Paul Hastings has hired Reed Smith's global fund finance chair Leon Stephenson in London.
The move continues the firm's investment in fund finance and follows news that A&O Shearman fund finance co-head Fiona Cumming is leaving for Weil.
Paul Hastings has hired senior fund finance partner Leon Stephenson from Reed Smith in London, according to sources familiar with the move.
Stephenson joins after 20 years at Reed Smith, where he chaired the firm's global fund finance group and was also a member of the executive committee.
He advises bank and non-bank lenders on fund financing transactions spanning private equity, secondaries, real estate, infrastructure and direct lending funds.
Fund finance focus
Stephenson's arrival forms part of a broader push by Paul Hastings to expand its fund finance capabilities.
At the end of last year, the firm recruited fund finance partner Jennifer Passagne from Haynes Boone in London. Earlier this year, it also opened an office in Charlotte, a major US structured finance hub, with a large team recruited from Cadwalader and Haynes Boone.
Already recognised as one of the market's top funds firms, Paul Hastings has been investing heavily across its private capital platform, with its London private credit funds practice regarded as one of the City’s strongest.
The move comes just days after it emerged that A&O Shearman fund finance co-head Fiona Cumming is leaving the firm to join Weil in London, in another sign of strong demand for senior fund finance talent.
For Reed Smith, Stephenson’s exit comes just weeks after the firm lost fellow fund finance partner Chu Ting Ng to Simmons & Simmons.
London expansion
Paul Hastings has been active in the lateral market this year.
In recent months, the firm has recruited a private equity real estate team from Covington & Burling, M&A partner Mark Zerdin from Slaughter and May and private equity partner Ferish Patel from Cooley.
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