Key Takeaways
- • Lowenstein Sandler, a national law firm with more than 400 attorneys, has formalized its Fund Finance practice, with partners Marc S. Kurzweil and Boris Liberman named co-chairs.
- • The practice targets middle-market fund financings generally ranging from approximately $25 million to $300 million, per the firm's announcement.
- • Coverage spans subscription credit facilities, net asset value (NAV) financing, hybrid facilities, GP financing, co-investment arrangements, management company credit facilities, and facilities secured by nontraditional and digital assets.
- • The group represents investment managers and fund sponsors on the borrower side, serving private equity funds, hedge funds, private credit managers and other alternative investment organizations.
- • The practice sits within the firm's Debt Finance group and works with Investment Management & Private Funds, Private Equity, M&A and Tax practices to align financings with fund formation documents and investor commitments.
Summary
Lowenstein Sandler has formalized its Fund Finance practice, creating a dedicated group to consolidate existing expertise and give investment managers a centralized point of contact for fund-level financing. Partners Marc S. Kurzweil and Boris Liberman have been appointed co-chairs. Kurzweil, based in Roseland, New Jersey, advises private equity funds, hedge funds and lenders on complex financing structures, including capital call subscription facilities. Liberman, based in New York, leads the firm's Derivatives & Structured Products practice and advises investment managers on financing strategies, treasury operations and counterparty risk. Additional participating partners include Lowell A. Citron, Edward S. Nadel, Theodore C. Sica and Raquel Smith.
The practice advises on a range of fund-level facilities, including subscription credit facilities, NAV financing, hybrid facilities, general partner financing, co-investment arrangements and management company credit facilities. Its capabilities also extend to financing secured by nontraditional and digital assets. The group primarily represents investment managers and fund sponsors on the borrower side, handling the structuring of agreements, negotiation of borrowing terms, evaluation of financing costs, and management of counterparty and liquidity considerations.
The firm has particular experience in middle-market transactions, with financing arrangements generally ranging from approximately $25 million to $300 million. The Fund Finance practice operates within the firm's Debt Finance group and coordinates with its Investment Management & Private Funds, Private Equity, Mergers & Acquisitions and Tax practices, allowing it to advise on financings that align with fund formation documents, investor commitments and long-term capital strategies.
In announcing the launch, Kurzweil said subscription and NAV facilities have become standard tools for fund managers and that clients were already turning to the firm for them. Liberman said that every financing decision affects a fund's cost of capital and counterparty exposure, and that working alongside the Investment Management lawyers allows the firm to view the whole capital structure as managers move into NAV, hybrid and non-traditional structures. Lowell A. Citron, chair of the firm's Debt Finance Group, said the practice applies the credit discipline of the firm's Debt Finance work to fund structures and investor expectations, and noted that the NAV, hybrid and digital asset-backed facilities the group covers are becoming increasingly relevant to managers.
The practice advises on a range of fund-level facilities, including subscription credit facilities, NAV financing, hybrid facilities, general partner financing, co-investment arrangements and management company credit facilities. Its capabilities also extend to financing secured by nontraditional and digital assets. The group primarily represents investment managers and fund sponsors on the borrower side, handling the structuring of agreements, negotiation of borrowing terms, evaluation of financing costs, and management of counterparty and liquidity considerations.
The firm has particular experience in middle-market transactions, with financing arrangements generally ranging from approximately $25 million to $300 million. The Fund Finance practice operates within the firm's Debt Finance group and coordinates with its Investment Management & Private Funds, Private Equity, Mergers & Acquisitions and Tax practices, allowing it to advise on financings that align with fund formation documents, investor commitments and long-term capital strategies.
In announcing the launch, Kurzweil said subscription and NAV facilities have become standard tools for fund managers and that clients were already turning to the firm for them. Liberman said that every financing decision affects a fund's cost of capital and counterparty exposure, and that working alongside the Investment Management lawyers allows the firm to view the whole capital structure as managers move into NAV, hybrid and non-traditional structures. Lowell A. Citron, chair of the firm's Debt Finance Group, said the practice applies the credit discipline of the firm's Debt Finance work to fund structures and investor expectations, and noted that the NAV, hybrid and digital asset-backed facilities the group covers are becoming increasingly relevant to managers.
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