Institutional and alternative lenders have an important function in providing sources of capital and investment in transactions that span the credit spectrum. Within Linklaters, we refer to this group as Alternative Credit Providers (ACPs) and we have a specific group of lawyers who are focusing on the importance of ACPs within the market. We already see and fully anticipate the ACPs’ role in the markets growing significantly over the coming years. Our specialist team advise a wide range of non-bank investors and funds in connection with a variety of transactions, including fund formation, new money financings including direct lending, special situations/distressed/loan-to-own, debt and equity restructurings, secondary loan trading (including non-performing loan portfolio acquisitions) and regulatory issues.
- Alcentra: advising on the establishment of the Alcentra Special Situations Fund and various other credit funds managed by Alcentra Limited, and on the structuring of a US$100m credit fund investing in US and European collateralised loan obligations.
- Ardian: advising on the establishment and fundraising of a number of fund products across credit, infrastructure and private equity strategies.
- Barings: advising on the establishment of a number credit funds, including the fourth generation of its special sits fund, fourth generation of global private credit fund and open-ended real estate debt fund.
- CVC Credit: advising on the establishment of its first Luxembourg licensed credit fund and on the structuring of its first RAIF in the form of a Luxembourg limited partnership pursuing a European credit investment strategy.
- KKR Credit Advisors: advising on the establishment of a number of credit funds across direct lending and special situations strategies.
- Macquarie Group: advising on its European and Global infrastructure debt funds investing into investment grade and sub-investment grade infrastructure debt.
- Morgan Stanley Investment Management: advising on the establishment of North Haven Secured Private Credit Fund, a semi open-ended credit fund.