Gowling WLG's Investment Funds team acts for investment banks on series of deals

Investment banks Liberum Capital Limited (Liberum) and Fidante Partners Europe Limited (Fidante) turned to Gowling WLG's Investment Funds team in December 2016 for advice on an open offer to shareholders and placing of C Shares in Ranger Direct Lending Fund plc (Ranger) to raise up to £40 million. 

This is part of a placing programme from which Ranger hopes to raise £200 million. Ranger made a series of five rapid transactions between 2015 and 2016, through which Gowling WLG, led by Corporate partner Nick Heather, advised Liberum. These transactions included Ranger's initial IPO, a 'tap' issue, and two separate transactions in which Ranger's wholly owned subsidiary, Ranger Direct Lending ZDP, issues £53 million in zero dividend preference shares.