Private Credit 2025

LUXEMBOURG Law and Practice Contributed by: Stefanie Ferring, Oliver Zwick and Geoffrey Scardoni, Clifford Chance

Clifford Chance has a global private credit group with extensive experience in private credit and direct lending transactions through - out the principal financial markets and can piv - ot from one product to another as required by market shifts or financing needs. It is aware of key considerations in private credit transactions and views itself as a committed partner with its lender clients in achieving the best results over the lifecycle of the investment. Clifford Chance specialises in structuring flexible debt, equity and hybrid solutions, including preferred

shares. It regularly negotiates the complex and unique terms and structuring seen in private credit deals and is laser focused on maximis - ing credit support throughout the structure, and minimising asset stripping, value leakage and priming risks. Its private credit group works with specialists across the firm to deliver integrated advice. Tax structuring, securities, regulatory and litigation due diligence, antitrust filings, ESG insights and restructuring advice are just some of its integrated services.

Authors

Stefanie Ferring is a partner in the Luxembourg global financial markets practice at Clifford Chance and specialises in insolvency and restructuring as well as collateral enforcement.

Oliver Zwick is a partner at Clifford Chance’s Luxembourg office and specialises in financial regulation within the investment funds practice, focusing on funds and asset management.

She has been instrumental in high-value, complex restructuring cases and is a thought leader, often exploring current restructuring trends. She also advises on the whole spectrum of lending activities, with a particular focus on real estate finance. Stefanie regularly speaks at conferences, has lectured at the University of Luxembourg, and is an active member and chairwoman of the insolvency working group within the Luxembourg Bankers’ Association. She also leads the Luxembourg office’s D&I initiatives and AI initiatives.

His expertise covers AIFMD and UCITS structures, ELTIFs, and regulations related to AML, outsourcing, distribution, MiFID, and fintech. Oliver is actively involved with numerous industry associations, including the Association of the Luxembourg Fund Industry (ALFI), Alternative Investment Management Association (AIMA), European Fund and Asset Management Association (EFAMA), Luxembourg Private Equity & Venture Capital Association (LPEA), and Luxembourg Association of Compliance Officers (ALCO).

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