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Private Credit

 

 

Linklaters Global Private Credit Platform provides full-service, globally integrated support to the private credit sector. We draw upon the experience, knowhow and insight of market-leading individuals across a multi-disciplinary global team. We support our private credit clients across the fund lifecycle, from fund formation and fundraising, onto deployment of capital across an ever-expanding range of investment strategies, through to portfolio management and exit strategies. 

On-hand support throughout all stages of the credit lifecycle

On-hand support throughout all stages of the credit lifecycle

Fund formation and fundraising

We are a trusted partner for leading private credit sponsors in Europe and globally, as well as those that are seeking to launch in this rapidly evolving asset class.

We provide best in class structuring and establishment advice, supporting our clients to raise products that allow them to access institutional and private wealth capital from around the world. Our private credit fund formation expertise spans open and closed-ended products, complex SMAs, co-investment programmes and GP-led secondaries. 

We work hand-in-hand with our colleagues across the globe and are experts in the full spectrum of private credit products, including direct lending, asset finance, sustainable finance, infrastructure debt fund finance and capital solutions.

Find out more about our Investment Funds offering

Recent highlights include:

  • Macquarie: advising on the establishment of all its private credit funds, including its flagship investment grade and sub investment grade infrastructure debt funds, direct lending funds, fund finance fund and green energy funds.
  • Ardian: advising on the establishment of its flagship private credit funds, including Ardian Private Credit V, Ardian Private Debt IV and Ardian Private Debt III.
  • Morgan Stanley Investment Management: advising on the establishment of North Haven Value Add Real Estate Credit Fund and the North Haven Secured Private Credit Fund.
  • CVC: advising on the raising of its first Luxembourg direct lending fund.
  • Barings: advising on the establishment of several private credit funds and separate managed accounts, including Barings North American Private Loan 3 (target commitments of US$9bn) and its fourth generation closed-ended global private credit fund platform (expected commitments of US$3bn at closing).
  • KKR Credit Advisors: advising on the establishment of various direct lending and special situations funds.
  • QIC and Qualitas Energy: advising on the establishment of their flagship infrastructure debt funds.
  • Carlyle: advising on the structuring, establishment and the fundraising of:
  • Its second Credit Infrastructure Fund focusing on directly originated financings for projects primarily in energy transition opportunities.
  • Its Direct Lending Fund structured as an open-ended evergreen fund.
  • Its third Credit Opportunities Fund, with US$7.1bn in investable capital.

Awards

  • Law Firm of the Year – Overall
    Private Equity Wire
    European Credit Awards 2024
  • Spotlight Table
    Credit Funds
    Chambers UK 2025
  • Law Firm of the Year – Fund Structuring
    Alternative Credit Awards 2024

Strategic partnerships

We are market leaders in structuring co-investment partnerships between banks and private credit funds. These partnerships bring together the origination and servicing expertise of a bank with the capital of a private credit fund and offer a range of benefits to both participants. These include enhanced market access, optimised capital treatment, and the pooling of expertise and client relationships. 

Find out more about our strategic co-investment capabilities

We have acted on all of the most prominent transactions in this space in the UK as the market has developed over the past few years. Recent highlights include:

  • Lloyds: advised Lloyds on the structuring and establishment of their co-investment partnership with Oaktree in relation to their mid-market leverage finance business.
  • Investec: advised Investec on the structuring and establishment of their co-investment partnership with Ares in respect of their subscription line business, which included external leverage from third party banks.
  • A UK Bank: advised the bank on the structuring and establishment of their co-investment partnership with a UK investor in relation to their fund finance business.
  • An international bank: advised the bank in respect of the establishment of a co-investment co-operation in its subscription line business.
  • A UK Bank: advised on a co-investment arrangement with a Canadian pension fund.
  • An institutional investor: advised on their entry into a first look/right of first offer arrangement in respect of the securitised/structured products business of a US bank.

Capabilities across investment strategies

At Linklaters, we support clients throughout the private credit lifecycle with unparalleled expertise across the full spectrum of investment strategies.

These include asset-based finance, private debt solutions, fund finance, structured capital solutions, distressed and special situations, and direct lending. Our market-leading capabilities ensure that our clients are best placed to leverage opportunities in this dynamic asset class. 

Whether you're navigating intricate financial structures or seeking innovative lending solutions, our global reach and multidisciplinary approach ensure that your investment strategies are robust, adaptable, and aligned with market demands.

Please explore the tiles below for further information on our capabilities in each of these areas. 

Portfolio management

We are on hand to support throughout the duration of your downstream investments, offering proactive advice on portfolio management solutions to unlock upside potential and generate returns through refinancing transactions, disposals or consensual or non-consensual restructuring processes.

We are also excellently placed to assist with secondary transactions, both GP-led and LP-led, with an extensive track record in this area. We have acted on numerous “secondary direct” portfolio acquisitions, “management secondaries”, the purchase and sale of fund portfolios and innumerable negotiated fund purchase and sale transactions. We have also acted on some of the most significant sell-side mandates of recent years, particularly for a broad range of financial institutions and a number of large Middle Eastern sovereign funds. On the buy-side, we have acted for some of the most important financial investors. Find out more about our secondaries capabilities

Exit strategies

We help our private credit clients navigate the full spectrum of exit strategies for their investments. Our end-to-end approach brings together our leading transactional expertise with the full range of specialist areas including antitrust, employment and incentives, environmental, intellectual property, pensions, tax and technology. 

Find out more about our continuation fund and co-invest capabilities

Over the past two decades we have pioneered complex multi-jurisdictional loan portfolio disposals across a range of asset classes, deploying the full range of disposal techniques (including outright sale, sub-participations and declarations of trust) for various leading financial institutions. We are also increasingly deploying this knowhow in guiding clients who are focused on proactively managing their portfolios.

Discover our private credit offering across investment strategies

Asset based lending

Our top tier team are active across all aspects of asset-based finance. We advise a wide range of market participants across the full spectrum of asset classes, including real estate (residential and commercial), consumer finance (credit cards, consumer loans, auto etc.), commercial finance (factoring, supply-chain finance, receivables etc.), contractual cash flows and hard assets (including data centres, solar and equipment financing). 

The team have market leading expertise across the lifecycle of these assets, from private warehousing and forward flow transactions to subsequent public securitisation exits. Our cross-practice asset-based finance team brings together deep expertise in all financing products, providing a one stop shop for loans, securitisation, derivatives, repurchase transactions and more, combined with a deep knowledge of the regulatory framework underpinning each of our product and asset types. 

Find out more about our asset-based finance capabilities

Recent highlights include:

  • Cerberus: advising on the acquisition from Intrum and financing of a huge portfolio of secured and unsecured receivables comprising over 10,000 portfolios across 13 European jurisdictions. 
  • Centerbridge: advising on a forward flow origination and acquisition transaction regarding a portfolio of first and second lien bridge loans originated by MT finance
  • CPPIB: advising as sole mezzanine investor on two separate warehouse transactions for Enpal to finance receivables arising from heat pump and solar instalment purchase contracts. 
  • USS: advising on a future flow warehouse of shared ownership assets owned by Residential Secure Income plc.
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Band 1
Capital Markets: Securitisation
Chambers UK 2025

 

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    Finance: Securitisation
    Legal 500 UK 2025
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    Capital Markets: Securitisation 2024
    Chambers Asia Pacific 2025

fund finance

Linklaters’ market leading global finance practice provides expert advice across the spectrum of fund finance products, with a particular focus on complex and bespoke financings for investment funds. 

The firm has a depth of experience across the asset classes (including large and mid-market buy-out funds, debt funds and direct lenders, infrastructure, real estate and secondary funds) and benefits from having one of the broadest, deepest and most globally integrated funds practices of any law firm.

Leveraging our top tier technical and sector expertise, we are able to provide commercial and pragmatic solutions.

We regularly work together with lenders and financial sponsors to develop bespoke fund financing solutions as a means of raising additional leverage at the fund level with minimal disruption to the capital structure, the underlying investments or the relationships with the fund’s investors.

Find out more about our fund finance capabilities

Recent highlights include:

  • A financial sponsor: advising on a c. US$5.1bn NAV facility in respect of a portfolio of underlying equity investments. 
  • A leading global technology investment fund: advising on its US$4bn facility provided by private credit lenders. 
  • The lenders: advising on a €1.1bn credit NAV facility for a European direct-lending fund for the origination and financing of European senior and second-lien buy-out loans. 
  • A major international fund: advising the fund manager on a c. US$1.5bn capital call facility. 
  • Danske Bank A/S, Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ): advising on the €241.5m ESG linked capital call credit facility for FSN Capital and its sixth fund, FSN Capital VI. 
  • An international investment bank: advising on a NAV financing for a major Asian credit fund secured by the credit fund’s underlying credit portfolio.
  • An investment manager: advising a leading venture capital fund as borrower on an up to US$4.5bn NAV financing secured over its portfolio of equity investments. 
  • A leading investment bank : advising the lender on an up to US$1bn credit NAV financing for a major private credit fund, secured over loan portfolios owned by borrowers in four jurisdictions.
  • A leading investment bank: advising the lender on an up to €300m capital call facility for a European infrastructure fund.
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Big Ticket: Lenders and Borrowers
Chambers UK 2025

 

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    Banking and Finance
    Chambers Europe-wide 2025
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    Banking and Finance
    Chambers Asia Pacific 2025

structured capital solutions

Many companies are finding it harder to access traditional forms of capital and it is clear that a “one size fits all” approach doesn’t always work. Companies and their existing stakeholders are increasingly seeking flexible and bespoke capital solutions which bridge the gap between traditional debt and common equity.

With macro-economic headwinds surfacing, more limited leverage loan market activity alongside increased transaction selectivity, and high valuation expectations persisting, we have seen a reset in the private capital markets, with a wide spectrum of institutional investors becoming increasingly creative about the ways in which they are willing to structure investments.

At Linklaters, our multi-disciplinary team comes together to deliver innovative and bespoke structures for the deployment of private capital in novel ways. 

Recent highlights include:

  • Goldman Sachs: advising on a number of structured investments across equity and debt spectrum, including its investment in Regenergy Frövi, a preferred equity investment in Constructel Visabeira and the recent €1.551bn PIK financing (alongside Blackstone Tactical Opportunities) of the take private of L’Occitane International S.A. 
  • Apollo: advising on their convertible preference share investment in the Group of Butchers business. 
  • Carlyle: advising on a number of structured investments, including into Orifarm, Cordstrap and London Southend airport. 
  • Blackstone Tactical Opportunities: advising on various proposed investments and realisations, including the sale of Lombard International Assurance to Utmost Group. 
  • Brookfield-led consortium: advising on its preferred equity investment in GEMS Education. 
  • PIMCO: advising on a number of its structured investments, including Finance Ireland, Qualco and Hellenic Bank.
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Corporate/M&A & Private Equity
Chambers Global 2025

 

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    Corporate/M&A
    Chambers Asia Pacific 2025
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    Restructuring/insolvency
    Chambers Global 2025, Europe-wide
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Banking and Finance
Chambers Europe-wide 2025

 

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    Banking and Finance
    Chambers Asia Pacific 2025
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    Band 1
    Bankruptcy/Restructuring: Highly Regarded
    Chambers USA 2024

distressed situations

We have extensive experience of acting for creditors on high-profile, urgent and complex situations including crisis management. We have a long, successful, track record of working on some of the most challenging distressed transactions globally. 

Find out more about our restructuring and insolvency capabilities

Recent highlights include: 

  • The LYCRA Company: advising a committee of funds as lenders under the US$400m facilities on the successful implementation of a highly unique cross-border enforcement and restructuring transaction, enabling the lenders to acquire 100% of the issued voting share capital of The LYCRA Company. 
  • Sunac China: advising an ad hoc group of nine international and local hedge and credit funds holding more than 30% of Sunac China’s offshore debt of c.US$10bn+ on a restructuring support agreement. 
  • Ovo Energy: advising Cheyne Capital on the Holdco PIK financing for Ovo Energy. 
  • Pronovias: advising on its successful recapitalisation including a debt for equity swap utilising an English scheme of arrangement and Spanish homologación.
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Band 1
Restructuring/insolvency
Chambers UK 2025

 

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    Restructuring/insolvency
    Chambers Global 2025, Europe-wide
    ROSETTE_ICON_grey-33
    Band 1
    Bankruptcy/Restructuring: Highly Regarded
    Chambers USA 2024

direct lending

We are market-leaders in European leveraged finance and have extensive experience advising private credit funds on direct lending transactions across the capital structure, including senior unitranche term loans and PIK/2L instruments. 

Find out more about our direct lending capabilities.

Recent highlights include:

  • TrackUnit (Goldman Sachs Asset Management): advising lenders on the financing for Goldman Sachs Asset Management’s acquisition of TrackUnit.
  • Amey (Buckthorn Partners /One Equity Partners): advising lenders on the refinancing for Amey. 
  • Zellis (Apax): advising unitranche lenders on the financing for Apax’s acquisition of Zellis Group. 
  • Frutarom (PAI):advising unitranche lenders on the financing for PAI’s acquisition of Frutarom. 
  • IPCOM (Astorg): advising unitranche lender on the financing for Astorg’s acquisition of IPCOM. 
  • Corden Pharma (Astorg): advising unitranche lenders on the financing for Astorg’s acquisition of Corden Pharma. 
  • Inspired Thinking Group (Bridgepoint):advising unitranche lender on the financing for Bridgepoint’s acquisition of the Inspired Thinking Group.
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Band 1
Big Ticket: Lenders and Borrowers
Chambers UK 2025

 

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    Banking and Finance
    Chambers Europe-wide 2025
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    Banking and Finance
    Chambers Asia Pacific 2025

real estate finance

Recognised as one of the leading firms in the real estate finance field, Linklaters has an extensive real estate finance capability with a proven track record in handling the very largest and most complex real estate finance transactions.

Our real estate finance team acts for arrangers, lenders, corporates, real estate investment trusts and funds on a wide range of property investment and development financings. We have extensive experience in structuring and restructuring real estate finance transactions, whether through corporate acquisitions and joint ventures, funds or limited partnerships and by way of different funding options: senior debt, mezzanine finance, “opco/propco” structures and securitisations.

We adopt a sector-driven, collaborative approach to all that we do. Our core global real estate sector team comprises over 60 partners and includes global specialists in real estate M&A, real estate investment and development, tax, real estate funds, derivatives and structured finance and real estate disputes, ESG and planning.

Our commercial approach, global strength and co-ordination, product excellence and proven track record in executing complex and innovative transactions provide our clients with a competitive advantage.

Find out more about our real estate finance capabilities.

Recent highlights include:

  • Apollo, Precis, Carlyle & Crosstree: advising club of senior and mezzanine lenders on the refinancing and development financing of 1 Nine Elms.
  • Cale Street Partners: advising funds advised by Cale Street Partners as lenders in respect of the financing of the acquisition of the property known as the Fenwick Department Store on Bond Street London, which in particular, had to cater for multiple different development options.
  • A joint venture owned by TIAA and Neinver: advising on the financing and the acquisition of six retail outlet centres throughout Europe.
  • M&G: advising on a facility agreement provided to a joint venture company for the acquisition of 14 distribution and logistics warehouses located throughout France.
  • Macquarie Capital: advising on a Blackstone managed funds' refinancing of their residential properties portfolio in Copenhagen (comprising 154 properties in total). Macquarie and the two senior Danish lenders provided a total refinancing package of DKK 6.8bn.
  • AustralianSuper: advising on the £280m development financing of the One Crown Place development in the City of London.
  • Abu Dhabi Financial Group: advising on the development financing in relation to ‘The Broadway’, one of the largest island site developments in London.
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Big Ticket: Lenders and Borrowers
Chambers UK 2025

 

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    Banking and Finance
    Chambers Europe-wide 2025
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    Banking and Finance
    Chambers Global, Multi-Jurisdictional 2025

infrastructure finance

Our industry-leading finance practice in energy and infrastructure assets enables us to deliver expertise in infrastructure debt finance. We specialise in acquisition, holdco, and portfolio financing, refinancings, and common debt platforms. By regularly advising the full spectrum of sponsors and lenders in many of the world’s significant infrastructure projects, we deliver deep understanding of the structures and requirements in the market, which leads to swift execution and innovative solutions, ensuring minimal negotiation and maximising value in your energy and infrastructure projects.

Find out more about our infrastructure capabilities and our infrastructure debt fund offering

Some recent highlights include: 

  • IFM: advising the lending syndicate and noteholders on establishing a debt platform financing of IFM's portfolio of airport infrastructure assets, which includes minority stakes in (amongst others) the Manchester Airports Group, the Vienna Airport group and Malta International Airport.
  • Airports Group Europe: advising lenders on the refinancing of Airports Group Europe by way of a common debt platform.
  • Arriva: advising lenders on the financing of I Squared Capital’s acquisition of Arriva.
  • VTG: advising a leading international wagon hire and rail logistics company on the refinancing of their existing bank facilities, US PP notes and hedging by means of a common debt platform, and subsequent refinancings and debt raises.
  • Exolum: advising Macquarie Asset Management on the holdco financing for their interest in Exolum, with a combination of commercial bank debt and institutional debt.
  • Data4: advising Brookfield-owned data centre operator Data4 on its €3.3bn debt raise, the largest digital infrastructure financing deal of its kind in Europe.
  • Data4: advising Data4 on its refinancing post-acquisition.
  • Hornsea 2: advising Ørsted on the stapled financing for the sale of an interest in Hornsea 2.
  • Naturgy: advising IFM on the financing for their acquisition of an interest in Naturgy and the subsequent refinancing.
  • Renewi plc: advising Macquarie and BCI on the financing for their £700m recommended takeover of Renewi plc, a leading waste to product company.
  • Nordiqus: advising Brookfield on the financing of the SEK 9.2bn acquisition of 49% in the newly formed EduCo portfolio from SBB.
  • TDC NET: advising lenders on the €3.3bn common debt platform for TDC NET, part of the TDC Group. TDC NET delivers mobile and fixed broadband infrastructure in Denmark, with a focus on 5G and fibre roll-out.
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Projects & Energy
Chambers Global Guide 2025: Multi-Jurisdictional

 

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    Infrastructure
    Chambers UK 2025
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    Projects & Infrastructure
    Chambers Asia-Pacific Region 2025

sustainable finance

Sustainable finance is a key area of focus for our private credit team. Increasing access to finance for energy transition projects is key in aspirations to reach Net Zero. We have pioneered a number of “first-ever”, award-winning and innovative structures to help accelerate direct investment in decarbonisation initiatives and support sustainable finance projects globally. We advise private credit funds on a range of direct lending, senior and mezzanine asset-backed financing, structured bonds and derivatives in this space.

Our cross-border, cross-practice expertise on both sell-side and buy-side sustainable finance perspectives means that we are uniquely well placed to guide private credit clients through the distinct, global legislative and regulatory changes within the sector.

Find out more about our sustainable finance capabilities

Recent highlights include: 

  • Enpal: advising CPPIB as sole mezzanine investor on two separate warehouse transactions for Enpal to finance receivables arising from heat pump and solar instalment purchase contracts, with a combined financing volume in excess of €1bn.
  • Hometree: advising a mezzanine investor and the swap counterparty on an asset backed facility to finance solar panels, batteries and heat pumps in the UK.
  • Iberdrola: advising the lenders on two revolving credit facilities for Iberdrola for a total amount of €5.3bn, involving the conversion of each facility into a green loan.
  • Vodafone Group Plc: advising on the US$4bn and €3.9bn revolving credit facilities, involving a ESG margin adjustment mechanism based on the company’s performance against applicable KPIs.
  • Copenhagen Infrastructure Partners: advising through its Green Credit Fund 1 together with certain co-investors, on their €325m debt financing of Ilmatar Energy Oy (Ilmatar), a Nordic renewable energy company and independent power producer. The financing involves a committed tranche of €325m and an uncommitted accordion of €175m.
  • GIC and Copenhagen Infrastructure Partners: advising on investment into TagEnergy’s up to €570m (equivalent) Green Bond to Fund 4GW of Global Renewable Energy Projects
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Environment & Climate Change
Chambers UK 2025

 

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    Environmental, Social & Governance Risk
    Chambers Global 2024
    ROSETTE_ICON_grey-33
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    ESG
    Legal 500 UK 2025

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