King and Spalding recruits Proskauer's Gloria Kim as partner to build out fund finance and leveraged lending practice in New York
King and Spalding has added Gloria Kim as a partner in its finance and restructuring practice in New York, the firm announced on 20 July 2026. Kim joins from Proskauer Rose. Kim's practice covers complex financing matters for borrowers and lenders, with particular depth in fund finance transactions. Fund finance is an umbrella term covering several specialist products: subscription facilities (credit lines secured against investor capital commitments), NAV financings (facilities where borrowing is secured against the net asset value of a fund's portfolio), and GP financings (loans extended to the general partner, often the fund manager, rather than the fund itself). She also practises in leveraged finance (debt used to fund acquisitions), structured credit, and distressed transactions. Her client base spans asset managers, investment funds, private equity sponsors, and public and private companies, as well as financial institutions. The hire signals continued demand for fund finance specialists as the asset management industry looks to unlock liquidity from existing portfolios rather than relying solely on fresh fundraising in a subdued exit environment.
Why this matters
The fund finance market, particularly NAV lending and GP facilities, has grown rapidly as private equity managers seek alternatives to traditional exits in a market where IPO and trade sale activity has been constrained by higher interest rates. Hiring a partner with deep experience across the full spectrum of fund finance products reflects firms competing to capture a growing pool of specialist work. For London-based practices, the parallel trend is visible: City firms with strong funds and finance capabilities are investing in the same product set to serve European asset managers. The King and Spalding hire is a US-market data point, but it corroborates a global pattern of law firm investment in this niche.
On the Ground
On a fund finance transaction, a trainee would manage the CP (conditions precedent) checklist for drawdown, review and mark up facility agreement schedules setting out borrower representations, and coordinate the execution of security documents granting the lender rights over the relevant collateral, whether capital commitments or portfolio assets.
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“What is NAV financing and why has it become an increasingly important product for private equity fund managers in the current market environment?”
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