Private Credit 2026

UK Trends and Developments

Trends and Developments Contributed by: Fergus Wheeler, Paul Yin, Tracy Liu and Medha Vikram Latham & Watkins Latham & Watkins advises sophisticated global direct lenders and private capital providers on hundreds of front-end transactions each year, including first and second lien, unitranche and mezzanine loans, and preferred equity and other junior capital transac - tions. Latham advises more lender mandates in the EMEA region and the United States than any other firm. The firm advises across a range of deal sizes stretching from the mid-market through the largest and most complicated unitranche transactions with multi-billion dollar deal sizes. Latham lawyers regu - larly design and implement multi-tiered capital struc -

tures and capital solutions for clients and handle sub - ordination, security, and intercreditor issues, as well as restructurings, equity co-investments, and tax and regulatory matters. Latham’s direct lending and pri - vate debt practice draws on a long history of innova - tion and experience. With more than 200 lawyers in the US and close to 400 globally, the firm advises the most active lenders, funds, credit platforms and in - vestment managers as well as borrowers, on the full range of transactions, from the mid-market to large- cap.

Authors

Fergus Wheeler of Latham & Watkins has more than 20 years’ experience advising on private credit and other leveraged finance transactions. He advises many of the most active private credit investors and has been at the forefront of legal developments in that asset class for more than a decade. Global asset managers engage his services when investing across the capital structure, from senior and junior secured instruments, to holdco and hybrid capital investments, across both performing and stressed sponsor and non-sponsor backed situations. He is ranked by Chambers and Partners in leveraged finance: big ticket.

Tracy Liu is a partner in the Finance department of Latham & Watkins’ London office and a member of the Banking & Private Credit practice.

She draws on a wide range of experience to advise clients on complex cross-border finance transactions, with a particular focus on leveraged and acquisition financings. Tracy takes a results-oriented approach to guide banks, private credit funds and other financial institutions, sponsors, and corporate borrowers in financings across the capital structure. She is ranked as up and coming by Chambers and Partners in leveraged finance: big ticket.

Medha Vikram is an associate in the Finance department of the London office of Latham & Watkins and a member of the Banking & Private Credit practice. Medha’s practice focuses on general banking and acquisition finance.

Paul Yin is a partner in the Finance department of Latham & Watkins’ London office and a member of the Banking & Private Credit practice. He focuses on advising direct lenders, private credit funds, and alternative

capital providers on investing across the capital structure, from senior secured to junior debt and hybrid capital instruments. He works closely with many of the key US and European credit funds on complex, cross-border financing transactions and his practice spans performing and stressed credits.

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