Anastasia Kaup


  • Anastasia Kaup
  • Phone: +1 312 499 6767
    Fax: +1 312 277 3273

    Anastasia Kaup - LinkedIn Import to Address Book

  • Duane Morris LLP
    190 South LaSalle Street, Suite 3700
    Chicago, IL 60603-3433

Anastasia N. Kaup has represented investment funds, sponsors, asset managers, financial institutions, corporate clients and other parties in financing transactions across the  private equity, real estate, hedge fund, private credit, venture capital, and distressed lending spaces. Ms. Kaup structures, negotiates, and documents complex financing transactions domestically and internationally at all levels of the organizational structure, with specific focuses on fund finance, sponsor finance, financing in distressed situations, and financing for corporate borrowers.

Ms. Kaup’s fund finance experience covers a wide spectrum of transactions to meet the financing needs of various types of investment funds at every phase of their existence. She also assists with the analysis and negotiation of investor documents with institutional, governmental, high-net-worth, and sovereign wealth investors. Ms. Kaup has represented private equity sponsors and their portfolio companies in nearly every industry, as well as lenders to such entities, in a wide array of financing transactions. She also has significant experience counseling clients in distressed situations, in bankruptcy as well as out-of-court restructurings, and has represented clients in some of the most complex restructuring cases in the last decade.

Ms. Kaup’s experience with transactions during downturns as well as growth cycles distinctively positions her to assist clients with a broad range of financing-related needs at any time.

Ms. Kaup is a member of the firm's Diversity Committee and is co-chair of DM Pride, the firm's LGBTQ+ affinity group. She is a 2010 cum laude graduate of the University of Michigan Law School and a cum laude honors program graduate of the University of Utah.

Areas of Practice

  • Finance
  • Corporate Law
  • Investment Funds and Investment Management
  • Private Equity
  • Banking and Financial Institutions
  • Mergers and Acquisitions

Representative Matters

    Fund Finance

  • Represented hedge fund manager in connection with multiple interrelated syndicated credit facilities to its funds as borrowers, totaling $2.2 billion dollars.
  • Represented one of the largest Midwestern U.S.-based real estate funds as borrower on capital commitment credit facility.
  • Represented a private credit fund manager and its funds as borrowers in connection with capital commitment and management fee credit facilities including for “funds of one” and commingled funds domiciled in the U.S., Cayman Islands, Ireland, and Luxembourg.

  • Represented a general partner and management company of a $1.2 billion fund in connection with subscription-backed credit facility and management fee line of credit.
  • Represented lender to one of North America’s largest real estate funds on net asset value credit facility.
  • Represented agent and lenders on credit facilities to secondaries funds of funds, of one of Europe’s largest private equity sponsors.
  • Advised real estate fund manager regarding numerous fund financing options including: general partner and management fee lines of credit, partner loan programs, capital commitment credit facilities, umbrella credit facilities, net asset value credit facilities, and unencumbered asset pool credit facilities.
  • Advised U.K.-based real estate fund manager with respect to negotiating and documenting multiple fund financing credit facilities.
  • Analyzed and negotiated investor documentation for high-net-worth individuals, sovereign wealth investors, governmental investors, and institutional investors, investing in funds with capital commitment credit facility.
  • Represented lender with respect to review, analysis, and due diligence of investor documentation, including subscription agreements and side letters, in connection with capital commitment credit facility.
  • Private Equity and Private Credit

  • Represented a private equity fund sponsor in multiple syndicated and bilateral credit facilities to its funds as borrowers including on subscription credit facilities for a $3.2 billion fund and a $2.1 billion fund, and on cross-border syndicated, multicurrency leveraged financing facilities to its funds’ portfolio companies.
  • Represented one of the world’s largest private equity sponsors with respect to fund financing for partners and employees of the sponsor’s funds.
  • Represented one of the largest private equity sponsors in the U.S. with respect to portfolio company financing and with add-on acquisition.
  • Represented leading alternative investment firm with revolving and term loan credit facility.
  • Represented leading provider of unitranche financings, senior and junior debt, and equity co-investments to middle-market companies in the U.S., as lender on revolving and term loan credit facility.
  • Distressed Finance and Multi-Creditor Transactions

  • Represented a lender, administrative agent, and collateral agent with respect to three subscription credit facilities issued to related private equity fund borrowers with $750 million in capital commitments, including counseling with respect to insolvent portfolio company and in negotiations of subordination and intercreditor agreement for portfolio company-level debt.
  • Represented an alternative investment management firm as joint lead arranger and a lender on a syndicated, unitranche revolving and term credit facility to portfolio company borrowers, including in negotiations with other senior lender, junior lenders, and equity holders.
  • Represented a private credit fund manager as lender and administrative agent on split lien and split collateral term and revolving credit facilities issued to a portfolio company borrower, including with respect to negotiation of subordination and intercreditor agreement and sponsor guarantee agreement.
  • Represented creditors in one of the largest residential mortgage-backed securities bankruptcy cases in history.
  • Represented debtor in hospital system bankruptcy case.
  • Corporate Borrowings

  • Represented subsidiaries of an international steel conglomerate as borrowers on multiple syndicated, cross-border, multi-currency credit facilities, including with respect to workouts of defaults, and negotiation of intercreditor agreements.
  • Represented publicly-traded company with operations focused in the energy and telecommunications industries with respect to issuance of high-yield bonds and refinancing of revolving credit facility and term loan debt.
  • Represented publicly-traded company in transportation industry with respect to syndicated term loan and revolving credit facility.


  • Illinois
  • New York


  • University of Michigan Law School, J.D., cum laude, 2010
    - Publication Manager, Michigan Journal of Gender & Law
  • University of Utah, Honors B.S., cum laude, 2008


  • Duane Morris LLP
    - Partner, 2020-present
    - Member, Duane Morris Diversity Committee, 2020-present
    - Co-Chair, DM Pride LGBTQ+ Affinity Group
  • Prior to joining Duane Morris, Ms. Kaup practiced law at several prominent international law firms.

Professional Activities

  • The National LGBT Bar Association

  • Out in Finance
    - Co-chair, Membership Committee
  • Hispanic National Bar Association

  • Fund Finance Association
    - Co-Chair, Diversity in Fund Finance

Honors and Awards

  • National LGBT Bar Association Best LGBTQ+ Lawyers Under 40 Award, 2020

  • Mayer Brown Diversity Champion, 2019

  • Listed in Super Lawyers Illinois Rising Stars

  • Listed in Super Lawyers New York Metro Rising Stars

  • Listed in New York Women Attorneys Rising Stars

Civic and Charitable Activities

  • Lambda Legal Bon Foster Celebration Planning Committee
    - Co-chair, 2018 and 2019
  • University of Michigan Law School Class Reunion Committee, Co-chair

Selected Publications

  • Co-author, "Qualified Borrowers: An Advantageous Way for Portfolio Companies to Access Capital," Duane Morris Alert, October 26, 2020
  • Co-author, "A Budding Market: Financing for Cannabis Businesses," Duane Morris Alert, October 15, 2020
  • Co-author, "The LIBOR Transition: What Nonbank Lenders and Asset Managers Need to Know, and Do, Soon," Duane Morris Alert, September 22, 2020
  • Co-author, "Partnerships 'Built to Suit' the Current Economic Situation: Corporations and Private Real Estate Investment Funds," Duane Morris Alert, September 16, 2020

  • "Negotiating PE Sponsor Guarantees Amid Economic Unrest," Law360, September 14, 2020
  • "The Power To Do Something," Duane Morris Diversity and Inclusion Blog, August 20, 2020
  • "UCC Anti-Assignment Provisions and Partnership and LLC Interests, Revisited," New York Law Journal, February 5, 2020

  • “Room for Market Growth: Second Liens and Shared Liens in Subscription Credit Facilities”, Global Legal Insights, January 23, 2020

  • "'Aegean Marine': Non-Consensual Releases in Bankruptcy," New York Law Journal, June 6, 2019

  • Fund Finance Compendium, January 08, 2019

  • "Benefits of Fund-Level Debt in Acquisition Finance," ABF Journal, September/October 2018

  • "Using Powers Of Attorney in Fund Financing Transactions," Law360, October 6, 2017

  • "Fund Finance Market Review," Newsletter, Fall 2017

  • "An Overview Of Silent 2nd-Lien Loans In The US And Europe," Law360, May 23, 2017

  • "What Does ‘Silent’ Really Mean? An Overview of ‘Silent Second Lien’ Loans in the US and Europe," Legal Update, May 16, 2017

  • "Tax Sharing Agreements – A Tale of Two Jurisdictions," Law360, September 18, 2013

  • "Who's SARE-y Now? – No Whole-Business Exceptions," Law360, July 12, 2012

  • "Home Runs and Strike Outs: Analyzing Team Bankruptcies," New York Law Journal, March 5, 2012

  • "Removing Categorical Constraints on Equal Employment Opportunities and Anti-Discrimination Protections," 18 Mich. J. Gender & L. 25, 2011

  • "Emphasizing Substance: Making the Case for a Shift in Political Speech Jurisprudence," 44 Mich. J. L. Ref. 1019, 2011

  • "Animals in the Circus and the Laws Governing Them," Michigan State University College of Law Animal Legal & Historical Center, 2010

Selected Speaking Engagements

  • Presenter, "Mission Visibility: Creating Awareness for LGBTQ+ People In EdTech," ASU+GSU 2020 Virtual Summit, October 1, 2020
  • Speaker, “LEAD Academy”, The National LGBT Bar Association’s 2020 Virtual Lavender Law Conference & Career Fair, Webinar, August 11, 2020
  • Speaker, “Proud At Work: The Power of Employee Resource Groups”, The National LGBT Bar Association’s 2020 Virtual Lavender Law Conference & Career Fair, Webinar, July 25, 2020
  • Speaker, “LGBTQIA+ in Big Law: A How-To Guide for Law Students”, The National LGBT Bar Association’s 2020 Virtual Lavender Law Conference & Career Fair, Webinar, July 18, 2020
  • Speaker, "LEAD Academy," National LGBT Bar Association's 2020 Virtual Lavender Law Conference & Career Fair, August 11, 2020
  • Moderator and Speaker, "Proud At Work: The Power of Employee Resource Groups," National LGBT Bar Association's 2020 Virtual Lavender Law Conference & Career Fair, July 25, 2020
  • Speaker, "LGBTQIA+ in Big Law: A How-To Guide for Law Students," National LGBT Bar Association's 2020 Virtual Lavender Law Conference & Career Fair, July 18, 2020
  • Moderator, "Employment Law Affecting LGBT Workers – Recent Developments and Best Practices," New York City Bar Association CLE Program, October 08, 2013