ILPA's New Guidance on NAV-Based Facilities in Private Equity: Recommendations for Limited Partners and General Partners

Ms. Chen represents banks, credit funds, hedge funds, private equity funds, broker-dealers and other financial institutions in a wide range of financial transactions, including NAV and hybrid facilities, margin lending, hedge fund loans, syndicated financing, asset based lending, subscription facilities, and DIP financing. She regularly advises clients on complex issues regarding NAV facility structures, pledge of private equity interests, margin regulations, and Rule 144 matters. Ms. Chen also has years of experience handling complex tri-party account arrangements with major custodian banks in the U.S.

Ms. Snelson has extensive experience acting as lead counsel for lenders, private equity funds, and their portfolio companies in connection with leveraged finance and fund/portfolio finance transactions. She is dual qualified in New York and England & Wales and practiced previously in the UK. Ms. Snelson has acted as lead counsel on hundreds of finance transactions that span a wide array of industries and jurisdictions throughout the Americas, Europe and Asia. Hers experience also includes advising investors and borrowers in connection with both in- and out-of-court debt restructurings, DIP financings, exit financings, 363 sales, English administrations and schemes of arrangements, and insolvency related matters in several European jurisdictions.

Mr. Summers advises investment banking clients, debt funds, and other lenders on credit and capital markets transactions. He has extensive experience through all phases of the deal process, from the early stages through closing and funding and also represents various corporate clients on a range of financing transactions. Banks and commercial lenders seek Mr. Summers’ advice in both syndicated credit facilities and high-yield bond financings related to leveraged buyouts and other acquisitions, and he provides ongoing counsel to agents and arrangers under those facilities. Mr. Summers’ practice also includes work on numerous subscription credit facilities, NAV loans and asset financings for private equity and debt funds. In addition, he represents fund managers and lenders in financings by fund managers relating to fee streams and other assets.