United States > Investment fund formation and management > Private equity funds (including venture capital) > Law firm and leading lawyer rankings

For some ‘clearly the market leader in the field’, Kirkland & Ellis LLP’s already-strong line up was joined by ‘true star’ Erica 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 leader’ Bruce 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-maker’ Katie St. Peters are also key contacts. ‘Fantastic and very practical’ Karin Orsic in San Francisco and the ‘extremely hardworking’ Matt 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.

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 for’ Marco 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 LLP ‘provides 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 knowledgeable’ Marc 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 Jeffrey Tabak and 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 LLP ‘provides 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 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 LLP ‘provides 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 LLP ‘combines 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 LLP ‘takes 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 lawyer’ Scott 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. 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.