National law firm Lowenstein Sandler LLP announced that it has formally launched a dedicated Fund Finance practice group, reinforcing a core advisory capability for private equity, hedge, credit, and alternative asset managers.
Roseland-based partner Marc Kurzweil and New York-based partner Boris Liberman have been named Co-chairs of the newly structured group, providing fund managers with a streamlined entry point for fund-level financing across all stages of the investment lifecycle.
Housed within Lowenstein Sandler’s Debt Finance practice, the Fund Finance group bridges the gap between fund formation and fund-level liquidity. The team advises asset managers primarily on the borrower side, structuring and negotiating credit facilities ranging from $25 million to $300 million, with notable depth in middle-market fund structures.
The practice encompasses a full suite of specialized fund finance products, including:
- Subscription Credit Facilities: Capital call lines secured by limited partner capital commitments.
- NAV & Hybrid Facilities: Net Asset Value and blended credit lines structured against underlying portfolio assets.
- GP-Level & Management Lines: General partner co-investment loans, employee co-invest facilities, and management company lines of credit.
- Structured & Digital Asset Financing: Financing arrangements secured by non-traditional and digital assets.
“Subscription and NAV facilities have become standard tools for fund managers, and our clients were already turning to us for them,” Kurzweil said, who represents private equity and hedge funds in complex debt financing. “Formalizing the practice gives those clients a clear point of contact and lets us build on the relationships we’ve developed forming their funds.”
The Fund Finance practice operates under a seamless “form your fund and finance your fund” model. By collaborating closely with Lowenstein’s Investment Management & Private Funds, Private Equity, Mergers & Acquisitions, and Tax practices, the group ensures that financing mechanisms align with fund formation documents, limited partner agreements, and long-term investment strategies.
Boris Liberman, who also leads Lowenstein’s Derivatives & Structured Products practice, highlighted the strategic importance of evaluating a fund’s total counterparty and liquidity risk.
“Every financing decision a fund makes affects its cost of capital and its counterparty exposure, and the fund documents and investor arrangements shape what a facility can do,” Liberman noted. “Working alongside our Investment Management lawyers lets us look at the whole capital structure, which matters more as managers move into NAV, hybrid, and non-traditional structures. I’m looking forward to leading the group with Marc.”
The Fund Finance group supports a broad array of fund sponsors, ranging from first-time managers raising inaugural institutional funds to multibillion-dollar managers navigating complex, multi-lender credit agreements.
“Fund Finance draws on the same credit discipline that defines our Debt Finance work, applied to the structure of a fund and the expectations of its investors,” Lowell Citron, Chair of Lowenstein’s Debt Finance group, said. “Marc has been executing these transactions for our fund manager clients, and Boris brings a deep understanding of investment management and trading structures. As managers look to NAV, hybrid, and digital asset-backed facilities, that combination matters.”
In addition to Kurzweil, Liberman, and Citron, partners Edward S. Nadel, Theodore C. Sica, and Raquel Smith also practice within the newly formalized group.
