Leon Stephenson

Partner, Reed Smith

Leon is co-head of the Reed Smith fund finance team, based in London. Leon and the team work with banks, other financial institutional lenders, managers, general partners and limited partners of funds on specialist fund financing transactions with private equity, secondaries, real estate, direct lending and infrastructure funds.

Leon has particular specialist knowledge of NAV/asset-backed and hybrid facilities, secondary funds facilities, capital call facilities, co-investment and GP/manager support facilities and other types of liquidity facilities provided to funds.

Leon is recognised as a Leading Individual in Fund Finance by The Legal 500 UK 2021 and the team was awarded Band 1 in Fund Finance by The Legal 500 UK 2021. Leon was recognised as “Partner of the Year for Banking” at the Client Choice Awards 2017. Leon represents a large proportion of lenders that provide fund financing as well as a number of private equity and other funds on complex fund finance transactions.

Contributed to

1

Introduction to fund finance—capital call facilities

Practice notes

This Practice Note looks at the main terms of capital call facilities, including typical representations, covenants and events of default, the nature of the due diligence a lender will undertake and what constitutes a typical security package.

Banking & Finance