Patrick A. Calves 

Partner – New York
T.+1 212 504 5557
patrick.calves@cwt.com
200 Liberty Street
New York, NY 10281 V-CARD

Patrick Calves advises clients on a broad range of bilateral and syndicated financing structures, including term loans, liquidity lines, NAV facilities, subscription facilities, hybrid facilities, margin loans, and repurchase, securities lending, and prime brokerage facilities. His practice includes structures involving non-standard collateral such as hedge fund interests, private equity fund interests, capital contribution obligations, and restricted stock positions.

Patrick also counsels financial institutions and buy-side market participants on regulatory and compliance matters relating to securities and derivatives trading, including swap regulatory issues arising under Title VII of the Dodd-Frank Act. He brings substantial experience in the structuring and trading of complex derivatives and structured financial products, as well as drafting and negotiating trading and collateral documentation, including prime brokerage agreements, ISDA Master Agreements, Credit Support Annexes, and other industry standard agreements.

He advises both sell-side and buy-side clients in complex structured finance and derivatives transactions, bringing a thorough understanding of both the transactional and regulatory dimensions of these markets.

Recognition

  • Best Lawyers: Ones to Watch in America (2024, 2025)
  • IFLR1000 – Rising Star (2024, 2025)
  • Lawdragon – 500 X: The Next Generation (2023–present)

NEWS

Recent Press

RESOURCES

Clients & Friends Memos

Books

  • 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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Patrick A. Calves 

Admissions

  • New York

Education

  • Muhlenberg College
    B.A.
  • Columbia University School of Law
    J.D.