The derivatives group at Clifford Chance handles structured finance, securitization, and derivatives transactions, with its clientele comprising arrangers, acquirers, and financiers. Key clients include private equity and investment firms as well as banks, such as KKR, Nuveen Alternative Advisors, and TPG Angelo Gordon. Co-leading the practice, Gareth Old is involved in securitization, credit risk transfer, and collateralized fund obligation transactions. Fellow co-head Lee Askenazi is skilled in handling commercial mortgage-backed securities, revolving credit facilities, and repurchase facilities. With expertise in MBS, ABS and credit risk transfers, Alistair Dunlop is active in forward-flow purchase agreements, consumer loans and financing matters. Rebecca O'Brien focuses on private credit-related matters and securitizations, while Andrew Des Rault is geared to support on credit risk transfers and commercial real estate transactions. All individuals that have been mentioned are based in New York.
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Key clients
- Nuveen Alternative Advisors LLC
- KKR & Co. Inc.
- New York Life Insurance Company
- Bayview Asset Management, LLC (Oceanview and Lakeview)
- A10 Capital, LLC
- Merchants Bank of Indiana
- General Catalyst LLC
- TPG Angelo Gordon
- Waterfall Asset Management LLC
- Chimera Investment Corporation
- Goldman Sachs & Co.
- Cornerstone Financing LLC
- Citadel Servicing Corporation
- The Global Atlantic Financial Group LLC
- Bank of America, N.A.
Work highlights
Advising KKR in connection with the purchase of an equity stake in Harley-Davidson Financial Services (HDFS) and a back book of loans, and in connection with a forward flow purchase agreement to acquire loans over at least the next five years.
Advised Nuveen in relation to their Nuveen Green Capital platform on their Nuveen CPACE Fund III and Nuveen CPACE Rated Feeder III fundraise which aggregated over $1 billion in commitments. CPACE has become a new asset class in structured finance and Nuveen are one of the largest players in the market. Represented the client on all of their fundraises so far in this innovative product.
Advised IDB Invest, the private sector arm of Inter-American Development Bank (IDB), on a US$1 billion securitization transaction that is the first of its kind for enabling private investors to buy multilateral development bank (MDB) assets from Latin America and the Caribbean.
Practice head
Gareth Old; Lee Askenazi
Other key lawyers
Alistair Dunlop; Rebecca O'Brien; Andrew Des Rault