Dechert Represents Centerbridge Partners on Formation of Overland Advisors, a Strategic Relationship With Wells Fargo

Dechert LLP represented Centerbridge Partners, a global alternative investment manager, in the formation of Overland Advisors, its strategic partnership with Wells Fargo to launch a private credit platform targeting a minimum of US$5 billion of investable capital, including US$2.5 billion in equity commitments.

Centerbridge Partners and Wells Fargo entered into a strategic relationship focused on direct lending to non-sponsor North American middle market companies. To meet the alternative credit needs, Centerbridge plans to launch Overland Advisors, an investment adviser, to manage a newly formed business development company that will be primarily focused on making senior secured loans. In addition to expanding financing access to the non-sponsor segment, Overland will pursue other transactions, including traditional sponsor-backed direct lending opportunities.

The Centerbridge and Wells Fargo strategic relationship includes differentiated origination sourcing from Wells Fargo’s extensive middle market customer base, and an equity investment from Wells Fargo. Overland plans to capitalize on Centerbridge's established reputation as a private and alternative credit investor, with a seasoned investment team known for their innovative solutions and credit investment underwriting. Overland also anticipates benefiting from Wells Fargo's long-term relationships, extensive client base and leading role in U.S. middle market and asset-based lending.

The Dechert team advising Centerbridge Partners included corporate partner Ken Young, counsel Ross MacConnell and associates Sarah Griffin, Nicole Donadio and Marie Mast; financial services partners Bill Bielefeld and Matthew Barsamian; and global tax partner Ari Zak and associate Mansi Seth.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.