Establishes a Chicago Presence for the Firm’s Market-Leading Private Credit Practice
CHICAGO, May 2, 2022 – Proskauer, a leading international law firm, is pleased to welcome Evan Palenschat as a Partner in its Private Credit Group. Evan will be based in the Firm’s Chicago office, further building its presence in the city and establishing a local foothold for Proskauer’s market-leading Private Credit practice, which last year completed more than 400 deals backed by 184 private equity sponsors, with an aggregate value of over $107.6 billion.
“We are thrilled to welcome Evan to the team. His extensive experience in a wide variety of private credit transactions will help us to continue to meet the ever-growing needs of our clients.” said Justin Breen, partner in the Firm’s Private Credit Group and head of the Leveraged Finance Group. “We are excited to have him as our first Chicago-based private credit partner and look forward to working with Evan as we plant our flag in Chicago and continue build out our team.”
The firm, which is noted for its work with direct lenders on matters ranging from large and small deals to healthy and distressed deals and ‘straight-forward’ and highly-complex deals, has long standing relationships with asset managers in the Midwest. As the private market continues to expand, Proskauer’s boots-on-the-ground presence in Chicago will serve to strengthen its relationships with current clients and build new relationships with asset managers in the region.
“Evan will be an invaluable asset to our team in Chicago. He not only has extensive experience as a transactional lawyer, but knows how to build and grow a practice. I look forward to working with him and am pleased to welcome him to Proskauer.” said Nigel Telman, head of the Firm’s Chicago office.
Evan has extensive experience working with private credit funds, financial institutions, private equity funds, hedge funds and public and private companies/borrowers/issuers, as well as alternative lending institutions. His practice focuses on representing clients in all aspects of corporate transactional work, with a focus on debt financings and in particular, leveraged finance, and he also assists his clients in work-outs and other downside scenarios. Evan has represented his clients on countless transactions that include senior, second lien and subordinated financings, asset-based loans, work-outs, restructurings and bridge and mezzanine financings.
“The private credit market is extremely resilient and it is changing quickly as are the needs of asset managers. It’s an exciting time to be part of the sector and there is no better place to do that than at Proskauer, given the breadth and depth of their team, their impressive client roster, and the Firm’s relentless focus on serving their asset manager clients in all that they do,” said Evan. “I look forward to helping the Firm build out the direct lending practice in Chicago and working with my new colleagues across the Firm.”
Evan received his J.D. from Columbia University School of Law and MBA from the University of Illinois. He joins from King & Spalding.
We are 800+ lawyers serving clients from 12 offices located in the leading financial and business centers in the Americas, Europe and Asia. The world’s leading organizations, companies and corporations choose us to be their representatives in their most critical situations. But more, they consider Proskauer a strategic partner to drive their business forward. We work with asset managers, major sports leagues, Fortune 500 companies, entertainment industry legends and other industry-redefining companies.
The Firm’s Private Credit Group is made up of cross-disciplinary finance and restructuring experts exclusively dedicated to private credit investors. It includes over 75 finance and restructuring lawyers focused on representing credit funds, business development companies, and other direct lending funds in the restructuring of “clubbed” and syndicated credits, preferred equity, special situations and alternative investments. Over the past five years, Proskauer has been involved in more than 1,000 deals for over 75 private credit clients across the United States and Europe with an aggregate transaction value exceeding $250 billion.