Angelina X. Liang
Partner | New York
Angelina X. Liang

Angelina Liang, a partner in Dechert’s global finance practice, advises asset managers, alternative capital providers and other financial institutions, as well as public strategics, on a broad range of leveraged finance transactions. Ms. Liang regularly represents borrowers and lenders in fund finance transactions involving business development companies (“BDCs”) and other permanent capital vehicles, and advises on transactions on varying levels of the capital structure, including senior credit facilities, ABL facilities, first lien/second lien financings, subordinated/mezzanine debt and off-balance-sheet entities. Ms. Liang is experienced in cross-border transactions, collateral packages with substantial non- US assets and other multijurisdictional components.

Ms. Liang has advised borrowers and lenders in the private credit space on a record number of fund-level, asset-based lending deals, including representing Blackstone Private Credit Fund and its subsidiaries in US$20+ billion worth of finance transactions notable for innovative structuring. This included a US$5.15 billion multicurrency revolver, which is considered top of its class for the BDC industry, providing for borrower flexibility not previously available in the market.

Ms. Liang has also represented FS KKR Capital connection with its first-in-market, US$4.64 billion multicurrency revolver. The FSK umbrella revolver was the first such facility in the market for multiple co-BDC borrowers. First utilized in August 2018, its structure was novel in allowing the then four BDCs on the platform managed by Franklin Square and KKR to seamlessly merge as part of the platform’s growth strategy.

Ms. Liang also serves on the editorial board of THE CRED, Dechert’s resource for private credit industry insights on legal and business trends.

Ms. Liang is recognized as an “Up and Coming” lawyer in New York for Banking & Finance in Chambers USA, a legal directory based on the opinions of clients and peers, with clients noting that, "Angelina is very knowledgeable and is always responsive" and “provides excellent service and execution of our strategy.” She was previously named an “Associate to Watch” by the same publication. Ms. Liang was also recently named by Profiles in Diversity Journal to its Women Worth Watching in STEM Awards in 2022, and is recognized for her work in commercial lending by The Legal 500 US and in Expert Guides: Rising Stars 2022 for Banking and Finance.

  • FS/KKR Advisor, LLC, a partnership between FS Investments and KKR Credit, and two of the BDCs that FS/KKR Advisor manages, in connection with its omnibus USD$3.9 billion multicurrency senior secured revolving credit facility.
  • ING Capital LLC, as administrative agent, collateral agent and a lender, in connection with the provision of a USD$700 million senior secured credit facility to Oaktree Specialty Lending Corporation, a business development company.
  • Crown Holdings, Inc., a provider of beverage, food, aerosol, and specialty packaging products, in connection with its USD$3.2 billion multicurrency senior secured facility, and a variety of other general corporate financing needs.
  • Select Medical Corporation, a leading post-acute care provider, in connection with its USD$2.6 billion senior secured facility.
  • ESG: SEC Proposals and Industry Response — Los Angeles Investment Management Symposium, Dechert LLP, Los Angeles, CA (October 27, 2022)
  • ESG: SEC Proposals and Industry Response — San Francisco Investment Management Symposium, Dechert LLP, San Francisco, CA (October 25, 2022)
  • Regulatory Impacts Of New York’s Changing Energy Industry — New York State Bar Association Virtual Program (January 15, 2021)
Services Industries
    • The University of Chicago, B.A., 2010, Dean's List, Recipient of the Howell Murray Award
    • Columbia Law School, J.D., 2013, Recipient of the Pauline Berman Heller Prize, Harlan Fiske Stone Scholar, Editor-in-Chief of the Columbia Journal of Gender and Law
    • New York