Kirkland Represents Pathlight Capital on Close of Oversubscribed Fund IV and Evergreen Fund at $1.9 Billion

Kirkland & Ellis advised Pathlight Capital on the formation of its fourth flagship fund, Pathlight Capital Fund IV LP (Fund IV) and launch of their parallel Pathlight Capital Evergreen Fund (Tranche No. 2) (Evergreen Fund), which closed over $1.9 billion of capital commitments, exceeding its $1.5 billion fundraising target. Fund IV also included the launch of a $100 million rated note feeder vehicle to provide enhanced access to insurance company clients. Fund IV and Evergreen Fund included a diverse mix of investors, including pensions, insurance companies, financial institutions, foundations, funds of funds and family offices. Pathlight Capital pursues an asset-backed lending strategy, making asset-based loans secured on a first or second lien basis against tangible and intangible assets.

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The Kirkland team included investment funds lawyers Richard Shamos and Sean Hill; structured capital & insurance solutions lawyer Kate Luarasi; and tax lawyer Mike Greenberg.