Wells Fargo & Co. said it reached an agreement to acquire WestLB’s subscription finance portfolio worth approximately $6 billion in commitments.

Subscription finance provides committed revolving and term loans as well as letters of credit mainly to private equity and real estate investment funds to facilitate the funds’ investment activities. The financing is secured by the uncalled capital commitments from the funds’ institutional investors.

“We have been growing our subscription finance business organically for many years,” said Julie Caperton, head of asset-backed finance and securitization at Wells Fargo.  

Dee Dee Sklar, former head of WestLB’s subscription finance group, has been hired to run Wells Fargo’s subscription finance business team of 14, including 8 former WestLB employees.

Sklar will report to Mary Katherine DuBose, head of corporate debt finance.  

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