Emily Stephens

• Advised a global asset management firm in the formation and ongoing operation of the world’s largest closed-end distressed debt fund (at the time) with $10.9 billion in capital commitments.
• Advised a global asset management firm in the formation and ongoing operation of a loan strategy comprising closed-end opportunistic unleveraged and leveraged funds to capitalize on hung bridge loans held by investment banks near the start of the financial crisis and expanded in 2008 to include open-end funds focusing on bank loans and senior debt from the middle- and upper-quality tiers of the non-investment grade market.
• Advised a global asset management firm in the formation and ongoing operation of a strategic credit strategy comprising separately managed accounts and open-end funds focusing on stressed credits with targeted returns above those on high yield bonds, but below those on more distress-oriented strategies.
• Advised a global asset management firm in the formation of euro-denominated closed-end funds created to capitalize on opportunities resulting from the decline in European bank lending.
• Advised one of the fastest-growing U.S. swimming pool services companies in all aspects of its business to acquire, roll up, and operate swimming pool services assets across the nation.
• Advised various lenders in NAV-based facilities to various private equity funds.
• Advised various credit managers in their open-ended private credit funds and related financings.

Emily Stephens advises a broad range of clients—from first-time fund sponsors to established asset managers—on the structuring, formation, and ongoing operation of private equity, private credit, venture/growth capital, real estate, energy transition, and other alternative asset funds (whether open-ended or closed-ended), as well as providing guidance on carry and equity arrangements and investment adviser and related compliance issues. Emily also represents lenders and borrowers in private credit facilities, including in NAV or other fund-related term loans or revolvers where her deep knowledge of both investment funds and credit investing helps provide clients with a unique advantage in identifying issues and structuring appropriate protections. 

Emily’s transactional experience on the business/client side and board service across more than 10 public and private companies provide her with a commercial perspective in negotiations between sponsors and investors, and she is often able to quicky and efficiently identify and focus attention on the issues that drive the economic result sought by the parties. 

Emily regularly contributes to industry discussions through white papers and presentations on evolving investment paradigms and disruptions in the financial sector, including cryptocurrency and fintech, regulatory developments, and the rise of retail investors.

Emily has been included in Lawdragon’s list of the “500 Leading Dealmakers in America” for the last three years.

Bar Admissions

• California

Education

• University of Texas (J.D., 2000)
• Dartmouth College (B.A., 1997)

Memberships