Patrick A. Calves 

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

Patrick Calves is a partner in the firm’s Finance Group. He counsels clients on a variety 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. Patrick’s practice includes work on structures involving a variety of non-standard collateral, such as hedge fund interests, private equity fund interests, capital contribution obligations and restricted stock positions.

Patrick also counsels both financial institutions and “buy-side” market participants on a variety of regulatory and compliance issues relating to securities and derivatives trading. This includes, inter alia, advice as to numerous aspects of swap regulatory issues arising under Title VII of the Dodd-Frank Act. Patrick also has substantial experience in the structuring and trading of complex derivatives and structured financial products as well as drafting and negotiating trading and collateral documentation for both buy-side and sell-side clients, including prime brokerage agreements, ISDA Master Agreements, Credit Support Annexes and various other industry standard agreements. Patrick was included in the 2024 edition of the Best Lawyers: Ones to Watch in America for his work in Securities Regulation. In 2023, he was named to the Lawdragon “500 X – The Next Generation” list.

He earned his B.A. from Muhlenberg College and his J.D. from Columbia Law School. Patrick is admitted to practice in the State of New York.


Recent Press


Clients & Friends Memos


  • 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 


  • New York


  • Columbia Law School
  • Muhlenberg College