Fund Finance

Fund Finance

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Our dedicated fund finance team at Dentons has unparalleled experience acting for banks, alternative lenders and borrowers on the full range of fund finance products across all fund sectors. Our clients benefit from our ability to understand the dynamics of their businesses and our ability to deliver practical, innovative and business-focused solutions.

We have extensive experience in capital call subscription finance facilities; NAV-based, hybrid and equity commitment financings; general partner, co-invest, management company/fee, aftercare and umbrella facilities; partner loan programs; and other bespoke credit facilities and liquidity solutions provided to the various entities and investment professionals across the larger private equity and venture fund businesses and to the various entities within their respective organizational structures. Those entities include management companies, general partners, master funds, feeder funds, listed funds and portfolio companies, as well as secondary market players and investors.

Leading members of our team have contributed significantly to the ninth edition of the industry-leading publication Global Legal Insights – Fund Finance Law and Regulations, released in 2025 (commonly known in the fund finance industry as the “pink book”). Drawing on insights and practical observations gleaned over hundreds of transactions, our team combines thought leadership with cutting-edge trend and market analysis to provide relevant client and stakeholder resources.

Our fund finance team is fully integrated across practice areas and jurisdictions. It brings to bear the experience of all of the supporting disciplines, including our highly regarded investment fund, financial regulation and tax teams. With a deep bench of lawyers across key global financial centers from New York and London to Berlin, Singapore and Hong Kong, coupled with lawyers in many of the key offshore jurisdictions such as the Cayman Islands, the British Virgin Islands (BVI) and Luxembourg, our fund finance team leverages one of the only truly global platforms to facilitate fund finance transactions, many of which are cross-border and multi-currency in nature.

Experience

US bank: Represented one of the largest US banks (by assets) as a subscription lender in a US$3.7 billion subscription credit facility provided to two Luxembourg credit funds that are focused on direct lending and are managed by a tier one sponsor platform.
Canadian bank: Represented a Canadian bank’s US technology lending arm as a subscription lender in a committed US$100 million bilateral subscription credit facility provided to certain related funds organized in Delaware, the Cayman Islands and Luxembourg focused on investing in the life sciences sector and that are managed by a tier one global asset manager.
Global money-center bank: Represented the private banking division of a global money-center bank in its arrangement and syndication of a US$1.6 billion umbrella subscription credit facility provided to multiple generations of real estate-focused private equity funds managed by the same private equity sponsor.
QIC: Advised on the debt financing of its Global Infrastructure Fund, secured by capital commitments of institutional investors of AUD1.75 billion.
Australian private credit fund: Advised one of Australia’s largest private credit funds on an NAV fund financing facility provided by an American investment bank.
National Australia Bank Limited: Advised as lender, agent and security agent on the granting of an up to €1.2 billion revolving credit facility to certain entities of the Macquarie group.
Crédit Agricole CIB and BNP Paribas: Advised on a €960 million equity bridge financing granted to PAI Europe VI funds managed by PAI Partners.
Lending syndicate: Advised eleven lenders on a €2 billion equity bridge financing granted to an infrastructure fund managed by one of the world leading private investment houses.
Major Italian bank: Advised on a senior revolving loan to a closed-end and reserved investment fund focused on direct or indirect investments in portfolio companies that contribute to one or more of the UN Sustainable Development Goals. This was one of the first fund financing transactions driven by ESG purposes and the relevant finance documents were drafted taking into account several ESG KPI metrics to be fulfilled over the life of the facility.
Leading Japanese bank: Represented on a subscription credit facility provided to an Australian real estate credit fund managed by one of the world’s largest asset managers and backed by a Singaporean sovereign wealth fund.

Insights

Fund Finance 2025: Insights on trends in Canada, France, Italy and Spain

January 31, 2025

Global: Lawyers from Dentons’ global Banking and Finance practice have authored four country chapters of the 2025 edition of Global Legal Insights – Fund Finance, in which they share their insights on key trends and developments for financial institutions, funds and investor.

Global Legal Insights – Fund Finance 2024: Dentons contributes four country chapters

February 7, 2024

Lawyers from Dentons’ global Banking and Finance practice have authored four country chapters - on Canada, France, Italy and Spain - of the 2024 edition of Global Legal Insights – Fund Finance.

Changes to the SEC Fund Names Rule Impacts ESG Investments

September 27, 2023

United States: The Securities and Exchange Commission (the “SEC”) has adopted important changes to Rule 35d-1 under the Investment Company Act of 1940, the rule that regulates the names used for registered investment companies (the “names rule”).

View all insights for Fund Finance

News and Events

Recent Press Releases

Dentons contributes to Global Legal Insights – Fund Finance 2023

January 27, 2023

Lawyers from Dentons’ global Banking and Finance practice have authored four country chapters of the 2023 edition of Global Legal Insights – Fund Finance.

Dentons advises EU Malaria Fund on financing for DMG Deutsche Malaria GmbH

June 22, 2021

Global law firm Dentons has advised the Berlin-based EU Malaria Fund on a financing agreement with DMG Deutsche Malaria GmbH. DMG intends to use the funding to advance the development of its anti-malaria combination therapy.

Dentons advises EU Malaria Fund on venture debt financing for biotech company Sanaria

November 11, 2020

Global law firm Dentons has advised the Berlin-based EU Malaria Fund on a venture financing deal with the biotech company Sanaria. As part of the transaction, Sanaria will receive a venture loan for the development of two malaria vaccines, a malaria therapeutic and an oral COVID-19 vaccine.

View all press releases for Fund Finance