New York-based law firm Simpson Thacher & Bartlett has made a significant addition to its alternative capital and private credit practice with the recruitment of Jennifer Albrecht as a partner. Albrecht, who most recently served as the deputy general counsel at SVB Capital, the venture capital and credit investment arm of the bankrupt SVB Financial Group, brings valuable expertise to her new role.
Having previously worked as an associate at Simpson Thacher earlier in her career, Albrecht’s return to the firm marks a homecoming. Prior to joining SVB Capital, she held the position of senior counsel at Silicon Valley Bank, a former unit of SVB Financial, before being appointed deputy general counsel at SVB Capital in March. Notably, the same month, Silicon Valley Bank encountered a failure, which contributed to SVB Financial’s collapse into bankruptcy. Albrecht’s extensive experience in the finance industry also includes serving as vice president and senior counsel for Goldman Sachs’ merchant banking division.
Her arrival at Simpson Thacher follows the firm’s recent changes in leadership within the alternative capital and private credit practice. In June, David Teh from Latham & Watkins and Tracey Zaccone, who previously held key roles at Paul, Weiss, Rifkind, Wharton & Garrison, were brought on board to lead the practice.
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Patrick Ryan, the head of Simpson Thacher’s banking and credit practice, expressed his confidence in Albrecht, referring to her as a “rising star in the financing industry.” As a partner, Albrecht’s responsibilities will involve advising direct lenders, investment banks, and corporate borrowers on various financing matters, leveraging her extensive background in venture capital and credit investments.
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Simpson Thacher’s strategic decision to hire private credit lawyers, including Albrecht, reflects the firm’s recognition of the growing opportunities in the private credit market. Private credit, which entails financing provided by non-bank lenders, such as investment funds, has recently gained prominence as an alternative funding source.
Meanwhile, SVB Financial continues to explore strategic alternatives for its subsidiary, SVB Capital. The financial group faced severe repercussions after the failure of Silicon Valley Bank, which triggered a major banking crisis in the United States, prompting regulatory intervention to facilitate the acquisition of the failed bank by regional lender First Citizens BancShares.
As Simpson Thacher strengthens its legal team with seasoned professionals, the firm looks forward to making another notable addition later this year. Angus Lennox, formerly a managing director in Blackstone’s European real estate business, is set to join the firm as a real estate private equity partner in London, further augmenting Simpson Thacher’s capabilities in this domain.
With Jennifer Albrecht’s appointment, Simpson Thacher & Bartlett solidifies its position as a leading player in the legal and financial sectors, ready to navigate the evolving landscape of private credit and venture capital markets. The firm’s commitment to attracting top talent and adapting to market dynamics underpins its reputation as a trusted advisor to clients seeking exceptional legal counsel in complex financing transactions.
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