Macfarlanes has advised longstanding client Hayfin on the successful close of its Direct Lending Fund V, comprising a commingled fund and related investment vehicles, raising capital in excess of €15bn.
The fundraise more than doubles the amount raised for Direct Lending Fund IV, which closed in August 2023 with over €6bn in total commitments.
Hayfin's direct lending strategy focuses on originating and structuring senior-secured financings for mid-market and upper-mid-market companies across Europe, with a particular emphasis on capital preservation and strong underlying cash flows.
The Macfarlanes team was led by Fund Formation and Sponsor Solutions Partners Chris Daniel and Stephen Ross with support from Senior Counsel Sweta Tandle and Associates Laura-Anne Douglas and Jake Bedford. Tax advice was provided by Partner Joe Robinson with assistance from Senior Associate Eugene Atkinson and Associates Rosie Gilliland and Alec Siegert. Advice on the fund's leverage facility was provided by Finance Partner Richard Fletcher.
Partner Chris Daniel commented: "We are proud to have advised Hayfin on what is one of the largest European private credit fundraises to date, a remarkable achievement for Hayfin and a significant overperformance of their target for the fundraising. This speaks to the strength of Hayfin's origination platform, their disciplined approach to lending and the deep confidence of their global investor base. It has been a privilege to work alongside the Hayfin team on this milestone."
Hayfin is a longstanding client of the firm, with Macfarlanes having acted on Hayfin's establishment in 2009 and on many fundraises and strategic transactions since.