Debt funds

• Advising Schroders in the structuring, establishment and operation of several infrastructure debt funds, in the form of Luxembourg SCSPs, SCAs (including umbrella funds with feeder and leverage structures).
• Advising a French investor and asset manager with the establishment of a French fund of fund to acquire fund interests held by the investor in 50+ underlying funds (including French, Luxembourg and Irish funds).
• Advising a leading French bank in the setting up of an infrastructure and real estate debt fund, in the form of a Luxembourg SCA dedicated to a major French asset manager investing through its Irish ICAV.
• Advising French sponsors and asset managers (including AXA REIM) in the establishment of various French debt funds, in the form of French SICAV FPS and SFS.
• Advising Schroders in relation to the establishment and operation of one of the very first ELTIF 2.0 French infrastructure debt fund in France, dedicated to professional and retail investors.
• Advising UK based sponsors in relation to the establishment of French debt funds (mostly in the form of French OFS or FPS) to originate loans in France and Europe.

Fund finance, securitisation, structured finance and regulatory

• Advising Carrefour Banque in relation to the restructuring of their public STS securitisation of portfolios of receivables deriving from revolving credit agreements granted by Carrefour Banque to consumers.
• Advising a major French bank as lender in relation to a structured back leverage facility (relying on NAV and investor uncalled capital commitments) for a major French infrastructure asset manager, involving a feeder fund and a continuation master fund structure.
• Advising French and foreign lenders with their capital call facilities involving French and Luxembourg private equity and debt funds.
• Advising BPCE with the establishment of their ABCP conduit, including ECP and Neu CP issuance programmes and a number of new and/or structured features, such as: (i) use of repo transactions for exposure purposes, (ii) issuance of structured ABCP, (iii) use of a combination, of cash liquidity lines and liquidity lines in the form of asset purchase agreements and (iv) improved hedging mechanics.
• Advising other leading French sponsors (CACIB, CIC and Natixis) with the restructuring of their ABCP conduits.
• Advising French asset managers on fund-related regulatory matters, including AIFMD 2 and France implementation measures.