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Jason Ewart

Partner

Jason Ewart is a partner in the Global Financial Markets group at Clifford Chance LLP in New York. He specialises in leveraged finance, private credit, and restructuring matters, with particular focus on intercreditor arrangements, complex capital structures, and hybrid debt instruments. Jason represents private credit funds, alternative lenders, and financial sponsors in acquisition financings, unitranche facilities, and holdco debt transactions. His practice includes advising on preferred equity structures, junior capital arrangements, and liability management transactions across multiple sectors. Email: jason.ewart@cliffordchance.com

Articles by author

Control as economics: the new preferred equity playbook

Market conditions have forced a fundamental shift in how preferred equity is structured and priced. Investors now price governance rights alongside yield, require minimum cash-pay components, and negotiate aggressive anti-priming protections. This article examines how preferred equity has evolved from a convenient financing tool to an instrument designed to perform in difficult conditions, with a focus on enforcement leverage, regulatory developments affecting different investor types, and striking a balance between control rights and economic returns in recent infrastructure and energy transition transactions.

12 APR 2026

How do investors make returns on preferred equity?

In this article, we look at the key features of preferred equity, the fundamental question of how investors make returns and its relationship with Holdco debt.

22 NOV 2024