Akin Gump Strauss Hauer & Feld LLP’s investment management lawyers are market leaders in the representation of fund sponsors in the credit space, including loan origination, distressed debt and equity, high yield, structured credit, nonperforming loans and mezzanine funds.
We have extensive experience in all specialized aspects of credit-focused fund formation and ongoing operations, including:
- structuring of onshore funds and offshore funds for optimal tax efficiency, given the unique tax issues presented by such structures
- deep knowledge of evolving market terms in the credit space
- extensive experience with newly emerging structures being used by managers in the space, including hybrid, evergreen and permanent capital structures
- creation of funds of one/managed accounts
- negotiation with a broad universe of institutional investors, comprising domestic taxable, tax-exempt institutions and non-U.S. investors (tax treaty and non-tax treaty jurisdiction investors)
- transactions and ongoing operations
- registration and compliance for registered investment advisers and commodity pool operators (CPOs)/commodity trading advisors (CTAs).
Our credit funds lawyers have unparalleled structuring experience, including:
- creating cutting-edge terms that are appropriate for the liquidity profile of the strategy
- developing a tax optimization strategy, whether through various seasoning or treaty-based structures
- creating redemption terms with optional side pockets, multitrigger, investor-level gates, fast pay/slow pay mechanics, and rolling lock-ups
- creating management fee and carried interest provisions in the changing market that address managers’ needs.
We regularly represent mezzanine and distressed investment funds and other investor groups in formal and informal creditor committee representations, financial reorganizations and other workout situations, as well as acquisitions of distressed assets.
Our transactional team of specialist funds and tax lawyers has a “one-team approach” and delivers solutions to clients. Akin Gump’s investment management team is situated in key financial jurisdictions, including New York, Dallas, Houston, Washington D.C., London, Hong Kong and Singapore.