Overview
Ian is a partner in the Corporate and Structured Lending group at Linklaters and co-head of the Fund Finance Practice. He advises banks, credit funds, GPs and limited partners across the spectrum of fund financing products, covering subscription lines, NAV facilities, secondaries financings, back-leverage transactions, and other structured lending arrangements for funds. He also regularly advises lenders and borrowers on public and private margin loan transactions.
Ian spent eight months on secondment to BNP Paribas’ loan syndication and trading team from 2009 to 2010 and eight months on secondment to Alcentra from 2013 to 2014, assisting their Collateralised Loan Obligation (CLO), direct lending and special situations teams.
Experience
Ian’s recent transactions include advising:
Capital call facilities and continuation vehicle financings
- The lenders: advising a syndicate of eight lenders on three capital call facilities totalling US$800m (one of the largest capital call facilities originated in the Middle East) for an alternative investment firm.
- The lenders: advising the lender and agent on a €250m subscription line facility for a real assets investment firm.
- The lenders: advising the lender and agent on a US$240m subscription line facility secured over investor capital commitments and collection account proceeds for a leading private equity firm.
- A Luxembourg-based open-ended AIF: advising the fund manager on its up to US$350m capital call facility.
- A major international fund: advising the fund manager on a c.US$1.5bn capital call facility.
- The lender: acting for the lender on a hybrid capital call facility for a continuation fund vehicle to finance the acquisition of interests in a subsea services group.
NAV and secondaries financings
- A leading global tech venture capital fund: advising on its NAV-based US$4bn term facility secured across certain of the listed and unlisted investments in its portfolio.
- The arrangers: advising the mandated lead arrangers of a €1.25bn NAV facility for a Luxembourg-established, European buy-out fund, managed by a top-tier global sponsor.
- The finance parties: advising on a US$400m NAV facility provided to a private equity secondaries fund managed by a global asset manager and secured over a portfolio of private equity interests.
- A multi-national investment bank and financial services company: advising the lender on a US$400m cross-border NAV-based acquisition facility used to co-invest in a €1.5bn portfolio of fund interests via an insurance-managed co-investment vehicle.
- A leading European sponsor: advising the sponsor on an up to €1.2bn NAV-based term loan facility secured over an initial portfolio of 15 underlying private equity investments.
- A US investment bank: advising original Lenders on an up to €200m financing for a French secondaries fund.
Credit NAV financings
- The lenders on a €1.1bn credit NAV facility for a European direct-lending fund for the origination financing of European senior/second-lien buy-out loans.
- A multi-national investment bank and financial services company: advising on a multicurrency credit NAV facility secured over a portfolio of private debt instruments.
Margin Loans
- A major international fund: advising the fund on its c.US$3.5bn margin loan financing secured over US listed shares.
- A club of investment banks: advising a group of international investment banks as lenders on a circa €1.2bn margin loan secured over shares in an Italian-listed issuer.
- A club of investment banks: advising these banks on two inter-related margin loans with total commitments of over €600m provided to two SPV borrowers for the purposes of stake-building in a German-listed issuer.
Admissions