Fiona Cumming

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Biography

Fiona Cumming
Fiona is a partner in the London Private Funds Group at Weil focusing on fund liquidity solutions across the full spectrum of fund finance products spanning the life cycle of funds.

She brings over 20 years of experience acting for diversified asset managers, investment funds and lenders on subscription lines, single asset and portfolio NAV loan facilities, hybrid facilities, GP and manco financings across all asset classes as well as derivative financing solutions including back leverage facilities. Fiona works closely with the structured finance team on securitisations and synthetic risk transfer transactions referencing fund finance products as well as rated note feeder and CFO structures. She regularly works with clients to develop and negotiate innovative financing structures while navigating the complex legal and commercial environment in which they operate.

Recent clients include Ares, Barclays, BNPP, Citi, Goldman Sachs, Oaktree, Partners Group, Santander and Velocity Capital.  

Fiona is ranked in Chambers UK for Fund Finance. Clients describe her as a "top-notch partner who I would have on any of my deals. She's very skilled, very helpful, very commercial and very experienced," and as "a problem solver whose client care is excellent. She always thinks outside the box and she's able to connect dots in complex transactions." (Chambers UK)

Representative experience prior to joining Weil includes advising:

  • The lenders on a syndicated EUR1.5bn NAV facility for the flagship buyout fund of a global asset manager. This was the first NAV facility entered into by the manager in Europe.
  • The lenders on a syndicated EUR600m NAV facility for a tech fund of a global asset manager.
  • Ares Management on their partnership with Investec Fund Solutions for the purpose of investing in subscription and NAV facilities across UK, continental Europe and the US. This innovative funding structure, using securitisation structures, was the first of its kind in the European market.
  • Various lenders on single asset NAV and exit bridge facilities for a number of global asset managers across asset classes including buy out, real estate and infrastructure.
  • Lenders and borrowers on subscription facilities including pre-first close facilities, facilities for SMAs and funds of one and evergreen funds.
  • A European buy out fund in respect of a CAD200m NAV facility secured on a portfolio of limited partnership interests.
  • A real estate fund of a global financial institution in respect of a EUR200 million NAV facility secured on a portfolio of limited partnership interests.
  • The lender on a back leverage facility for an investment by a global alternative investment manager in a rated feeder fund managed by a global private markets firm.
  • The lenders to Ares Alt Credit on the acquisition of a USD2.3bn stake in Eni’s energy transaction focused Plenitude.
  • A US private credit fund on a back leverage loan facility relating to an investment in a portfolio of real estate assets located in the Middle East.
  • The lenders on a hybrid facility for a continuation fund established by a French real estate asset manager.
  • The seller of a European infrastructure loan portfolio to a global private credit fund.
  • The lenders on a US$350m hybrid facility for a continuation fund established to acquire an international electronic payments business.
  • The lenders on a bilateral a EUR505m NAV facility for the European real estate fund of a global asset manager
  • The lenders on a EUR250m NAV facility provided to a European private equity fund investing in secured middle-market healthcare, education, data & software and technology companies.

Fiona is a member of the board for Women in Fund Finance (WFF) Europe, having previously been the co-chair of WFF Asia-Pacific.

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