Regional Properties Limited

BNP Paribas

J.P. Morgan

Glenwell Group

Ginkgo Advisor


Work highlights

  • Advised the lenders in relation to a senior facilities agreement (as amended from time to time) to the SLV Lighting Group.
  • Advised Deutsche Bank in a series of financing transactions relating to the acquisitions of Luxembourg, French and Swedish entities holding logistics properties located in France, the Netherlands, England and Sweden with Sunrise Real Estate as asset manager and sponsored by a major US global alternative investment manager.


The ‘client-focused’ team at AKD continues to gain traction in the market as a result of its ability to provide ‘dynamic, solutions-oriented and tailor made advice’ to borrower clients across a wide range of cross-border banking and capital markets matters. Yann Hilpert is ‘responsive and experienced’ and excels at handling acquisition and asset finance mandates. Hilpert co-heads the team alongside recently promoted partner Arnaud Barchman, who is ‘pragmatic, business oriented and very knowledgeable’ across securitisation and DCM mandates in particular. The team is rounded out a partner level by Jasper Verhoog, who specialises in financial supervision and securities law, and acts as main liaison between the firm’s Luxembourg and Dutch offices.

Practice head(s):

Yann Hilpert; Arnaud Barchman

Other key lawyers:

Jasper Verhoog; Delphine Gomes


‘The team provides excellent, dynamic, solutions-oriented and tailor made advice.’

‘The team at AKD is client focused. They work to understand our needs and timelines and then they deliver accordingly, which builds trust.’

‘Yann Hilpert is responsive and experienced. He provides “No fuss” efficient legal advice.’

‘Arnaud Barchman is super responsive and attentive to client needs.’

‘Arnaud Barchman is the go-to person, he is pragmatic, business oriented and very knowledgeable and agile.’

‘Strong finance credentials with a positive solution based approach.’

‘Delphine Gomes and Arnaud Barchman provide top quality advice without point scoring. They are very collaborative.’

‘AKD is a human-sized firm, with a dedicated and loyal team. Great expertise in the market, proactive and engaging staff.’

Key clients


Morgan Stanley



International Finance Corporation

KfW IPEX-Bank GmbH

Cain International

Pictet Group



Reference Financial Services S.A.

Intermediate Capital Group

Morgan Stanley



Alaric Securities

Catalina Holdings

Baytex Energy Corp.

U.S. Bank


Stellex Capital Management

Norddeutsche Landesbank Girozentrale

Work highlights

  • Acted as trusted advisor to Unzer on all legal matters in Luxembourg, with a strong focus on regulatory work.
  • Assisted KKR on a securitisation transaction with PayPal for a value in excess of €40bn.
  • Assisted an aircraft manufacturer on the lease of two airliners to a Luxembourg-based airline.

GSK Stockmann

The ‘entrepreneurial and innovative’ team at GSK Stockmann has a ‘clear understanding of the market’ and is regularly involved in high-value, cross-border financing deals, both on lender and borrower side. Philipp Mößner is particularly adept at handling real estate finance matters with a nexus to Germany and co-heads the team alongside Andreas Heinzmann, who excels in handing capital markets and securitisation matters.

Practice head(s):

Andreas Heinzmann; Philipp Moessner

Other key lawyers:

Valerio Scollo; Manuel Fernandez; Anna Lindner; Hawa Mahamoud


‘The team is entrepreneurial and innovative. They are responsive to clients and have a clear understanding of the market. They are also lovely individuals and a pleasure to work with.’

‘Manuel Fernandes is a remarkable lawyer.’

‘Excellent expertise and cross-border collaboration.’

‘Very nice team with great competence and responsiveness, which is rare on the market.’

Key clients

Aroundtown SA/Grand City Properties S.A.

Cells Property Investors and Deutsche Finance International

CELLS Property Investors GmbH and Kamco Investment Company K.S.C.

Hines Immobilien GmbH

FREO Group

Universal-Investment-Luxembourg S.A.

Fasanara Capital

Alter5 Financial Technologies S.L.

Channel Finance S.A.

EQT Private Equity

Vicenda Asset Management AG

PlusPlus Capital AS

Trade Asset Securitisation Company S.à r.l.

ID Finance Spain, S.A.U.

Mediobanca International – EMTN and Warrants Programmes

Credit Suisse AG

Work highlights

  • Advised Aroundtown SA and Grand City Properties on various matters throughout 2022/23. Both Aroundtown SA and Grand City Properties S.A. offered a scrip dividend to their shareholders following the AGM.
  • Advised Cells Property Investors and Deutsche Finance International in connection with the acquisition of a majority stake in the Sheraton Berlin Grand Hotel Esplanade from Archer Hotel Capital and Event Hotels.
  • Advised the FREO Group in connection with a complex joint venture equity contribution and mezzanine financing provided by Cain International in relation to their real estate development Koryfeum, a large-scale, innovative and sustainable office campus in Unterschleißheim next to Munich, Germany.

Luther S.A.

Leveraging ‘excellent experience with Luxembourg supervisory law and good contacts with the authorities,’ Luther S.A. is well-positioned to navigate the domestic regulatory terrain on standalone matters, as well as a myriad finance and capital markets domestically and in a cross-border context. ‘Proactive and attentive’ team head Bob Scharfe provides ‘practical and solutions-oriented’ advice to banks, funds and corporates across a wide array of new money and refinancing transactions.

Practice head(s):

Bob Scharfe

Other key lawyers:

Marion Lanne


‘Very good understanding of client needs and commercial mindset.’

‘They value all their clients, big and small; they also have a long-term vision towards business.’

‘Great experience with Luxembourg supervisory law, good contacts with the authorities, reliable responsiveness and fast delivery of results and, where necessary, alternatives.’

Key clients


AM Alpha

Antaria Luxembourg

Avellinia Capital

AssetCo PLC

Bentall GreenOak Europe

Berlin HYP AG


DBS Bank




European Investment Bank

KanAm Grund Group

Lagfin SCA

LD Education

Mizuho Trust & Banking (Luxembourg) S.A.

NAS Invest

Socadif Capital Investissement

SV SparkassenVersicherung Holding AG


Work highlights

  • Advised Altice International S.à.r.l. on the successful refinancing of €1.7bn of term loans and on the raising of €0.4bn of new term loans (facilities agreement, security package and relevant conditions precedent).
  • Advised the European Investment Bank regarding the granting of a first-loss guarantee to Landesbank Baden-Württemberg, with the aim to increase financing of small and medium enterprises in Germany and Europe.
  • Advised Lagfin SCA on the placement of €536.4m of new senior unsecured equity-linked bonds and the concurrent repurchase of a nominal amount of €327.4m of the previous equity-linked bonds.

Simmons & Simmons in Luxembourg

Leveraging the firm’s overarching buy and sell-side funds strength, fund finance accounts for a sizeable volume of work for Simmons & Simmons in Luxembourg, with the firm regularly acting on its own as well as in unison with other offices throughout the network across a wide range of credit facilities. Team head Louis-Mael Cogis excels at this, although his finance work is broader than that to also include structured corporate finance matters, acquisition finance and real estate finance. Cathrine Foldberg Møller heads the office’s standalone regulatory team and handles a varied array of matters impacting traditional banking, payment services, investment activities as well as product regulation and financial promotion.

Practice head(s):

Louis-Maël Cogis

Other key lawyers:

Cathrine Foldberg Møller; Rachida Benhalima


‘The team works well together across jurisdictions.’

‘Provided valuable advice and have extensive knowledge in this field.’

Work highlights

  • Assisted a Luxembourg undertaking for collective investment in transferable securities (UCITS) umbrella fund in connection with the entering into an unsecured $130m uncommitted multi-currency revolving credit facility agreement entered into by forty six of its sub-funds with a global leading bank as lender.
  • Advised a European independent asset management group focused on real estate in relation to several subscription line facilities for an aggregate amount of €1.33bn and granted by the Jersey branch of a top tier US bank to a Luxembourg investment fund with a feeder fund guarantor and a cascading security package.
  • Advised once of Japan’s largest bank as new lender in a fund financing transaction, in relation to the transfer of two subscription line facilities and the grating of a new subscription line facility for an aggregated amount of €313m and granted to Luxembourg alternative investment fund belonging to a global multi-alternatives platform.

Hogan Lovells (Luxembourg) LLP

Often working closely with colleagues based across its German offices, Hogan Lovells (Luxembourg) LLP is ‘very easy to work with’ and delivers a ‘personalised service’ to funds and banks across a range of structured finance, capital markets and banking matters. Team head Ariane Mehrshahi Marks is particularly adept at advising arrangers and originators on securitisation transactions involving a wide range of asset classes, including solar loan receivables and auto loans.

Practice head(s):

Ariane Mehrshahi Marks

Other key lawyers:

Valérie Laskowski; Agnes Merz


‘It is a solid team that is very easy to work with.’

‘The team understands our needs and provides what feels like a personalised service. Excellent communication and timely deliverables.’

‘Ariane Mehrshahi Marks and Agnes Merz provide a smooth and efficient service.’

Key clients




Volkswagen (Volkswagen Bank and Volkswagen Leasing)

Deutsche Pfandbriefbank


Banca Ifis

Intesa Sanpaolo



Société Générale



UBS asset management


Work highlights

  • Advised Banca Ifis and Intesa Sanpaolo as arrangers in relation to a securitisation of receivables arising from loans granted by a fund managed by Azimut Investments to Italian SMEs.
  • Advised Enpal on securitization of solar loan receivables of up to €356m for first German residential solar ABS.
  • Advised a consortium of banks on a facility agreement of €1.035bn for Frankfurt-based data centre operator maincubes.

Maples Group

Under the expert guidance of Arnaud Arrecgros, the ‘knowledgeable, commercial and responsive’ team at Maples Group continues to gain market share within its areas of focus and is regularly referred work to it by many leading international law firms, which are appreciative of its ‘understanding of the “big picture” of a deal’. As well as being ‘very well-versed in the fund finance space,’ Arrecgros is adept at handling structured finance matters and is increasingly active in the market handling future flow securitisation deals.

Practice head(s):

Arnaud Arrecgros

Other key lawyers:

David De Pasquale; Maurice Honnen


‘They are knowledgeable, responsive and commercial.’

‘They are very commercial and will find a pragmatic solution where it’s needed.’

‘The team is exceptionally responsive and commercial; they understand deadlines; they understand the “big picture” of a deal.’

‘They are very well-versed in the fund finance space.’

‘Arnaud Arrecgros is always helpful and goes the extra mile to get deals done.’

‘Arnaud Arrecgros is very responsive and understands London City firm requirements.’

‘Maples’ Luxembourg partners are readily available and hands on. They have very broad deal experience and they apply that experience in a practical and commercial way.’

‘Our experience with Maples Luxembourg has been fantastic and we now send as much work their way as we can.’

Key clients

Bain Capital

BCP Securities, LLC

Credit Suisse (Securities) LLC

Jefferies Group LLC

Work highlights

Norton Rose Fulbright

With an ‘exceptional knowledge of banking and financial law, as well as good contacts with supervisory authorities,’ Norton Rose Fulbright is well-positioned to represent funds, corporates and lenders across a wide spectrum of banking and capital markets transactions where Luxembourg is the main jurisdiction, as well as in deals where it is simply a part of the security package. ‘Very responsive’ team head Stéphane Braun takes the lead on most of the transactional matters (including corporate finance, structured finance and securitisation matters), while the ‘technically strong’ Nam Nguyen-Groza has a strong grounding in financial services regulatory matters.

Practice head(s):

Stéphane Braun

Other key lawyers:

Dorothée Ciolino; Nam Nguyen-Groza; Cyril D’Herbes; Charlène Thibaudon


‘The team is diligent and proactive.’

‘They have an exceptional knowledge of banking and financial law, as well as good contacts with supervisory authorities, and very good networking at home and abroad.’

‘Stéphane Braun is very technical and responsive.’

‘Cyril d’Herbes is really proactive and smart.’

‘Nam Nguyen is technically strong.’

‘Proactive and engaged.’

‘The team is very technical but also friendly.’

Key clients


Bank of America

Bank of China, Luxembourg Branch

Bayerische Landesbank

Bemo Europe Banque Privée

BNP Paribas

BOS Wealth Management Europe S.A.

Cardif Lux Vie S.A.


Cornèr Banca S.A.

Crédit Agricole

East West United Bank

European Investment Bank

FUCHS et Associés

Goldman Sachs

GP Bullhound


J.P. Morgan

Kulczyk Investments SA

LFIS Capital SAS


National Bank of Canada

National Bank of Greece S.A.

Northern Trust Global Services SE


Planet Payment


Raiffeisen Bank International

Royal Bank of Canada

Royal Bank of Scotland

Société Générale/SGBT

Standard Chartered Bank

Standard Club Group

The Hokus Platform

The SCP Group

Toronto Dominion

United Overseas Bank


Visalux S.C.

Warburg Pincus


Work highlights


Under the expert guidance of the ‘technically excellent, commercial and user-friendly’ Fabien Debroise, Ashurst‘s Luxembourg office has gained prominence for its fund finance offering for a lender-focused client base. Here the team regularly works alongside its London office and is adept at advising on the full range of lending products, including on subscription lines, NAV facilities and GP facilities. Other areas of expertise include real estate and acquisition finance, where the firm is well-placed to provide the local law advice on cross-border mandates, often working in tandem with other offices throughout the network.

Practice head(s):

Fabien Debroise

Other key lawyers:

Katia Fettes; Fiona Keating


Our go-to people for difficult Luxembourg deals.’

‘In my opinion, Fabien Debroise is the best fund finance lawyer in Luxembourg – he is technically excellent, commercial, responsive, super user-friendly and cost-effective.’

Key clients


Morgan Stanley

Intermediate Capital Group

NatWest Markets PLC

Investec Bank PLC

Oxford Properties

Barclays Bank PLC

Credit Suisse


The Royal Bank of Scotland International Limited

Equitix Limited

Banco Santander S.A.

National Australia Bank Limited

Work highlights

  • Advised Investec on a facility that part-funded the acquisition of four portfolio companies: First Camp, Veni, Sperre and NetNordic by a newly established continuation fund managed by Norvestor.
  • Advised an international banking consortium on a €322.2m financing for Nexrail, a rolling stock lessor, to finance the acquisition of new and more eco-friendly locomotives from manufacturer Vossloh Locomotives.
  • Advised an ICG-managed fund on a €150m facilities agreement arranged by Standard Chartered Bank, supporting investments, portfolio companies, and short-term working capital, with a negotiated subscription line security package for Luxembourg entities.

Bonn & Schmitt

Known for its commercial litigation prowess (which includes financial services disputes), Bonn & Schmitt also handles financing transactional work, including in the context of syndicated and bilateral loans. Senior partner Alex Schmitt co-heads the team alongside the ‘professional and pragmatic’ Françoise Pfeiffer, who ‘provides precise, solutions-oriented advice.’

Practice head(s):

Alex Schmitt; Françoise Pfeiffer


‘The firm is very accommodating of investors’ needs.’

‘Françoise Pfeiffer has a professional and pragmatic approach and provides precise, solutions-oriented advice.’

‘A competent, available team with whom we carried out effective work.’

‘We very much enjoyed and appreciated working with Françoise Pfeiffer.’

Key clients

Banque Internationale à Luxembourg

EQT Partners

Bayerische Landesbank

Capvis Equity Partners

China Development Bank

Cerberus Capital Management


Work highlights

Brucher Thieltgen & Partners

The ‘very knowledgeable and accessible’ team at Brucher Thieltgen & Partners provides ‘precise and high-value legal advice and support in banking and finance matters.’ The scope of the work is broad and includes varied regulatory work for funds and banks operating in Luxembourg, an area where team head Nicolas Thieltgen, who has ‘excellent knowledge of the financial sector,’ is adept in both a contentious and non-contentious setting.

Practice head(s):

Nicolas Thieltgen

Other key lawyers:

Anne-Marie Ka


‘It is a very knowledgeable and accessible team.’

‘The firm provides precise and high-value legal advice and support in banking and finance matters, always combined with a pragmatic approach.’

‘Nicolas Thieltgen has excellent knowledge of the financial sector.’

‘Nicolas Thieltgen is outstanding and highly responsive.’

‘Very strong across all areas.’

‘Nicolas Thieltgen is very strong on fraud and asset recovery, as is Anne-Marie Ka.’

‘Very competent and highly reactive lawyers.’

‘Nicolas Thieltgen leads a team of talented lawyers who always find the right answer to the most complex questions.’

Charles Russell Speechlys

The ‘professional, responsive and cost-effective’ integrated corporate and finance team at Charles Russell Speechlys is ‘very knowledgeable across complex areas of Luxembourg finance and capital markets law’ for a borrower-focused client base. Victor Regnard regularly handles real estate secured financing and refinancing work, and co-heads the team alongside securitisation and DCM expert Jean-Baptiste Beauvoir-Planson.

Practice head(s):

Victor Regnard; Jean-Baptiste Beauvoir-Planson

Other key lawyers:

Clément Missey


‘The extremely professional, responsive and cost-effective team is very knowledgeable across complex areas of Luxembourg finance and capital markets law.’ 

‘Jean-Baptiste Beauvoir-Planson is our go-to partner whom we get on board for finance advice with Luxembourg aspects. Highly recommended.’

Key clients

EQT Exeter


RedTree Capital

Work highlights

  • Assisted EQT Exeter across several transactions to deploy financing and refinancing real estate facilities.
  • Assisted Nuveen in the granting of financings facilities in excess of €95m across two transactions.

Dechert Luxembourg

Leveraging the firm’s strong overarching credentials within the asset management space and its international network, Dechert Luxembourg excels in providing Luxembourg law structuring advice to funds, both as borrowers and lenders, on cross-border mandates. Jean-Louis Frognet, who co-heads the team alongside Laura Rossi, is well-versed at handling funds, real estate and acquisition finance matters.

Practice head(s):

Jean-Louis Frognet; Laura Rossi

Other key lawyers:

Marc Seimetz; Rui Cheng; Thomas Tomasic

Key clients

GOL Linhas Aéreas Inteligentes

Crédit Agricole CIB

Work highlights

  • Advised the ad hoc group of secured and unsecured bondholders of Brazil’s largest domestic airline, GOL Linhas Aéreas Inteligentes S.A., in connection with its recently concluded $1.6bn combined liability management and new capital financing transaction.
  • Advised Crédit Agricole CIB in connection with a financing of a portfolio of 5 student residences located in France (Dijon, Rouen, Saint-Étienne and the Paris region) from Uxco Group.


Reflective of the firm’s global overarching fund expertise, Goodwin's Luxembourg office primarily focuses on borrower work, either to help raise capital for the funds themselves or to facilitate investments being made by them. Alexandrine Armstrong-Cerfontaine and Elie-Raphaël Soudry, who joined from Loyens & Loeff in November 2022, co-head the team, and are both well-versed at handling financings throughout the capital structure.

Practice head(s):

Alexandrine Armstrong-Cerfontaine; Elie-Raphael Soudry

Key clients

Rothschild & Co






G Squared


Eiffel Investment Group

Kreos Capital

TA Associates

Linari Law Firm

Boutique independent firm Linari Law Firm has a strong reputation advising on financing and regulatory work relating to complex securitisation structures. Managing partner Vincent Linari is one of the main contacts.

Practice head(s):

Vincent Linari-Pierron

Other key lawyers:

Guillaume Deflandre; Ketovs Aleksejs




MOLITOR Avocats à la Cour SARL

The ‘responsive and creative’ team at MOLITOR Avocats à la Cour SARL handles a range of finance transactions for borrowers and lenders, often handling the Luxembourg law advice pertinent to international matters. Armel Waisse is a key contact and has recently been particularly active on distressed transactions, both for creditors in insolvency scenarios, as well as on light touch refinancings. Michel Molitor co-heads the team alongside Waisse and often handles litigation in the sector.

Practice head(s):

Michel Molitor; Armel Waisse

Other key lawyers:

Chan Park; Laurent Henneresse; Claude Feyereisen; Ariane Wourwoukas


‘The team is responsive and creative.’

‘They are business and people-oriented.’


PwC Legal Luxembourg

Since joining from Loyens & Loeff in March 2022, Cédric Raffoul has galvanised PwC Legal Luxembourg's finance offering, providing a ‘very responsive and proactive’ service to borrowers, in particular across a range of new money and restructuring mandates. Although he is best-known for his capital markets transactional work, Raffoul has also ‘recently added regulatory and fintech to his skills.’

Practice head(s):

Cédric Raffoul

Other key lawyers:

Sixtine Auguet


‘The firm has excellent capabilities in Luxembourg for capital markets, regulatory and fintech matters.’

‘PwC Legal Luxembourg is the one-stop shop for all Luxembourg legal issues. Particularly relevant is their cross-border capabilities, and I have had great experience working with them on orphan Luxembourg SPV 144A/Reg S notes issuances.’

‘They are very responsive and proactive – it would be easy for them to take a more passive role given that their involvement in our cross-border deals is typically limited to Luxembourg issues, but this is not the approach they take, which is greatly appreciated as it keeps the ball rolling forward on all fronts.’

‘Cédric Raffoul is one of the few experts in Luxembourg’s capital markets and recently added regulatory and fintech to his skills.’

‘The team is extremely responsive and know what they are doing; they are a pleasure to work with.’

Key clients


Alpha Trains (Luxembourg) Holdings S.à r.l.

CELSE – Centrais Elétricas de Sergipe S.A.

Ramsay Health Care Limited

Work highlights

  • Advised Brazilian oil and gas company Ocyan on the restructuring of approximately $2.7bn of indebtedness.
  • Advised Alpha Trains (Luxembourg) Holdins S.à r.l. on its successful raising of €548m through a combination of green holdco loan and senior loans to refinance existing indebtedness and purchase electric trains and locomotives.
  • Advised Ramsay Health Care Limited with the establishment of an A$2bn Australian Guaranteed Medium Note Programme.

SJL Jimenez Lunz

Led by the ‘experienced, versatile and very business-oriented’ Michel Jimenez Lunz, SJL Jimenez Lunz has ‘very good knowledge of the market,’ enabling it to provide a holistic service to banks and borrowers, both at the front end of deals, as well as in any pursuant refinancings. Antoine Fortier Grethen is also a key member of the team and has a ‘strong knowledge of all legal aspects of a deal and of the fund financing market.’ 

Practice head(s):

Michel Jimenez Lunz

Other key lawyers:

Antoine Fortier Grethen


‘The team is very reactive and has a very good knowledge of the market. We have worked with the team on all equity bridge transactions and their knowledge of fund financing is impressive.’

‘Michel Jimenez Lunz is an experienced, versatile and very business-oriented lawyer.’

‘Antoine Fortier Grethen is technically adept and also practical and responsive. He has provided first class service throughout my dealings with him and is my first choice for Luxembourg lawyers in the field of fund finance.’

‘Antoine Fortier Grethen has strong knowledge of all legal aspects of a deal and of the fund financing market. He is very efficient and pragmatic.’

‘Antoine Fortier Grethen is a great business partner as well as a lawyer. He has consistently gone the extra mile to meet our needs on deals.’

‘The team is very strong and responsive to all requests, with significant partner attention given to every matter, and flexibility when needed.’

‘Very good expertise, efficient and proactive.’

‘Excellent understanding of the regulatory matters.’

Key clients


Airbus Bank

Amro Partners

ARA Europe

Bank of Montreal

Berlin Hyp AG

BNP Paribas


Deutsche Pfandbrief Bank (PBB)

DRC Capital


European Energy Efficiency Fund (DWS)


Infrared Capital Partners





Mitsubishi UFJ Trust and Banking Corporation

Morgan Stanley

NEP Group


Raiffeisen Bank International

Resolution Properties


Royal Bank of Canada

Silicon Valley Bank

Sumitomo Mitsui Trust Bank

Topland Jupiter

Work highlights

  • Advised CACEIS and a syndicate of 7 banks on a €3bn multicurrency equity bridge facility made available to newly structured Antin V fund, comprised of 4 parallel funds, one RAIF feeder fund and one special purpose vehicle.
  • Advised several insurance companies as note purchasers in the context of a €575m private placement issued by HG fund management entities.
  • Advised BNP Paribas and several other lenders in respect of a €1bn equity bridge facility granted to a newly established private debt fund.


TS&P provides ‘commercial and solutions-oriented’ advice to European and US asset managers across a wide array of financing matters, from fund finance through to acquisition finance to enable subsequent downstream investments. Torsten Schmitt heads the team that also includes Nicolas Ronzel, who provides ‘innovative solutions,’ in part due to his previous in-house role within the alternative investment funds space.

Practice head(s):

Torsten Schmitt

Other key lawyers:

Nicolas Ronzel; Florian Bonne; Aurélie Guérin; Sabine Brandes


‘The team is accessible, commercial and solutions-oriented.’

‘Nicolas Ronzel provides innovative solutions.’

‘Nicolas Ronzel goes above and beyond to ensure that the deal gets done; he is technically excellent while being pragmatic and responsive.’

‘Great service, good people.’

‘Nicolas Ronzel has been always helpful in providing innovative solutions to our queries.’

‘The team is very competent and reliable and always provides their services in time.’

‘We appreciate working with TSP on legal opinions for external bank financings.’

‘We can count on their professionalism, very good experience and pragmatic approach.’