Sandipan De
Overview
Sandipan De deserves special mention for his strategic insights and meticulous case management. - The Legal 500 UK
Sandipan De is a debt finance partner in the London office of Kirkland & Ellis International LLP focusing exclusively on fund finance and having extensive experience in representing asset managers on borrower-side fund finance transactions across different fund sizes, types and strategies. He regularly advises on the entire spectrum of the fund financing “toolkit” – capital call/subscription lines, NAV facilities, GP/management company facilities, leverage for secondary transactions, CV financings, professional loan programmes/executive facilities, financing aspects of asset management M&A, preferred instruments and other more bespoke forms of fund financing (including “Tranche B” / second lien facilities, turnover/ECL mechanics etc.).
Prior to focusing exclusively on fund finance transactions, Sandipan was a sponsor-side leveraged/acquisition finance lawyer and represented financial sponsors, their affiliates and portfolio companies in complex, multijurisdictional financings at varying levels of the capital structure.
Select Fund Finance Clients
Advent International, AEA Investors, Ardian, Antin Infrastructure Partners, Apheon (f/k/a Ergon Capital), BC Partners, Edelweiss, FSN Capital, GHO Capital, HgCapital, IK Partners, Investindustrial, Marlin Equity Partners, Noteus Partners, Partners Group, PAI Partners, Sprints Capital, Starwood Capital Group, Vitruvian Partners, Warburg Pincus and others.
Experience
Representative Matters
Since joining Kirkland, Sandipan has worked on the following matters, advising:
Capital Call / Subscription Lines / Equity Bridge Facilities
- A U.S. asset manager on a €175 million subscription facility for its European fund.
- A European asset manager on a €1 billion subscription facility.
- A European asset manager on a €300 million subscription facility.
- A European asset manager on a €1.05 billion subscription facility.
- A European asset manager on a €340 million subscription facility.
- A European asset manager on a €400 million subscription facility.
- A European asset manager on a €870 million subscription facility.
- A European asset manager on a €400 million subscription facility.
- A European asset manager on a €135 million subscription facility.
- A European asset manager on a £34 million late-stage term loan subscription facility.
- A European asset manager on a USD 555 million subscription facility.
- A European asset manager on a €150 million subscription facility.
- A European asset manager on a €75 million revolving credit facility.
- A European asset manager on a USD 4 billion subscription facility.
- A European asset manager on a €2.5 billion subscription facility.
- A European asset manager on a €1 billion subscription facility.
- A European asset manager on a USD 2 billion subscription facility.
- A European asset manager on a €80 million subscription facility.
- A European asset manager on a €180 million subscription facility.
NAV Financings
- A European asset manager on a USD equivalent of €340 million NAV facility.
- A European asset manager on a €335 million NAV facility.
- A European asset manager on a €1.2 billion NAV facility.
- A European asset manager on a €800 million (bridge to) NAV facility.
- A European asset manager on a €500 million NAV facility.
- A European asset manager on a €310 million NAV facility.
- A European asset manager on a €315 million NAV facility.
- A U.S. asset manager on a €50 million NAV facility.
- A European asset manager on a €102 million NAV facility for a single asset.
- A European asset manager on a €200 million fund-backed facility for a single asset.
- A European asset manager on a €130 million fund-backed facility for a single asset.
- A European asset manager on a €80 million fund-backed PIK holdco facility for a single asset.
GP Facilities / Management Company Financings / Professional Loan Programmes
- A European asset manager on a €150 million private placement notes issuance.
- A European asset manager on a €50 million revolving credit facility.
- A European asset manager on a €100 million management company facility.
- A European asset manager on a €100 million revolving credit facility.
- A U.S. asset manager on its EMEA professional loan programmes.
- A U.S. asset manager on its European professional loan programme.
- A European asset manager on a €40 million GP financing.
Continuation Fund Financings / Leverage for Secondary Transactions
- Apheon on the close of a new continuation fund for TMC and Haudecoeur.
- A European asset manager on a €75 million term loan and €30 million revolving credit facility for a continuation fund financing.
- A U.S. asset manager on a €350 million financing for its continuation fund.
- A European asset manager on a circa €1 billion financing for its continuation fund.
LBO Financing
- Birkenstock Holding and its principal shareholder, L Catterton, on Birkenstock’s $1.5 billion IPO.
- Oakley Capital on the financing for the investments in Phenna Group and CTS Group in transactions valued at over £1 billion.
- EQT and Covanta on the carve-out of Covanta’s European operations to create a standalone Waste-to-Energy platform.
- Team, Inc. (NYSE: TISI), a global provider of integrated, digitally enabled asset performance assurance and optimization solutions, in connection with a restructuring of its financing arrangements.
- G.S. Precision a portfolio company of AE Industrial Partners, on the acquisition of F.T. Gearing Systems.
- BC Partners:
- on the financing to acquire a majority stake in Havea, the French leader in natural healthcare with a major presence in the European market, from 3i Group.
- and its portfolio company, United Group B.V., in connection with the financing aspects of the acquisition of Wind Hellas, including with respect to bridge financing and an offering of €980 million fixed and floating rate high yield bonds.
- Warburg Pincus:
- on its acquisition of a majority stake in Epassi Group, alongside TA Associates.
- and its portfolio company Citeline (formerly Pharma Intelligence) on the financing aspects of its merger of equals with Norstella to form an end-to-end life sciences solutions provider.
- on the financing aspects of its acquisition of Minesoft, a global patent solutions provider.
- on the acquisition of Pharma Intelligence from Informa PLC.
- A private equity consortium on the $510 million acquisition of DuPont’s Clean Technologies business.
- PAI Partners in connection with the offering by Leather 2 S.p.A. of €340 million Senior Secured Floating Rate Notes due 2028 to finance the acquisition of Conceria Pasubio S.p.A.
- Bain Capital:
- on ongoing portfolio matters for Virgin Voyages.
- and its consortium partners on the financing aspects of the €955.3 million proposed public takeover of Caverion Corporation.
- on its investment in Berlin Brands Group, a global e-commerce company.
Prior to joining Kirkland, Sandipan worked on the following matters, advising:
- Permira:
- and Alter Domus on the refinancing of Alter Domus’ existing facilities and the financing aspects for its acquisition of Strata Fund Solutions, a fund administrator focused on US private equity and venture capital funds.
- Allegro.eu and the Sponsors (Cinven, Permira, and Mid Europa Partners) on a post-IPO financing for a PLN5.5 billion senior secured term loan facility and a PLN500 million revolving credit facility
- on the financing aspects for its acquisition of Golden Goose SpA, an apparel and footwear apparel company.
- Astorg Partners:
- on the financing aspects of its acquisition of Anaqua, a provider of intellectual property management software and maintenance services.
- on the financing aspects of its acquisition of Xceptor, a global leader in the end-to-end, no-code process automation market.
- Intrum AB (Publ) on a €1.8 billion super-senior revolving facility and SEK 2 billion senior secured revolving facility refinancing.
- PAI Partners and portfolio company Refresco, the world’s largest independent bottler of beverages for retailers and A-brand, for various add-on facilities.
- First Sentier Investors (f/k/a First State Investments) and a portfolio company on the refinancing and establishment of an infrastructure platform financing and various facilities and private placement notes.
- Apollo Global Management and the mandated lead arrangers and bookrunners in connection with the refinancing of a €770 million senior facilities agreement to Altamira Asset Management.
- Cerebrus Capital Management and the mandated lead arrangers for the refinancing of Haya Real Estate.
- The mandated lead arrangers on the term loan and revolving credit facility in connection with CVC’s take private acquisition of April SA, an international insurance services group.
- The arrangers and funders on the refinancing of GETEC (a portfolio company of EQT).
- Investindustrial and the mandated lead arrangers on the term loan and revolving credit facility in connection with Invest Industrial’s acquisition of HTL Strefa, a medical device company.
- Investcorp and the arrangers on the financing of Investcorp’s acquisition of Investis Digital.
- The RCF Lenders on the restructuring of Carlson Travel Inc.’s existing indebtedness pursuant to (i) an exchange offer, (ii) a consent solicitation, and (iii) an amendment and extension of its revolving credit facility.
- Nationwide Platforms Limited on an asset-backed loan.
- The AHC on the restructuring of Johnston Press PLC and JPIMedia subsequently on the financial aspects of the acquisition of the i newspaper to the Daily Mail and to National World.
- The mandated lead arrangers on the refinancing for the Hibu Group, publisher of Yellow Pages and provider of digital directories.
- The lender on a bilateral facility for the Bakkavor Group, a UK-based distributor of prepared food and fresh produce products primarily for supermarkets.
- A credit fund on a senior and PIK financing for a UK corporate.
- On the financing elements of various bids for acquisitions.
- Portfolio companies of financial sponsor clients on an ongoing basis.
Prior Experience
Latham & Watkins LLP, London
- Associate, 2017–2021
Allen & Overy LLP, London
- Trainee Solicitor, 2015–2017
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Recognition
Credentials
Admissions & Qualifications
- 2017, Admitted to practice as a Solicitor of England and Wales
Languages
- Hindi
- Bengali
- English
Education
- NALSAR University of LawB.A.; LL.B.(Hons.)2015
University Gold Medals in Banking, Corporate Law & Taxation
Editor, Editorial Board for the NALSAR ADR Journal, 2013–2014
- Santa Clara University School of LawExchange Semester2012