Simpson Thacher & Bartlett has added a partner apiece in New York from Paul Weiss Rifkind Wharton & Garrison and Latham & Watkins to co-lead its alternative capital and private credit practice. 

Tracey Zaccone has joined from Paul Weiss, where she was head of the hybrid capital practice and co-head of the special situations practice, while David Teh has moved over from the partnership at Latham & Watkins. 

“Alternative lending sources are playing an increasingly large role in financing transactions, and our alternative capital and private credit team offers clients a platform focusing on private capital solutions across the capital structure, including structured debt and equity products, PIPEs, growth equity, direct lending and other complex financings,” said Alden Millard, chair of Simpson Thacher’s executive committee. 

“The expertise that Tracey and David have in developing cutting-edge financing structures combined with our bench in the area will be invaluable to our clients. We are delighted to welcome them to Simpson Thacher,” he added. 

Zaccone brings extensive experience in hybrid and private capital financing solutions, advising private equity sponsors and their portfolio companies as well as financial institutions, investors and public companies in connection with the full spectrum of capital raising transactions. Her work includes complex private capital, hybrid and convertible instruments, including convertible and non-convertible preferred debt and equity offerings in private, pre-IPO and public transactions. She has also advised clients in connection with out-of-court special situations matters.

Meantime Teh has joined Simspon Thacher after 18 years at Latham, prior to which he practised at Cravath Swaine & Moore. He advises direct lenders, investment banks and corporate borrowers on a range of direct loans and syndicated credit facilities. His work includes both US and cross-border leveraged acquisition financings, unitranche facilities, ‘recurring revenue’ loans, ‘stretch senior’ loans, first- and second-lien credit facilities and leveraged and investment grade corporate credit facilities. He also advises on financings for workout and restructuring situations, recapitalisations and other customised loan financings. 

Recent work at Latham included leading a team that represented the private credit funds that were part of the $11bn financing to support Evergreen Coast Capital’s acquisition of data and analytics giant Nielsen.

The duo will lead a 45-strong practice comprising lawyers from across Simpson Thacher’s banking and credit and capital markets teams, supplemented by lawyers focused on M&A, private and registered funds, fund finance, derivatives, bank regulatory and tax matters. The team also works closely with the special situations practice to support clients in liability management transactions and other innovative financing matters.  

The hire of Zaccone and Teh in New York follows Simpson Thacher hiring funds partners Ed Ford and Sacha Gofton-Salmond in London in February from leading UK independent Travers Smith, as it positioned itself to exploit the increasingly lucrative secondaries deals market. 

Paul Weiss and Latham did not immediately respond to a request for comment on the departures.