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Leon Stephenson

Leon Stephenson is a London-based partner at Reed Smith and co-heads the funds finance team.

lstephenson@reedsmith.com

Articles by author

The ESG revolution in funds finance

There has been something of a revolution in ESG (Environmental, Social and Governance) in the funds finance industry over the past several years. For large private equity sponsors an ESG linked capital call or subscription line facility is now becoming more of the norm than the exception. Increased awareness of the importance of ESG and in Europe, the implementation of various regulations that promote measurement and adoption of ESG favourable practices, have been the greatest factors in this growth. Investors in funds now require disclosure by fund managers prior to closing a fund on what their ESG policy and strategy is when deploying capital.

1 FEB 2022

The impact of rated note feeder funds on subscription-line facilities

In this article the authors consider how a rated note feeder interacts with subscription-line facilities, in terms of security, enforcement, insolvency and subordination of debt repayments.

1 MAR 2023