Victor Levy

Credit Funds: Direct Lending, Distressed, Structured Credit, Special Situations, Real Estate & Other

• Ares Management in:
  • Ivy Hill Revolver Funding, a target $1 billion comingled fund focused on revolving debt*
  • Ares ICOF III Fund, a $500 million comingled fund focused on direct lending and asset-backed investments*
  • Ares Special Situations Fund IV, a $1.5 billion comingled fund focused on investments in non-performing loans and debt and equity securities*
  • Ares High Income Credit Opportunities Fund, a $200 million comingled fund focused on investments in CLO securities*
  • Ares Institutional High Yield Fund, an evergreen comingled fund focused on investments in high-yield debt*
  • Ares Institutional Credit Fund, an evergreen comingled fund focused on investments in bank loans*
  • Ares Institutional Loan Fund, an evergreen comingled fund focused on investments in below-investment-grade debt and distressed asset-backed securities*
• CR Group in a target $2 billion comingled fund focused on direct lending to healthcare companies
• Norwest Mezzanine Partners in Norwest Mezzanine Partners V, a comingled fund that raised over $400 million and is focused on direct lending of mezzanine loans and junior capital investments
• Several sponsors in structuring revenue-sharing and seed investor arrangements
• Partners Group in Private Credit Strategies Fund, a target $1 billion comingled fund focused on direct lending and structured credit*
• MC Credit Partners in MC Credit Opportunities Fund III, a target $1.75 billion comingled fund focused on direct lending*
• Harbert Management in Harbert European Growth Capital Fund I, a $500 million comingled fund focused on mezzanine loans and debt of European growth companies*
• Alternative asset manager in a target $300 million comingled fund focused on direct lending*
• DFG Investment Advisers in a target $300 million comingled fund focused on investments in mezzanine and junior CLO tranches*
• Seix Investment Advisors in Seix Credit Dislocation Fund, a target $500 million comingled fund focused on corporate bonds and loans, agency debt and preferred and other securities*
• Seix Investment Advisors in Seix Credit Opportunities Fund, a target $500 million comingled fund focused on below-investment-grade debt, distressed asset-backed securities and special situations*
• Multiple sponsors and placement agents in comingled funds focused on below-investment-grade debt, distressed debt and other assets*

Real Estate Credit Funds

• Target $1 billion comingled fund focused on investments in real estate debt*
• Bulge-bracket institutional money manager in a target $1 billion comingled fund focused on acquiring and restructuring US residential mortgage loans and small-balance commercial mortgage loans*
• Emerging alternative asset manager in a target $500 million comingled fund focused on mortgage loans and short-term bridge loans*
• Deal counsel for MWAM Opportunity Fund (acting for Citigroup as placement), a comingled fund sponsored by Metropolitan West Asset Management (now part of TCW Group) focused on mortgage-related securities, other debt instruments and special situations*
• Deal counsel for VERO Distressed ABS Opportunity Fund (acting for Citigroup as placement), a comingled fund sponsored by Vero Capital Management focused on mortgage-related securities, whole mortgage loans and other debt instruments*
• Co-sponsor in a target $1.25 billion comingled fund focused on life-sciences real estate assets*

LP Investments

• Ongoing representation of large Swedish pension ($100B+ AUM) in anchor-sized capital commitments in various comingled funds, exceeding $1.5 billion
• Select number of institutional investors in dozens of investments in various private funds*
• Major European carrier as seed institutional investor in $1 billion fund platform focused on technology companies developing strategic priorities of telecoms and carriers*

TALF 1.0 & TARP Credit Funds

• AllianceBernstein L.P. in:
  • $4.6 billion for AllianceBernstein’s PPIF under TARP: AllianceBernstein Legacy Securities Fund, its public-private investment fund formed with US Treasury under its Legacy Securities Program (cleansing bank balance sheets of legacy securities) under TARP*
  • several TALF Opportunities Funds, comingled funds focused on assets financed under Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF 1.0)*
• Multiple other sponsors in forming other private funds seeking TALF financing*

Other Private Fund Strategies

• Litigation Finance: Melodeon Capital in a target $300 million comingled fund focused on operating companies involved in litigation finance*
• Litigation Finance: Fulbrook Capital Management LLC in seed capital arrangements pending launch of comingled fund focused on litigation financing*
• Mine Finance: Target $600 million comingled fund focused on mine-financing and other mining investments*
• Software Growth: Target $600 million comingled fund focused on late-stage growth software companies*
• Venture Capital (Life Sciences): Comingled fund focused on early-stage life-sciences technology companies; and internal house arrangements*

Other Fund-Related Transactions 

• Separation of co-founder from sponsor managing $3.5 billion in structured credit & lending funds*
• Separation of investment team head and co-sponsor of real estate fund*

*Some matters were completed prior to joining Kirkland.

Partner, Clifford Chance US LLP

Partner, DLA Piper LLP (US)

Associate, Clifford Chance US LLP