Twitter Logo Youtube Circle Icon LinkedIn Icon

United States > Investment fund formation and management > Law firm and leading lawyer rankings

Editorial

Overview

Who Represents Who

Find out which law firms are representing which Overview clients in United States using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Proposed regulatory changes in 2016 could not prevent a significant upswing in hedge fund performance and near record levels of private equity fundraising. The hedge fund sector, which underperformed in 2015, experienced a marked improvement in performance in 2016. A key trend in the mutual fund space has been the growth of the exchange-traded fund (ETF) over traditional mutual funds, thanks in part to ETFs low fees and the flexibility of immediate sales. 2016 also saw a number of changes to money market funds regulation, requiring many money market funds to move to a floating net asset value share price and allowing temporary freezes on redemptions. The Trump administration, and in particular its calls for widespread deregulation, remains very much a wildcard. Mary Jo White (an alumna of Debevoise & Plimpton LLP) announced her resignation as chair of the Securities and Exchange Commission (SEC) at the end of Obama’s term, with the Trump administration indicating its intention to appoint Jay Clayton (before the nomination, part of Sullivan & Cromwell LLP’s M&A practice) as her replacement. Among the new administration’s targets is the proposed ‘fiducary rule’ from the Department of Labor, which has at its centre the objective of creating a fiduciary duty between anyone advising on retirement plans and their clients - it is likely that the rule’s scheduled April 2017 start date will be postponed. Many other Obama-era regulations are equally under threat, such as the Volker Rule, which prohibits banks from proprietary trading.


Alternative/hedge funds

Index of tables

  1. Alternative/hedge funds
  2. Leading lawyers
  3. Next generation lawyers

Who Represents Who

Find out which law firms are representing which Alternative/hedge funds clients in United States using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Schulte Roth & Zabel LLP is ‘a go-to firm’ that ‘knows clients’ structures well enough to provide continuing advice on the fly’, and handles a range of fund formation matters for a heavyweight roster of asset managers, including Tudor Pickering Holt and Trian Fund Management. Stephanie Breslow heads the ‘very client-focused and responsible’ practice, which includes David Nissenbaum and special counsel Jason Behrens, who have extensive track records handling significant fund launches, and regulatory experts Brian Daly and Paul Roth. In a highlight matter, Jason Kaplan led a team advising Cerberus Capital Management on the formation of several funds investing in distressed assets, including European non-performing loans. In addition to its fund formation workload, the firm has been highly active in M&A and spin-offs for asset managers; Jennifer Dunn led a team advising Marathon Asset Management on its minority sale to Blackstone Strategic Capital Holdings Fund. Other clients include Credit Suisse and Elliot Management Corporation. Daniel Hunter and Marc Elovitz are also recommended. All named lawyers are based in New York. Steven Fredman has retired.

At the very top of the investment funds space’, Sidley Austin LLP attracts praise for its ‘excellent management of large and intricate fund complexes and bank relationships’. In Chicago, William Kerr and Patrick Mellon have handled a number of fund launches for Man Group, while the ‘extremely intelligent, knowledgeable and experienced’ Bradley Howard (who is noted for his ‘unique ability to understand his clients’ businesses and come up with creative solutions’) advised Anchorage Capital Group on the launch of a $1.2bn distressed debt fund. In the new manager space, David Sawyier (also in Chicago) advised Garda Capital Partners on its spin-off from Black River Asset Management. Mandates led out of the New York office included Michael Schmidtberger and Benson Cohen’s advice to Credit Suisse Securities on the expansion of its HedgeFocus feeder fund platform. Other work relates to hybrid funds at the intersection of private equity and hedge funds. The firm also acts for Morningstar Investment Management Asia and Marathon Asset Management. Kerr and Schmidtberger lead the team along with Laurin Kleiman, who contributes further regulatory firepower to the New York office.

Fried, Frank, Harris, Shriver & Jacobson LLP’s ‘client service and business acumen separates it from the pack’. The firm, which attracts praise for its ability to provide ‘unmatched breadth of knowledge, experience and business acumen’, advises on funds-related issues covering a range of strategies, from quantitative-based funds and merger arbitrage to distressed debt, for clients such as Goldman Sachs Hedge Fund Strategies and BlackRock. Key figures include Jonathan Adler, who is ‘a living, breathing treatise’ on the subject and regularly acts for the TCW Group; Walid Khuri, whose expertise covers the structuring of funds-of-funds; Lisa Schneider, who advised Piton Investment Management on its entry into the hedge fund business; and practice head Lawrence Barshay, who is ‘in a league of his own - he consistently delivers practical solutions to the most complex questions’.

Paul, Weiss, Rifkind, Wharton & Garrison LLP has a track record of advising on high-end, technically complex matters, making it a go-to firm for managers such as Apollo Global Management, Blackstone Alternative Asset Management and Paulson & Co, as well as institutional investors. Udi Grofman possesses ‘a very rare commercial sensibility, obviating the need for so much of the wasteful dialectic’. Marco Masotti’s clients include Reservoir Capital, which it recently advised on its seed investment in Silver Ridge Macro Fund. Both individuals are based in New York.

Ropes & Gray LLP handles the full range of hedge fund matters, including structuring, management and regulatory issues, and is noted for its investor-side practice. Laurel Fitzpatrick advised Bernard Partners - a new management company created by several former partners at D.B. Zwirn & Co - on its entry to the market, which, in an industry first, involved a public Canadian offering. Fitzpatrick also advises Pimco on the launch of both traditional hedge funds and funds with private equity-style features. She jointly heads the practice with Boston-based Leigh Fraser, who advises hedge fund managers on a panoply of regulatory matters. Jessica O’Mary is advising a number of well-known names, including Bain Capital Credit, on debt funds, while Sarah Davidoff is advising Margate Capital Management on compliance issues, and is also advising the same client on the creation of a long-short equity fund. Chicago-based Deborah Monson, who is noted for her expertise in commodities and derivatives, advised Willowbridge Associates on the launch of its first fund using high-volume algorithmic securities trading. The firm’s other clients include Blackstone Alternative Asset Management and Allianz Global Investors. Named attorneys are based in New York unless specified.

Akin Gump Strauss Hauer & Feld LLP handles a range of investment fund matters, including regulatory work. Stephen Vine’s workload includes advising on SEC regulation and fund restructurings, as well as on matters at the intersection of hedge funds and private equity. Other key figures include Kelli Moll, also based in New York, and Eliot Raffkind and Fadi Samman in Washington DC. Oak Hill Advisors, GE Capital and Caspian Capital Advisors are also clients.

Davis Polk & Wardwell LLP attracts strong praise for its handling of regulatory matters, including SEC investigations, and the firm also handles significant fund formation and operational mandates. Nora Jordan and Leor Landa advise hedge fund clients, including Bridgewater Associates, Highbridge Capital, Czech Asset Management and Oaktree Capital Management, on a range of trading, operational and restructuring matters. Meyer Dworkin provides advice to Silver Point capital on its negotiations with broker counterparties, while John Crowley assists investors with their placement of limited partner (LP) interests. The team, which is based in New York, also advises Credit Suisse.

Well known for its advice to asset managers, Dechert LLP’s ‘tremendous group’ attracts praise for its ‘broad bench strength’. The firm advises a range of clients, including major sponsors and the asset management arms of major banks, on the full range of matters, and also advises ERISA-regulated LPs on their investments. Matthew Kerfoot (who is ‘a dynamic talent - he takes an issue and comes up with an innovative set of solutions’) is advising a leading international alternative asset manager on its entry to the American market. David Vaughan, who is noted for his knowledge of algorithmic trading issues, and George Mazin, whose work includes high-level regulatory matters, lead the team. New additions to the practice include Timothy Spangler, who joined the firm’s Orange County office from Sidley Austin LLP and is advising a manager on the launch of a new activist fund, and Russel Perkins, who joined from Schulte Roth & Zabel LLP. Unless otherwise stated, named attorneys are located in New York.

Katten Muchin Rosenman LLP’s ‘strong, collaborative team’ represents a range of players in the hedge funds space, including managers, banks and broker-dealers. Henry Bregstein advises broker-dealer Mercury Capital Advisors on a platform to allow retail access to funds through a new tax-efficient structure. Fred Santo and Wendy Cohen advised Scoggin Management on its transition to a partnership from a limited liability company, as well as providing ongoing advice to the same client on a range of SEC filings, European Alternative Investment Fund Managers Directive (AIMFD) compliance and private placement issues. Investor-side mandates include Ricardo Hollingsworth advising Lockheed Martin Investment Management on separately managed accounts with several managers. Allison Yacker provides ‘very responsive and clear’ advice on regulatory issues. Lance Zinman, who is based in Chicago and shares leadership of the practice with Bregstein, provides ‘excellent analysis’ of structuring issues. Unless otherwise stated, named attorneys are located in New York.

Morgan, Lewis & Bockius LLP has ‘impressive depth of knowledge and experience in different areas of the business’. In Miami, Ethan Johnson (‘responsive and knowledgeable about the needs of international clients’) advised TCG Advisory Services on the launch of an India-focused long-short equity fund. In an illustration of the firm’s investor-side credentials, newly elected partner Christopher Dlutowski in New York advised the South Carolina Retirement System Investment Commission on a $400m investment in a captive fund managed by Apollo. Stephen Giordano, who is based in Boston and is ‘particularly knowledgeable in regards to fund structuring’, advised MPM Capital on a $400m crossover hedge/venture capital impact fund focused on cancer research. Richard Goldman in Boston and Jedd Wider lead the practice - both advise managers on high-value fund formations. Other clients include AQR Capital Management, Goldman Sachs, Fortress Investment Group and heavyweight institutional investors.

Seward & Kissel LLP is ‘responsive, practical, creative and unafraid to be aggressive’, with Steven Nadel and Christopher Riccardi singled out as being ‘industry experts in fund formation, regulation, seed deals and market trends’. On the fund formation front, the practice advised LibreMax on the creation of a credit opportunity fund utilizing a Cayman Islands master-feeder structure to invest in various financial products. In addition to being ‘keenly aware of the business angle’ of a range of fund formation and structuring work, it also handles sponsor-related M&A; Nadel and Craig Sklar advised Harvest Volatility Management, which has over $6bn of assets under management, on its sale of a minority stake to Lincoln Peak Capital. Jon Brose is ‘well known for his hedge fund tax expertise’. Other clients include Brigade Capital Management, Lansdowne Partners and Cedar Rock Capital. All named lawyers are located in New York.

Cadwalader, Wickersham & Taft LLP advises funds on a range of matters, often involving complex and cross-border regulatory matters. Dorothy Mehta and Mark Howe advised Morgan Stanley on the sale of its funds-of-funds business, while Richard Brand and Kenneth Wainstein advised activist fund Pershing Square Capital Management on issues arising from its acquisition of a stake in Valeant Pharmaceuticals. Steven Lofchie and Ray Shirazi have extensive fund manager expertise, as well as a track record of advice on prime brokerage issues. Other clients include family offices and other investors. Other than Howe, who is based in Washington DC, the named lawyers are located in New York.

Goodwin handles fund formation and compliance work for a range of alternative and hedge fund managers, including a number engaged in impact investing. Brynn Peltz, who is based in New York, and Thomas LaFond in Boston advised C-III Capital Partners on the integration of a newly acquired manager and the sale of another. Peltz also serves as fund and compliance counsel to Alger Dynamic Return Fund. Also recommended are Boston-based partners Luciana Aquino-Hagedorn, who advises managers on their fund launches, and William Stern. Elizabeth Shea Fries is now at Sidley Austin LLP.

Lowenstein Sandler LLP’s clients benefit from ‘an exceedingly high level of client service’. Key figures in New York include Robert Minion, who ‘brings a lot of enthusiasm and energy to his work, which makes investment professionals take notice’ and advises leading managers on formation and structuring issues; and the ‘commercial, thoughtful, hardworking and professionalPeter Greene, who is advising a number of managers on their debut fund launches. Also recommended are Elaine Hughes in the Roseland office, and Marie DeFalco, Scott Moss and broker-dealer specialist Ethan Silver in New York.

Proskauer Rose LLP’s ‘excellent’ practice handles a range of work for managers, family offices and global institutional investors. Christopher Wells and Sean Hill advised Ares Management on the launch of two new credit funds, while Robert Leonard, who attracts praise for his ‘understanding of the issues and succinct, appropriate and prompt responses’, advised Black-and-White Capital on the launch of its hedge fund business, as well as on a seed investment by Swedish asset manager Brummer & Partners. Michael Mavrides is noted for his regulatory expertise, which he brings to bear for major funds and family offices. In an illustration of its fund-related M&A expertise, Wells advised Graham Capital Management on the sale of a 20% stake in the manager to funds managed by Dyal Capital Partners. Other clients include Alta Fundamental Advisers, which Wells assisted with the launch of a co-investment vehicle, and CapeView Capital, a London-based manager for which the firm handled a fund launch. With the exception of Hill, who is based in Boston, named lawyers are located in New York.

Based in San Francisco, Shartsis Friese LLP has a strong reputation of advising fund managers on a range of structures, from more traditional hedge funds through to hybrid hedge-private equity funds and algorithmic trading funds. Neil Koren handles fund formation work across the sector, as does Carolyn Reiser. Jahan Raissi heads the firm’s securities and enforcement division, which handles a range of contentious work including SEC enforcement, as well as activist investor disputes. John Broadhurst contributes regulatory expertise and is also recommended.

Shearman & Sterling LLP’s Sean Finley advised TRG Management on the creation of a master-feeder fund focusing on Argentina. Finley also advises CCTrack Solutions - an affiliate of CITIC Capital Holdings - on various matters. In the manager M&A space, Nathan Greene and Finlay advised General Electric on its sale of General Electric Asset Management to State Street. Other mandates relate to Dodd-Frank, commodities regulation and cross-border regulatory matters. Azam Aziz also advises significant managers. The team is located in New York.

Bracewell LLP provides ‘excellent service’ and ‘thoughtful, timely and very thorough advice’. Based in New York, the ‘extremely personableCheri Hoff (in whom ‘clients have a high degree of confidence’) advised Christofferson Robb and Company’s CRC Bond Opportunity Trading Fund on formation, regulatory and compliance matters. The ‘knowledgeable, professional and efficient’ team also includes David Perlman in Washington DC; he advises managers such as Fundamental Advisors on CFTC regulations. The firm also handles cybersecurity issues for its fund clients. Other clients include Columbus Hill Capital Management and Total Compensation Group.

Drinker Biddle & Reath LLP has an extensive track record handling the structuring and organization of funds-of-funds, master-feeder funds and multi-class hedge funds, with a particular focus on start-up funds and mid-market focused managers such as Offit Capital, Ativo Capital Management, SG Capital Management and Graham Partners. In addition to fund formation and structuring, the firm also advises on seed investments. Key figures include Chicago-based David Matteson, who regularly advises managers on complex structuring and regulatory matters, and Kay Gordon in New York, who acted alongside the firm’s litigation team for ED Capital in an investment dispute with investors into a Russian poultry production company owned by hedge funds managed by the client. Joshua Deringer in Philadelphia heads the team, which was joined by 12-year SEC veteran James Lundy in Chicago.

K&L Gates advises on a wide range of fund matters and strategies for its manager client base. Boston-based funds head Michael Caccese advised PanAgora Asset Management, a quantitative fund, on securities and commodities compliance issues and advised NewStar Financial on its acquisition of Feingold O’Keefe Capital. Cary Meer in Washington DC advises PAAMCO on funds-of-hedge-funds matters, and is advising Structured Portfolio Management on the creation of several funds investing in mortgages, including a fund-of-one. Derek Steingarten in New York acts for Water Island Capital, a liquid alternatives fund, on various regulatory matters.

Kramer Levin Naftalis & Frankel LLP’s Kevin Scanlan regularly assists managers running complex strategies with issues such as fund formation, arrangements with investors, derivative and fund regulation, feeder funds and SEC regulation. Other clients include major international banks as well as start-ups. George Silfen and Ronald Feiman advised Archstone and Corsair on securing SEC approval for their closed-end alternative funds to issue a choice of share classes.

At Paul Hastings LLP, Arthur Zwickel and associate David Hong advised LongTail Alpha, a new manager founded by a former managing director of Pimco, on the formation of two master-feeder hedge funds, and is providing ongoing regulatory advice. The pair also advised ICG Advisors on two seed investment transactions and on the structuring of a fund-of-funds. Tram Ngyuen and Yousuf Dhamee, who joined the firm from Stroock & Stroock & Lavan LLP, advise funds on day-to-day regulatory matters as well as on complex, cross-border fund formations. Other than Ngyuen in New York, named lawyers are base in Los Angeles.

Skadden, Arps, Slate, Meagher & Flom LLP handles fund launches for asset managers as well as investor-side work, and has a notable fund-of-funds workload. Lawrence Frishman’s expertise covers cross-border fund launches, including multi-strategy funds and funds of one. Philip Harris is advising various businesses on Madoff-related issues, while Heather Cruz and Harris advised Optima Fund Management on its launch of Jenop Global Healthcare Fund, a fund-of-funds. John Caccia advises new managers on their fund structuring requirements. Other clients include Advent Capital Management and Silver Creek Capital Management. Chicago-based Kevin Hardy was recently promoted to partner and regularly advises on funds-of-funds matters. All other named partners are based in New York.

Sullivan & Cromwell LLP has a particular focus on providing regulatory advice to its manager client base. Whitney Chatterjee heads the team and advised the merchant banking division of Goldman Sachs on fund formation and regulatory issues concerning its co-investments and separately managed accounts, as well as on fund restructuring and Volcker Rule compliance. Joseph Hearn, who made partner in January 2016, advises family offices on various projects and handles fund M&A matters. Other clients include Millennium Management, 40 North Management, Tudor Investment Corporation and York Capital Management. Palo Alto-based Gary Israel is now of counsel. Unless otherwise mentioned, named individuals are located in New York.


Mutual/registered funds

Index of tables

  1. Mutual/registered funds
  2. Leading lawyers
  3. Next generation lawyers

Next generation lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Mutual/registered funds clients in United States using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Dechert LLP fields ‘a very accessible team that provides prompt, thoughtful and accurate responses’, and which attracts praise for its strength in depth: according to clients, ‘partners are practical and solutions-oriented’ while ‘its sizable team of associates is able to handle large projects with very good response times’. Washington DC-based Douglas Dick, whose clients include managers and broker-dealers, recently assisted a registered adviser with a corporate restructuring. In New York, Stuart Strauss and Allison Fumai (who are ‘extremely knowledgeable about ’40 Act funds and consistently provide timely, accurate advice’) act for a number of well-known ETF sponsors. Robert Helm in Washington DC heads the team along with Boston-based Christopher Harvey. Washington DC-based Adam Teufel was promoted to partner.

Ropes & Gray LLP acts for an extensive range of registered fund clients and attracts praise for its practical approach. Thomas Hiller and Sarah Clinton advise Grantham, Mayo Van Otterloo & Co on a variety of matters, including recently assisting with the registration of shares in GMO SGM Major Markets Fund under the Securities Act 1933 and the launch of GMO SGM Major Markets Series Fund, which will operate under a master-feeder structure. Bryan Chegwidden and James Thomas regularly advise Putnam Funds and its trustees on new product launches, including recently assisting with the launch of a mortgage opportunities fund. In San Francisco, Gregory Davis advises AMG Funds on a range of matters, including a hybrid fund launch allowing retail investors access to private equity funds, which required approval from the SEC and FINRA. Hillier and Chegwidden lead the practice, which includes David Sullivan and New York-based Michael Doherty, who are ‘both highly practical and solutions-oriented’. Doherty and John Loder act for Natixis and Loomis Sayles on their ETF launches, including a socially responsible fund, while Gregory Sheehan is advising the independent directors of Sequoia Fund on board governance issues and litigation arising from losses incurred in relation to its holdings in Valeant Pharmaceuticals. The independent trustees of JP Morgan ETFs and State Street Institutional Funds are also clients. Named attorneys, unless mentioned otherwise, are based in Boston.

Stradley Ronon Stevens & Young, LLP is praised for its ‘responsiveness, efficiency and industry knowledge’ and for its ‘ability to provide a variety of perspectives on complicated issues’. Bruce Leto (‘an outstanding lawyer: approachable, knowledge and always available’) acted alongside Washington DC-based Michael Mundt for Franklin Templeton on the creation of a smart beta fund, and for longstanding client Invesco on its selection by the State of Rhode Island to run its $7.4bn college savings program. In a new client win for the firm, Alison Fuller in Washington DC and Matthew DiClemente were selected to act as counsel to the independent trustees of BlackRock Equity-Liquidity Funds Board, which oversees $270bn of investments. The firm further strengthened its registered fund credentials with the recruitment of seven lawyers from K&L Gates, including David Glatz and Alan Goldberg, who established the Chicago office in March 2016. Client wins for the nascent Chicago office include Nuveen, which Glatz advised on two fund IPOs and on the sale of shares in five municipal bond funds; and Keeley Funds, which Goldberg advised on issues arising from the death of the founder of the fund complex, including two separate changes of control and the rationalization of the fund complex. SEC veteran Ruth Epstein, who is based in Washington DC, and Mena Larmour and Cory Hippler, who recently made partner, are also recommended. Unless otherwise mentioned, named lawyers are based in Philadelphia.

K&L Gates covers the gamut of ’40 Act fund matters. Michael Caccese, who leads the firm’s financial services practice, advised Federated Investors on issues arising from money market fund reform, including assisting with several fund mergers and the launch of a new fund in compliance with new money market fund compliance rules. George Zornada and Richard Kerr advised funds managed by Salient Partners and Forward Management on their integration following the acquisition of the latter by the former. In addition, Mark Goshko advised Eaton Vance on the launch of a closed-end high-yield corporate debt ETF. The firm has strong regulatory credentials, with the Washington DC office featuring a number of SEC alumni, including Robert Zutz, Mark Amorosi and Charles Miller. Clair Pagnano is another key figure. Other clients include John Hancock Investment Management Services and Wells Fargo Investment Institute. Unless mentioned otherwise, named attorneys are based in Boston.

Morgan, Lewis & Bockius LLP’s clients are quick to praise the firm’s ‘extensive knowledge of global regulatory, legal and industry trends’ and its ‘deep bench of seasoned experts, which enables it to provide detailed responses to all questions’. Washington DC-based John McGuire is advising State Street Global Advisors on a number of ETF launches, including its first ETF investing in RMB-denominated Chinese A shares, which have restrictions on ownership by non-Chinese investors. Thomas Harman (also based in Washington DC) has an extensive track record handling SEC regulatory matters. In Boston, Roger Joseph and Lea Anne Copenhefer advised Legg Mason on the restructuring of its money market funds to comply with new SEC money market rules and British FCA regulations, enabling it to open the funds to investors on both sides of the Atlantic. In another highlight matter, Philadelphia-based Timothy Levin advised Consulting Group Capital Markets on the consolidation of several of its funds.

Willkie Farr & Gallagher LLP is ‘excellent: highly responsive, with very knowledgeable and experienced partners and associates’. The firm handles a variety of matters including ETF formation, ’40 Act regulation, fund mergers and products at the interface of registered and alternative funds. Margery Neale, who has expertise in business development company matters, and Barry Barbash head the team, which includes Rose DiMartino, ‘a very experienced practitioner’ who handles SEC regulation, fund mergers and secondary offerings, among other matters. Benjamin Haskin and Dianne O’Donnell, who handle the structuring and formation of ETFs, are also recommended. Apart from Barbash and Haskin, who are located in Washington DC, named lawyers are based in New York.

Davis Polk & Wardwell LLP fields ‘a small group of very smart’ mutual and registered fund lawyers with particular strength in complex regulatory issues, as well as a track record assisting managers subject to SEC and state investigations. Nora Jordan handles a range of regulatory work; recent highlights include assisting several TCW Group funds in securing exemptive relief from the SEC for a proposed lending facility. On the manager M&A side, Gregory Rowland advised Huatai Securities on its purchase of AssetMark, and, on the fund formation side, Jordan and Rowland advised private fund manager Och-Ziff on the launch of a registered closed-end fund. Other clients include Pimco, which the firm advises on CFTC compliance matters.

Very knowledgeable of the laws and rules around ’40 Act funds’, Drinker Biddle & Reath LLP’s team attracts praise for its input in independent board meetings, where it provides ‘wise counsel without pressurizing the trustees’. In an illustration of its traction among independent directors, practice head Joshua Deringer is advising the independent directors of RiverNorth Marketplace Lending Corporation, a novel fund which invests in loans generated by peer-to-peer lending. Michael Malloy, whose extensive knowledge of the industry stems from three decades of experience in ’40 Act matters, assisted the independent directors of Aberdeen Asset Management with the restructuring of its fund line-up, which involved the reorganization or liquidation of several funds. Manager-side highlights included Diana McCarthy’s advice to Northern Trust on the restructuring of its fund line-up in light of money market reforms. McCarthy also advised FlexShares on the creation of two new socially responsible ETFs. Other key figures include New York-based Stacy Louizos, who has ‘deep fund board experience’, and SEC veteran James Lundy, who joined the Chicago office from an in-house role at a brokerage firm. Unless otherwise mentioned, named lawyers are based in Philadelphia.

Goodwin’s ‘deep team’ attracts praise for its responsiveness and excellence in handling matters for independent trustees. Boston-based practice head Philip Newman is advising the trustees of Eaton Vance on the launch of NextShares, an actively managed ETF product, and Marco Adelfio is providing ongoing advice on governance and regulatory matters to the trustees of Invesco. In addition to its strong roster of independent trustee clients, the firm also acts for investment advisory companies such as Knights of Columbus Asset Advisors, which Thomas LaFond in Boston and Paul Delligatti advise on a range of issues, including separately managed accounts and ’40 Act regulation; and the Wells Fargo Funds, which the team advised on the formation of a number of target-date funds. Other practitioners of note include Christopher Palmer, who advised Prudential’s insurance fund complex on seven fund mergers, and counsel Thomas Early in the Los Angeles office, who acts for the independent trustees of Federated Funds. Kimberly Vargo left for Schiff Hardin LLP. Except where otherwise mentioned, named attorneys are located in Washington DC.

In a highlight matter for Paul Hastings LLP’s New York team, practice head Michael Rosella and of counsel Vadim Avdeychik, who joined from Pimco’s in-house team, advised Gabelli Funds on the creation of five ETFs, including a media mogul fund and a social responsibility fund. Rosella also assisted Tocqueville Trust with obtaining a no-action letter from the SEC to enable its gold fund portfolio to store bullion in the Brinks Depository. In the San Francisco office, the ‘diligent, responsive, knowledgeable and efficientDavid Hearth (for some, ‘the top registered funds lawyer on the West Coast’) advised the independent trustees of the RS Funds on the adviser’s acquisition by Victory Capital Management. Other clients include Eaton Vance. The firm further strengthened its West Coast capability with the recruitment of Yousuf Dhamee in Los Angeles from Stroock & Stroock & Lavan LLP.

Sidley Austin LLP attracts praise for providing ‘appropriate and accurate advice that works in the real world’. The ‘knowledgeable and commercialJohn MacKinnon led a team advising BlackRock’s money market funds on the purchase of assets from Bank of America’s money market funds. Frank Bruno (whose ‘understanding of the funds industry is second-to-none’) advised Nuveen Closed-Ended Funds on a $2.4bn offering of variable rate demand preferred shares. James Munsell advised Turner Investment, a new client, on several fund launches. All three named lawyers are located in New York.

Vedder Price’s clients rate its ‘excellent industry expertise’, which stems from an extensive track record on major fund launches. David Sturms (who has ‘wide-ranging industry and regulatory experience, and a great legal mind’) advised Nuveen on the merger of several of its ETFs, and assisted Invesco PowerShares with the launch of a bank loan ETF. Also recommended are Cathy Gonzales O’Kelly, whose clients include the independent trustees of Guggenheim Investments’ ETFs and mutual funds; Renee Hardt, who combines ‘strong technical skills with excellent legal and risk judgment’; and Washington DC-based Bruce Rosenblum, who advises Janus Funds on regulatory matters. Named lawyers are located in Chicago unless otherwise mentioned.

Morrison & Foerster LLP advises a number of ETF sponsors and trustees on regulatory matters. Jay Baris’ clients include the independent trustees of ProShares and KraneShares Trust, the latter of which he advises alongside Denver-based of counsel Kelley Howes. Other clients include Aberdeen Investment Funds and ALPS Holdings.

Shearman & Sterling LLP’s Nathan Greene regularly acts for independent trustees and funds, and has particular strength advising on registered funds of hedge funds. Highlights included advising Skybridge Capital II, a registered fund of hedge funds, and funds managed by Ironwood Capital Management on regulatory issues arising from the impending implementation of the new fiduciary rule. Greene is also advising Perella Weinberg Partners, which the firm has been working with on the mutual funds side since the manager’s entry into the market in 2014, on the launch of an ETF joint venture that will be actively managed and that will follow a hedge fund like investment approach.

A pleasure to work with’, Simpson Thacher & Bartlett LLP’s funds team includes New York-based Sarah Cogan and the ‘smart, creative and responsive’ Rajib Chanda in the Washington DC office; they both assisted several funds managed by Blackstone’s GSO subsidiary with leverage transactions. Cogan also advised several of Legg Mason’s funds on a merger. Other clients include the independent trustees of Pimco and Allianz’s funds.

Skadden, Arps, Slate, Meagher & Flom LLP handles a range of matters concerning ETFs and other mutual funds. Thomas DeCapo in Boston and Richard Prins in New York acted as issuer counsel to Gabelli Funds on various ETF IPOs, and DeCapo advised key client BlackRock on several fund reorganizations, including the merger of BlackRock Municipal Bond Investment and BlackRock Municipal Income Investment Trust. In Chicago, Kevin Hardy advised Advent Capital Management Closed Ended Funds on the negotiation of standstill agreements with activist investors in order to prevent a proxy contest at its annual general meeting. Michael Hoffmann, who advised Great Elm Capital Corporation on the purchase of a business development company, heads the practice from the New York office.

Stroock & Stroock & Lavan LLP is particularly noted for its advice to independent trustees, although the firm’s clients extend to managers, their funds and parties to regulatory investigations. Highlights included advising the independent board of the Bank of America Funds Series Trust on the sale of the fund’s assets to BlackRock. On the manager front, the team advised Dreyfus on the restructuring of its money market funds, while in the fund merger arena the firm advised the independent board members of The Zweig Fund on its merger with several funds advised by Virtus Investment Advisers. Other clients include JP Morgan Investment Management. The firm lost a number of partners to Proskauer Rose LLP, including Nicole Runyan, David Stephens, Stuart Coleman and former practice head Robert Plaze.

Sullivan & Worcester LLP is noted for its ‘on-point and practical advice’ and for its ‘superior knowledge of the law and industry’. Key figures in the practice, which has a particular strength acting for independent trustees, include David Mahaffey, who ‘understands clients’ needs, skill levels and obligations’ and acts for the independent directors of the TIFF Investment Plan; and David Leahy, whose clients include the independent trustees of Legg Mason Partners’ fixed-income funds. Both are based in Washington.

Thompson Hine LLP’s wide-ranging expertise includes advising on fund acquisitions and SEC regulatory matters. JoAnn Strasser in Columbus and counsel Tanya Goins in Atlanta advised Arrow Investments Trust on the registration of an actively managed ETF, while Columbus-based Michael Wible advised Boston Trust & Investment Management Company and Walden Asset Management on inter-fund lending.


Private equity funds

Index of tables

  1. Private equity funds
  2. Leading lawyers
  3. Next generation lawyers

Leading lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Private equity funds clients in United States using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Noted for its ‘excellent industry knowledge’, Debevoise & Plimpton LLP’s ‘top-ranked’ team of ‘very responsive, creative negotiators’ acts for a heavyweight roster of private equity clients such as KKR and The Carlyle Group across a wide range of asset classes. Erica Berthou - ‘a true star’ - and counsel Katrina Rowe advised Global Infrastructure Partners on its third infrastructure fund, which represents the largest fund the client has raised to date. In the buyout space, Rebecca Silberstein and Andrew Ahern advised Kelso & Company on a $2.6bn fund. On the debt fund side, Berthou advised Oaktree Capital Management on the launch of two debt funds with a combined total of $11bn in commitments, and assisted GSO Capital Partners with a $6.5bn mezzanine fund. David Schwartz and Jonathan Adler regularly advise on fund formation matters for clients including Morgan Stanley. On the fund M&A front, Jordan Murray advised an investment firm on a minority sale to Goldman Sachs. Michael Harrell retired as a partner, but continues to act as of counsel.

Kirkland & Ellis LLP is ‘one of the top firms in the space’ and one that clients are ‘most happy to have in their corner’ thanks in part to the strength in depth of its team, which is ‘excellent from top to bottom’. New York-based Andrew Wright (for some ‘the best in the business’) advised Warburg Pincus on the creation of four funds with a combined $18bn in capital commitments, while in Chicago the ‘outstandingBruce Ettelson, John Muno (who has ‘great market knowledge and an efficient and co-operative working style’), Scott Moehrke and William Welke advised Thoma Bravo on a $7.5bn technology buyout fund. In another highlight, Ettelson and Muno acted alongside Chris Kallos (who attracts praise for his ‘excellent legal and business judgment’) for Madison Dearborn Partners on a $4.4bn fund. Other key figures in Chicago include new partner Katie St. Peters, who is ‘able to work through issues with opposing counsel efficiently and professionally’, and Sarah Kirson, whose ‘entrepreneurial and growth-oriented approach’ makes her a natural choice for younger private equity firms. In New York, practice head John O’Neil, who regularly acts on fund formation matters for Vista Equity Partners, and ‘fund formation rock starJohn Budetti are recommended, as is San Francisco-based Karin Orsic, who is praised for her ‘excellent client service and deep domain knowledge’. Other clients include HGGC, Starwood Capital Group and 3G Capital.

Simpson Thacher & Bartlett LLP has a heavyweight sponsor-side practice spanning both coasts. Funds closed by the New York office in 2016 included the $1.1bn Aquiline Financial Services Fund III, which Thomas Bell acted on, and the $8bn Blackstone Real Estate Partners Europe V fund, which Michael Wolitzer led on. Other longstanding clients include The Carlyle Group, which Barrie Covit regularly advises and which Jonathan Karen recently assisted with an energy sector targeted mezzanine fund totaling $2.8bn; CVC Capital Partners, which Glenn Sarno and Olga Gutman advised on a €650m credit fund; KKR (which Jason Herman advises); and JC Flowers and Macquarie. In Los Angeles, Tom Wuchenich advises Oaktree on debt funds, while Michael Nooney in Palo Alto advised Technology Crossover Ventures on its ninth fund, which raised $2.5bn. Manager M&A highlights included advising HIG Capital and Silver Lake on sales of minority stakes to Dyal Capital Partners.

Cleary Gottlieb Steen & Hamilton LLPknows the clients’ businesses and the funds market very well’. The firm has been highly active for general partners (GPs) forming cross-border funds; in a recent example of cross-border fund formation activity, Robert Raymond advised BRV Lotus on the formation of a growth fund aimed at Korean targets. Other fund formation highlights included Michael Gerstenzang and Elizabeth Lenas (‘a steady team leader who gives thoughtful advice’) advising TPG Capital on the formation of TPG Partners VII, which closed with over $10bn of commitments - Lenas also advised TPG Special Situations Partners on the formation of a $417m CLO fund. On the investor side, Gerstenzang advised Coller Capital on its investments into CLO funds and on the acquisition of LP interests in JC Flowers’ funds. Other clients include Korea Investment Corporation, Hillhouse Capital Management and The Raine Group.

Among the high-end law firms in the space’, Fried, Frank, Harris, Shriver & Jacobson LLP has extensive experience of real estate and buyout fund formation work, with clients singling out the ‘high levels of partner attention’. Washington DC-based Richard Ansbacher and New York-based practice head Kenneth Rosh (‘an absolute pleasure to work with - he is very experienced and knowledgeable’) advised Permira Advisers on the launch of a €7.25bn buyout fund, while Rosh acted alongside the ‘extremely hands-onRebecca Neuschatz Zelenka in Washington DC for Brookfield Asset Management on a $9bn fund investing in real estate assets and debt, as well as equity positions in property companies. On the fund-of-funds side, the team handled a $750m secondaries fund for StepStone Group, while in the credit fund space it advised Morgan Stanley on a venture loan fund.

Paul, Weiss, Rifkind, Wharton & Garrison LLP draws on ‘a strong bench of excellent lawyers with strong technical expertise, good market knowledge and a practical approach’. The four-partner team handles a wide range of fund formation matters for heavyweight sponsors, including Apollo Global Management, which Marco Masotti and Michael Hong advised on a $750m special situations fund; Harvest Partners, which Hong and Masotti advised on a $2.2bn buyout fund and a $400m fund focused on junior debt and structured equity investments; and KKR, which Masotti advised on the formation of a $3.35bn special situations fund investing in companies undergoing restructuring. Also recommended are Amran Hussein, who continues to advise General Atlantic on its fundraising activities, and the very well-regarded Udi Grofman. All named individuals are based in New York.

Among the few firms with expertise spanning all asset management classes’, Ropes & Gray LLP attracts praise for its ‘team-based culture’ and for having ‘strength in depth across all levels of seniority’. John Ayer advised investment management company Atairos Group on its establishment and the structuring of its investment vehicles comprising more than $4bn in committed capital. The firm supplements its sponsor-side credentials with an impressive LP client base, which includes Stanford University, Canada Pension Plan, the Government of Singapore Investment Corporation and Harvard University - Larry Rowe advises the last client on buying and selling a range of interests, as well as on co-investment vehicles. Also recommended are Marc Biamonte in New York, who is ‘an excellent fund formation lawyer - thoughtful, responsive and a pleasure to work with’, and who has particular expertise in structuring funds-of-funds and separately managed accounts; regulatory expert Jason Brown, who stands out for his ‘extensive technical and industry knowledge’; Raj Marphatia in Palo Alto, who regularly handles multibillion-dollar fund formations; Chicago-based Matthew Posthuma; and Peter Laybourn and Debra Lussier, who advised Constitution Capital Partners on a $500m fund, as well as on various fund-of-one and separately managed accounts. New York-based Morri Weinberg handles ten-figure buyout fund formations. Amanda Persaud is a new high-profile recruit in New York from Wachtell, Lipton, Rosen & Katz. The named attorneys are located in Boston unless specified.

Weil, Gotshal & Manges LLP fields ‘a great mix of expertise globally, both at partner and associate level’, and stands out as ‘a go-to law firm for high-value and complex fund formation’. Andrew Chizzik - ‘a real pleasure to work with and an excellent technician’ - regularly handles complex fund formations for Brookfield Asset Management, including recently advising on a $4bn buyout fund and a $14bn infrastructure fund, the largest of its type to date. Practice head Jonathon Soler (who attracts praise for his ‘excellent strategic advice - he is very plugged in with all the big players’) handled a number of high-value fund launches throughout 2015 and 2016, including advising Lindsay Goldberg on the formation of a $3.6bn fund. Other clients include Berkshire Partners, which Stephanie Srulowitz advised on a $5.5bn fund launch; Apollo Credit, which Chizzik and Paul Cohn advised on a $5bn actively managed credit fund; Providence Equity Partners; and first-time manager Tritium Partners. All named individuals are located in the New York office.

Akin Gump Strauss Hauer & Feld LLP’s practice, headed by Stephen Vine in New York, handles regulatory and formation mandates for a number of significant managers. Fadi Samman and counsel Angela Adams, both based in Washington DC, are advising a number of institutional investors in the Red Fort India Real Estate funds, which are undergoing a change in leadership in the wake of the separation of the manager’s two principals. Dallas-based Eliot Raffkind, who handles matters at the crossroads of private equity and hedge funds, is also recommended. Other clients include Apollo Global Management, GoldenTree Asset Management and Angelo, Gordon & Co.

Davis Polk & Wardwell LLP’s team in New York advises some of the private equity industry’s biggest names, including Blackstone Strategic Partners, the Ontario Teachers’ Pension Plan and the Hong Kong Monetary Authority on fund formation, regulatory and LP matters. On the sponsor side, Yukako Kawata is advising RoundTable Healthcare Partners on the launch of an equity fund and a subordinated debt fund, and assisted Lightyear Capital with the formation of a $950m fund targeting financial services investments as well as a co-investment vehicle. Kawata often works in concert with Leor Landa, who handles billion-dollar fund launches as well as SEC regulatory issues. Funds regulatory specialist Nora Jordan is also recommended.

Gibson, Dunn & Crutcher LLP handles a range of significant fundraising mandates, with particular critical mass in international work. Jennifer Bellah Maguire in Los Angeles and Shukie Grossman, who is based in New York, advised Leonard Green & Partners on the formation of a $9.6bn buyout fund, while Grossman advised multi-family office ICONIQ Capital on a $1.25bn fund targeting data center investments. Also in New York, Edward Sopher acts on fund formation matters for clients including AE Industrial Partners, as well as advising Strategic Partners, part of The Blackstone Group, on a range of secondary acquisitions. William Thomas, who is based in Washington DC, is advising I Squared Capital on the formation and launch of an $800m Asia-focused fund. Manager M&A mandates included Sopher’s advice to StepStone Group on its acquisition of Swiss Capital Alternative Assets, which will add $5bn of assets under management to the buyer’s existing $14bn. Other clients include Graham Partners and Hamilton Lane.

Goodwin has particular strength in real estate funds covering a range of real estate investments, from office buildings and industrial land to more off-beat asset types. In Boston, David Watson advised Rubenstein Partners on an $800m real estate fund, which involved a complex REIT structure. In addition to its real estate credentials, the firm handles a wider range of PE-related matters, as demonstrated by Boston-based Thomas Beaudoin’s advice to Kreos Capital on an oversubscribed debt fund which hit its €400m hard cap. On the buyout side, Watson advised Advent International on a buyout fund which raised $13bn in capital commitments, making it one of the largest buyout funds raised since 2008. John Ferguson in New York and Paul Verbesey in Washington DC are also names to note.

Latham & Watkins LLP fields ‘a very deep team’ that attracts praise for its ‘outstanding service and excellent knowledge of the market’. Barton Clark led a team advising The Carlyle Group on a $1.5bn fund focused on energy investments. In another highlight, Andrea Schwartzman (‘a very strong lawyer and excellent adviser’) acted alongside Alan Van Dyke for Searchlight Capital Partners on the formation of a $1.9bn fund. In addition to mandates concerning debt funds, Kathleen Walsh advised new client Frazier Healthcare Partners on a buyout fund focused on mid-market healthcare investments. Also recommended are Washington DC-based David Greene, whose clients include Onex Corporation and Juniper Capital, and Nadia Sager in the San Diego office, who provides ‘outstanding service’.

Morgan, Lewis & Bockius LLP fields ‘experts in all areas of law impacting private investment markets, and understands institutional investors and their priorities’. The firm provides a ‘very responsive’ service when it comes to fund formation, and also attracts praise for the ‘superior service’ it provides to institutional investors seeking limited partner positions. Georgette Schaefer (who is ‘able to distil complex issues into very clear advice’) advised a pension plan on a $130m investment in a business development company. In other highlights, Boston-based Gerald Kehoe advised Lime Rock Resources on the creation of a $754m fund focused on energy assets, while Paul McCoy in New York advised TIAA on the launch of a $1.2bn real estate fund. McCoy leads the practice along with Louis Singer, who ‘knows his clients well and anticipates their needs’. Also recommended is Peter Phleger in San Francisco, whose work includes funds-of-funds matters and venture capital investments.

Proskauer Rose LLP has particular strength in funds-of-funds; in an illustration of its expertise in this arena, Robin Painter and Sarah Cherry advised Commonfund Capital on several such launches, and Sean Hill, Michael Suppappola and David Tegeler are advising Lexington Partners in this space. The firm also has an extensive track record in buyout fund work, with Suppappola and Howard Beber advising Ridgemont Equity Partners on a $1bn buyout fund. Other areas of expertise include mezzanine funds, separately managed accounts and venture capital funds. Stephen Mears and David Jones advise General Catalyst Partners on the venture capital front. Other clients include Ares Management, JP Morgan and Aberdeen Asset Management. The team, which is led by Beber and Hill, is based in Boston.

Alongside its strong hedge fund practice, Schulte Roth & Zabel LLP handles a range of work for private equity managers, with particular strength in real estate funds as demonstrated by Joseph Smith’s advice to the UK arm of The Children’s Investment Fund Management on the creation of several funds investing in real estate debt on both sides of the Atlantic. Other clients include LCN Capital Partners, Mauá Capital and Westport Capital Partners. Also recommended are Stephanie Breslow, who has handled numerous fund launches involving investments into non-traditional asset classes; Phyllis Schwartz and Omoz Osayimwese, who have an extensive track record of large-scale fund launches; and Marc Elovitz, who is a name of note for compliance matters.

At DLA Piper LLP (US), David Goldstein led a contingent advising MC Credit Partners on the formation of a credit fund and Brazilian manager BGL Fund Management on the launch of a $350m fund. Other key figures include Victor Levy (‘engenders trust and confidence in his clients’) and Richard Ginsberg, who handle significant fund formation work; and Richard Reilly, who advises placement agents and ‘can always be trusted to represent the clients’ best interests’. Fund-of-funds clients include China Orient Asset Management International. Other than Chicago-based Ginsberg, the named lawyers are located in New York.

Paul Hastings LLP’s ‘extremely supportive, responsive and knowledgeable’ practice has particular strength in cross-border work and a track record advising on mandates involving non-traditional investments. New York-based Josh Sternoff (‘very practical and grasps the issues very quickly’) regularly acts for Apollo Global Management and AEW Capital Management, the latter of which he advised on the final closing of a $450m Jersey-based fund formed to invest in Asian real estate. Also in New York, Thomas Rao is advising Primary Wave Music on a fund seeking to invest in music copyrights. The firm fields funds capabilities on both coasts: in Palo Alto, Rob Carlson (who ‘provides balanced advice and works with the issues’) advised Nyca Investment Fund, a venture capital fund focused exclusively on fintech, on the sale of limited partner interests. Also recommended are Tram Nguyen in New York and Yousuf Dhamee in Los Angeles, both new hires from Stroock & Stroock & Lavan LLP.

Shearman & Sterling LLP has particular strength advising its general partner clients on real estate investments and investments into Latin America. In an illustration of the latter, practice head Laura Friedrich advised GTIS Partners, which has $3.3bn of assets under management, on a $750m fund focusing on Brazilian real estate investments. Friedrich also advises the IFC Asset Management Company on their fund launches, most recently assisting with the formation of a growth fund focusing on investments into emerging markets financial institutions. In other highlights, of counsel Paul Schreiber advised Torchlight Investors on the formation of a $1.5bn real estate debt fund, and counsel John Reiss advised Dome Equities on a fund investing in residential real estate across the US. Limited partner clients of the New York-based team include China Investment Corporation, Qatar Investment Authority and Mubadala Development Company.

Sidley Austin LLP’s ‘excellent’ practice attracts praise for its ‘professionalism and knowledge of the market’, as well as for its ‘excellent negotiation skills’. Timothy Clark advised Pine Brook Partners on the formation of a $2.5bn fund aiming to invest in the energy and financial sectors. Alyssa Grikscheit (who is ‘very professional; clients have a great working relationship with her’) advised Napier Park Global Capital on forming a fund to invest in railcar leasing. Other names of note include Scott Macdonald, who advises CIP Capital, and David Kreisler, who joined the Boston office in 2016 from Weil, Gotshal & Manges LLP. Team members are located in New York unless otherwise specified.

From its New York office, Willkie Farr & Gallagher LLP handles a range of fund formation mandates, with particular strength in energy-focused fund work. Phillip Isom assisted Post Oak Energy Capital with forming a $600m energy fund and advised Bridge Growth Partners on its debut fund, which raised $410m. In an illustration of the firm’s ability to handle multi-jurisdictional mandates, Isom and Arash Farhadieh advised Sun Mountain Capital Advisors on a Mexico-focused fund-of-funds. Adrienne Atkinson is also recommended. Other clients include Ares Capital Management and Springbok Energy Partners.

Clifford Chance’s clients value the firm’s ‘deep industry knowledge, prompt turnarounds, market-driven commercial advice and practical legal guidance’. Roger Singer advised Madison International on a real estate debt fund with feeders in three countries; he also handles sales and purchases of limited partner interests on behalf of British pension funds. Other names of note include Clifford Cone and Kathleen Werner; Werner advised H/2 Capital Partners on the formation of a $1.5bn real estate debt fund.

Cooley LLP has a strong reputation for venture capital work and has grown its private equity practice with two significant hires: Ron Hopkinson in New York, who joined from Cadwalader, Wickersham & Taft LLP, and Eric Schwartzman, who joined in Palo Alto from Weil, Gotshal & Manges LLP. Also recommended are John Dado and venture capital head Craig Dauchy in the Palo Alto office; Nicole Peppe in Boston; and Jordan Silber and Ian O’Donnell in San Francisco. Key mandates in 2016 included advising Founders Fund on the formation of a $1.3bn fund.

Covington & Burling LLP’s ‘excellent private funds team provides a strong combination of expertise, responsiveness and practicality’. Loretta Shaw-Lorello is ‘extremely knowledgeable, a great problem solver and an absolute pleasure to deal with’; she advised HUH Real Estate Partners on the creation of a real estate direct investment platform. In addition to handling sponsor-side work, the firm also handles a significant amount of mandates for investors, with William Sturman and special counsel Kelly Labritz singled out for their ‘thorough and knowledgeable’ advice to investors. The practice also handles a raft of venture capital work: Shaw-Lorello advised UCB on the formation of a €150m healthcare-focused fund-of-funds, as well as acquisitions of limited partner interests. All the named lawyers are based in New York.

Hogan Lovells US LLP handles a range of mid-market fund formation work. Washington DC-based practice head David Winter was part of a team advising Fall Line Capital on a $200m real estate fund, while Jeffrey Hurlburt in New York advised Northzone Ventures on a €300m venture capital fund. The formation of small business investment companies (SBICs) is a particular niche - Winter advised St. Cloud Capital Partners on the formation of a SBIC, which raised $250m to invest in both debt and equity in small companies. LP clients include International Finance Corporation.

Linklaters LLP’s New York office ‘demonstrates a strong understanding of clients’ needs and how to work efficiently with everyone to deliver results’. Justin Storms and newly promoted partner Andrew Ford advised key client KKR on its formation of a $3.65bn European buyout fund, which was the client’s first European private equity fundraise since the global financial crisis, while Lorna Bowen advised KKR Credit Advisors Ireland on a fund to buy existing loans across Europe. Scott Bowie is also recommended. Other clients include Deutsche Bank Asset & Wealth Management.

Morrison & Foerster LLP is ‘excellent to work with’ and particularly stands out for venture capital matters. Zeeshan Ahmedani in the Los Angeles office, a new hire from White & Case LLP, advises on significant technology sector fund formations, while in Palo Alto, Chip Lion and Stephanie Thomas (who is ‘hugely valued by clients for her technical and commercial input’) advised Longitude Capital on a $525m fund investing in start-up and established biotech and medical businesses. Outside of the venture capital space, Ken Muller in San Francisco and David Slotkin in Washington DC advised GLP on forming a $5bn fund to purchase a logistics portfolio. Sara Terheggen joined the San Francisco office from Skadden, Arps, Slate, Meagher & Flom LLP.

An up-and-coming player in the world of private equity’, is how sources describe the legacy practice of Chadbourne & Parke LLP, which is now part of Norton Rose Fulbright US LLP following the merger. The team, noted for its ‘extensive industry knowledge and ability to advise on almost all issues clients face’, has particular strength in Latin America, and advised Southern Cross Group Management on its fifth Latin America-focused turnaround buyout fund. Other clients include SCL Energía Activa and Bolivian Investment Management. Following the merger Beth Kramer and Scott Naidech moved to Winston & Strawn LLP.

O’Melveny & Myers LLP acts for managers on funds-of-funds, buyout funds and real estate funds investing inside and outside the US, and also assists with LP-side mandates. Clients include Colony Capital, CenturyLink and Shamrock Capital Advisors. Kathryn Sanders in Los Angeles and Timothy Clark in New York are names to note.

Orrick, Herrington & Sutcliffe LLP advises a range of limited partners, including a number of West Coast-based public pension plans, as well as venture capital firms. In addition to handling a range of early-stage venture capital fund formation matters, New York-based Quinn Moss advised Washington State Investment Board on converting its $700m involvement in a multi-investor fund into a fund-of-one. In San Francisco, Dolph Hellman advised the San Francisco City and County Employees’ Retirement System on its investment in a biotech venture capital fund. Los Angeles-based of counsel Yong-Nam Jun has a particularly strong practice advising Asian investors.

Reed Smith LLPbrings a high level of commitment to complex and lengthy engagements’ and ‘deep, specialist knowledge in impact investing’, and handles a significant investor-side workload in addition to fund formations. New York-based partners James Mercadante (a ‘fantastic lawyer with a wide range of knowledge’) and Alexandra Poe jointly lead the practice; Poe’s highlights included advising the Washington State Investment Board on a $700m investment in a fund managed by Warburg Pincus. On the formation front, San Francisco-based Thao Ngo advised Nile Capital Group on the launch of a fund investing in emerging asset managers.


International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

The Legal 500 United States - Events

GC Powerlist -
United States

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • New requirement for all issuers operating on the Luxembourg Stock Exchange

    On 10 August 2017 the Luxembourg Stock Exchange announced that all domestic and foreign issuers operating on the regulated market (Bourse de Luxembourg) or on the multilateral trading facility (Euro MTF) of the Luxembourg Stock Exchange must provide their legal entity identifier (“LEI ”) codes to the Luxembourg Stock Exchange before 15 September 2017.
  • Luxembourg law on the exploration and use of space resources entered into force

    The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
  • VAT in the GCC – Q&A updates from the UAE Ministry of Finance

    On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.
  • PRIIPs KID: The final pieces of the puzzle

    The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.
  • MiFID II: Further guidance on product governance requirements

    Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products.     
  • Arendt & Medernach is again the “Luxembourg Tax Firm of the Year”

    The partners of Arendt & Medernach are pleased to announce that their firm has been awarded once again the prestigious “Luxembourg Tax Firm of the Year” title during the International Tax Review’s European Tax Awards ceremony held at the Savoy Hotel in London on 18 May.
  • Signature of the Multilateral instrument – reservations made by Luxembourg

    On 7 June 2017, the official ceremony for the signing of the multilateral instrument (“MLI”) took place bringing to a close a process initiated last year when a consensus was reached on the wording of the MLI on 24 November 2016 (see also our newsflash dated 2 December 2016, available on our website www.arendt.com section Publications/Newsflash).
  • Arendt & Medernach: Luxembourg Law Firm of the Year

    Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.
  • First VAT EU case law on the cost-sharing VAT exemption

    The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as “Independent Groups of Persons” or “IGPs”, is currently being debated at the Court of Justice of the EU (“CJEU”) in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15).
  • An Introduction to Corporate Guarantee

    In the UAE, the risk management activities inherent in running a corporate or investment banking business remain of crucial importance, not least because of the strong local characteristic of “name lending”, by which is meant lending or providing other banking facilities to family or other private businesses, primarily on the strength of the “name” or “names” of the proprietors standing behind the business, rather than on the strength of the asset quality and underlying credit of the particular business. Of course, in practice, there is commercial overlap between the proprietors and the companies which they own, but the credit analyses can break down where poor banking practices and procedures result in poorly constructed legal documentation and gaps in guarantee and security support documents.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to