Firms To Watch: Alternative/hedge funds

June 2021 was a month of significant growth for the offering at Mayer Brown; Timothy Clark (formerly of Dechert LLP), Marina Besignano (formerly of Fried, Frank, Harris, Shriver & Jacobson LLP) and Javier Fierro (formerly of Sidley Austin LLP) all arrived to lend their years’ of private investment experience to the team in the New York office.
At McDermott Will & Emery LLP, New York-based practice head Ian Schwartz recently cemented his team's reputation in the hedge funds space by welcoming recognized regulatory and compliance expert David Solander, formerly of Goodwin, to the Washington DC office.

Alternative/hedge funds in United States

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP‘s highly regarded alternative investments offering, which works in close conjunction with the firm’s much lauded wider asset management department, is known for advising the largest and most sophisticated participants in the hedge fund and alternative investments industry; the team is no stranger to running as many as 50 projects at a time for clients such as Goldman Sachs and BlackRock. In addition to remaining highly active in core fund formation work, the group is also continually growing its hedge fund-related transactional capabilities, and its fund-of-funds expertise. Recommended attorneys in the New York office include practice founder and head Lawrence Barshay, securities regulation specialist Jessica Forbes and new arrival Russel Perkins, who joined from Dechert LLP in March 2021, and brings significant corporate know-how the role. Washington DC is another key location in terms of funds capabilities – Walid Khuri and Bradford Lucas are the names to note there. In March 2022 the New York team also gained Dorothy Mehta, previously practice head at Cadwalader, Wickersham & Taft LLP.

Practice head(s):

Lawrence Barshay

Other key lawyers:

Lisa Schneider; Jonathan Adler; Walid Khuri; Bradford Lucas; Jessica Forbes; Rachel Perez; Russel Perkins; Dorothy Mehta

Key clients

Angel Oak Capital

Bain Capital

Bank of New York

BlackRock

Bridger Capital

Brookfield Asset Management

D. E. Shaw

EJF Capital

Fortress Investment Group

Goldman Sachs

Howard Hughes Medical Institute

J.P. Morgan

Millennium Partners

Morgan Stanley

Neuberger Berman

ORIX Corporation USA

PAAMCO Prisma

PDT Partners

Point72 Asset Management

Redbird Capital Partners

ShoreBridge Capital Partners

Tavistock Group

Third Point LLC

Tudor Investment Corporation

WAFRA

Paul, Weiss, Rifkind, Wharton & Garrison LLP

The ‘unique‘ offering at Paul, Weiss, Rifkind, Wharton & Garrison LLP is much lauded by clients, one of whom singles it out as a team which ‘is truly innovative, thinks outside of the box and has seen more than just the “norm” in terms of fund structures, market practices and deal complexities‘. The group has a long track record assisting investment management firms and their principals with regulatory compliance and crisis management, and other operational issues; the department is regularly called upon to assist fund managers experiencing life-threatening risks, including regulatory issues, investor litigation and disputes among its senior partners. In addition, the firm has a particularly strong reputation as a leading seed practice and is widely noted for its transactional capabilities. Udi Grofman – who co-chairs the global private funds practice along with Marco Masotti – is recognized for his ‘outstanding business sense complementing nonpareil legal expertise‘. The two oversee matters from the New York office, which also fields recommended practitioners Amran Hussein and Lindsey Wiersma.

Practice head(s):

Udi Grofman

Other key lawyers:

Amran Hussein; Lindsey Wiersma; Marco Masotti; Conrad van Loggerenberg

Testimonials

‘Paul Weiss runs a unique practice in the alternative/hedge funds practice space in that it is truly innovative, thinks outside of the box and has seen more than just the “norm” in terms of fund structures, market practices and deal complexities. The people make the place and the partners/counsel/associates at Paul Weiss are the most responsive of any firm out there.’

‘Overall, Paul Weiss houses superb talent and is insanely responsive, which is paramount to in-house lawyers and other clients who use them as trusted counsel.’

‘I have worked in the private funds space for more than 30 years and with Udi Grofman for more than 25 of those, and I have learned from experience that his is the only counsel in his practice area that I can bank on. Not only does he possess unparalleled legal expertise that crushes that of his counterparts at other firms, but his range extends far beyond the usual confines of corporate practice to embrace more than a passing familiarity with virtually all related subspecialties, including corporate tax (domestic and international), employment, ERISA and litigation, allowing him to issue-spot knowledgably and to ensure that nothing potentially ancillary to our core concerns goes unaddressed. (It helps in this particular regard that he is supported by Paul Weiss’ comparably stellar capabilities in all other practice areas, so that Udi can confidently lateral anything that comes up that’s outside his sweet spot to one of his colleagues with the relevant granular expertise.) But what makes Udi stand out from the crowd is as much his business judgment as his legal knowledge. He possesses a very rare commercial sensibility, obviating the need for so much of the wasteful dialectic that characterizes most lawyer-client relationships – he “gets it” and can invariably be counted on to have already factored in the (sometimes competing) business realities before proffering his advice. Udi is my go-to guy, my touchstone, whenever a funds-related or more general legal question comes up.’

‘Udi Grofman is without peer. Outstanding business sense complementing nonpareil legal expertise. Prodigious work ethic. Can take his advice “to the bank.” Has strong supporting case, but unlike so many “star” practitioners, when you hire Udi, you get Udi — no bait-and-switch.’

‘The attorneys in the group have deep technical knowledge that is used in the most practical ways – working with the group is easy in addition their fees are very fair and the service (response time etc) is excellent – they are the best of the best.’

‘The partner I would single out is Udi Grofman – he is amazing, easy to talk to, and takes the most complex issues and boils then down so the lay person can understand and appreciate what is at risk and what is needed.’

Ropes & Gray LLP

Ropes & Gray LLP is extremely well placed to assist a growing base of sophisticated, multi-jurisdictional clients seeking to grow their product lines and strategies in both the US and the EU; the firm is able to utilise its global capabilities to advise hedge funds expanding into adjacencies, and institutional asset managers entering different areas in the funds space. Recently, the team’s position at the vanguard of the market has seen it advising on complex matters including cryptocurrency, insider trading, arrangements with insurance companies, and novel trading and operational issues. Derivatives and commodities work remains an area of particular strength, with seasoned practitioner Leigh Fraser taking the lead in this area. Fraser splits her time between the New York and Boston offices – of these two key locations, the former also fields recognized expert Laurel Fitzpatrick, fund formation and operation specialist Sarah Davidoff  and core senior practitioner Morri Weinberg, while Peter Laybourn is a recommended name at the latter. Over on the west coast, San Francisco-based Melissa Bender is the ‘stand-out partner‘.

Practice head(s):

Leigh Fraser; Peter Laybourn; Morri Weinberg

Other key lawyers:

Melissa Bender; Laurel FitzPatrick; Sarah Davidoff; Katie Waite

Testimonials

‘This team is organized and efficient. Melissa Bender puts me in contact with her experts, trusting them to take point, thus not duplicating hours.’

‘Melissa Bender manages the process efficiently. She was very helpful in advocating for our clients while negotiating with the seed capital on the fund documents. Katie Waite was a force to be reckoned with when negotiating our project agreement with the seed capital.’

‘Effective collaboration across all of the practice groups needed to support the space.’

‘Melissa Bender is a stand-out partner who is able to address complex and sometimes unprecedented situations.’

 

Key clients

Pacific Investment Management Company

Angelo Gordon

ValueAct

Abdiel Capital

PFM Health Sciences

Sunley House Capital Management

MFN Partners

Phase 2 Partners

Bain Capital

Work highlights

  • Advising the Pacific Investment Management Company –  the leading US-based global investment management firm focused on active fixed income management – on all their hedge funds matters.
  • Advising Angelo Gordon(AG) on the launch of AG Direct Lending IV – raising over $2.5bn in equity, and $5bn of buying power – as well as the AG Direct Leading IV Annex Fund.
  • Advising ValueAct – the leading San Francisco-based investment company and hedge fund manager which manages over $16bn on behalf of numerous institutional and individual investors – on various aspects of its hedge funds and investment advisory business.

Schulte Roth & Zabel LLP

Schulte Roth & Zabel LLP‘s pre-eminent practice continues to serve leading alternative investment managers worldwide from the firm’s New York office. The deep bench fields seasoned specialists, well versed in the gamut of strategies, funds and asset classes, including credit and direct lending, traditional hedge, activist, digital, and real estate; cryptocurrency has recently become a particular area of strength for the team, which is increasingly involved with cutting-edge matters at the intersection of investment funds and blockchain. The offering is also noted for its seamless co-operation with relevant sub-groups, including those concerned with regulatory and tax issues, litigation, and M&A. Stephanie Breslow, David Efron, Peter Greene, and David Nissenbaum comprise the core leadership of the department. Jennifer Dunn, whose workload spans structuring, formation and ongoing operational needs, as well as general securities and compliance matters, is also recommended.

Practice head(s):

Stephanie Breslow; David Efron; Peter Greene; David Nissenbaum

Other key lawyers:

Jennifer Dunn; Daniel Hunter; Peter Naismith

Key clients

Brookfield Hedge Fund Strategies

Brinley Partners LP

Engine No. 1

Olympus Peak Asset Management

Pantera Capital Management

The Raine Group

Saba Capital Management

Trian Fund Management

Morgan, Lewis & Bockius LLP

Under the leadership of New York-based Jedd Wider, the sizeable team at Morgan, Lewis & Bockius LLP serves a client roster comprising more than 800 global hedge fund managers, broker-dealers, and asset managers, and provides them with experience covering every asset class, including listed stocks, fixed income and derivative instruments, emerging market debt, and natural resources. The group’s specialists advise on all major issues relating to start-ups, spinouts, seeding and lead investments, fund formation, managed accounts, derivatives and structured products, and securities. The firm also fields a dedicated hedge fund regulatory practice, which comprises more than 40 lawyers who served with the SEC, FINRA, CFTC, DOJ, and IRS. The Boston office is another key location; Richard Goldman and Stephen Tirrell are the names to note there. Over in Miami, Ethan Johnson frequently handles funds mandates with a transactional focus.

Practice head(s):

Jedd Wider

Other key lawyers:

Christopher Dlutowski; Stephen Tirrell; Joseph Zargari; Richard Goldman; Ethan Johnson

Testimonials

‘We have worked with them for a long time and are happy with the relationship.’

‘They are very responsive and efficient at getting things done. The partner we work with is experienced and commercial.’

Key clients

AQR Capital Management

Calamos Wealth Management, LLC

California Public Employees’ Retirement System (CalPERS)

Capula Investment Management LLP

Credit Suisse Hedging-Griffo

Davidson Kempner

ExodusPoint Capital Management

Fortress Investment Group

Geode Capital Management

The GreensLedge Group

Innocap Investment Management

Lone Alpha Capital Management

Millennium Management

Morgan Stanley

Parsifal Capital Management

Sculptor Capital Management (f/k/a Och-Ziff Capital Management)

Sciens Capital Management

State Board of Administration of Florida, the fifth largest public pension plan in the United States

Two Sigma Investments

Tenaron Capital Management

Tudor Investment Corporation

Work highlights

  • Advised Advocate Capital Management on the formation of two master-feeder funds, focused on creating a portfolio composed of diversified strategies, which are expected to perform well during times of market stress by investing through various types of derivative instruments.
  • Representing ExodusPoint, which has approximately $109bn in assets under management, in various general securities and commodity interest matters, as well as assisting the client with the creation of subadvisory relationships and related strategies, and advising on associated legal and compliance obligations, and in connection with regulatory matters in Asia.
  • Advised Whale Rock on the launch of a novel hybrid fund that focuses on investment in publicly traded securities and private securities of companies in the technology, media, and telecoms sectors.

Proskauer Rose LLP

At Proskauer Rose LLP, the firm’s dedication to its hedge funds practice is evidence by the strategic acquisition of recognized partners Kelli Moll and Caryn Greenspan from Akin Gump Strauss Hauer & Feld LLP in May 2021; the duo brought with them 25 new additional clients, with strategies as diverse as long only/growth equity, credit (spanning the entire spectrum including direct lending), traditional long/short and long only, activism, quantitative driven strategies, fund-of funds, liquid REITs and cryptocurrency. The offering also continues to receive recognition for its high volume of regulatory specialists and litigators, many of whom formerly held senior positions at the SEC and DOJ. Team lead Christopher Wells is supported by a strong group of senior practitioners, including Robert Leonard and Michael Mavrides. All named attorneys are based in New York.

Other key lawyers:

Caryn Greenspan

Testimonials

‘All around excellent service.

‘Christopher Wells in particular stands out.’

‘Excellent depth of knowledge, practical approach, excellent common sense. Very fast response time. Total time spent on issues is a major distinguishing positive.’

‘Robert Leonard can answer many questions directly on the phone – he is a pleasure to work with.’

 

Key clients

Appaloosa Management

Ares Management

Deerfield Management

Clear Sky Advisors, LLC

Maverick Capital

Ellington Management Group

Goldman Sachs

Graham Capital Management

Knighthead Capital Management

IFM Investors

Work highlights

  • Represented Knighthead Capital Management in its negotiated tender offer for control of an offshore reinsurance company.
  • Assisted Converium Capital, a new manager based in Montreal and New York, with the launch of the Converium Capital Funds, consisting of onshore and offshore long/short funds.
  • Advised the principals of Luminus Capital, a multi-billion dollar energy-focused manager, on restructuring the business.

Akin Gump Strauss Hauer & Feld LLP

With seasoned practitioners Stephen Vine and Prakash Mehta at the helm, Akin Gump Strauss Hauer & Feld LLP remains a go-to advisor for innovative start-ups in the hedge fund space; in conjunction such clients, the firm recently established Fund in-Formation – a comprehensive, online resource which provides investment managers with a platform and structure for intelligent decision making and increased efficiency. The group is also noted for representing private fund managers focused on credit investing and creating cutting-edge structures to address liquidity and tax issues. The spring and summer of 2021 marked a period of growth for the team, with Brian Daly (formerly of Schulte Roth & Zabel LLP), John Hamilton (formerly of Stradley Ronon Stevens & Young, LLP) and Terence Rozier-Byrd (formerly of Baker Botts L.L.P.) arriving to join the practice heads at the New York office.

Practice head(s):

Stephen Vine; Prakash Mehta

Other key lawyers:

Eliot Raffkind; Brian Daly; John Hamilton; Terence Rozier-Byrd

Testimonials

‘Overall, a highly knowledgeable results-oriented team that gets the job done well and in a timely fashion.’

 

Key clients

Blackstone Alternative Asset Management LP

Aksia LLC

Strategic Value Partners

Venor Capital Management LP

Summit Rock Advisors

Work highlights

    Davis Polk & Wardwell LLP

    Davis Polk & Wardwell LLP's New York-based offering is instructed by a high-end roster of marquee hedge fund clients; some of the world's largest and most sophisticated funds and managers regularly turn to the firm for assistance with the full spectrum of fund formation and structuring, investment, trading, spin-outs, seeding and regulatory issues. The group is particularly noted for its compliance expertise, which includes registering hedge funds with the SEC, implementing infrastructures, conducting reviews and managing inspections. The practice is also regarded as a leader in the digital asset and blockchain space, and frequently advises on cutting-edge investment strategies involving cryptocurrency and related considerations. Team lead Leor Landa has extensive experience of handling complicated secondary transactions, and also counts several large institutional investors among his clients.

    Practice head(s):

    Leor Landa

    Other key lawyers:

    Gregory Rowland

    Key clients

    Alphadyne Asset Management

    Avenue Capital

    Baron Capital

    BlockFi

    Chilton Investment Company

    Coinbase

    Credit Suisse

    D.E. Shaw

    Galaxy Digital

    Graticule Asia Macro Advisors

    Highbridge Capital Management

    Hitchwood Capital Management

    J.P. Morgan

    Mudrick Capital

    Oaktree Capital

    Och-Ziff Capital Management

    PDT Partners

    Perella Weinberg

    Skybridge Capital

    SPF Investment Management

    Two Sigma Investments

    Varagon Capital Partners

    Washington Harbour Capital

    York Capital Management

    Work highlights

      Katten

      Katten‘s ‘terrific‘ offering is differentiated by its ‘excellent experience‘ advising the world’s leading quantitative and algorithmic trading funds on matters relating to volatility, black box, grey box and other alternative and emerging trading strategies. The team’s expertise in this area extends to regular cross-border work, involving jurisdictions as widespread as the UK, Luxembourg, Switzerland, Hong Kong, India and the United Arab Emirates. Allison Yacker – who is recommended for clients looking to ‘launch a fund in the most expeditious and economic manner‘ – and Wendy Cohen jointly chair the investment management and funds practice, while ‘very smartLance Zinman acts as the global chair of the financial markets and funds departments. Henry Bregstein, another core practitioner at the practice, is singled out by one client as being ‘among the very best commercial and legal minds on Wall Street‘. All named attorneys are based in New York.

      Practice head(s):

      Lance Zinman; Wendy Cohen; Allison Yacker

      Other key lawyers:

      Henry Bregstein

      Testimonials

      ‘Katten is incredibly well versed in the latest regulatory changes and conducting training that is pertinent with regard to those changes. A lot of value added. We do extensive investing in the ESG/sustainability area and the firm has been able direct us through the many fund changes in Europe.’

      ‘Allison Yacker has always been the person I turn to for legal guidance on fund formation and on the most recent changes. Like any great attorney, she makes herself available at any time the work needs to get done. I highly recommend her to any fund PM looking to launch a fund in the most expeditious and economic manner.’

      ‘Wendy Cohen is the best lawyer. I’ve worked with so many but she is commercial, conservative but finds ways to efficiently help me achieve my goals.’

      ‘True professionals who see the big picture, provide options that are practical and bring in others when necessary. (And only when necessary). I have complete trust in their judgements.’

      ‘Deep in all aspects of the law. Terrific firm for top-notch one stop shopping.’

      ‘Henry Bregstein is among the very best commercial and legal minds on Wall Street. He is available 24/7 and understands one’s business as if it is his own.’

      ‘Excellent experience with quantitative trading firms.’

      ‘Lance Zinman is very smart and commercial during negotiations. He understands the business objectives of clients and it shapes his counsel.’

      Key clients

      Angelo Gordon & Co.

      Antares Capital

      Aquatic Holdings LP

      CTC Capital Management, LLC

      Edgestream Partners, LP (“Edgestream”)

      GTS Securities, LLC

      ISAM Systematic Management / ISAM Funds (UK Limited)

      Nebula Research and Development / Michael Graves

      Ohio Public Employees Retirement System (“OPERS”)

      Partners Group AG (“Partners Group”)

      Schonfeld Strategic Advisors LLC

      Strategic Investor/Edge Focus Capital Management, LLC

      Vivaldi Capital Management LLC

      Work highlights

      • Represented Schonfeld Strategic Advisors, a large family office-turned-quantitative asset manager, in the negotiation of approximately $1.5bn of new commitments across its flagship investment funds.
      • Served as funds counsel to Aquatic Holdings in one of the most closely watched hedge fund start-ups in Chicago and across the United States.
      • Represented Partners Group with respect to the structuring and formation of an insurance dedicated fund which will use a varied and complex investment strategy that involves direct, secondary and primary investments in private equity investments both directly and indirectly through other vehicles that are managed by the client.

      Kleinberg, Kaplan, Wolff & Cohen, P.C.

      Kleinberg, Kaplan, Wolff & Cohen, P.C. is valued by clients for its 'ability to maintain the feel of a small, intimate, collaborative practice, all while maintaining such a large (and growing) industry presence'. The team advises fund managers on every facet of their businesses, from inception through the entire life cycle of the fund, including assisting with fund preparation and launch, compliance issues and transactions. The group counts many of the industry’s pioneers and leading domestic and offshore funds among its key clients. Joint practice heads Eric Wagner and Jamie Nash are given 'tremendous credit for having the vision and executing on it to build out a strong team'; other notable practitioners include 'consummate professional' Jason Grunfeld and recommended associate Rita Fitch. The offering is based in the firm's New York office.

      Practice head(s):

      Eric Wagner; Jamie Nash

      Other key lawyers:

      Jason Grunfeld; Rita Fitch

      Testimonials

      ‘A boutique feel, but well covered across many hours of financial services – generally clients can deal directly with subject matter experts as opposed to only associates – very responsive.’

      ‘Jason Grunfeld is very responsive and understands where his expertise lies. He is also thinks commercially and works efficiently.’

      ‘What has always stood out to me about the firm is their ability to maintain the feel of a small, intimate, collaborative practice, all while maintaining such a large (and growing) industry presence. As a client, your relationship with the firm always feels very personal rather than transactional. It’s a rarity.’

      ‘Jason Grunfeld is my most trusted legal adviser in the hedge fund space. In addition to his wealth of knowledge and experience working with funds of all sizes, strategies and vintages, what makes him most impressive is his intellectual honestly in ensuring that he bring his clients the best resource for their particular needs. At times, this may be him, or often another subject matter expert at his firm. While in certain instances, he will not hesitate to let clients know if the best resource exists outside of the firm. This kind of approach ensures the unwavering trust of his clients.’

      ‘KKW&C was a great brand name firm with a cost effective solution for my fund docs. The partner, Jason Grunfeld, was excellent in his knowledge base and his handling of the intricacies of my venture and was always conscious of keeping costs in line. As my business has grown, both he and the broader KKW&C team have been instrumental in helping me navigate regulatory and operational legal items as well as new opportunities.’

      ‘Jason Grunfeld is a consummate professional, has his clients best interests at heart in every way, any issues or questions I have he loops in a partner at the firm who has that specialty.’

      ‘Highly qualified and attentive team. Excellent judgement and advice as it relates to both business and legal matters.’

      ‘During the pandemic, the KKW&C partners continued to interact with us and accessibility is better than I have ever seen at any other firm (even outside of the pandemic). If you told me they cloned our partner, I would believe it. Equally importantly, KKW&C puts a lot of effort into developing their mid and junior associates. I give Eric Wagner and Jamie Nash tremendous credit for having the vision and executing on it to build out a strong team beneath them. The ancillary effect is they are empathetic, pragmatic, and truly value additive when partnering with clients. We look at KKW&C as partners and advisors rather than outside legal counsel.’

      Key clients

      Elliott Investment Management L.P.

      Paulson & Co. Inc.

      Rockefeller Capital Management

      Glazer Capital, LLC

      Luxor Capital Group, LP

      Rosemawr Management, LLC

      Monachil Private Credit Fund LP

      Shannon River Partners, L.P.

      Work highlights

      • Assisting Elliott Investment Management and its affiliates with the launch of the client’s 9th capital commitment facility.
      • Advised Northlander Commodity Advisors on the launch of its EU-based environmental fund, the Northlander Environmental Fund, which focuses on trading carbon credits.
      • Advised DSC Meridian on the launch of its Climate Action Fund, which aims to push the ESG agenda into the high-yield realm.

      Lowenstein Sandler LLP

      At Lowenstein Sandler LLP, the New York-based team’s ‘breadth of expertise is fantastic‘, and ensures that investment advisers, commodity pool operators, trading advisors, broker-dealers, leading fund managers and institutional investors regularly instruct the group to assist with all aspects of their work. The offering is particularly noted for its expertise in family office services, alternative data matters, qualified opportunity zone funds, and cryptocurrency. Practice head Robert Minion is ably supported by vice chairs Marie DeFalco and Peter Greene. Other key group members include ‘rock starMax Karpel; fund formation expert Eileen Overbaugh; and new arrival Boris Liberman, who joined from an in-house position at AQR Capital Management in February 2021, and brings extensive experience advising the gamut of clients – including sovereign wealth funds and other asset owners – on all issues relating to the implementation of their investment and trading strategies to the firm.

      Practice head(s):

      Robert Minion; Marie DeFalco; Peter Greene

      Other key lawyers:

      Elaine Hughes; Eileen Overbaugh; Scott Moss; Max Karpel; Boris Liberman

      Testimonials

      ‘Peter Greene and Eileen Overbaugh are excellent to work with, extremely responsive and very considerate in their advice. I cannot recommend them highly enough.’

      ‘Max Karpel, in particular, is a rock star at advising us on legal issues across the board and then quarterbacking to a specialist when appropriate, but never when unnecessary.’

      ‘The team’s attention to detail and breadth of expertise is fantastic. We have received excellent coverage in terms of fund formation, compliance, SEC regulatory matters, and fund related tax matters (many of which are complex). I do not see any reason to work with any other firm given the A representation we have received over the past 18 months.’

      ‘As a former big law firm lawyer, I really value someone with such a depth of compliance knowledge as demonstrated by Scott Moss. It is really unbelievable just how much knowledge he has off the top of his head with regard to compliance, enforcement and regulatory issues. He also remains current. Encyclopaedic and practical, careful, and efficient without belabouring issues, running up costs, or raising unnecessary issues.’

      ‘Peter Greene and Eileen Overbaugh are extremely capable and very knowledgeable about all the various legal aspects of starting an investment fund. Because of the depth of their practice, they have significant experience that allows them to deliver advice that is well considered and valuable.’

      ‘Max Karpel is our day-to-day fund lawyer and is great at turning around quick work product, spending an appropriate amount of time on matters, spotting issues and blind spots for us, and solving them efficiently and carefully.’

      Paul Hastings LLP

      Paul Hastings LLP‘s investment management group has a particularly strong foothold in California, with members of the department operating out of strategic locations in Los Angeles – which fields team lead Art Zwickel and recommended senior practitioner Yousuf Dhamee – San Francisco and Silicon Valley. Over in New York, Ira Kustin, who regularly counsels private fund advisers on international investment platforms, provides a crucial East Coast anchor. The firm continues to develop its well regarded fund-of-funds practice; notable names, including numerous sovereign wealth funds, comprise the client roster in this area. The offering is also representing an increasing number of advisors in the digital asset space, and is building up a wealth of experience dealing with novel regulatory issues in this field.

      Practice head(s):

      Art Zwickel

      Other key lawyers:

      Yousuf Dhamee; Ira Kustin

      Key clients

      Imperial Capital Asset Management

      Hawk Ridge Capital

      Glendon Capital Management

      Dalton Investments LLC

      Aperimus Capital, LLC

      LongTail Alpha, LLC

      Work highlights

      • Representing LongTail Alpha, a quantitative hedge fund manager, in ongoing corporate, securities and regulatory matters, as well as advising on the launch of a new fund.
      • Advised Mosaic Real Estate Investors on the organization of its flagship hedge fund in 2015, which has since experienced significant growth, and currently stands at almost $1bn in AUM.
      • Advising Imperial Capital Asset Management – the asset management subsidiary of Imperial Capital – since its inception, including organizing a number of hedge funds.  

      Seward & Kissel LLP

      Seward & Kissel LLPComparative Guides promotional icon works with some of the most prominent and diverse names in the industry, ranging from emerging to well-established, institutional managers. The capabilities of the offering are as diverse as its client base; the group is well versed in the gamut of fund formation and management structuring matters, as well as regulatory and compliance issues for hedge funds across all strategies including activist, fund of funds, and hybrid funds. The practice is jointly headed up by Patricia A Poglinco and Robert B Van Grover, and also fields recognized expert Steven B Nadel. Another key contact is David Mulle, who brings his experience as co-head of the firm’s family office department to his role within the investment management team. All named lawyers are based in New York.

      Other key lawyers:

      David Mulle; Steven B Nadel; Christopher Riccardi; Joseph Morrissey

      Key clients

      Landsdowne

      Scopia

      Henderson Global

      Axonic

      Kennedy Lewis

      Tiedemann Investment Group

      Tiger Legatus Capital Management

      Cohen & Company Capital Management

      Hurricane Capital

      Pinnbrook Capital Management

      Work highlights

      • Advised Pinnbrook Capital Management on the structuring of its management company and fund entities, in addition to assisting with a nine-figure seed investment into the fund.
      • Advised new investment manager Hurricane Capital Advisors on the formation and related regulatory considerations of a private investment platform vehicle utilizing segregated portfolios which will allow experienced managers to invest in various sectors, asset classes and geographies.
      • Provided regulatory advice to Kennedy Lewis, a leading opportunistic credit manager, in connection with its strategic partnership with York Capital Management, with the spinout of its CLO division to a separate entity called Generate Advisers.

      K&L Gates

      The team at K&L Gates serves an equally impressive roster of clients on both the sponsor and investor sides, and is well placed to assist notable names across the board with complex business and regulatory issues relevant to the structuring, documentation, and operation of hedge funds in leading fund formation jurisdictions around the world. In the Washington office, Mark Amorosi and Ndenisarya Bregasi are the core contacts, while over in Boston, Michael Caccese is the key name to note. The firm also recently strengthened its asset management capabilities in New York, with the arrival of Jacqueline Duval from Herrick, Feinstein LLP in August 2021.

      Practice head(s):

      Mark Amorosi; Ndenisarya Bregasi; Michael Caccese

      Other key lawyers:

      Matthew Mangan; Jacqueline Duval

      Key clients

      Nikko Asset Management Americas

      Museum of Fine Arts, Boston

      Work highlights

      • Serving as fund counsel for Nikko Asset Management Americas’ hedge fund offerings.
      • Advising the Museum of Fine Arts in Boston on private fund investments.

      Skadden, Arps, Slate, Meagher & Flom LLP

      Skadden, Arps, Slate, Meagher & Flom LLP's investment management offering draws on the strength of a range of relevant practice groups across the firm’s global offices to represents sponsor and investor clients in a wide range of funds-related activities in the United States, Europe and other key international markets. Practice head Michael Hoffman is supported in the New York office by a strong base of senior practitioners, including fund formation and capitalization expert John Caccia and Anna Rips, who regularly assists investment advisers with the structuring and negotiation of seed and strategic investments, joint ventures and co-investments. Over in Chicago, Kevin Hardy is the key name to note.

      Practice head(s):

      Michael Hoffman

      Other key lawyers:

      Heather Cruz; John Caccia; Anna Rips; Kevin Hardy

      Work highlights

        Willkie Farr & Gallagher LLP

        Willkie Farr & Gallagher LLP is regarded as a go-to advisor for complex, innovative or bet-the-firm transactional matters within the hedge fund space; clients ranging from the world’s most sophisticated hedge fund managers to recognized global banks and large family offices instruct the group to advise on the entire spectrum of investment fund products and asset classes. The group’s ability to leverage its fund formation, tax and insurance capabilities ensures that it continues to stand out particularly as a leading reinsurance and insurance-linked securities fund formation practice. The key senior practitioners, all of whom are based in New York, are Margery Neale, Joseph Cunningham, Rita Molesworth and Mark Vandehaar.

        Practice head(s):

        Margery Neale; Joseph Cunningham; Rita Molesworth; Mark Vandehaar

        Other key lawyers:

        Barry Barbash; Lior Ohayon

        Work highlights