Patrick A. Calves

PATRICK CALVES advises financial institutions, private funds, asset managers, and other market participants on a broad range of financing, derivatives, and regulatory matters. His practice spans fund finance, structured finance, securities financing transactions, and over-the-counter derivatives, with a particular focus on complex financing arrangements involving alternative asset classes and bespoke collateral structures.

Patrick regularly counsels clients on bilateral and syndicated financing transactions, including subscription credit facilities, NAV facilities, hybrid facilities, term loans, liquidity facilities, margin loans, repurchase transactions, securities lending arrangements, and prime brokerage facilities. He has significant experience structuring transactions secured by a variety of asset types, including hedge fund interests, private equity fund interests, capital commitment obligations, and concentrated equity positions.

In addition to his financing practice, Patrick advises both financial institutions and investment-side clients on regulatory and compliance matters relating to securities and derivatives markets. He frequently counsels clients on the regulatory framework governing swap and derivatives activities, as well as the documentation and operational issues associated with trading and collateral arrangements.

Patrick also has extensive experience structuring and negotiating complex derivatives and structured products transactions. He regularly drafts and negotiates trading, financing, and collateral documentation, including ISDA Master Agreements, Credit Support Annexes, prime brokerage agreements, and other market-standard trading and financing agreements. Patrick’s practice combines sophisticated transactional experience with deep knowledge of the regulatory and commercial considerations affecting participants across the financial markets.

Since 2023, Lawdragon has named Patrick to their “500 X – The Next Generation” list for Derivatives & Structured Products. Best Lawyers recognized Patrick in their 2024 and 2025 “Ones to Watch in America” list and IFLR1000 named him a 2024 and 2025 “Rising Star.”