Douglas Murning 

Partner – London
T.+44 (0) 20 7170 8775
douglas.murning@cwt.com
100 Bishopsgate
London EC2N 4AG
United Kingdom V-CARD

Douglas Murning is a leading adviser on complex NAV and portfolio financing, and Co-Head of the Global Fund Finance practice based in London. 

With more than two decades of experience in debt finance, he has been instrumental in shaping the evolution of the European market, acting for investment banks and credit funds on some of the most sophisticated structures in the sector. His practice also encompasses leveraged finance, private debt and special situations, where he advises credit funds and private equity sponsors on high‑value, cross‑border transactions. He also has significant experience in cross border restructurings of leveraged businesses. 

As firmwide Co‑Head of the Fund Finance practice, Doug plays a central role in shaping the firm’s market strategy and product innovation. His leadership position gives him a panoramic view of emerging lender and sponsor priorities, allowing him to bring co-ordinated, commercially attuned advice to clients operating across the capital structure. He is also closely involved in the development of the firm’s global fund finance offering, ensuring clients benefit from integrated support across Europe, Asia and the U.S. 

Doug’s ten years in Hong Kong add a distinctive dimension to his practice. Having advised on special situations and acquisition and leveraged financings across Asia - and being ranked by Chambers Asia‑Pacific as a leading lawyer - he brings a genuinely international perspective to fund finance mandates. His experience navigating both mature and rapidly developing markets enables him to anticipate structural trends, guide clients through jurisdictional nuances and deliver solutions that reflect global best practice.

Before joining Cadwalader in 2025, Doug was a partner in the global loans practice of a major international law firm. He previously held partner roles at two other global firms, including his time in Hong Kong, and has completed secondments to the leveraged finance and special situations teams of two leading global investment banks.

Doug is very technical, he understands the market, and he has great client focus.” - Chambers UK 2026

Recognition 

  • Chambers UK – Leading Partner - Fund Finance, 2026- current
  • Chambers Asia-Pacific- Recognized in Acquisition Finance (while based in Hong Kong).
  • The Legal 500 UK - Leading Partner - Fund Finance, 2022- current
  • Advising various creditors on various “back leverage” or “leverage on leverage” NAV financings, including a NAV ABL financing on portfolios of NAV-loans, as well as single asset back-leverage financings, including by way of repos.

  • Advised various credit fund investor clubs on preferred equity investments (economically comparable to a NAV loan) to large cap single fund PE firms.
  • Advising on Collateral Fund Obligations (CFO) issuances, including advising a credit fund on a preference investment and a note subscription in respect of a leading global private‑equity and credit‑secondaries LP portfolio.
  • Advised the arrangers and lenders on various NAV acquisition and RCF facilities in connection with various continuation vehicle transactions for large cap PE.
  • Advised on numerous lenders on the acquisition financing and also concentrated portfolios of private equity and/or credit secondaries interests and venture capital holdings.
  • Advised on bridge to first-close financings for lenders to private‑equity vehicles making initial acquisitions in connection with a newly formed PE fund, including an acquisition of a leading sports company where rather than a conventional security package, the lender’s protection relied on guarantees supplied by the sponsor’s flagship funds.
  • Advised lenders on highly structured GP executive financings, including on a highly‑structured executive financing for a private‑equity fund enabling senior executives to borrow against their direct or feeder‑vehicle equity interests.
Douglas Murning 

Practice Areas

Admissions

  • England & Wales
  • Hong Kong

Education

  • BPP Law School
    Common Professional Examination and Legal Practice Course
  • University of Edinburgh
    Degree in Law