Esther Lemmon


Esther has extensive experience across the full range of domestic and international financing transactions including the taxation of securitisations, CLOs, leveraged finance transactions, bond issuances, repos and derivatives.

Esther has a particular focus on the private credit and financial institutions sectors. She specialises in the tax aspects of investment grade and leveraged acquisition finance and she has advised on all major types of private investments, including unitranche, senior, second-lien, mezzanine and PIK debt financings.

A significant part of her practice also covers advising debt funds, private equity firms, financial institutions and corporates on the tax aspects of a broad range of structured finance transactions, including asset-backed finance transactions and CLOs, and she is highly experienced in advising sellers and buyers on cross-border debt portfolio disposals and related financings.

Esther is co-head of the firm's Gender Equality Network in London. Within this forum, she advocates for a wider diversity agenda, seeking to ensure that women from all backgrounds are represented and supported.


Representative matters

Barings as senior lender on the unitranche financing for Hg’s acquisition of TrustQuay.

Mandated lead arrangers and initial purchasers on the senior secured bridge facility, SSRCF and interim PIK financing for Advent’s acquisition of an Italian food business.

A major international financial institution on the CMBS relating to cold storage assets in the UK, France and Germany. 

PIMCO on the refinancing of the RMS 23 and Uropa 2018/1 RMBS.

Hayfin Capital Management LLP as lenders on the unitranche refinancing of an Hg Capital investment.

A major financial institution as lead arrangers on the term loan and revolving credit financing for the acquisition of a European metal packaging business.

Major financial institutions as lead managers and lenders to finance the acquisition of the TCS business of Technicolor.

A global institutional alternative investment management firm on the public RMBS of buy-to-let loans originated by Landbay Partners.

CarVal Investors GB LLP on the financing of a portfolio of Habito’s UK residential mortgages on a forward flow basis.

AGG Capital Management Limited in relation to the establishment of a financing structure to fund real estate in the private rented sector in Ireland.

A major financial institution as arranger on the securitisation of a loan it advanced to Brookfield to refinance its holding of Aldgate Tower.

A major international financial institution on the CMBS relating to motorway service area properties located in the UK.

Leadership Positions And Professional Affiliations

  • Securitisation Industry Group (HM Treasury and HM Revenue & Customs)
  • ISDA European Tax Group
  • Co-head, Allen & Overy’s Gender Equality Network, London



Admitted as a solicitor, England and Wales, 2008


MChem, Oxford University, 2004

Post Graduate Diploma, Law, BPP London 2005

LPC, BPP London 2006


English, Hungarian
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.