Willkie’s Hybrid Capital practice advises capital providers, issuers and other strategic participants on sophisticated hybrid and structured capital solutions that sit outside of traditional debt or equity parameters.
How We Work
Our experienced teams in key financial centers across the U.S. and Europe help clients structure complex transactions that sit in a unique place on the debt-to-equity spectrum. We are market leaders in creating hybrid capital solutions that are both flexible and tailor-made for each transaction. Our team collaborates with clients to provide capital solutions for a wide array of needs, including acquisitions, growth capital, liquidity events and bridge and rescue financing.
What We Do
Willkie works across sectors and regions to advise on cutting-edge hybrid capital and alternative finance matters.
Our experience includes leading transactions to capitalize AI and technology, data centers, education, energy and infrastructure (including conventional power and renewables), financial services, health care, industrials, real estate, security and defense, and any other industry needing flexible solutions to move their business forward.
We work around the world on both public and private transactions using ABS, convertible securities, energy tax credit monetization structures (including tax equity and transfers), forward purchases, junior or mezzanine financing (including PIK loans), minority equity, net-asset-value (NAV) financing, P-Caps, preferred equity, structured equity, warrants and other “upside” or equity-kicker instruments, and other structured credit solutions. We frequently combine strategies and instruments within a single deal to optimize client outcomes.
As more private market sponsors, limited partners and other strategic market participants use (or offer) structured and bespoke solutions for liquidity needs, our hybrid capital team works closely with Willkie’s secondaries and asset management practices to deliver bespoke structures for portfolio investments, funds and investors.
For opportunistic credit coming into liability management, distressed or rescue transactions, we collaborate with our restructuring practice. We bring extensive experience in A&E transactions, cash tender offers, consent solicitations, debt repurchases, Dutch auctions, exchanges and the full range of LME transactions.
Experience
- Ardian in connection with a structured minority equity investment by Andera in Résonance.
- Initial purchasers in the $12 billion offering by Mexico of pre-capitalized securities to provide support to Petróleos Mexicanos (PEMEX). The offering is the first-ever P-Caps transaction involving a sovereign and one of the largest single tranche sovereign offerings ever conducted. Named 2025 Financing Innovation of Year by LatinFinance.
- Barings in a structured minority equity investment by EMZ in AlmeryFTV Capital on its structured investment in PeopleCert International Limited, a global leader in exam delivery and professional certification.
- JP Morgan Asset Management in connection with the hybrid financing of Locamod Group, a construction equipment rental company.
- Magnetar Capital in connection with a series of debt and equity investments in CoreWeave, including a $1.1 billion series C round and multiple convertible debt and asset-backed debt facilities.
- Searchlight Capital Partners on an agreement to provide RSK Global Limited a €600 million preferred equity investment from a consortium led by Searchlight and Ares Management Corporation funds.
- A commercial bank and private equity fund forming a joint venture that in turn acquired and refinanced (including tax equity and private credit) an operating portfolio of more than 20 onshore wind projects across the U.S.
- Warburg Pincus on its investment in Service Compression, LLC, a leading provider of natural gas compression services for exploration and production companies.
- An investor in a tax equity structured financing in connection with a portfolio of battery energy storage systems (BESS) developed by Intersect Power in a series of transactions that raised $837 million of capital, which integrated complex tax equity, debt, and offtake structures to support 1 GWh of storage. Awarded 2025 Deal of the Year by Energy Risk.
- A leading capital provider in connection with a preferred equity investment to refinance an equipment manufacturer’s existing debt.
- A leading capital provider in its preferred equity and common stock investment in connection with a strategic acquisition.
- A leading global alternative credit provider in its structured liquidity facility to a European chemicals company.
- A leading European capital solutions provider in its hybrid capital financing (including warrants) to a DACH-region health care group.