Key Takeaways
- • Lowenstein Sandler LLP has formalized its Fund Finance practice, a group that structures fund-level financings for fund managers on the borrower side, according to the firm's announcement.
- • Marc S. Kurzweil (Roseland) and Boris Liberman (New York) have been named Co-chairs of the Fund Finance practice.
- • The group's facilities range from approximately $25 million to $300 million, with particular depth in the middle market.
- • The practice covers subscription credit facilities, NAV and hybrid facilities, GP-level and co-investment financings, asset-based loans, GP loans, employee co-invest facilities, management company lines of credit, and facilities secured by non-traditional and digital assets.
- • The group sits within the firm's Debt Finance practice and works with Investment Management & Private Funds, Private Equity, M&A, and Tax practices.
Summary
National law firm Lowenstein Sandler LLP announced that it has formalized its Fund Finance practice, giving fund managers a defined point of contact for fund-level financing. Marc S. Kurzweil, a Roseland-based partner who represents private equity funds, hedge funds, and lenders in complex financings including capital call subscription credit facilities, and New York-based partner Boris Liberman, who leads the firm's Derivatives & Structured Products practice, have been named Co-chairs of the group.
According to the firm, the practice advises fund sponsors and asset managers, including private equity, hedge, credit, and other alternative asset managers, on financings across a fund's lifecycle from first close through portfolio maturity. The group primarily represents managers on the borrower side and structures a broad range of products, including subscription credit facilities, NAV and hybrid facilities, GP-level and co-investment financings, asset-based loan facilities, general partner loans, employee co-invest facilities, and management company lines of credit. It also handles arrangements secured by non-traditional and digital assets. Facilities range from approximately $25 million to $300 million, and the group advises clients from first-time sponsors raising an initial institutional fund to multibillion-dollar managers with multi-lender structures.
The group is housed within the Debt Finance practice and works with the firm's Investment Management & Private Funds, Private Equity, Mergers & Acquisitions, and Tax practices to align financing structures with fund formation documents, investor negotiations, and long-term capital strategy. Liberman said that financing decisions affect a fund's cost of capital and counterparty exposure, and that fund documents and investor arrangements shape what a facility can do. Lowell A. Citron, Chair of the Debt Finance group, said the practice applies the same credit discipline as the firm's Debt Finance work and that the Kurzweil-Liberman combination is well suited to NAV, hybrid, and digital asset-backed facilities. Edward S. Nadel, Theodore C. Sica, and Raquel Smith also practice in the group.
According to the firm, the practice advises fund sponsors and asset managers, including private equity, hedge, credit, and other alternative asset managers, on financings across a fund's lifecycle from first close through portfolio maturity. The group primarily represents managers on the borrower side and structures a broad range of products, including subscription credit facilities, NAV and hybrid facilities, GP-level and co-investment financings, asset-based loan facilities, general partner loans, employee co-invest facilities, and management company lines of credit. It also handles arrangements secured by non-traditional and digital assets. Facilities range from approximately $25 million to $300 million, and the group advises clients from first-time sponsors raising an initial institutional fund to multibillion-dollar managers with multi-lender structures.
The group is housed within the Debt Finance practice and works with the firm's Investment Management & Private Funds, Private Equity, Mergers & Acquisitions, and Tax practices to align financing structures with fund formation documents, investor negotiations, and long-term capital strategy. Liberman said that financing decisions affect a fund's cost of capital and counterparty exposure, and that fund documents and investor arrangements shape what a facility can do. Lowell A. Citron, Chair of the Debt Finance group, said the practice applies the same credit discipline as the firm's Debt Finance work and that the Kurzweil-Liberman combination is well suited to NAV, hybrid, and digital asset-backed facilities. Edward S. Nadel, Theodore C. Sica, and Raquel Smith also practice in the group.
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