Fund Finance

Haynes and Boone, LLP is a global leader in representation of U.S. and foreign commercial and investment banks arranging capital commitment subscription financings (or capital call/subscription financing) for private equity funds in North America, Europe, Latin America and Asia. The firm's clients benefit from our more than 25 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 lawyers 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 $45 billion, to domestic and global real estate and non-real estate private equity funds across Asia, Europe, North America and Latin America.

Key transactions have included:

  • $2 billion capital commitment subscription secured facility to a global real estate fund
  • $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
  • Over $800 million subscription secured facilities to separate account private equity funds, established for sovereign wealth funds
  • $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

In recognition of our Fund Finance Practice Group, Private Equity Real Estate's 2010 Global PERE Awards ranked Haynes and Boone third among North American Law Firms of the Year for fund formation and second in Asia Law Firms of the Year for transactions based on the firm's high volume of work in capital commitment subscription financings in the two regions. In the North American Deal of the Year category, Haynes and Boone participated in two of the recognized deals which earned second and third place respectively. For more information, see the news story: PERE Honors Haynes and Boone in Multiple Categories.


Tan Speaks at Two Conferences

Albert Tan Speaks at Two Legal Profession Leadership Conferences

Haynes and Boone, LLP Partner Albert Tan was recently a speaker at two events relating to his Asian American legal community leadership.

Practice Overview

New York

Fund Finance Practice Group Overview

Haynes and Boone's Fund Finance Practice Group is a global leader in the representation of commercial and investment banks acting as agents and lead arrangers in capital commitment subscription financings for private equity funds in Asia, Europe, North America and Latin America. Learn more.

Erin England and Ellen McGinnis

Fund Finance Global Legal Insights 2017 Released, Haynes and Boone Authors Investor Issues Chapter

We are pleased to inform you that Ellen McGinnis and Erin England have co-authored a chapter in a book recently published in connection with the Fund Finance Association’s 2017 Global Fund Finance Symposium. Their chapter in the Global Legal Insights publication is titled “Historical Perspective and Evolution of Investor Issues in Subscription Financing – From Credit Analysis to Enforcement.”

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