National law firm Lowenstein Sandler LLP announced today that it has formalized its Fund Finance practice, reinforcing a capability the firm already delivers and gives fund managers a clear entry point for fund-level financing. Roseland-based partner Marc S. Kurzweil and New York-based partner Boris Liberman have been named Co-chairs of the group.
“Subscription and NAV facilities have become standard tools for fund managers, and our clients were already turning to us for them,” says Kurzweil, who represents private equity funds, hedge funds, and lenders in complex financings, including capital call subscription credit facilities. “Formalizing the practice gives those clients a clear point of contact and lets us build on the relationships we’ve developed forming their funds.”
The Fund Finance practice advises fund sponsors and asset managers, including those focused on private equity, hedge, credit, and other alternative asset managers on financings throughout a fund’s lifecycle, from first close through portfolio maturity. Representing fund managers primarily on the borrower side, the group structures and negotiates a broad range of fund finance 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.
Liberman, who leads Lowenstein’s Derivatives & Structured Products practice, advises investment managers on trading strategy, treasury function, financing costs, and counterparty risk. “Every financing decision a fund makes affects its cost of capital and its counterparty exposure, and the fund documents and investor arrangements shape what a facility can do,” says Liberman. “Working alongside our Investment Management lawyers lets us look at the whole capital structure, which matters more as managers move into NAV, hybrid, and non-traditional structures. I’m looking forward to leading the group with Marc.”
The group is housed within the firm’s Debt Finance practice and works closely with its 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. The Fund Finance practice’s approach rests on a simple premise: form your fund and finance your fund. Many of its clients first come to Lowenstein to structure their funds, negotiate investor terms, and close transactions, then return for fund-level financing as their strategies and capital needs evolve. That continuity means the team already knows the fund documents, the limited partner base, and the portfolio before it structures a facility. The group advises managers ranging from first-time sponsors raising an initial institutional fund to multibillion-dollar managers with complex, multi-lender capital structures. Its facilities range from approximately $25 million to $300 million, with particular depth in the middle market.
Lowell A. Citron, Chair of Lowenstein’s Debt Finance group, adds, “Fund Finance draws on the same credit discipline that defines our Debt Finance work, applied to the structure of a fund and the expectations of its investors. Marc has been executing these transactions for our fund manager clients, and Boris brings a deep understanding of investment management and trading structures. As managers look to NAV, hybrid, and digital asset-backed facilities, that combination matters.”
Citron and partners Edward S. Nadel, Theodore C. Sica, and Raquel Smith also practice in the group.
About Lowenstein Sandler
Lowenstein Sandler is a national law firm with over 400 lawyers based in New York, Palo Alto, Roseland, Salt Lake City, San Francisco, Washington, D.C., and Wilmington. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
