Capital Commitment Subscription Financings

Haynes and Boone, LLP is a national leader in representation of U.S. and foreign commercial and investment banks agenting capital commitment subscription financings for private equity funds in North America, Europe and Asia. The firm's clients benefit from our more than 20 years of industry experience with subscription facilities, and the multi-disciplinary approach we take to working with the clients and the clients' customers on each transaction. Our team of attorneys engages with the clients at the earliest stages of the deals, in order to structure facilities that take into account current market factors, the borrowers' institutional investor relations, and the latest legal issues. This approach permits us to reconcile our client's and the borrower's operational and investor needs in each transaction, and often to contribute to solutions that lead to more effective structures and efficient execution.

In the last two years alone, we have represented investment and commercial banks and other financial institutions as lead agent and arranger in structuring and documenting capital commitment subscription facilities with total value of over $20 billion, to domestic and global real estate and non-real estate private equity funds.  At Haynes and Boone, we set precedent in this growing discipline.

Key transactions have included:

• $2 billion capital commitment subscription-secured facility to a real estate fund that provided a portion of the $37 billion of cash and debt required to fund one of the largest private equity acquisition transactions in 2007 
• $1.75 billion subscription-secured facility to an international real estate opportunity fund 
• $1 billion multi-currency capital commitment subscription facility to a leading Japan- and China-focused real estate fund, with Japanese TMK financing options 
• $400 million senior secured revolving credit facility to a real estate opportunity fund, providing multi-currency options (Euros, Pound Sterling, Yen) secured by capital commitments of public and governmental pension plans, insurance companies, and other institutional investors 
• $350 million capital commitment subscription facility to a private equity fund focused on the acquisition of distressed debt 
• $300 million capital commitment subscription facility to a Korea-focused real estate fund 
• $82.5 million capital commitment subscription facility to an India-focused real estate fund

For a more comprehensive list of our experience, click "Representative Experience" on the left.

In recognition of our leading capital commitment subscription financings practice, Private Equity Real Estate Magazine named Haynes and Boone the 2007 “North American Law Firm of the Year” for private equity real estate transactions. For more information, see the news story: Haynes and Boone Selected as a Law Firm of the Year by Private Equity Real Estate Magazine.