Firms To Watch: Alternative/hedge funds

Dechert LLP expanded its practice significantly in 2023 with the arrivals of new practice heads Michael Mavrides and Robert Leonard from Proskauer Rose LLP.

Alternative/hedge funds in United States

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP‘s market leading team is headed by founder Lawrence Barshay, who regularly represents and advises most major and high-profile players in this space, including D.E. Shaw and Goldman Sachs. Barshay specializes in the representation and structuring of investment funds and other alternative investments. Jonathan Adler and Jason Koenig are active members of the team, whose expertise includes representing financing institutions and asset managers in regards to complex transactions involving hedge funds. The team’s key strengths also include advising asset managers on the full range of fund related matters, and provides counsel on regulatory issues. With a focus on structuring alternative investment products, Dorothy Mehta is another key contact. Todd McMullan leads on counselling D. E. Shaw with formation and offering of funds, while Jonathan Hofer leads on formation and the offering of interest for Goldman Sachs. Lisa Schneider is another key contact in the hedge fund department. Washington’s Richard Ansbacher  and Walid Khuri  retired in March 2023, while Michael Sherman joined the Washington office from Dechert LLP in February 2023. All lawyers are based in New York unless stated otherwise.

Practice head(s):

Lawrence Barshay


Other key lawyers:

Jonathan Adler; Jason Koenig; Dorothy Mehta; Todd McMullan; Jonathan Hofer; Lisa Schneider; Michael Sherman


Key clients

Bain Capital


Bank of New York


BlackRock


Brookfield Asset Management


D.E. Shaw & Co.


EJF Capital


Fortress Investment Group


Goldman Sachs


Helix Partners


J.P. Morgan


Morgan Stanley


Neuberger Berman


ORIX Corporation USA


PDT Partners


Point72 Asset Management


ShoreBridge Capital


Tavistock Group


Third Point LLC


Tiger Global


Tudor Investment Corporation


Work highlights


Paul, Weiss, Rifkind, Wharton & Garrison LLP

Lauded as ‘without peer‘ on ‘individual expertise and depth of bench across all practice groups,’ the alternative investment fund team at Paul, Weiss, Rifkind, Wharton & Garrison LLP handles the full range of comprehensive strategic advisory work, including all relevant regulatory issues. With decades of expertise, ‘industry leader’ Udi Grofman leads the team with Marco MasottiBrian Kim , Claudine Meredith-Goujon , and Steven Williams, who represent and advise a roaster of impressive clients including Blackstone Alternative Asset Management and Credit, Bridgewater Associates and DI Capital Partners, and advise of a wide range of hedge fun products. The team also regularly handles debt and hedge fund formation, SAF fund operation, seed arrangements, and various other investments with underlying funds. Allison Muth is another key contact, assisting with ongoing fund maintenance. All lawyers are based in New York unless stated otherwise.

 


Practice head(s):

Udi Grofman; Marco Masotti; Brian Kim; Claudine Meredith-Goujon; Steven Williams


Other key lawyers:

Allison Muth


Testimonials

‘Very capable in the asset management space. Not afraid to investigate things that have never been done before. The attorneys are knowledgeable and hold their own in conversation with the key business professionals.’ 

‘Udi Grofman stands out as an outstanding partner. Have found that Paul Weiss partners have a very good perspective regarding best practices in the industry, are on top of the latest developments, and are both proactive and practical with their advice. ’

‘Paul Weiss is the perfect blend of thorough, but commercial. There’s an inherent trade-off between “getting it right” and moving quickly and amicably such that the other party isn’t exhausted by the process. I’ve found Paul Weiss W to be especially good at making this trade-off.’

‘Udi Grofman is an industry leader in the funds practice. He is practical, business savvy, and responsive.’ 

‘Without peer on all relevant criteria, including individual expertise and depth of bench across all practice groups. Nothing slips between the cracks.’

‘Udi Grofman possess nonpareil legal expertise that crushes that of his counterparts at other firms, but his range extends far beyond the usual confines of private-funds practice to embrace a deep familiarity with virtually all related subspecialties, including corporate tax  employment, ERISA, general corporate and litigation, allowing him to issue-spot knowledgably and to ensure that no ancillary concerns go unaddressed.’  

Work highlights


Ropes & Gray LLP

The highly experienced alternative and hedge funds team at Ropes & Gray LLP regularly handles the full range of hedge fund matters, jointly led by San Francisco's asset management specialist Melissa Bender, New York's Morri Weinberg, Boston's Leigh Fraser and Peter Laybourn. Bender's expertise includes leading the firm's crypto blockchain department, while Fraser specializes in representing hedge fund sponsors. The team services a roster of major clients including private credit sponsor CIFC asset management, MFN Partners, and Pacific Investment Management Company, on onshore and offshore private funds, structuring products, and the full range of regulatory matters. Head of the hedge fund team, New York-based Laurel FitzPatrick leads on advising on evergreen and open end credit funds, and assists with representing both registered and unregistered fund managers. Sarah Davidoff  is another key contact in the New York office, advising private fund sponsors and providing strategic counsel to national and international hedge funds.

 

Practice head(s):

Melissa Bender; Leigh Fraser; Peter Laybourn; Morri Weinberg


Other key lawyers:

Laurel FitzPatrick; Sarah Davidoff


Key clients

CIFC Asset Management


Fidelity Diversifying Solutions LLC


MFN Partners


PFM Health Sciences


Pacific Investment Management Company


Work highlights


  • Representing CIFC Asset Management across a host of fund formation and regulatory matters, and credit investments.
  • Representing Fidelity Diversifying Solutions in a wide range of private fund matters, including the launch of their direct lending hedge fund.
  • Representing MFN Partners on a wide range of hedge fund matters.

Schulte Roth & Zabel LLP

Schulte Roth & Zabel LLP‘s deep bench boasts some of the ‘most knowledgeable experienced,‘ lawyers in the alternative hedge funds space, representing a wide range of major asset and capital management clients. Handling liquid funds and investment structuring, Stephanie Breslow co-leads the team with David Efron and Peter Greene. David Nissenbaum also leads the team, assisting with a number of hedge fund and credit fund manager matters and leading on the Kepos Capital LP carbon-focused product launch, while Greene leads on representing the largest female-led hedge fund launch in the industry. The firm handles a significant volume of hedge, hybrid, and credit funds, and regularly advises investment managers on regulatory and compliance matters. Eileen Overbaugh is another name to note, representing an emerging hedge fund manager in negotiating a strategic investor arrangement. Jennifer Dunn left the firm in May 2024. All lawyers mentioned are based in New York.

Practice head(s):

Stephanie Brewslow; David Efron; Peter Greene; David Nissenbaum


Other key lawyers:

Eileen Overbaugh


Testimonials

‘The team at Schulte Roth & Zabel is among the most knowledgeable and experienced in the Alternative Fund Industry.’

‘The lawyers, not just Partners, but also Senior Associates and Counsel, are not just well versed in the law, they understand our business and can help make decisions.’ 

Key clients

Bayview Asset Management, LLC


Cerberus Capital Management, L.P.


Decade Renewable Partners LP


Forest Avenue Capital Management LP


GoldenTree Asset Management


Pantera Capital Management LP


Sellaronda Global Management LP


SurgoCap Partners LP


Troluce Capital Advisors, LLC


Vestal Point Capital, LP


Work highlights


  • Advised SurgoCap Partners LP in connection with the largest female-led hedge fund launch in the industry’s history, involving parent level, fund level and regulatory complexities.
  • Represented Sellaronda Global Management LP in connection with its formation as an investment management firm, as well as the formation and launch of its flagship fund structure and negotiation of a strategic investor arrangement.
  • Represented Vestal Point Capital, LP, in connection with the formation of an investment management firm, as well as the formation and launch of a flagship fund structure and a parallel managed account.

Akin

New York’s Barbara Niederkofler leads the alternative hedge funds team at Akin, regularly advising major start-up and well-established hedge funds, particularly in regards to complex compliance matters with extensive regulatory demands. Representing both domestic and offshore hedge fund managers, JP Bruynes advises on the full range of related matters. The team's expertise includes formation and structuring of investor funds, advising venture capital managers, and handling structured risk for a wide range of clients, including Blackstone Alternative Asset Management. Ann E. Tadajweski and Jonathan A. Ross are lead contacts on a $73 billion alternative investment firm focusing on asset-based specialty private credit investments, advising on fund structuring. Max Karpel joined the investment management group in August 2023. All lawyers are based in New York.

 


Practice head(s):

Barbara Niederkofler


Other key lawyers:

JP Bruynes; Ann E. Tadajweski; Jonathan A. Ross; Max Karpel


Key clients

Angelo, Gordon & Co.


Blackstone Alternative Asset Management


Work highlights


  • Represented Angelo Gordon, a $73 billion alternative investment firm focused on credit and real estate investing, in the fundraising of AG Asset Based Credit Fund, L.P. with over $1 billion of equity commitments, exceeding its $800 million target.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP boasts an ‘impressive’ hedge fund practice, led by New York-based ‘exceptional attorney,’ and hedge funds expert Jedd Wider, who handles the full range of structuring and formation of both international and domestic private investment funds. Stephen Tirrell co-leads the Boston branch of the team, including Richard Goldman handles the full range of regulatory and compliance issues, as well as leading on the launch of the Callodine Perpetual ABL fund and structuring compensation agreements. Also Boston based is Jason Traue, who assists with the full range of tax related hedge fund formation matters. The team also regularly serves as legal counsel for asset managers and advisers, representing clients on sub-advisory agreements, and providing ongoing transactional advice. Chicago’s Zeke Johnson helps negotiate single investor funds and co-investments, and the launch of private credit funds. Ethan Johnson is another key contact based in Miami.


Practice head(s):

Jedd Wider; Stepher Tirrell


Other key lawyers:

Richard Goldman; Jason Traue; Zeke Johnson; Ethan Johnson


Testimonials

‘Morgan Lewis is unique and stands out heads and shoulders above other top law firms in the hedge fund space in numerous regards. We have yet to encounter a law firm with similar breadth & depth of expertise, number of hedge fund attorneys and geographic footprint. Morgan Lewis has one of the diversified hedge fund and investment management practices in the world. With extraordinary expertise on the hedge fund formation side, with one of the nations leading regulatory and registered funds practices.’

‘Though the entire Morgan Lewis practice is impressive, Jedd Wider stands out above the rest. He is hands down one of the most accomplished and skilled hedge fund attorneys in the United States. Jedd’s deep knowledge of industry terms and conditions as well as hedge fund trends is unparalleled. He is a giant in the room when it comes to hedge fund negotiation. Truly an exceptional attorney and rare breed. The other attorneys in the practice follow his lead and example. ’

‘Morgan Lewis assists us on our investment funds and US regulatory matters. Morgan Lewis is uniquely positioned in being one of the early US firms in Asia doing funds work, so they really understand the Asia market, while still providing expert US regulatory advice. We have also used them for US securities advice, which was timely and helpful.’

‘Ethan Johnson is a reservoir of expertise on US regulatory and fund matters. Not only does he understand the law, but perhaps more importantly, he understands our business and is able to tailor advice that directly addresses our concerns.’

Work highlights


Proskauer Rose LLP

Specializing in advising alternative investment managers in the full range of hedge fund related matters, the experienced team at Proskauer Rose LLP is jointly led by Christopher Wells and Kelli Moll. Both lead on fund restructuring matters, and quantitative strategy fund formation. Caryn Greenspan advises fund sponsors on credit fund formations, and hedge fund managers on product launching and structuring. Assisting in single fund formation, hedge fund restructuring, and representing joint venture clients in strategy fund formation are among the team’s key strengths. Senior associate Cameron Clark is another recommended contact in the hedge fund practice. Partners Michael Mavrides and Robert Leonard departed to Dechert LLP in June 2023, while Jennifer Dunn joined the team from Schulte Roth & Zabel LLP in May 2024. All lawyers are based in New York unless stated otherwise.

 

Practice head(s):

Christopher Wells; Kelli Moll


Other key lawyers:

Caryn Greenspan; Cameron Clark


Testimonials

‘Christopher Wells is able to harness years of experience to deliver practical, targeted and business-conscious advice. ’

‘Christopher Wells takes real world business considerations into account, and is very knowledgeable and plugged into what is going on in the market. Various associates have worked on various SEC filings and are reliable and proactive.’

Davis Polk & Wardwell LLP

Boasting a roster of impressive hedge fund clients, the investment management practice at Davis Polk & Wardwell LLP regularly services the likes of Blackstone, Barclays Capital, and Avenue Capital Management. Leor Landa heads the team, leading on the developments of investment funds and structures, while Gregory Rowland specializes in providing regulatory, and transactional advice. The firm is also frequently called upon to advise on the formation of digital asset funds, derivatives, and launching of hedge fund products. Standout recent deals in this space include compliance matters, and the full range of fund structuring related issues.  Key contact Benjamin Milder is active of a number of key mandates, while Jennifer Grant Cooper assists on compliance matters. All listed lawyers are based in New York.

 

 

Practice head(s):

Leor Landa


Other key lawyers:

Gregory Rowland; Benjamin Milder; Jennifer Grant Cooper


Work highlights


Katten

Offering a strong focus on representing major quantitative firms, credit-focused investment managers, the hedge funds practice at Katten is led by global chair Lance Zinman from the Chicago office. Wendy Cohen and Allison Yacker also lead the practice from New York, advising private credit funds on regulatory and compliance matters. Notably, the team represented Pan Capital Management with formation and structuring of a multi-strategy hedge fund, and the restructuring of existing hedge funds. More frequently advising on quantitative and algorithmic fund related matters, the team also assists with structured and investment products, and real estate and credit funds. The Chicago team also includes key contacts Jonah Roth and Christopher Shannon, assisting on the formation and launch of a private fund focusing on venture capital investments, and negotiating strategic investments.

 

Practice head(s):

Lance Zinman;  Wendy Cohen; Allison Yacker


Other key lawyers:

Jonah Roth; Christopher Shannon


Key clients

Aquatic Capital Management


Bain Capital


Brown Brothers Harriman & Co.


Pan Capital Management


Pentwater Capital Management


Schonfeld Strategic Advisers


Sound Point Capital


Sumo Capital


US Innovative Technology


Walleye Capital


Waterfall Asset Management


Work highlights


  • Representing Pan Capital Management, a Houston-based manager, with the formation, structuring and launch of a multi-strategy hedge fund.
  • Representing Walleye Capital with the negotiation of a Singapore-based fund-of-one.
  • Representing US Innovative Technology with the formation and launch of a private fund that focuses on venture capital investments.

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

Kleinberg, Kaplan, Wolff & Cohen, P.C.‘s deep bench boasts an ‘excellent combination of technical rigor together with commercial awareness,’ specializing in advising on hybrid hedge fund launching and management. Eric Wagner and Jamie Nash jointly lead the team, regularly representing private funds and investment advisers. The team is also praised for it’s ‘extensive experience,’ in transactional advisory work, and hedge fund restructuring. Christian Gloger and ‘incredibly knowledgeable,’ Rita Fitch are active members of the team, assisting with a broad range of matters including the structuring and launch of funds-of-funds. Philip Gross and Moshe Segal are also recommended for advising fund managers, and assisting with fund documentation drafting. All listed lawyers are based in New York.

Practice head(s):

Eric Wagner; Jamie Nash


Other key lawyers:

Joshua Bromberg; Jason Grunfeld


Testimonials

‘We find the team provides an excellent combination of technical rigor together with commercial awareness.’

‘Christian Gloger is highly responsive, flexible and inspires confidence in clients.’

‘I have found the KKWC team to be excellent all around–they are competent, organized, and on top of what’s needed, and they have expertise in all areas. I cannot recommend them highly enough.’

Key clients

Elliott Investment Management


Boothbay Fund Management


Burkehill Global Management


Work highlights


  • Advising Boothbay Fund Management in the launch of a multi-manager quant trading platform.
  • Advising Burkehill Global Management, a fund manager founded by the former Global Head of Capital Markets at Third Point, in the launch of its first co-mingled hedge fund.

Lowenstein Sandler LLP

The New York based investment management team at Lowenstein Sandler LLP works especially with the full range of hedge fund clients and global asset managers. Leading the group is a three-person team: Robert Minion, Marie DeFalco, and Scott Moss who advises on the implementation of compliance programs and compliance with emerging regulatory standards, particularly SEC related examinations of compliance policies and procedure. The team also handles a significant volume of investment fund structuring work, including launch and formation matters. Ethan Silver advises broker-dealers on numerous issues, while Boris Liberman’s expertise includes derivatives and structured products. Ted Randolph is the co-chair of formation and structuring, advising hedge funds on the full range of operational matters, while David Goret is also recommended. Elaine Hughes  and Max Karpel departed for A&O Shearman and Akin respectively.

 

 

Practice head(s):

Robert Minion; Marie DeFalco; Scott Moss


Other key lawyers:

Ethan Sliver; Boris Liberman; Ted Randolph; David Goret


 


Paul Hastings LLP

Paul Hastings LLP's investment funds and private capital team stands out for its work on fund organisation, seed funding proposals, and open-end products, and related hedge fund structuring matters. The team is jointly led by global chair John Budetti who joined from Kirkland & Ellis LLP in April 2023, along with Josh Sternoff and Michael Rosella from the New York office. In California, Art Zwickel and Yousuf Dhamee are active members of the team, advising an asset management affiliate of JPMorgan Chase & Co with regulatory matters, and due diligence regarding proposed investments. The team also provides cross-border regulatory, particularly SEC related, advice for funds based in Asia. Also based in California, Alicia Harrison assists with representing Medina Value Partners in a buy-out litigation, and continuing to serve as outside counsel in funds structuring for various hedge fund managers. New York's Ira Kustin is another key contact, handling hybrid fund matters.

 

Practice head(s):

John Budetti; Josh Sternoff; Michael Rosella; Diala Minott


Other key lawyers:

Art Zwickel; Ira Kustin; Alicia Harrison


Key clients

Calvera Partners LLC


Dalton Investments LLC


Ishara Investments LP


J.P. Morgan Private Wealth Advisors


Medina Value Partners LLC


Mercurius Media Capital LLC


Work highlights


Seward & Kissel LLP

Seward & Kissel LLP's investment management team is based in New York, boasting a number of experienced partners advising and representing hedge fund and investment managers at all levels and advising on the full range of SEC related regulatory matters. Jointly led by Patricia Poglinco and Robert Van Grover, the team handles fund formation issues, advising on forming open-ended fund structures in the crypto and blockchain industry. Christopher Riccardi has decades of experience in the field, advising various clients in investment strategies, derivatives, and securities, while Debra Franzese is another key contact. Daniel Bresler is an active member of team, preparing offering documents regarding various fund structuring.

Practice head(s):

Patricia Poglinco; Robert Van Grover


Other key lawyers:

Christopher Riccardi; Debra Franzese; Daniel Bresler


Work highlights


Willkie Farr & Gallagher LLP

Specializing in advising a range of hedge fund and investment managers on the full range of SEC and CFTC related regulatory matters, the hedge funds team at Willkie Farr & Gallagher LLP is led by a six-person team including Phillip Isom, Margery Neale, Lior Ohayon, Joseph Cunningham, Rita Molesworth, and Mark Vandehaar. The team's key strengths include assisting with management structuring, acting as fund counsel in negotiations, and advising on fund manager formations. Gabriel Acri regularly handles related cross-border matters, assisting international investment advisers and other clients on securities and alternative investment vehicles, while Deborah Tuchman advises advising on the distribution of real estate investment trusts. All listed lawyers are based in New York.

 

Practice head(s):

Phillip Isom; Margery Neale; Lior Ohayon ; Joseph Cunningham; Rita Molesworth; Mark Vandehaar


Other key lawyers:

Gabriel Acri; Deborah Tuchman


Work highlights


K&L Gates

With a large roster of hedge fund investment manager clients, the hedge fund and alternative investment team at K&L Gates regularly advises US based clients in cross-border trading and registration matters. Washington’s Mark Amorosi and Ndenisarya Bregasi co-lead the team with Boston’s Michael Caccese and Clair Pagnano. Standout recent deals include representing a US-based asset management firm and counselling them on mutual fund business matters. The team's other key strengths include private funds and investment regulation work. San Francisco’s Matthew Mangan leads on advising hedge funds in the technology sector in digital asset fund related matters. Pablo Man and Mark Goshko are other key contacts in the Boston office, leading on mutual and private fund related matters, representing global asset managers, and serving as fund counsel for hedge fund offerings. Nicholas Hodge is also recommended.

 

Practice head(s):

Mark Amorosi; Ndenisarya Bregasi; Michael Caccese; Clair Pagnano


Other key lawyers:

Pablo Man; Mark Goshko; Nicholas Hodge


Key clients

Nikko Asset Management Americas


Museum of Fine Arts, Boston


Mirova US


AllSpring Global


Work highlights


  • Acting as fund counsel for Nikko Asset Management.
  • Representing the Museum of Fine Arts, Boston with regards to private fund investments.
  • Representing Mirova US on cross-border trading and registration matters.