Lowenstein Sandler Launches Fund Finance Practice, Names Co-Chairs

Lowenstein Sandler has formalized a Fund Finance practice that will handle facilities ranging from roughly $25 million to $300 million, with partners Marc S. Kurzweil and Boris Liberman as co-chairs.

The national law firm employs more than 400 attorneys. The new practice serves private equity funds, hedge funds, private credit managers, and other alternative investment organizations. It consolidates fund-level financing expertise that previously sat across several groups into one centralized point of contact for investment managers.

What does the practice actually do?

The group advises on a broad set of financing structures:

• Subscription credit facilities
• Net asset value (NAV) financing
• Hybrid facilities
• General partner financing
• Co-investment arrangements
• Management company credit facilities
• Financing secured by nontraditional and digital assets

The practice represents investment managers and fund sponsors on the borrower side of transactions. Its work covers structuring agreements, negotiating borrowing terms, evaluating financing costs, and managing counterparty and liquidity considerations. The firm has particular experience in middle-market transactions, where deal sizes generally run from about $25 million to $300 million.

Who leads it?

Kurzweil is based in Roseland, New Jersey. He advises private equity funds, hedge funds, and lenders on complex financing structures, including capital call subscription facilities. Liberman is based in New York and leads Lowenstein's Derivatives & Structured Products practice. He advises investment managers on financing strategies, treasury operations, and counterparty risk.

Kurzweil said the move formalizes work clients were already requesting. "Subscription and NAV facilities have become standard tools for fund managers, and our clients were already turning to us for them," Kurzweil said. "Formalizing the practice gives those clients a clear point of contact and lets us build on the relationships we've developed forming their funds."

Liberman framed the practice around the link between fund documents and financing terms. "Every financing decision a fund makes affects its cost of capital and its counterparty exposure, and the fund documents and investor arrangements shape what a facility can do," Liberman said. "Working alongside our Investment Management lawyers lets us look at the whole capital structure, which matters more as managers move into NAV, hybrid, and non-traditional structures. I'm looking forward to leading the group with Marc."

How does it fit inside the firm?

The Fund Finance practice operates within Lowenstein's Debt Finance group. It works closely with the firm's Investment Management & Private Funds, Private Equity, Mergers & Acquisitions, and Tax practices. That structure lets the firm align financing arrangements with fund formation documents, investor commitments, and long-term capital strategies.

Lowell A. Citron, chair of the Debt Finance group, said the practice applies existing credit discipline to fund structures. "Fund Finance draws on the same credit discipline that defines our Debt Finance work, applied to the structure of a fund and the expectations of its investors," Citron said. "Marc has been executing these transactions for our fund manager clients, and Boris brings a deep understanding of investment management and trading structures. As managers look to NAV, hybrid, and digital asset-backed facilities, that combination matters."

Additional participating partners include Lowell A. Citron, Edward S. Nadel, Theodore C. Sica, and Raquel Smith.

Why now?

The launch tracks a shift in how fund managers raise liquidity. Subscription lines and NAV facilities have moved from niche tools to standard practice, and digital asset-backed lending is adding new collateral types. By pairing borrowers-side financing lawyers with fund formation specialists under one roof, Lowenstein is positioning the practice to capture middle-market deal flow as managers increasingly blend subscription, NAV, hybrid, and nontraditional structures.