Leon Stephenson

NatWest Markets on its role as lead arranger and facility agent for The Carlyle Group on a €2.3 billion ESG-linked credit facility for its European private equity and real estate platform. The facility was formed to support Carlyle’s 30% board diversity target, to tackle climate change by having more accurate and comprehensive measurements of greenhouse gas emissions across all portfolio companies, and to improve ESG outcomes through better governance by providing ESG-competent board training for all Carlyle board directors.
Advising a large private credit fund lender on a $4 billion NAV facility secured against a diverse portfolio of late-stage software investments
A large U.S. investment bank in relation to a NAV facility to a secondary fund secured against LP interests
An Australian bank on multiple NAV facilities to a large infrastructure fund
A specialized non-bank lender on a NAV facility to a mid-market private equity fund
Natixis on a large hybrid funds financing to an Asia-based private equity fund
Goldman Sachs on a co-investment facility to the partners of a large private equity fund
HSBC Innovation Bank on a significant number of capital call, NAV and GP support facilities
Natixis on a hybrid funds financing to R-Bridge (part of CBC Group)
A syndicate of 12 banks on a subscription line facility to a large Scandinavian-headquartered private equity fund
A syndicate of four banks on a subscription line facility to a large direct lending fund
Advising an African-focused private equity fund on over 10 different capital call, subscription line and management line facilities
A French-based private equity sponsor on various NAV facilities
A Scandinavian bank on an umbrella subscription line facility to a large European sponsor with diverse strategies
A specialist non-bank fund finance lender on a feeder fund hybrid facility using rated insurance money as the source of capital
A European-based private credit fund on multiple back-leverage transactions including by way of senior loan, total return swap and repurchase agreements.
A large U.S. bank on an ABL facility secured against a large portfolio of loans on a securitization basis
A U.K. bank on an ABL secured against a large portfolio of loans on a non-securitization basis
A bank on various facilities to German-based funds with specific structuring considerations
A bank on various facilities to French-based funds using “stipulation pour autrui” techniques to secure the facility
A non-bank on a facility to a French-based fund using the bond loan agreement form of financing
Over 15 different banks on more than 30 different financings to a large global private credit fund
An insurance company on its participations and sub-participations into subscription line facilities
MUFG on multiple subscription line facilities to various sponsors
Advising two lenders on a syndicated facility to a sustainable impact fund

Recognized in the prestigious, client-selected
Thomson Reuters Stand-Out Lawyers listing for 2026
London Banking & Finance: Fund Finance
Chambers UK (2021-2026)
Leading Partner for Investment fund formation and management: Fund finance
Legal 500 UK (2026)
Notable Practitioner for United Kingdom Banking and for Banking and Finance (Investment Management)
IFLR1000 Global ((2020-2024 and 2025, respectively)
“He is very commercial, he is an excellent networker who brings people together and gives good advice, and he is very good at complex structures.” -
Chambers, Banking and finance: lenders – mid-market, 2022
“Leon is very good and is very well known in the space - a pioneer of making deals happen.” -
Chambers, Banking and finance: lenders – mid-market, 2022
“He is excellent, a real businessman as well as a lawyer.” -
Chambers, Banking and finance: lenders – mid-market, 2022

“Evolution in the Investor Bases of Private Market Funds,” Fund Finance Association Spotlight, Co-Author
July 2026
Author from the first edition up to and including the
2026
“Introduction to fund finance — capital call facilities,” Lexis Nexis, Co-Author
2026
“Fund Finance Laws and Regulations 2026,” Global Legal Insights, Contributing Author
2026
“The impact of rated note feeder funds on subscription-line facilities”| Butterworths Journal of International Banking and Financial Law, Co-Author
2023
“The ESG revolution in funds finance” Butterworths Journal of International Banking and Financial Law, Author
2022
“Fund Finance: The Rise of the Hybrids, Private Debt Investor, Author
2018

Member
Loan Market Association
Member
European Advisory Committee of the Fund Finance Association
Member
New York Bar Association
A past member of the Executive Committee at the previous firm

Regular speaker and moderator on panels of the Global and European Fund Finance Association Symposia
Regular speaker on the panels at the Deal Catalyst and Loan Market Association conferences

Finance

Fund Finance

Leon StephensonLeonStephenson

REPRESENTATIONS

RECOGNITIONS

Thomson Reuters Stand-Out Lawyers listing for 2026

Chambers UK (2021-2026)

Legal 500 UK (2026)

IFLR1000 Global ((2020-2024 and 2025, respectively)

Chambers, Banking and finance: lenders – mid-market, 2022

Chambers, Banking and finance: lenders – mid-market, 2022

Chambers, Banking and finance: lenders – mid-market, 2022

NEWS & THOUGHT LEADERSHIP

PUBLICATIONS

“Evolution in the Investor Bases of Private Market Funds,” Fund Finance Association Spotlight, Co-Author

Author from the first edition up to and including the

“Introduction to fund finance — capital call facilities,” Lexis Nexis, Co-Author

“Fund Finance Laws and Regulations 2026,” Global Legal Insights, Contributing Author

“The impact of rated note feeder funds on subscription-line facilities”| Butterworths Journal of International Banking and Financial Law, Co-Author

“The ESG revolution in funds finance” Butterworths Journal of International Banking and Financial Law, Author

“Fund Finance: The Rise of the Hybrids, Private Debt Investor, Author

ASSOCIATIONS

PAST ENGAGEMENTS

PRACTICE AREAS