Willkie’s interdisciplinary team provides comprehensive advice to asset managers with private credit strategies. We also have extensive experience representing asset managers on their investment vehicle formation and liquidity needs, as well as institutional investors and other intermediaries seeking access to private credit products.
- Private credit – Willkie’s Finance team was ranked #4 Lender Counsel for U.S. Direct Lending Legal Advisory Roles for 2024 by number of deals (KBRA DLD), and represents some of the most active private credit asset managers in the market. We represent direct lenders across all investment strategies, including senior, mezzanine, holdco PIK, preferred equity, asset backed finance (ABF), real estate, film finance, specialty finance, special situations, and distressed strategies. Willkie’s Finance team brings together more than 80 dedicated finance lawyers across the U.S. and Europe to represent clients in complex, high-profile domestic and cross-border financing transactions. In distressed or special situations, Willkie’s Finance team regularly advises lenders in out-of-court recapitalization, M&A and liability management transactions and in-court restructurings.
- Vehicle formation, regulatory compliance, and growth acquisitions – Willkie’s preeminent Asset Management Department advises asset managers on all aspects of structuring, raising and operating private credit investment vehicles, including with respect to private funds (both closed-end and evergreen), insurance dedicated funds, exchange-traded products, business development companies (BDCs), and interval funds. Willkie also has experience advising asset managers on their build-out and/or acquisition of private credit platforms. Willkie’s Private Funds team operates seamlessly across the U.S. and Europe and over the past two years has advised sponsors on blind pool and single asset funds totaling $50+ billion in commitments. Willkie is ranked as a leading firm for Private Equity: Fund Formation by Chambers USA 2024. Willkie has extensive experience representing fund complexes in their interactions with the SEC and other regulators, including in connection with applications for exemptive relief to operate co-investment programs. Willkie is one of only three firms ranked in Band 1 for Investment Funds: Regulatory & Compliance by Chambers USA 2024.
- Fundraising and liquidity solutions – Willkie’s collaborative teams regularly advise on structures to access capital efficient fundraising and off-balance sheet liquidity, including on structures to access insurance company and retail capital. Willkie has advised on many of the largest acquisitions, divestitures and reinsurance transactions that have transformed the life insurance industry’s relationship to private credit. Willkie also works on arrangements between private credit asset managers and retail managers.
Willkie structures rated note and collateralized fund obligation (CFO) vehicles and proactively advises on the competing interests among manager, investor, ratings agency, paying agent/collateral agent and lender stakeholders. Willkie’s Chambers USA 2024 Band-1 ranked insurance practice monitors developments by state insurance regulators and the National Association of Insurance Commissioners (NAIC) that are relevant to insurance companies investing in vehicles formed by private credit asset managers.
Willkie also has extensive experience leading financing or back leverage transactions to both private and registered vehicles, such as capital call, hybrid, ABL, warehouse, forward flow, CLO, and private placement transactions. - Private credit investors - Willkie’s Asset Management Department advises institutional investors on their investments in, and co-investments alongside, leading private credit asset managers. In addition, Willkie advises institutional investors on a variety of strategic transactions with private credit asset managers, including seed and anchor arrangements, joint ventures and customized investment platforms. Willkie is ranked as a leading firm for Investment Funds: Investor Representation by Chambers USA 2024.
Experience
Selected Private Credit Lender Representations
- Leading asset managers as direct lenders, including Adams Street, Arcmont, Ardian, Barings, Blackstone Credit, Blue Owl, Blue Torch Capital, BMO Sponsor Finance, Bridgepoint Credit, CDPQ, CVC Credit, Eurazeo Private Debt, Five Arrows, Goldman Sachs Asset Management, Hayfin, Invesco, LGT, Magnetar Capital, Man Varagon, MV Credit, Park Square, Partners Group, Pemberton, PSP and Tikehau
- Leading asset managers as hybrid capital providers, including FTV Capital, Magnetar Capital and Searchlight Capital Partners
Selected Private Credit Fund and Investor Representations
- A major global asset management firm in the formation of its credit interval fund
- A leading private credit manager in its interval fund’s regulatory matters
- Aquiline, Bridge Investment Group Holdings, Monarch, and other leading asset managers in the formation of numerous private funds for their private credit strategies
- The formation of rated note vehicles for private credit managers with direct lending and real estate debt strategies
- An opportunistic credit manager with respect to the issuance of rated preferred equity to a leading re-insurance company
- A leading private credit manager in its investment management agreements with a re-insurance company
- Leading global financial services firms in their distribution of private credit focused fund products, including private and non-traded BDCs
- Multiple life insurance companies in their purchase of rated notes issued by leading private credit manager vehicles
- A specialty insurance company in its equity investment in a collateralized fund obligation (CFO) vehicle of a leading private credit manager