Twitter Logo Youtube Circle Icon LinkedIn Icon

The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In the United States, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for six consecutive years. These partners are highlighted below and throughout the editorial.

Chapters Name Firm Section Work Area Firm ID Lawyer ID Office URL Lawyer URL

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

Private equity fundraising’s strong 2016 carried into 2017, with buoyant headline figures showing that leading managers are able to raise large funds quickly, either setting record figures or securing all the commitments for a fund in a single, rapid closing. That said, while newer managers with strong pedigrees are able to gain some traction, other market entrants and less-established names are reporting pressure from institutional investors to go below the traditional two-and-twenty fee structure. The size of the market means that, just as investors have a wide range of fund sponsors to choose from, both sides of the table have an impressive range of law firms available to them.

Hedge funds also reported a positive 2017. Technology has very much become a key theme, with quant funds growing significantly, artificial intelligence and machine-learning much talked about on the technical front, and cryptocurrencies becoming an asset class many managers are looking at. In early 2017, the Chicago Mercantile Exchange began offering bitcoin futures, but the Securities and Exchange Commission (SEC) has vetoed several proposals for bitcoin exchange-traded funds (ETFs) - and this, coupled with the cryptocurrency’s prodigious rise and subsequent crash over the 2017-18 winter (losing two-thirds of its value in a six-week period), has dampened much mainstream enthusiasm for cryptocurrency as an asset class, as distinct from other uses for blockchain technology.

In the retail fund space, ETFs have continued their onward march, with the global upward trend in asset prices allowing investors to benefit from passive management; while on the flip side, the lack of volatility makes it an unfavorable environment for active management.

Sullivan & Cromwell LLP alumnus Jay Clayton has come to the end of his first year as SEC chairman, following his appointment by the new administration as a replacement for Mary Jo White, who returned to Debevoise & Plimpton LLP’s litigation team. A brief spike in SEC inspections of hedge funds, including the Boston office demonstrating a penchant for surprise visits in mid-2017, appears to have died down, although a large number of potential bear-traps continue to exist, including in anticorruption matters.


Alternative/hedge funds

Index of tables

  1. Alternative/hedge funds
  2. Hall of Fame
  3. Leading lawyers
  4. Next generation lawyers

Leading lawyers

  1. 1

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 handles hedge fund work for established and emerging managers across asset classes, ranging from traditional long-short equity and activist funds through to more exotic assets such as cryptocurrencies. Jason Kaplan advised Cerberus Capital Management on several distressed asset fund launches, while David Efron advised Warlander Asset Management on a $1.3bn credit fund launch. Other key names include Stephanie Breslow, David Nissenbaum, Jennifer Dunn and Daniel Hunter. Marc Elovitz and Brian Daly’s regulatory practice includes handling SEC investigations for leading managers. The firm also acts for start-up managers, as well as more established names such as activists Trian Partners Fund Management and Elliott Management Corporation. The team is based in New York. Steven Fredman has retired.

Fried, Frank, Harris, Shriver & Jacobson LLP’s hedge fund team is ‘a real resource for solid, market-based legal advice and otherwise a delight to work with’. The firm provides ‘practical and sound advice’ to a range of top names in the space on fund launches and reorganizations, regulatory matters and fund seeding deals, covering asset classes such as distressed debt, traditional lending, mezzanine debt, merger arbitrage and funds-of-funds. Practice head Lawrence Barshay provides ‘valuable and well-thought-out advice’ in various structuring mandates regarding complex fund formations, often in unusual asset classes. Lisa Schneider and Washington DC-based Walid Khuri act as counsel to Goldman Sachs Hedge Fund Strategies in its fund-of-funds. Jonathan Adler, who advises Luminus Management, is also a key contact. Other clients include BlackRock, TCW Group, Centiva Capital and Point72, the new manager created by SAC Capital founder Steven Cohen. All named inividuals are based in New York unless otherwise stated.

Paul, Weiss, Rifkind, Wharton & Garrison LLPcompares very favorably with the other top players in the hedge fund space - the senior members of the team are all great lawyers’. Udi Grofman is ‘very loyal, has great business judgment and good industry insight’ - he acts as primary outside counsel to Blackstone Alternative Asset Management’s fund-of-hedge funds business. Amran Hussein and Marco Masotti continue to advise Avenue Capital on a range of matters, including fund formation and regulation. Other clients include King Street Capital, HPS Investment Partners and Reservoir Capital. All named individuals are based in New York.

Ropes & Gray LLP’s hedge fund team advises a number of leading names on issues ranging from trading and commodities through to fund regulation and formation. In New York Laurel FitzPatrick advised PIMCO on launching several funds, including funds-of-funds and emerging market funds, while Joel Wattenbarger is advising Sequoia Capital on a range of regulatory and compliance issues, including broker-dealer matters. Jessica O’Mary, who has advised Angelo, Gordon & Co on several fund launches, and Sarah Davidoff, who advises Dragoneer Investment Group, are also names of note. In the Boston office, Leigh Fraser advised Arrowstreet Capital on forming several new quant funds, which included complex regulatory matters regarding algorithmic trading. Away from the East Coast, Deborah Monson in Chicago has futures expertise. Other clients include D E Shaw and Och-Ziff Capital Management.

Akin Gump Strauss Hauer & Feld LLP is ‘always responsive and forward-thinking in terms of the advice it provides’. In New York Stephen Vine heads the practice, which handles a range of work for a number of well-known and lesser-known names in the sector, some of which are at the interface of private equity and hedge funds. Kelli Moll has experience in working with start-up managers entering the business with great pedigrees, as well as fund formation mandates using alternative fee structures; Dennis Pereira is also a key contact. In Dallas, Eliot Raffkind is ‘a great resource for his extensive knowledge of hedge fund practices and current issues’.

Trusted Advisor - with Finnegan

IP specialist Finnegan detail how their collaborative approach makes for a unique culture which is designed to allow them to work with clients in a way which is cognizant of the challenges facing all companies today.

Davis Polk & Wardwell LLP handles a range of hedge fund work and has a particularly strong reputation for heavy-duty regulatory matters. Nora Jordan and Meyer Dworkin advise HPS Investment Partners, a spin-out from Highbridge, on regulatory issues and negotiations with brokers; Leor Landa has fund formation and regulation expertise; and Gregory Rowland advises both start-up and established fund sponsors. Other clients include D E Shaw, Two Sigma, Oaktree Capital Management, Och-Ziff Capital Management and Bridgewater Associates. The team is located in New York.

Katten Muchin Rosenman LLP assists a range of fund managers and has particular strengths in quant funds and those pursuing unusual strategies. Lance Zinman and Allison Yacker continue to advise AQR Capital Management on various matters, including structuring bespoke funds, regulatory issues and investment. Henry Bregstein is advising broker-dealer Mercury Capital Advisors on developing a hedge fund platform aimed at high-net-worth investors and their advisers. Fred Santo and Wendy Cohen also advise leading names in the sector on the gamut of regulatory matters. In the litigation finance and manager M&A spaces, Zinman advised GKC Holdings on its $160m sale to British litigation financier Burford Capital. The firm also acts for major institutional investors. Zinman and Bregstein share leadership of the practice. Other than Zinman in Chicago, the team is based in New York.

Clients value Kleinberg, Kaplan, Wolff & Cohen, P.C.’s ‘deep knowledge and reasonable approach to problem solving - everyone in the team from top to bottom adds value and is great to work with’. Jamie Nash is ‘a player-coach for the team and that reflects in the quality of the service’; he and Myron Kaplan continue to advise Elliott Management Corporation - a client for three decades - on various matters, including introducing a private equity-style capital commitment facility. Practice chair Eric Wagner advised start-up manager Whitefort Capital Management on the launch of its funds, including receipt of a $75m seed investment from a major private equity investor. Jeffrey Bortnick has insurance-dedicated fund expertise, and Jason Grunfeld and James McCann are also key contacts. The team, which is based in New York, also acts for Paulson & Co and Kylin Management.

Fantastic’ firm Morgan, Lewis & Bockius LLP handles a mix of hedge fund work, including representation of both hedge fund managers and investors. Jedd Wider in New York advised Advocate Capital Management on forming two funds investing in various types of derivatives, while Stephen Tirrell in Boston advised Marathon Asset Management on forming a fund designed exclusively for ERISA-regulated investors. In the manager M&A space, Wider advised MetLife on its purchase of Logan Circle Partners from Fortress Group. In Boston, Richard Goldman advised TPRV Capital, a spin-out from Harvard Management Company, on its entry into the hedge fund business. In the same office, Steven Giordano deploys his ‘tremendous industry knowledge’ for fund sponsors. Limited partner clients include the California Public Employees’ Retirement Scheme (CalPERS), which Wider and Christopher Dlutowski (who is also based in New York) advised on structuring a captive fund to be managed by LongTail Alpha. Wider and Goldman share leadership of the practice, which also acts for the State Board of Administration of Florida and several university endowments. Jim Collins is now general counsel of Silver Lane Advisors.

Proskauer Rose LLPprovides smart and reasonable advice, applying the law rather than just knowing it’. Practice head Christopher Wells (who is ‘a first-rate lawyer with excellent common sense’) advised Hong Kong-based MTI Management on forming MegaTrust Yangtze Fund, which aims to invest in Chinese A-shares, and Robert Leonard (who is ‘exceptional - he has good common sense and is clear-thinking, providing non-wordy documentation’) advised Red Cedar Management on launching a new long-short fund. Other names to note include Michael Mavrides, who is ‘extremely knowledgeable about the law and important developments impacting the industry’ (he works with Maxim Capital Group), and tax partner Amanda Nussbaum, who is ‘also a star - she is very useful for understanding new tax rules’. Other clients include Goldman Sachs Asset Management, Maverick Capital and Hosking Partners. All named lawyers are located in New York.

Seward & Kissel LLP handles a range of hedge fund work, including cryptocurrency issues and advice to various fund sponsors. In New York, Steven Nadel, Christopher Riccardi, Craig Sklar and tax specialist Jon Brose are key contacts; Debra Franzese was elected to the partnership in January 2018.

Dechert LLP is ‘very responsive to clients’ needs, introducing them to a cross-section of people from across the firm as they encounter various regulatory and tax considerations’. The firm acts for leading names in the sector, as well as managers linked to investment banks and new managers. David Vaughan, a former SEC policy adviser who divides his time between New York and Washington DC, is a key contact, as is New York-based Matthew Kerfoot, who advises leading banks on fund finance matters. Timothy Spangler in Costa Mesa is ‘accessible and helpful - he brings a global perspective to things’; he has expertise in fund formations and mergers. Karl Paulson Egbert is now at Baker McKenzie LLP in New York, while Timothy Clark returned to the New York office from O'Melveny & Myers LLP.

Drinker Biddle & Reath LLP is ‘excellent on all counts - the lawyers are cordial, available, knowledgeable and responsive’. The team handles a range of regulatory and fund formation advice, sometimes involving start-up managers. ‘Good all-rounder’ Andrew Raby handles fund formation work, as does counsel Matthew Silver, who ‘helps clients navigate the complicated world of fund governance and compliance’. In the manager M&A space, David Matteson advised RMB Capital Management on two acquisitions of other managers. Clients include Hatteras Partners, PredictWallStreet and Ativo Capital Management. Joshua Yang in Chicago is a new recruit from K&L Gates - he brings expertise in compliance and commodities trading matters, as well as a following among Chinese financial institutions. Other than Silver in Philadelphia, the named lawyers are based in Chicago.

Goodwin handles some fund formation work, but is particularly strong in the regulatory space. Brynn Peltz in New York acts as fund and compliance counsel to Alger Dynamic Return Fund and continues to advise C-III Capital Partners on similar matters. Luciana Aquino-Hagedorn in Boston handles much of the fund formation work and Thomas LaFond in the same office is also a key contact for regulatory work. Counsel David Solander in Washington DC is a new hire from Allen & Overy LLP; he advises Discovery Capital Management on regulatory and compliance matters as well as other managers on new cryptocurrency hedge funds. Other clients include One Stone Capital and Seavest Investment Group.

Lowenstein Sandler LLP handles funds-of-one work, fund formation and regulatory issues, for some leading names in the hedge fund industry. Robert Minion heads the practice, with other notable names including team vice-chairs Peter Greene and Marie DeFalco, Scott Moss, whose work includes funds-of-funds and compliance matters, and Elaine Hughes. The team is located in New York.

Paul Hastings LLP advises a range of leading managers and has a particular following among California-based firms. Arthur Zwickel and associate David Hong advised LongTail Alpha on a $1bn fund-of-one for CalPERS and a $400m managed account for PAAMCO Prisma Holdings; also in the funds-of-one space, the pair advised Dalton Investments on setting up a fund with a Japan-focused equity strategy for a single investor. Yousuf Dhamee is another key regulatory contact. The New York office includes former SEC branch chief Tram Nguyen; her work encompasses heavyweight regulatory matters and fund formation. Other clients include significant limited partners, such as sovereign wealth funds and pension plans of household-name companies, and Michael Yang Capital Management, a new manager created by the founder of mySimon. Attorneys are based in Los Angeles except where otherwise indicated.

Shearman & Sterling LLPprovides an excellent level of service - all the lawyers are knowledgeable, responsive and practical in their advice’. Sean Finley has ‘an advantage over other outside counsel as he has both law firm and in-house experience’; he advised TRG Management on launching a hedge fund investing in Argentinian assets. Of counsel Paul Schreiber advises Shenkman Capital Management on regulatory matters. Nathan Greene has manager M&A expertise. The firm has hired Buddy Donohue as of counsel, whose ‘strength is his depth of experience and the perspective he provides as a former general counsel of major fund companies, and as director of the Division of Investment Management at the SEC’, as well as Jay Baris, formerly head of Morrison & Foerster LLP’s investment management team. The New York-based team also acts for Juniper Investment Company and Maverick Capital Management.

Willkie Farr & Gallagher LLP handles various fund formation and regulatory matters. Key names include James Silk in Washington DC and Joseph Cunningham, Rita Molesworth and counsel Deborah Tuchman in New York. Practice head Barry Barbash, who headed the SEC’s Division of Investment Management, divides his time between the two offices. Lior Ohayon and Brian Greene joined the New York office in mid-2017 from Stroock & Stroock & Lavan LLP.

Bracewell LLP’s hedge fund team is ‘very commercial and expert in its field - knowledgeable but courteous and professional also’. Cheri Hoff in New York is ‘thorough, meticulous, knowledgeable and professional - a pleasure to work with’; she is advising Cristofferson Robb on formation and management issues regarding the CRC Bond Opportunity Trading Fund, and separately advised on the HT Diversified Investment Fund. Other clients include Fundamental Advisors, Total Compensation Group and the University of Houston, which the firm advises on its investments in hedge funds.

Cadwalader, Wickersham & Taft LLP’s Dorothy Mehta, based in New York, handles a range of fund formation mandates, particularly involving commodity funds and real estate mandates - many of which cross over into hedge and other types of fund.

K&L Gates’ multi-office team has particular strengths in work concerning funds-of-funds and funds-of-one. Boston-based Mark Goshko advises Wells Fargo Investment Institute, which manages three funds-of-hedge funds, while Michael Caccese, also based in Boston, is advising quant manager PanAgora on various regulatory matters and on fund formation, including entering into a partnership with a Chinese financial services company. Cary Meer in Washington DC is advising PAAMCO on structuring funds-of-funds for single clients. Other clients include Dorchester Capital Advisors (a fund-of-hedge funds which Meer advises), Colchester Global Advisors and Axiom Investors, which is advised by Derek Steingarten in New York.

San Francisco’s Shartsis Friese LLP is a boutique with a reputation in the market for handling unusual regulatory matters and advising emerging West Coast managers. Key names include John Broadhurst, James Frolik, Christina Mickelson Hamilton, Carolyn Reiser and tax specialist Geoffrey Haynes. Clients include Pacific Grove Capital and Valiant Capital Management.

Sullivan & Cromwell LLP handles a mix of regulatory and structuring work. Whitney Chatterjee advised Allianz Global Investors on its purchase of Sound Harbor Partners and advised Citadel on restructuring its management operations. Joseph Hearn is also a key contact, and Marc Trevino advises asset managers on executive compensation issues. Other clients include 40 North Management, Tudor Investment Corporation and York Capital Management. All named individuals are based in New York.


Mutual/registered/ exchange-traded funds

Index of tables

  1. Mutual/registered/exchange-traded funds
  2. Hall of Fame
  3. Leading lawyers
  4. Next generation lawyers

Leading lawyers

  1. 1

Next generation lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Mutual/registered/ exchange-traded 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 continues to ‘exceed the expectations’ an array of leading managers and their funds’ trustees, and has a particular strength in cross-border work. Stuart Strauss, Allison Fumai, Richard Horowitz and Jeremy Senderowicz in New York continue to serve as counsel to Morgan Stanley Mutual Funds’ retail funds, while in Washington DC, Thomas Bogle advises MainStay Funds’ funds and trustees. Also in Washington DC, Robert Helm and Douglas Dick continue to advise a leading manager on its retail funds fleet, while Helm and Boston-based John O’Hanlon act as fund counsel for a family of funds with $2tn under management. Christopher Harvey, Christopher Christian and Geoffrey Kenyon (whose ‘years of experience enable him to provide perspective on a wide range of matters’) in Boston and Stephen Cohen in Washington DC are also noted. Harvey and Helm share leadership of the practice. Stephanie Capistron in Boston and Brenden Carroll in Washington DC are new partner promotions. Other clients include Deutsche Bank ETFs and Van Eck ETFs.

Primarily based in Boston, Ropes & Gray LLP is ‘one of the leaders in the mutual fund arena - the depth and industry knowledge of the registered funds team is excellent’. George Raine and Gregory Sheehan (‘a true expert in ’40 Act law, who provides both funds and independent directors with excellent, practical advice’) advised Baillie Gifford Funds on matters including forming an impact fund. John Loder continues to advise Natixis and Loomis Sayles’ fund groups. Other key names include Brian McCabe (who deploys his ‘superior intellect’ as fund counsel for clients such as Brighthouse Funds), Sarah Clinton, James Thomas and Timothy Diggins, who advises State Street Global Advisers. In Chicago, Paulita Pike (‘a vital partner to clients’ success in growing and governing large assets under management figures’) continues to advise the trustees of Jackson National Life Funds, and Gregory Davis acts as fund counsel to AMG Funds, which sponsors 46 mutual funds, and its affiliate AMG Pantheon Fund, a registered fund-of-private equity funds. Further independent trustee representations include those of Lord Abbett Funds (handled by New York-based Bryan Chegwidden), JP Morgan ETFs and FlexShares ETFs. Chegwidden and Thomas Hiller head the team.

Stradley Ronon Stevens & Young, LLP is ‘highly experienced in the industry and able to use its experience to assist clients in achieving their targets’. Bruce Leto in Philadelphia has an ‘encyclopedic knowledge of the relevant law, from the nuances of the regulation to the most obscure no-action letter’; he advised Franklin Templeton, a client for over two decades, on shepherding over a hundred funds through a major governance project. In the traditional ’40 Act funds space, Eric Purple in Washington DC is advising Morningstar Investment Management on forming a mutual fund complex, and Alison Fuller (also in Washington DC) and Matthew DiClemente in Philadelphia are advising the BlackRock equity bond board. As far as manager M&A activity is concerned, Leto and DiClemente are assisting Invesco with its purchase of Guggenheim’s ETF business, including translating the funds onto the PowerShares platform. Other names to note in Philadelphia include Michael Mabry, who ‘has a terrific breadth of experience for mutual and closed-end funds’, and Michael O’Hare, who is ‘knowledgeable on the issues affecting the factors that independent trustees face’; while in Washington DC, regulatory expert Ruth Epstein has ‘a wealth of knowledge, numerous industry contacts and a strong understanding of the practical considerations that go in to decision-making’) and Michael Mundt advises key names in the sector on ETFs. The firm also acts for RBC Funds, Macquarie Investment Management and American Century.

Trusted Advisor - with Finnegan

IP specialist Finnegan detail how their collaborative approach makes for a unique culture which is designed to allow them to work with clients in a way which is cognizant of the challenges facing all companies today.

K&L Gates primarily acts as fund counsel, covering both fund restructuring and management as well as heavyweight M&A in the asset management space. Arthur Delibert and Lori Schneider in Washington DC continue to act for Neuberger Berman as both fund and board counsel. In the same office, practice head Mark Amorosi continues to advise AXA, handling nine fund mergers and several proxy statement modernizations. Other key lawyers in Washington DC include Robert Zutz, who assists USAA, George Zornada, who advises Salient Funds, and Ndenisarya Bregasi. In Boston, Michael Caccese and Clair Pagnano advised Federated Investors on acquiring Horizon Advisers and on tender offers required to merge two funds. Pagnano and Mark Goshko advise Eaton Vance. The firm also acts for John Hancock Financial Services - which the team advised on several fund launches and mergers - and Wells Fargo Investment Institute. Richard Kerr in Boston is also noted.

Morgan, Lewis & Bockius LLP advises leading investment managers across asset classes and fund structures from multiple locations on the East Coast, and ‘provides an outstanding level of service, with a highly valued depth of knowledge and industry expertise’. In Philadelphia, Jack O’Brien and Timothy Levin (‘a highly capable lawyer with strong technical expertise and contacts in the industry’) advised Brinker Capital on setting up ten new funds. In Boston, Roger Joseph and Lee Anne Copenhefer continue to advise Legg Mason on regulatory and compliance matters, including in relation to a restructure of funds managing over $100bn as a result of changes to regulations around money market funds. In the ETF arena, Washington DC-based Christopher Menconi advised a subsidiary of the World Gold Council on creating the SPDR Long Gold Dollar Trust, a currency-hedged ETF backed by physical gold. Also in Washington DC, John McGuire and Joshua Sterling serve as counsel to the Invesco PowerShares DB Funds, a series of ETFs investing in commodity and currency derivatives. Laura Flores, who handles complex SEC regulatory work, is also a key partner in Washington DC, as is Thomas Harman, who is ‘recommended for his expertise dealing with regulatory issues’. In relation to manager M&A, Boston-based Roger Joseph, Toby Serkin and newly elected partner Jeremy Kantrowitz continue to advise Pioneer Investment Management on its acquisition by Amundi Pioneer Asset Management, a subsidiary of Crédit Agricole.

Vedder Priceprovides above-and-beyond client service and actionable advice’. Practice head Cathy Gonzales O’Kelly, David Sturms and John Marten often advise Deutsche Funds, and O’Kelly, Sturms and Deborah Bielicke Eades are acting for longstanding client Nuveen Funds in a program of ETF consolidation. The firm also represents the independent directors of several funds, including the trustees of Guggenheim Funds, which O’Kelly advised on a proposed fund reorganization, and Select Sector SPDR Trust, which Joseph Mannon and Bruce Rosenblum advised on changes to several ETFs as a result of changes to the underlying indices the funds track. Renee Hardt is also a key contact and continues to act for the independent directors of Great-West Funds. Sturms also advises ICI Mutual, the Investment Company Institute’s captive D&O insurer. With the exception of Rosenblum in Washington DC, named lawyers are located in Chicago.

Willkie Farr & Gallagher LLP handles a range of work for asset managers, with a number of its lawyers having particular experience on the regulatory front. Margery Neale advised a manager with over $1tn under management on launching 12 funds-of-funds, a money market fund and a bond fund. Senior counsel Rose DiMartino advised a European-headquartered manager on a range of fund matters, and advised New Ireland Fund on negotiations with an activist investor. Elliot Gluck is also a key contact. Benjamin Haskin in Washington DC, Jay Spinola and Georgia Bullitt advised a leading manager on launching its first actively managed ETFs. Neale shares leadership of the practice with former SEC Division of Investment Management director Barry Barbash (who is based in both Washington DC and New York), who advised a fund sponsor on a global restructuring. The team is based in New York unless otherwise stated.

Davis Polk & Wardwell LLP handles transactional work as well as complex regulatory matters. Nora Jordan advises the independent directors of CPG Vintage Asset Fund, a new client. Turning to fund representation, Jordan and Gregory Rowland advised Och-Ziff Capital Management on the launch of a registered closed-end fund and a business development company. TCW is also a client and Jordan advised it on procuring exemptive relief from the SEC to borrow money. John Crowley advises key service providers to ’40 Act funds. Other clients include PIMCO and Baron Funds. The team is based in New York.

A ‘knowledgeable and deep team’, Drinker Biddle & Reath LLPensures funds are running smoothly and adding value for all involved’. Practice head Joshua Deringer and Jillian Bosmann, who was made partner in February 2017, advised Partners Group on securing an exemptive order from the SEC to allow co-investments with funds governed by international regulators. Other key lawyers include Michael Malloy, who is ‘very knowledgeable of the ’40 Act’, the ‘intellectual and independently minded’ Diana McCarthy, who handled the launch of FlexShares Core Select Bond Fund, and the ‘smart, diligent and practical’ Stacy Louizos in New York. The firm also acts for AQR Funds’ independent trustees, FS Investments and Two Roads Shared Trust. Other than Louizos, the team is located in Philadelphia.

Goodwin provides an ‘excellent’ overall level of service to fund sponsors and an impressive roster of independent trustee boards. Marco Adelfio, a ‘very effective communicator with an extremely constructive approach that makes delicate issues easier to resolve through negotiation and compromise’, advised Wells Fargo Funds on structuring several new funds designed to be sold through robo-advisers. Independent trustee representations included Adelfio’s advice to the trustees of Invesco Funds regarding the SEC’s money market funds reform, as well as the recruitment of new trustees; counsel Thomas Early and Paul Delligatti continue to advise the independent trustees of the Federated Funds, while Christopher Palmer is advising the independent trustees of Hartford Funds, including on creating a new fund with a NextShares exchange-traded feeder fund. Delligatti and practice head Philip Newman advise the independent trustees of the Eaton Vance funds. Robert Kurucza in Washington DC handles heavyweight regulatory and litigation matters, including for Columbia Funds. Other than Early in Los Angeles and Newman in Boston, named lawyers are located in Washington DC.

Paul Hastings LLP’s ‘very experienced ’40 Act team has the depth and breadth of knowledge clients need’ and has particular expertise in actively managed ETFs and unit investment trusts. Michael Rosella and of counsel Vadim Avdeychik advised Gabelli Funds on its entry into the ETF market through the creation of several actively managed ETFs. Rosella and of counsel Gary Rawitz continue to advise Invesco on its fleet of unit investment trusts, which manage $7bn. Highlights in the fund sponsor M&A arena included Rosella and Michael Zuppone advising Reich & Tang’s management on a successful buyout of the fund manager from Natixis Asset Management. The aforementioned lawyers are based in New York, but ‘extremely practical and experienced lawyer’ David Hearth is based in San Francisco and ‘provides timely, practical and effective advice’; he continues to advise TCW Group on its funds, including on acquiring control of a fund sponsored by Gargoyle Asset Management. Other clients include Eaton Vance, which the team advises on unit investment trusts, and Brookfield Asset Management.

Shearman & Sterling LLP provides an ‘exceptional overall level of service - the team is of the highest quality; its knowledge, preparation and guidance is second to none’. The team advises managers and independent boards, and liquid alternative funds are a strong suit in particular. ‘Trusted adviser and pleasure-to-work-withNathan Greene continues to act for the independent trustees of Blackstone Alternative Funds, which manages $4.3bn, some of which is in a fund sub-advised by hedge fund managers. Of counsel Paul Schreiber advised Miller/Howard Funds on a $50m shelf offering for Miller/Howard High Equity Income Fund, circumventing the SEC’s bar on closed-ended registered investment companies from selling fresh shares at a discount to the net asset value. The firm has handled a number of strategic-level matters concerning managers, with Greene advising SkyBridge Capital and its funds on the funds and regulatory change-of-control aspects of the company’s sale to HNA Capital in the wake of founder Anthony Scaramucci’s appointment to a role in the Trump administration. Other clients include SEC-registered fund-of-hedge funds Ironwood Capital Management and Perella Weinberg Partners. The team, which is based in New York, was bolstered in January 2018 through the addition of Jay Baris from Morrison & Foerster LLP - he is ‘leading the industry on the most challenging and innovative issues, including cryptocurrency’.

Sullivan & Worcester LLP has ‘strong knowledge of the industry and the law, plus an ability to distil complex regulations into practical advice’. The team has a particular strength in advising the independent trustees of funds, but also handles work for funds including traditional ’40 Act funds and ETFs across asset classes. David Mahaffey represents the independent trustees of the John Hancock Funds. David Leahy is an ‘outstanding lawyer with extensive knowledge of the SEC regulations and the operation of the funds industry’; he represents the trustees of the Legg Mason Partners Funds Fixed Income Funds. Fund representation included Mahaffey’s advice to the Virtus Mutual funds, including on its absorption of the Ridgeworth Funds. John Hunt in Boston and John Chilton advise the Pear Tree Funds and Williamsburg Investment Trust respectively. Matthew Van Wormer in New York and Nicole Crum are also key contacts. Lee Dunham retired in 2017. Unless mentioned otherwise, lawyers are located in the Washington DC office.

Kramer Levin Naftalis & Frankel LLP’s ‘very knowledgeable and experienced’ team, which is based in New York, ‘offers practical and experience-laden’ advice on a range of matters, often at the crossover of retail and hedge funds. Ronald Feiman and George Silfen advised Archstone Partnerships on launching Archstone Alternative Solutions Fund, a ’40 Act fund-of-hedge funds taxed like a mutual fund, which required SEC approval to issue shares in multiple classes. Independent director representations included those of First Eagle Funds, Morgan Stanley Funds and OppenheimerFunds.

Proskauer Rose LLP’s made an entry to the ’40 Act space via a team hire from Stroock & Stroock & Lavan LLP, comprising the lawyers mentioned below. David Stephens and Janna Manes advised Dreyfus Money Market Funds on a restructuring of its funds. Nicole Runyan advised The Swiss Helvetia Fund on several matters involving activist investor Bulldog Investors, including a tender offer and Delaware litigation. Stuart Coleman and Runyan advised Central Park Group Funds on various matters, including a registered fund similar in structure to a typical private equity fund. Gary Granik advised Alger Funds on the acquisition of Weatherbie Capital. Trustee clients include a special committee of the board of trustees of the Carey Credit Income Funds, which Runyan advised on the exit of the business development company’s adviser from the market. The firm also acts for Lazard Funds and Needham Funds. All named individuals are based in New York.

Private equity titan Simpson Thacher & Bartlett LLP handles a range of work concerning ’40 Act funds run by leading private equity sponsors, including ETFs and business development companies. Washington DC-based Rajib Chanda (‘an industry thought leader who provides cutting-edge advice on the most difficult questions’) advised Blackstone, a cornerstone client, on securing exemptive relief to offer multiple shares in Blackstone/GSO Floating Rate Enhanced Income Fund. Chanda and David Blass, also in Washington DC, advised the same client on its October 2017 purchase of Harvest Fund Advisors. In the New York office, Sarah Cogan advised the underwriters (spearheaded by Wells Fargo Securities) on a $9m offering of shares in GAMCO Natural Resources, Gold & Income Trust, which is advised by Gabelli Funds. Other clients include KKR, which Chanda advised on the merger between KKR Prisma and PAAMCO, creating PAAMCO Prisma, and the independent trustees of PIMCO’s closed-ended funds, which Cogan advises.

Skadden, Arps, Slate, Meagher & Flom LLP handles capital markets matters around ETFs, as well as heavyweight mutual fund manager M&A. Michael Hoffman in New York handled Yahoo!’s transition to an investment company named Altaba following the sale of its trading business to Verizon, and advised Janus Capital Group on its merger with Henderson Group. Thomas DeCapo in Boston advised BlackRock on the IPO of BlackRock 2022 Global Income Opportunity Trust, and assisted Franklin Square Holdings with the IPO of a registered, closed-ended fund. Kevin Hardy in Chicago is also a name to note. The firm also acts for Tremont Mortgage Trust and Gabelli Funds.

Sullivan & Cromwell LLP handles a range of work and is particularly strong in trustee representations. John Baumgardner and Donald Crawshaw advise the independent trustees of the Deutche Bank closed-ended funds and those of several ETFs managed by Fidelity Investments. Baumgardner, Crawshaw and William Farrar advised NG Investment Corporation on its merger with TGC BDC, the first merger of affiliated business development companies handled via private placement. Other clients include Aberdeen Greater China Funds, the independent trustees of the AllianceBernstein Funds, Oaktree Capital Management and the International Swaps and Derivatives Association (ISDA). Named lawyers are based in New York.

Primarily based in the firm’s home state of Ohio, Thompson Hine LLP’s team advises mutual fund and ETF managers on a diverse range of mandates. Michael Wible and counsel Andrew Davalla advised Huntington National Bank on disposing of its asset management business to three different buyers, which required complex FINRA filings. JoAnn Strasser and Davalla assisted Northern Lights Fund Trust with securing a no-action letter from the SEC authorizing its funds-of-funds to invest in derivatives without a prior exemptive order. Strasser also advised Compass Funds on its acquisition by Victory Capital Management. More exotic mandates concern inter-fund lending and shari’ah-compliant funds. Names of note outside Columbus include Cassandra Borchers in Cincinnati, who advises Princeton Private Investment Fund, and Bibb Strench, a new partner promotion in the Washington DC office. Formerly a counsel at the firm, Tanya Goins is now a senior counsel at Holland & Knight LLP in Dallas.


Private equity funds (including venture capital)

Index of tables

  1. Private equity funds (including venture capital)
  2. Hall of Fame
  3. Leading lawyers
  4. Next generation lawyers

Leading lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Private equity funds (including venture capital) 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

For some ‘clearly the market leader in the field’, Kirkland & Ellis LLP’s already-strong line up was joined by ‘true starErica Berthou (who brought over EQT as a client), Jordan Murray and Katrina Rowe from Debevoise & Plimpton LLP in December 2017. The three, who are based in New York, join ‘an incredibly deep team’, which handles multibillion-dollar fundraises for many top fund sponsors. John O’Neil in New York advised Vista Equity Partners on four simultaneous fundraises, one of which, Vista Equity Partners Fund VI, raised $10.5bn in one year. Another huge fundraise handled in New York was Andrew Wright’s advice to 3G Capital on forming a special situations fund. In the same office, John Budetti (who continues to advise Summit Partners, which runs both venture capital and growth equity funds), Robert Blaustein (‘everything clients hope for in their outside counsel’) and Daniel Lavon-Krein are also notable names. Turning to Chicago, ‘exceptional and well-respected practice group leaderBruce Ettelson handled the formation of Golden Gate Capital Opportunity Fund and its co-investment vehicles; in the same office, John Muno has ‘a cooperative working style that leads to a good outcome for all parties’, and Sarah Kirson and ‘great deal-makerKatie St. Peters are also key contacts. ‘Fantastic and very practicalKarin Orsic in San Francisco and the ‘extremely hardworkingMatt Nadworny in Houston are also notable names. Sean Hill joined from Proskauer Rose LLP in June 2017, establishing the firm’s Boston office.

Simpson Thacher & Bartlett LLP handles major formation work for fund sponsors, as well as large-cap asset manager M&A. Key fund formation mandates included Michael Wolitzer advising Blackstone on forming €7.8bn real estate fund Blackstone Real Estate Partners Europe V; Peter Gilman also advises the same client. Other big-name clients include The Carlyle Group, which Barrie Covit advises on several funds; CVC, which Glenn Sarno advised on forming a special situations debt fund; KKR, which Jason Herman advised on several real estate funds; Macquarie, which Thomas Bell advises on infrastructure funds; and Silver Lake Partners, which Jonathan Karen works with. All prior names are in New York, but Michael Nooney in Palo Alto and Tom Wuchenich in Los Angeles are also names of note. The firm also added two partners in Washington DC: former Investment Company Institute general counsel David Blass and David Greene, who joined from Latham & Watkins LLP. Parker Kelsey was promoted to partner in New York.

Trusted Advisor - with Finnegan

IP specialist Finnegan detail how their collaborative approach makes for a unique culture which is designed to allow them to work with clients in a way which is cognizant of the challenges facing all companies today.

Cleary Gottlieb Steen & Hamilton LLP’s team, based in New York, handles multibillion-dollar fund formation work, which includes several funds with Asia aspects and large environmental-social-governance (ESG) funds. Elizabeth Lenas advises heavyweight managers such as TPG, which she assisted with forming its $2bn impact fund, The Rise Fund; she als advised KKR on forming KKR Asian III, which held its final closing in May 2017 after raising $9.3bn. Alongside other fund formation mandates for TPG and KKR, Michael Gerstenzang advised Coller Capital on several secondary purchases. Other names of note include Robert Raymond, who advised Angelo, Gordon & Co on forming an $840m opportunistic Asian real estate fund, and Adrien Leipsic, who has experience in forming credit and energy-related funds. The firm also acts for Hillhouse Capital, The Raine Group, Blackstone Alternative Asset Management and leading investment banks.

Debevoise & Plimpton LLP’s team, which handles high-value formation work across asset classes, has ‘excellent industry knowledge and good negotiation skills’ while remaining ‘very responsive and creative’. Rebecca Silberstein advised Stone Point Capital on forming Trident VII, a $5.5bn buyout fund targeting financial services companies. In 2017, the team handled a number of impressive debt fund mandates: Andrew Ahern advised EIG Global Energy Partners on forming a $2bn credit platform, and Jonathan Adler assisted Crescent Capital Group with forming a $4.6bn mezzanine debt fund. David Schwartz handled a $736m real estate fund formation for Och-Ziff Capital Management. Counsel Cate Bae is a key name below partner level. Other clients include The Carlyle Group and several sovereign wealth funds. Erica Berthou, Jordan Murray and Katrina Rowe are now at Kirkland & Ellis LLP. All named lawyers are based in New York.

Fried, Frank, Harris, Shriver & Jacobson LLP is ‘a trusted adviser with an unmatched level of industry knowledge’, handling top-drawer fund formation mandates for leading names in the private equity industry. Kenneth Rosh (for many, one of the ‘top fund formation lawyers in the industry’) and ‘rising star’ Gerald Brown advised Bain Capital Private Equity, a cornerstone client, on forming Bain XII, which closed with commitments of $9.4bn. Rosh and Rebecca Neuschatz Zelenka, who is based in Washington DC, also advised Bain Capital Credit on forming a life sciences fund. Richard Ansbacher acts for Permira and Permira Debt Managers, advising them on a €7.5bn buyout fund and a €1.7bn debt fund respectively. Jeremy Berry, who is active for clients such as StepStone Group, joined from Akin Gump Strauss Hauer & Feld LLP. The team was also bolstered by the recruitment of special counsel Garret Filler and senior counsel John Liftin from Cadwalader, Wickersham & Taft LLP and D E Shaw’s in-house team respectively. Special counsel Matthew Howard joined the Washington DC office from Debevoise & Plimpton LLP. All named individuals are based in New York unless otherwise stated.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, which has a practice straddling private equity and hedge funds, ‘has a great depth of knowledge and experience’. The team handles heavyweight buyout funds, as well as some significant debt fund mandates. Clients ‘have a great relationship with and great respect forMarco Masotti; he advised Apollo Global Management on forming a $25bn buyout fund, Apollo Investment Fund IX. Amran Hussein is advising Roark Capital on forming its fifth fund, which is seeeking $5bn to invest in sectors including the restaurant business. Other clients include Oak Hill Capital Partners, early-stage investor General Atlantic and Gamut Capital, which raised $1bn on its debut fund with Masotti’s assistance. The team is located in New York. Michael Hong is now at Davis Polk & Wardwell LLP.

Proskauer Rose LLPprovides substantial senior partner attention proactively’, handling general and limited partner-side work regarding asset classes such as venture capital, traditional buyouts and credit, as well as more exotic ones such as litigation finance. David Tegeler and Michael Suppappola, advised Lexington Partners on forming a $2.5bn fund investing in secondaries; Tegeler also advised Falcon Investment Advisors on launching a $1bn debt fund with a cross-border structure including Brunei and Bermuda. Malcolm Nicholls (who ‘brings a wealth of knowledge and channels it into a very practical business approach’) and Robin Painter advised Adams Street Partners on a range of launches, including funds-of-funds and venture-growth funds. In the venture capital space, Stephen Mears and Matthew McBride advised New Enterprise Associates on forming its 16th fund, which raised $3.35bn, while Howard Beber advised Atomico on creating Atomico IV. Sarah Cherry’s work includes secondaries transactions for major institutional investors. The aforementioned lawyers are based in Boston; however, Chip Parsons and Monica Arora are key names in New York.

Ropes & Gray LLP has ‘deep knowledge on both private equity fund formation and the creation of alternative asset management businesses - the partners are of course thoughtful and knowledgeable, but the intelligence and experience of the senior associates is extremely impressive too’. The firm has a particularly strong reputation in the investor representation space; Larry Rowe continues to advise Harvard University on a range of limited partner commitments. On the sponsor side, John Ayer advised Altamont Capital Partners on raising its third fund, which raised $1bn, and assisted Cove Hill Partners, a new manager formed by Bain alumnus Andrew Balson, with forming its first fund. Other names in the Boston office are Debra Lussier, who advises BV Investment Partners, and Peter Laybourn. In New York, Morri Weinberg advised Accolade Capital Management, a venture capital and growth equity manager, on forming Accolade Partners VI, while the ‘thoughtful, responsive and knowledgeableMarc Biamonte acts for leading names in the sector in funds-of-funds. In Chicago, Matthew Posthuma handles real estate fund work. In manager M&A, Raj Marphatia in Palo Alto advised ArcLight Capital Partners on its sale of a minority stake to a syndicate including Goldman Sachs and Wafra. Amanda Persaud in New York has ‘excellent judgment and experience in connection with fund formation and creating and managing alternative asset management businesses’; her work includes manager spin-outs. Other clients include Canada Pension Plan and Temasek.

Weil, Gotshal & Manges LLP’s team in New York handles fund formation work and strategic-level matters for heavyweight general partners. Jonathon Soler assisted Snow Phipps Group with forming a $913m buyout fund. Andrew Chizzik, among other heavyweight debt and buyout fund work, is advising Apollo Credit on growing its open-ended Apollo Credit Fund, which manages $5bn. Stephanie Srulowitz and Soler advised Perella Weinberg Partners on forming a $750m growth equity fund. Other matters included Chizzik advising WL Ross & Co, the manager established by Wilbur Ross, on structuring issues following its founder’s nomination as the Trump administration’s Secretary of Commerce. David Wohl is another key contact for regulatory work. Other clients include Aquiline Capital Partners, Berkshire Partners and Brookfield Asset Management.

Akin Gump Strauss Hauer & Feld LLPprovides the perfect mix of responsiveness, practicality, experience and in-depth knowledge’. In New York Stephen Vine and Ann Tadajweski handle heavyweight debt fund matters, with Arina Lekhel and Dennis Pereira also acting for leading names in the industry. In the same office, new partner Jonathan Ross is ‘an exceptional member of the team’. In Washington DC, Fadi Samman, who has secondaries expertise, advises leading sovereign wealth funds.

Davis Polk & Wardwell LLP has a particular strength in regulatory work for a range of players in the industry, but also handles more conventional fund formation work. The team, which is mostly based in New York, provides regulatory advice to, among others, Guggenheim Partners, Oaktree Capital Management, Cornell Capital, Credit Suisse, and RoundTable Healthcare Partners, as well as Perella Weinberg Partners, which Leor Landa and Nora Jordan advise on hybrid funds. Examples of fund formation work included advising Lightyear Capital on forming a $1bn fund. Lee Hochbaum made partner and Scott Beal returned to the firm as counsel from the role of chief compliance officer and general counsel of Coastland Capital. Oren Gertner is another name of note. Ron Cami, formerly general counsel of TPG, is a key name in Menlo Park. Limited partner clients include Blackstone, Yale University and the Ford Foundation. Yukako Kawata retired in January 2018, while Michael Hong joined in March 2018 from Paul, Weiss, Rifkind, Wharton & Garrison LLP.

Gibson, Dunn & Crutcher LLP continues to handle formation work for sponsors across asset classes, including the secondaries market. In New York Shukie Grossman advised Meridiam Infrastructure on forming Meridiam Infrastructure North America Fund III, which raised $1.2bn. Edward Nelson advised Neuberger Bergman on forming two secondaries funds totaling $3.5bn, and continues to advise I Squared Capital on forming ISQ Global Infrastructure Fund II, which has a $5bn target and a $6.5bn hard cap. Edward Sopher’s work included advising GoldPoint Partners on forming a $1.3bn mezzanine debt fund. As far as buyout funds are concerned, William Thomas, who is based in Washington DC, advised The Halifax Group on forming a $635m fund. Jennifer Bellah Maguire in the Los Angeles office advised Leonard Green & Partners on selling a minority interest to Blackstone, and Nelson advised Northlane Capital Partners on spinning out from American Capital. Maguire, Grossman and Sopher share leadership of the team.

Goodwin handles a range of work across the space, with real estate and venture capital funds two particular sweet spots. David Watson advised new client Merlone Geier Partners on establishing Merlone Geier Partners XII, a real estate fund which raised $1.14bn in less than three months. Watson is based in Boston, as are Matthew Giles, who also handles real estate fund formation, and Thomas Beaudoin and James Donohue, who are key contacts for venture capital work. In the New York office, John Ferguson advised DivcoWest on forming a $1.6bn real estate fund. Paul Verbesey in Washington DC is a name to note for buyout funds. Counsel David Solander, also in Washington DC, is ‘very responsive and hands on’; he handles a range of regulatory matters, including cryptocurrency issues. Jonathan Axelrad in Menlo Park has expertise in venture and growth capital funds, and Ian O’Donnell, who joined the San Francisco office from Cooley LLP, handles venture capital work involving leading Californian technology companies.

Latham & Watkins LLP’s bicoastal team covers a range of formation work in areas including traditional buyout funds and energy-focused funds. In the New York office, Andrea Schwartzman handled the formation of Great Hill Equity Partners VI, which hit its $1.5bn hard cap in one closing. Also in New York, Kathleen Walsh assisted VMG Partners with forming its fourth fund, which raised $550m for low- to mid-market buyouts in the fast-moving consumer goods arena, and counsel Matthew Chase advised ONCAP on forming ONCAP IV, a buyout fund targeting mid-market companies. Barton Clark in Washington DC advised Riverstone Holdings on forming a $5bn fund investing in the energy and power business. In California, Nadia Sager, who divides her time between San Diego and Los Angeles, advised Mountain Capital, a new manager formed by Apollo alumnus Samuel Oh, on its $622m debut fund. Latin America is another area of expertise for the team.

Morgan, Lewis & Bockius LLP has a significant strength in investor representation, ESG funds and secondary market transactions. Paul McCoy, who divides his time between New York and San Francisco, advised California State Teachers’ Retirement System (CalSTRS) on commitment to funds including Apax IX, CVC VII and Vitruvian Investment Partners III. San Francisco-based Peter Phleger also handles heavyweight investor-side work. Louis Singer, who divides his time between New York and London, advised Grosvenor Capital Management on forming two funds-of-funds, one of which was capitalized by in-kind contributions from the investors’ existing limited partner interests. In the Boston office, Gerald Kehoe advised Ares EIF Management on forming its fifth power fund. The firm also acts for Ohio Public Employees Retirement System, JPMorgan Asset Management, Washington University and various sovereign wealth funds.

Schulte Roth & Zabel LLP has a New York-based private equity practice with strengths in real estate funds and more exotic asset classes. Joseph Smith and special counsel Jason Behrens advised DRA Advisors on forming DRA Growth & Income Fund IX, which raised $1.8bn including co-investments, and TCI Fund Management on forming a $2bn real estate fund. Jason Kaplan advised Cerberus on several real estate fund formations. Away from real estate, David Nissenbaum advised CapitalSpring Investment Partners on forming a $725m restaurant industry-focused fund. Stephanie Breslow, whose practice also includes hedge fund formation, handles more unusual asset classes, and advised Pantera Capital Management on a fund designed to invest in initial coin offerings. Phyllis Schwartz and Omoz Osayimwese are also key contacts, as is Marc Elovitz for regulatory and compliance matters.

Clifford Chance’s New York office has particular strengths in real estate and debt funds. Roger Singer advised Exeter Property Group on forming Exeter Industrial Value Fund IV, which raised $1.28bn to invest in logistics and industrial buildings across North America. Michael Sabin joined in May 2017 from Debevoise & Plimpton LLP; he advised GSO Capital Partners on forming a $1bn secondary loans fund, which raised its funds in a single closing less than seven weeks after its launch. Another name of note is Kathleen Werner, who advised H/2 Capital Partners on forming a debt fund that raised $1.5bn from investors, including leading sovereign wealth funds. Clifford Cone has ‘deep knowledge of ’40 Act investment vehicles, from the technical legal aspects through to nuances around deal execution’. Other clients include Berkshire Group (Singer advised it on forming a multifamily debt fund), sovereign wealth funds and leading British institutional investors.

Orrick, Herrington & Sutcliffe LLP, which has particular strengths in investor-side work, social impact funds, technology and Asia-related matters, is ‘aware of market terms and can provide broader context’. Quinn Moss in New York and Dolph Hellman in San Francisco advise impact fund managers, and Hellman also advises various venture fund sponsors. As far as more traditional funds are concerned, Korean-speaking of counsel Yong-Nam Jun in Los Angeles is ‘knowledgeable about the key issues facing limited partners in negotiations with fund managers’; on the sponsor side, he advised IMM Private Equity on the formation of IMM RoseGold III, a KRW1.3tn fund with international-standard terms but governed by South Korean law. The firm has a particularly strong practice on the limited partner side, acting for sovereign wealth funds and state retirement funds; Hellman advised Oregon Public Employees Retirement Fund (OPERF) and New York Common Retirement Fund (NYCRF) on investments totaling €750m in CVC Capital Partners VII, and Moss assisted OPERF and Washington State Investment Board (WSIB) with aggregate commitments of $1.2bn to Stonepeak Infrastructure Partners III, including a sidecar for WSIB. Moss and Hellman share leadership of the practice.

Paul Hastings LLP has ‘a small team, but one able to provide outstanding support’. Lawrence Hass has ‘exceptional expertise in real estate private equity’, a core area for the practice; he advised SC Capital Partners on forming a $450m Asia-focused real estate fund utilizing Cayman and Luxembourg vehicles. The firm is also, for some, ‘at the top for representing borrowers in subscription line facilities’, and Thomas Rao handled these aspects in relation to the fund referenced above for SC Capital Partners. Joshua Sternoff advised Artemis Real Estate partners - a client since the all-female-partner sponsor was created - on forming a $475m healthcare-sector real estate fund. Siobhan Burke is a name of note for limited partner-side work, with Yousuf Dhamee and Tram Nguyen handling both fund formation and regulatory work. Other than Burke and Dhamee in Los Angeles, the team is located in New York. Other clients include Jaguar Growth Partners, a new manager which Hass advised on creating a fund targeting Latin American properties.

Shearman & Sterling LLPprovides an excellent overall level of service and sound advice on a variety of issues’ in the private equity space, with particular strengths in emerging markets and hard assets. Laura Friedrich is ‘extremely knowledgeable of the market, including terms requested by potential investors’; she advised on the formation of GTIS Brazil Real Estate Fund III, which raised $680m, and assisted TRG Management with forming a fund investing in Argentina. Away from Latin America, she advised Horizon Capital Advisors on forming its third fund, which is targeting $150m to invest in Ukraine and its neighbors - $37.5m of which has already been committed by the Overseas Private Investment Corporation. Counsel John Reiss advised Dome Equities on forming its first multi-asset real estate fund, which targets multifamily residential real estate. Other clients include the International Finance Corporation, Altamar Capital Partners and sovereign wealth funds such as Mubadala, which the team advises on its limited partner commitments. The team is located in New York.

Skadden, Arps, Slate, Meagher & Flom LLP’s John Caccia advised an energy company on forming an investment management business with a $2bn fund, and assisted First Infrastructure Capital Advisors with registering as an investment adviser and raising its $1bn debut fund. Lawrence Frishman, whose work includes family office matters, also handles fund formation work. Anastasia Rockas, who also has real estate funds expertise, advised a new manager on establishing a fund seeking to invest in mid-cap Japanese companies. The named lawyers are located in New York.

Willkie Farr & Gallagher LLP is a ‘terrific firm that is knowledgeable and client-oriented’. In New York, Arash Farhadieh, who is ‘thoughtful about new opportunities in the market and keenly aware of market trends’, is advising Monarch Alternative Capital on forming a distressed debt fund. Phillip Isom continues to advise ICV Partners, including on forming its fourth mid-market buyout fund, which has a target of $600m. Gordon Caplan is also a name of note. As far as investor representation is concerned, Michael De Voe Piazza (in Houston) and Farhadieh advised Wafra on a co-investment alongside First Reserve. Lior Ohayon, who handles fund distribution work, joined from Stroock & Stroock & Lavan LLP.

Cooley LLP has a strength in venture capital funds. Jordan Silber, who is ‘recommended with respect to venture funds and his in-depth knowledge of the Chinese market’, advised Banyan Capital on forming its third dollar-denominated fund, which raised $350m alongside a side-fund from its own management team; Mark Tanoury and John Dado handled the formation of Menlo Ventures’ 14th fund, which raised $450m. Shane Goudey assisted Lux Ventures with raising its fifth fund, which has a strategy aimed at early-stage technology and science companies. The named lawyers are located in Palo Alto, other than Silber in San Francisco. On the East Coast, Nicole Peppe assisted CAVU Venture Partners with forming a $209m fund investing in food and beverage startups. Craig Dauchy in Palo Alto, who advises Institutional Venture Partners, heads the practice.

DLA Piper LLP (US), which has particular expertise in debt funds, but also handles work concerning managed accounts and other asset classes, ‘brings a depth of knowledge and expertise to clients’ problems’. David Goldstein heads the practice from the New York office and continues to work with MC Credit Partners. Victor Levy is ‘an expert in the structured credit fund field - clients appreciate his thoroughness’; he advised cornerstone client Ares Management on establishing a managed account for an investor. Richard Reilly advised Goldman Sachs as placement agent of a billion-dollar-plus collateralized loan obligation fund. Also in New York, Carmen Wong is now counsel. Richard Ginsberg, based in Chicago, advised May River Capital on forming its first fund, which beat its $150m target. The firm acts for several American and international sovereign wealth funds, start-up venture capital firms, and Oxford Properties Group.

Dechert LLP has a particular strength in funds subject to European regulation, such as those using Luxembourgish and Irish vehicles. The team advises a number of emerging managers; Carl de Brito in New York and David Vaughan in Washington DC advised Australis Partners on the launch of its first Latin America mid-market fund, which raised $379m, while Vaughan and Russel Perkins in New York advised Bregal Sagemount on a $960m fund formation, the manager’s first fund open to outside capital. Other clients include Barings, Crescent Capital Group and Innovatus Capital Partners.

Hogan Lovells US LLP’s growing team handles various fund formation matters, including more complex fund structures. In Washington DC, David Winter and Bryan Ricapito, who made partner at the start of 2018, advised ACON Investments on forming a $1bn buyout fund. In the New York office, Adam Tope, who joined in February 2017 from Greenberg Traurig, LLP, advised Hill Path Capital Partners on forming its first fund, which raised $650m, including co-investments, to operate a strategy investing in the public markets. Small business investment companies (SBICs) are also a particular area of expertise.

K&L Gates handles both venture capital and traditional private equity work. Edward Dartley in New York advised Gatewood Capital Partners on forming its debut fund designed to seed other new managers, while Scott Bernhart in Fort Worth advised on the formation of Principal Real Estate Debt Fund II, which closed at $300m to lend commercial mortgages. In San Francisco, Sonia Gioseffi continues to advise impact fund Endeavor Catalayst and, in the venture capital space, advised Morgan Creek Capital Management on a fund formation; Matthew Mangan advised JAZZ Venture Partners on forming a fund investing in neuroscience-based technology companies. Mark Heine in Seattle advised OCTANe on launching a venture fund aiming at ophthalmic technology.

Based in New York, Linklaters LLPcombines very strong technical expertise with excellent project management skills’. Justin Storms is ‘very smart and good to deal with on complex issues’; he worked with the firm’s London office in acting for SoftBank Group as fund counsel on the launch of the SoftBank Vision Fund, which has raised $93bn out of $100bn of commitments. Practice head Lorna Bowen is ‘an excellent lawyer, on top of her brief and very focused on getting to the result her client wants’, and Andrew Ford is also a name of note. All three named lawyers advise the KKR family, including KKR Prisma and KKR Credit Advisors, a cornerstone client. Ardian is another client. Scott Bowie has retired.

Morrison & Foerster LLP’s West Coast-based team handles a range of fund formation mandates, often with links to Asia and the technology industry. Ken Muller in San Francisco advised cornerstone client GLP on forming GLP Japan Development Venture II, which aims to raise $2bn, as well as GLP US Income Partners III. Chip Lion and Stephanie Thomas in Palo Alto work with venture capital fund sponsor Base10 Ventures. Investor-side work included Zeeshan Ahmedani in Los Angeles advising SoftBank in its capacity as an investor on the SoftBank Vision Fund. Other clients include ENIAC Ventures, GoldPoint Partners and the San Joaquin County Employees’ Retirement Association. Sara Terheggen in San Francisco is also noted.

Reed Smith LLPtakes time to understand clients’ needs’. The team has a particular strength in working with impact funds, as well as handling heavyweight limited partner-side work. Parikshit Dasgupta, who joined the firm’s New York office from King & Wood Mallesons in London, advised an Australian manager on creating a AUD300m fund structured to allow access to capital from US institutional investors. Matthew Mohn in Pittsburgh advised a venture capital manager on creating a $50m robotics-focused fund. The firm has a strong presence in investor-side work; James Mercadante in New York advises state retirement systems and high-net-worth individuals investing in impact funds, alongside fund formation work. Benton Burroughs, who is based in Tysons, also handles heavyweight limited partner deals. Alexandra Poe is now at Hughes Hubbard & Reed LLP.

Winston & Strawn LLP’s team, which has a particular strength in credit funds, has grown following the recruitment of a team from Chadbourne & Parke - including ‘excellent transactional lawyerScott Naidech - prior to Chadbourne & Parke’s absorption by Norton Rose Fulbright. New York-based Naidech continues to advise WAMEX Private Equity Management - most recently on launching its third fund, which is Mexico focused. In Chicago, Bradley Mandel handles credit fund work. Jay Gould and Michael Wu, both of whom are based in San Francisco, ‘get ten out of ten - they are simply the best - the most flexible and informed attorneys a business owner could ask for’; the pair advised Audax Group and Orbis Asset Management on lending funds. In the buyout space, Brian Kozlowski in Chicago advised Frontenac on forming a $325m fund targeting middle-market deals in consumer sectors; in the same office, Andrew McDonough has venture capital expertise. New York-based funds regulatory lawyer Beth Kramer is also a key name. Other areas of work include secondaries transactions.

Bracewell LLP’s team, which has a particular strength in regulatory and energy-related matters, is ‘very helpful and a pleasure to work with’. Cheri Hoff, who is based in New York, is ‘very responsive and goes above and beyond to work through issues with investors’; she advised core client Rockland Capital on forming Rockland Power Partners III, which raised over $237m. On the limited partner side, the firm represents the University of Houston. Other highlights included advising Kedma Capital on regulatory compliance, and assisting with the formation of Work America Capital Management’s debut fund.

Choate, Hall & Stewart’s funds practice, which is based in Boston, has a particular strength in venture capital funds, some with Israeli aspects. Howard Rosenblum advised TrueBridge Capital on forming its fifth fund, which raised $400m, and also on a direct investment fund that raised $125m. In the funds-of-funds space, Rosenblum advised Vintage Investment Partners, an Israeli manager, on forming a $175m secondary fund targeting both North American and Israeli capital. Kimberley Kaplan-Gross handles various venture capital fund formation mandates and secondary transactions.

Curtis, Mallet-Prevost, Colt & Mosle LLP advises fund sponsors, investors and other industry participants on fund matters. The firm advised key sponsor client Brevet Capital Management on several fund launches, and did the same for Swiss manager HBM Partners; Carl Ruggiero was the key figure in both cases. The firm also has strong relationships with sovereign wealth funds, with Ruggiero and Shaun Reader the names to note; United Gulf Bank and Kipco are other limited partner clients. The firm also advised Merrill Lynch on launching feeder funds to give its clients access to various private equity funds. Other clients include Livingston Securities and Starbridge Venture Capital. The team is based in New York.

McGuireWoods LLP’s Mark Kromkowski in Chicago has particular expertise in SBICs and rural business investment companies (RBICs); in recent work, he advised Innova Ag on forming its RBIC, and assisted Wells Fargo Bank Alternative Investment Managements on investments into SBICs. Kevin Boardman handles more traditional private equity fund formation mandates in Dallas. Other lines of work include limited partner representation for state retirement plans. The firm also acts for Resolute Capital Partners, Northcreek Mezzanine and Webster Bank.

Seyfarth Shaw LLP’s team exclusively represents heavyweight limited partners, including major state retirement schemes, and it ‘consistently fights for its clients to get the best possible arrangements with general partners of private equity funds’, according to one source. Robert Bodansky in Washington DC heads the team; ‘his overall market knowledge proves to be a big asset in negotiating terms and thinking of alternative investment structures’. James Clough in Los Angeles is also a key contact, and Chicago-based Jennifer Neilsson, who was promoted to the partnership in 2017, provides ‘valuable knowledge of the ERISA regulations, which is so important for Taft-Hartley clients’.

Stroock & Stroock & Lavan LLP grew its practice in 2017 with the addition of two new partners. Andre Nance was promoted in January 2018 after joining from Canadian firm Torys’ New York office a year earlier and advises leading investment banks on launching feeder funds into big-name private equity funds; while Eric Requenez joined from an of counsel role at Morrison & Foerster LLP. Nance and Richard Madris also act for fund sponsors, with real estate an asset class of note. The team is based in New York.

Sullivan & Cromwell LLP’s Whitney Chatterjee advises Goldman Sachs on various matters, including, recently, its formation of Broad Street Real Estate Credit Partners. Joseph Hearn handles both fund formations and manager M&A deals. Clients for limited partner work include China Investment Corporation. Both named lawyers are based in New York.


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
  • BRIBERY ALLEGATIONS IN MORE THAN ONE JURISDICTION: THE IMPORTANCE OF ENSURING A JOINED-UP DEFENCE AP

    Aziz Rahman considers the Ericsson bribery investigation and outlines how best to respond if you are investigated by more than one law enforcement agency
  • Sulphur Cap Ahead - Regulatory

    Sulphur Cap Ahead - Regulatory
  • GTDT Shipping - India

    Mr Shardul Thacker heads the shipping, oil and gas and banking practice group at Mulla & Mulla & Craigie Blunt & Caroe. Lloyd’s List ranked him third in their top 10 lawyers stating: “Highly regarded for his work in the liquefied natural gas sector, particularly for interesting and highly geared finance deals in relation to infrastructure projects, energy, ports and ships.” india_-_gtdt_shipping_
  • BVI'S NEW ECONOMIC SUBSTANCE LEGISLATION

    The British Virgin Islands are rushing to pass by the end of December the new economic substance legislation to avoid the EU’s blacklist of tax haven jurisdictions.
  • Chambers Guides - Insurance 2018 - India

    India is a common-law jurisdiction. In general, Indian laws borrow heavily from, and are based on, English law. However, insurance law in India has certain unique features that deviate from English insurance law. The primary legislation of insurance law in India is the Insurance Act, 1938 (the “Insurance Act”) and the Insurance Rules, 1939 (the “Insurance Rules”).
  • AVELLUM advised largest Ukrainian brick manufacturer on restructuring and refinancing of its debt

    AVELLUM acted as the Ukrainian legal counsel to Private Joint Stock Company with Foreign Investments “Slobozhanska Budivelna Keramika” (“SBK ”) in connection with the restructuring and refinancing of SBK’s debt, valued at approximately EUR20 million. Atlas Advisors, an independent investment banking firm, acted as the exclusive financial advisor to the SBK’s shareholders in connection with the restructuring of the credit portfolio, attraction of financing for the debt’s refinancing, and buy-out of SBK’s shares.
  • AVELLUM advises on Ukraine’s USD2 billion Eurobond issue

    AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the USD2 billion sovereign Eurobond issue consisting of two tranches with 5.5 and 10-year tenor. J.P. Morgan Securities, Goldman Sachs, BNP Paribas, and Citigroup acted as joint lead managers on the transaction.
  • New Anti-Money Laundering Law

    The new anti-money laundering ( AML ) law of the UAE took effect at the end of October 2018. Containing features recommended by the Financial Action Task Force ( FATF ), the new law introduces subtle but important changes to the AML landscape in the UAE. 
  • Confidentiality Under Renewed Focus

    The UAE federal government has recently issued a raft of important legislation, addressing and in many ways updating areas of law that are key to businesses in the jurisdiction. Amongst this legislation is Federal Decree-Law 14 of 2018 concerning the central bank and the organisation of financial institutions and activities (the New Banking Law ) and Federal Decree-Law 20 of 2018 concerning anti-money laundering and anti-terrorism financing (the New AML Law ). Both the New Banking Law and the New AML Law repeal and replace the previous legislation on their respective subjects. Importantly, the New Banking Law and the New AML Law have together enhanced the protection afforded to confidential information under UAE law, in particular where financial and legal service providers and their customers and clients are concerned. 
  • Israel Chapter in The Virtual Currency Regulation Review

    Earlier this year, the Israel Tax Authority (ITA) issued two circulars, one on the taxation of digital tokens and the second addressing the taxation of utility tokens in initial coin offerings (ICOs). Additionally, in March, the Israel Securities Authority (ISA) released a detailed interim report by the Committee for the Regulation of Public Offerings of Decentralized Cryptocurrency Coins (Report) (with a follow-up report due to come out around October 2018). Moreover, it is expected that before the end of 2018, legislation will come into force that for the first time will see Israeli primary legislation define virtual currencies as financial assets and mandate licensing for related services, as is later discussed in detail.

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