Brian Foster 

Partner – New York
T.+1 212 504 6736
200 Liberty Street
New York, NY 10281 V-CARD

Brian Foster is a partner in Cadwalader’s Finance Practice and a member of Cadwalader’s market leading fund finance team. Brian focuses on financing, derivatives and structured products transactions involving financial institutions and investment funds. His experience covers a broad range of derivatives (including OTC trades, structured notes, options, forwards and swaps, with particular focus on equity- and fund-linked derivatives) and financing arrangements (including secondaries financing, fund of hedge fund and single manager hedge fund leverage, management company loans, dividend recapitalizations, NAV facilities, subscription lines, hybrid transactions, preferred share issuances, collateralized fund obligations, margin loans, securities lending and repo facilities and prime brokerage arrangements).

Prior to joining Cadwalader, Brian worked at Lehman Brothers Holdings Inc. in connection with the unwinding of its derivatives book in bankruptcy. He also worked as a structurer in Global Fund Derivatives at Deutsche Bank, where he arranged fund finance transactions and fund-linked structured product transactions.

Brian has been recognized as a leading lawyer in Derivatives and Structured Products by Legal 500 USA and is ranked Tier 2 for Capital Markets: Structured Products in Chambers USA and the Chambers Global Guide. In the Chambers USA 2023 edition, clients note that Brian is, “respected for his ability and depth of knowledge” and “valued and respected by clients for his effective and commercial approach.” In 2024, Brian was recognized by Lawdragon as one of the “500 Leading Dealmakers in America.”

Brian received a B.A., magna cum laude, from Santa Clara University, and his J.D., cum laude, from Georgetown University Law Center. He speaks Spanish and has studied and worked in Latin America. He is admitted to practice in the State of New York.


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  • Assessing and mitigating “bad acts” risk in NAV loans

    One aspect of NAV loans that lenders often focus on is the risk of "bad acts" by a borrower. For our purposes, NAV loans are loans to alternative investment entities (e.g., private equity funds, secondaries funds, hedge funds, funds of hedge funds, pension funds and family office vehicles) that are underwritten, either on a secured or unsecured basis, by the value of the borrower's investments. By "bad acts" we mean the risk that a borrower takes actions that cause or result in the underwritten investments and other assets ceasing to be owned by the borrower, or becoming subject to the claims of other creditors, in each case in contravention of the terms of the NAV loan terms.

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Brian Foster 


  • New York


  • Georgetown University Law Center
    J.D., 2004, cum laude
  • Santa Clara University
    B.A., 2000, magna cum laude