Welcome to this week's Spotlight, where we introduce you to Alexander Premont, a partner who practices out of both our Paris and London offices. Alexander regularly advises private equity sponsors and debt funds on acquisitions and leveraged financing as well as fund finance facilities. He also works with banks and insurance market participants on a range of regulated insurance finance facilities as well as on asset finance-related financings.

Let's get to know Alexander, his practice, and the French market.

How did you first get involved in fund finance, and how has your practice expanded evolved during your time at the firm?

I became involved in fund finance through our longstanding relationships with sponsor clients whom we had historically advised on acquisition finance transactions. It was not initially a core area of my practice, but those clients increasingly asked us to advise on financings designed to optimise and leverage their broader capital structures.

My early experience was principally in portfolio-level and NAV financings relating to existing investments. As my expertise and understanding of the market developed, the practice expanded to include subscription line facilities for newly-established funds, as well as a broader range of fund-level financing solutions.

We have now built a more established and diversified fund finance capability, drawing on our experience across acquisition finance, fund structuring, and sponsor-side transactions. We are currently more frequently contacted by lenders, which has further broadened our perspective and strengthened our understanding of the commercial, structural, and risk considerations on both sides of a transaction.

How would you characterize the state of the fund finance market in France, and what notable trends are you observing?

The French fund finance market remains very robust. While subscription credit facilities remain a well-established and highly liquid product, the most notable trend is the increasing diversification of financing solutions available to sponsors. We continue to see significant growth in NAV facilities and hybrid structures as sponsors seek greater flexibility in managing liquidity, supporting portfolio companies, and enhancing returns.

Another important trend is the increasing role played by private credit providers and alternative lenders alongside traditional banks. The expansion of private capital markets across Europe is creating demand for a broader range of financing products and funding sources.

Finally, the market continues to mature from a governance and risk management perspective, with lenders, sponsors, and investors focusing closely on transparency, fund documentation, and structuring considerations.

Who are the main participants and what are the structural features of the French fund finance ecosystem?

France continues to be one of the most active private capital markets in continental Europe, and it remains an important jurisdiction for fund finance activity.

Paris is home to a large number of leading private equity, infrastructure and private debt managers, as well as many of the major banking institutions active in Europe. The market is sophisticated, with sponsors seeking a wider range of financing solutions to support investment strategies, portfolio management, and liquidity objectives.

At the same time, France remains a highly regulated and relationship-driven market, where lenders, sponsors, and advisers benefit from long-established partnerships and deep sector expertise.

How has the focus of your practice shifted over the past year?

Over the past year, I have seen clients place greater emphasis on portfolio management, liquidity optimisation, and value-creation initiatives.

This has translated into increased interest in financing structures that sit beyond traditional subscription facilities, particularly asset-backed and NAV-based solutions. Transactions are also becoming increasingly cross-border and often involve a more diverse range of stakeholders, including banks, private credit funds, and institutional investors.

More broadly, the continued convergence of banking and private capital markets has led to greater interaction between acquisition finance, private credit, and fund finance teams.

Where do you see the most potential for growth in fund finance over the next few years, and what forces will drive that growth?

The long-term growth story remains closely tied to the continued expansion of private capital globally.

Private equity, infrastructure, private credit, and secondaries markets continue to attract significant institutional capital, creating demand for increasingly sophisticated financing solutions throughout the fund lifecycle.

I expect continued growth in NAV and hybrid products, as well as financing solutions tailored to continuation funds, GP-led transactions, and secondaries activity. The growing participation of alternative lenders will also contribute to product innovation and market expansion.

In France, I also expect increasing convergence between traditional acquisition finance, private credit, and fund finance solutions, providing sponsors with a broader and more flexible financing toolkit.

Who are the colleagues you regularly collaborate with on fund finance matters, and how does that collaboration add value for clients?

Thibault Dupont-Nougein, who heads our Funds Structuring practice in Paris, and his team are central to our ability to provide clients with a fully integrated fund finance offering. They have a detailed understanding of fund structures, constitutional documents, investor arrangements, and the broader fund to identify and address the structural issues that can directly affect a financing.

Their involvement helps us to bring together funds, finance, and regulatory perspectives from the outset, ensuring that proposed facilities are compatible with the relevant fund documentation, governance arrangements, and investor expectations. This has been particularly valuable on more complex NAV, hybrid, and subscription-line transactions, where the interaction between the financing terms and the underlying fund structure is critical.

Which of your recent deals do you consider most noteworthy?

Significant deals I've worked on in recent years include:

• Advising Tikehau on its single-asset continuation fund financing provided by BNP Paribas and J.P. Morgan SE on the launch of a EUR 1 billion+ continuation fund dedicated to Egis Group
• Advising Alba Infra Partners on the implementation of its subscription line revolving credit facility for Alba EOPF II
• Advising MBO+ on the financing of its continuation fund for the takeover of the Osmaïa Group
• Advising Exeltium on Phase 2 of its €1.2 billion financing for the procurement of electricity for France’s most energy-intensive industrial companies for the next 15 years

What book, movie, or TV show would you most recommend to others?

I have a particular love for Provence at this time of year, and I would highly recommend Marcel Pagnol’s Marius, Fanny and César trilogy, as well as The Well-Digger’s Daughter (La Fille du puisatier), whether in book form or through their film adaptations.

Beyond their wonderful evocation of Provence, these are deeply human stories about family, love, loyalty, pride, and responsibility. What I find especially appealing is the wisdom and common sense that runs through them. The characters are imperfect, but their dilemmas are approached with warmth, humour, and a well-grounded understanding of human nature.