Let’s get to know Alfredo Barona and learn more abut his practice and the Spanish fund finance market.
More than 25 years ago, I was offered the opportunity to join either the M&A or the Finance practice at a major law firm. Both were excellent options and, somehow, they have been intertwined throughout my career, but I chose finance as it sits at the intersection of different areas of law, which I found both exciting and rewarding.
Given my broad background, my practice covers a wide spectrum of areas within finance, with a clear focus on fund finance, leveraged finance, and complex structured finance.
My practice has evolved with the market. I work on deals that, through today's lens, seem quite straightforward, to complex cross-border transactions that require deep expertise, coordinated teams and seamless execution. Our clients have shifted from traditional banks to a whole universe of players, including funds of different kinds, private equity firms and alternative capital providers, all of whom demand highly sophisticated advice.
How would you characterize the state of the fund finance market in Spain, and what notable trends are you observing?
We see strong demand for subscription lines. Although initially somewhat hampered by challenges around taking effective security and step-in rights over capital calls without compromising commercial relationships with LPs, they have now become a well-established product in the Spanish market, even creating healthy competition among lenders to finance these transactions.
The clear trend in Spain for the coming months is NAV and hybrid structures. It is no secret that there has been a slowdown in divestment processes, and sponsors are looking for alternatives to traditional continuation vehicles that can unlock value for investors and fund managers. We know there are regulatory challenges in Spain when implementing these structures, but we are helping our clients navigate them. And the growth of this offering is unstoppable
We hold a leadership position in the Spanish market, with a team of three partners and 14 associates supporting our clients across a wide range of areas, including fund finance, LBOs, capital markets, real estate finance, infrastructure and restructuring—always with a specialist approach and unmatched expertise when it comes to complex structures, particularly those with cross-border elements. This has driven consistent year-on-year growth of our practice and built a broad client base comprising the most sophisticated players in the market.
But this is not only about the region—it extends globally. We operate as a single, integrated team, drawing on the expertise of top-tier lawyers in every jurisdiction where we have a presence. Clients consistently value our approach, as it allows us to deliver seamless, high-quality advice across borders.
What are some of your most recent noteworthy deals?
We have been very active in subscription lines, advising leading Spanish banks on various transactions, and we are currently working on a few NAV financing structures.
Outside the fund finance space, I would highlight the following deals on which we advised lenders:
- The €1 billion financing for one of Spain’s leading toll road operators.
- The public-to-private acquisition of Spain’s largest online university group, valued at over €1.5 billion.
- The €250 million financing for the capex expansion of one of Europe’s leading agricultural producers.
What book, movie, or TV show would you most recommend to others?
My pick would be Meditations by Marcus Aurelius. As a history enthusiast, I find it remarkable that a Roman emperor's private reflections on duty, integrity and ethical leadership remain so profoundly relevant today. It is a timeless guide to living with purpose and doing the right thing, even under pressure.