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Aspiring Lawyers - Applications & General Advice
Applications Discussion
TCLA Vacation Scheme Applications Discussion Thread 2025-26
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<blockquote data-quote="CharlesT47" data-source="post: 223159" data-attributes="member: 41021"><p>Thanks so much for this! I'll just reframe how I've understood this and perhaps you could let me know whether I'm right? </p><p>First, PE and structured finance are different. Structured finance is only relevant to sponsor-side PE in certain situations where the PE firm decides it wants some kind of fancy funding. Equally, it could be useful for NAV subscription lines (which, in my understanding, is when a PE firm needs a short term loan to keep operations going in the company it has just acquired.) </p><p></p><p>This then means that you don't need to be particularly strong in structured finance to be able to be a sponsor-side powerhouse. (E.g Kirkland) Weil is more highly rated for structured finance/ derivatives but that is because it does some lender-sided securitisation alongside PE/ LevFin. I think this was what I was hung-up about. I saw how Weil is band 2 for securitisation, which is on-par with mega finance firms like Paul Hastings and I thought they must be a structured finance powerhouse as well. </p><p></p><p>I just have one question though on this</p><p>"CLOs and other forms of structured finance are an important part of traditional private equity in the sense that it eases access to debt. But a private equity firm may have nothing to do with the collateralisation of the loans they have taken out."</p><p></p><p>Are debts generally easier to come by because lenders (like banks) expect to sell their loans to CLO managers? This makes a lot of intuitive sense to me but wanted to confirm. </p><p></p><p>Again, I appreciate you taking the time out to respond to my message. It's been helpful.</p></blockquote><p></p>
[QUOTE="CharlesT47, post: 223159, member: 41021"] Thanks so much for this! I'll just reframe how I've understood this and perhaps you could let me know whether I'm right? First, PE and structured finance are different. Structured finance is only relevant to sponsor-side PE in certain situations where the PE firm decides it wants some kind of fancy funding. Equally, it could be useful for NAV subscription lines (which, in my understanding, is when a PE firm needs a short term loan to keep operations going in the company it has just acquired.) This then means that you don't need to be particularly strong in structured finance to be able to be a sponsor-side powerhouse. (E.g Kirkland) Weil is more highly rated for structured finance/ derivatives but that is because it does some lender-sided securitisation alongside PE/ LevFin. I think this was what I was hung-up about. I saw how Weil is band 2 for securitisation, which is on-par with mega finance firms like Paul Hastings and I thought they must be a structured finance powerhouse as well. I just have one question though on this "CLOs and other forms of structured finance are an important part of traditional private equity in the sense that it eases access to debt. But a private equity firm may have nothing to do with the collateralisation of the loans they have taken out." Are debts generally easier to come by because lenders (like banks) expect to sell their loans to CLO managers? This makes a lot of intuitive sense to me but wanted to confirm. Again, I appreciate you taking the time out to respond to my message. It's been helpful. [/QUOTE]
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TCLA Vacation Scheme Applications Discussion Thread 2025-26
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