Private equity funds (including venture capital) in United States

Debevoise & Plimpton LLP

The ‘sophisticated offering‘ in private equity funds at Debevoise & Plimpton LLP is ‘particularly well-placed to provide expert support to clients across geographies and practice areas‘ and features a well-established fund formation team, as well as an investor-side practice that acts for institutional investors in private funds. Based in New York, Rebecca Silberstein and Lorna Bowen oversee the firm’s asset management practice globally and domestically, respectively, and head of the investor-side practice Jane Engelhardt focuses on representing clients in primary investments and secondary transactions. Jonathan Adler and Jason Auerbach are both recommended as ‘standout partners‘, and Justin Storms is another key name in New York, acting for several leading asset managers. The department also has representation at its Washington DC office, where Marc Ponchione heads the firm’s US investment management regulatory practice; and in San Francisco, where counsel Joe Binder and Andrew Ahern spearhead the offering to West Coast clients.

Practice head(s):

Rebecca Silberstein; Lorna Bowen

Other key lawyers:

Jonathan Adler; Andrew Ahern; Justin Storms; Jane Engelhardt; Andrew Ford; Sally Bergmann; Jason Auerbach; Joe Binder; Sheena Paul; Luke Eldridge


‘Excellent all around, from partners to junior associates. They are adept at running large multi-faceted and time sensitive matters efficiently and finding innovative solutions to client issues.’

‘Andrew Ahern, Joe Binder and Luke Eldrige are all first rate lawyers with excellent insights into the private funds and venture capital spaces. I consider them my go-to people for anything venture capital fund related.’

‘State of the art private fund formation expertise, including private credit. Deep knowledge of market terms and recent developments. Creative and holistic approach to problem-solving. We interviewed several top tier law firms and DP’s tax group by far was the most sophisticated in its knowledge of structures and solutions. Careful, thoughtful drafting that preempts issues we had not even identified. Both the corporate and tax sides are practical and commercial. Refreshingly, this practice group also has a lot of junior and senior women, which we usually do not see.’

‘One of the original fund formation practices, they are still a relevant player in the market. While no longer occupying a top spot in the market, they continue to be strong, especially on regulatory issues and litigation in relation to investment fund issues.’

‘Debevoise has a sophisticated offering and is particularly well-placed to provide expert support to clients across geographies and practice areas; including fund formation, structuring, tax, regulatory, capital markets and ongoing management company operational matters.’

‘The team is consistently excellent, collaborative and business oriented. The team provides concise and focused solutions on complex matters. The team is incisive, technically and commercially astute, considered in their advice and very well co-ordinated in terms of transaction management and execution. Joe Binder has led advice on a number of innovative products and is a trusted counsel, particularly in venture and technology sector.’

‘The strength and depth of their private equity funds team is superb. They are extremely strong technically, have a great appreciation of the wider deal and are a pleasure to work with. They remain second to none in the market.’

‘Stand out partners include Jon Adler and Jason Auerbach. Jon is extremely bright, a real problem-solver and great advocate. Jason is extremely smart, commercial, and focused on getting the deal done.’

Key clients

Allianz Asset Management

Apollo Global Management

Ara Partners

Avanath Capital Management

Bain Capital

Blackstone Alternative Asset Management

Breakthrough Properties

The Carlyle Group

Carmel Partners


Clayton, Dubilier & Rice

Credit Suisse

Crescent Capital Group

EIG Global Energy Partners

Fifth Wall

Fortress Investment Group

FS Investments

Global Infrastructure Partners

Gramercy Funds Management

HarbourVest Partners


J.F. Lehman & Company

J.P. Morgan

Kelso & Company

KKR & Co.

Lightspeed Venture Partners

Morgan Stanley Investment Management


Odyssey Investment Partners

One Rock Capital


Pine Island Capital

Providence Equity Partners

PGIM Private Capital


Sequoia Capital

Silicon Valley Bank

Silver Lake Waterman

StepStone Group

Stone Point Capital

Tishman Speyer

Varagon Capital

Vinci Partners

VWH Capital Management


Work highlights

  • Advised KKR on the formation of KKR North America Fund XIII, and on the formation of KKR Global Infrastructure Investors IV.
  • Advised Clayton, Dubilier & Rice on the sale of its investment in Belron, valuing the company at €21bn, including the formation of a new special purpose vehicle.
  • Advising Sequoia Capital on the formation of The Sequoia Capital Fund, an open-ended fund structure that changes the manner in which Sequoia raises capital and conducts its investment activity.

Fried, Frank, Harris, Shriver & Jacobson LLP

Numerous leading players in the private equity fund space look to Fried, Frank, Harris, Shriver & Jacobson LLP‘s ‘very knowledgeable and responsive‘ team for advice on the full breadth of asset classes. Complex fund structuring and funds-related transactional matters are both in the team’s wheelhouse, with KKR, Blackrock and Morgan Stanley among the firm’s major client. Renowned figures in the market, Kenneth Rosh and Lawrence Barshay head the private equity funds and wider asset management groups, respectively. Richard Ansbacher has deep experience in the formation and structuring of international and domestic investments, and Jeremy Berry has a particular focus on private equity and hedge fund formation. Martin Strauch advises on traditional private equity funds, funds-of-funds and separate accounts, and has recently represented a variety of institutional sponsors. Above named lawyers are based in New York, while in Washington DC, Rebecca Zelenka and Matthew Howard are the key contacts.

Practice head(s):

Kenneth Rosh; Lawrence Barshay

Other key lawyers:

Rebecca Neuschatz Zelenka; Richard Ansbacher; Jeremy Berry; Rami Turayhi; Russel Perkins; Jeffrey Schatz


‘Fried, Frank’s knowledge of our specific niche industry is unparalleled. We often utilize complex structures for our funds and our funds’ investments. Fried, Frank is instrumental in assisting with such complex structuring, navigating cross-border, legal, regulatory, tax and other issues.’

‘The Fried, Frank team is very knowledgeable and responsive. Their ability to quickly coordinate with experts (e.g., tax, ERISA, etc.) is vital to our business.’

‘Fried Frank is an important law firm relationship for us. They provide good advice and we rely on them for market expertise. They are attentive to our needs.’

Key clients

Anchorage Capital

Angelo Gordon

Apollo Global Management, Apollo Global Real Estate Management & Apollo Credit Management

Bain Capital, LLC


Bonaccord Capital Partners

BridgeInvest LLC

Brookfield Asset Management

Camber Property Group

Conversant Capital


CVC Credit Partners, LLC

David Bonderman and Jim Coulter / TPG

Footpath Ventures LP

Fortress Investment Group LLC

Goldman Sachs & Co. LLC

HPS Investment Partners, LLC

King Street Capital


Morgan Stanley

MSD Partners, LP

Neuberger Berman

Permira and Permira Credit


Point72 Asset Management, L.P.

Prospect Ridge Advisors

RedBird Capital Partners LLC

Sixth Street Partners

Square Mile Capital Management

StepStone Group LP

Kirkland & Ellis LLP

Characterized by an ‘incredible depth of knowledge and expertise’, Kirkland & Ellis LLP is one of the foremost names in the private equity and closed-end funds market. Its team acts in some of the most innovative and lucrative fundraises and deals internationally, as well as in the domestic market. John O’Neil heads the firm’s wider funds department from the New York office, alongside several of the firm’s key practitioners, including Andrew WrightErica Berthou, Daniel Lavon-Krein, Nicole Washington and Katrina Rowe. In Chicago, Kelly Ryan is the name to note for real estate funds work, Jeffrey Kaplan has long-standing experience acting for private equity firms, and Katie St. Peters stands out for her work with women-led private equity sponsors. Sean Hill is a key contact in Boston, and the team is also well represented in California and Texas. David Sherman rejoined the firm from Latham & Watkins LLP in November 2023.

Practice head(s):

John O’Neil

Other key lawyers:

Erica Berthou; Andrew Wright; Nicole Washington; Katrina Rowe; Katie St. Peters; Sean Hill; Matthew Block; Mark Boyagi; Brad Friedman; Luzia Vaczy; David Sherman


‘The team has incredible depth of knowledge and expertise and has the unique advantage of working with a wide array of advisers, which gives them a high degree of pattern recognition and the ability to see around corners. Their Funded platform makes the subscription process incredibly fluid — it’s frankly better than most solutions on the market.’

‘Our entire team of counsel is top tier. They are all extremely hard working, wide-ranging in their knowledge base, commercially minded, and outcomes oriented.’

Key clients

Antin Infrastructure Partners

Arcline Investment Management

Arctos Sports Partners

Ares Management

BC Partners

Blackstone Group

Clearlake Capital


Francisco Partners

General Catalyst Group Management

GLP Capital Partners

I Squared Capital


L Catterton

Macquarie Asset Management

Oaktree Capital Management

One Equity Partners

Patient Square Equity Partners

Quantum Energy Partners

Thoma Bravo


Veritas Capital Fund Management

Vista Equity Partners

Warburg Pincus

Whitehorse Liquidity Partners

Work highlights

  • Acted for Francisco Partners in the closing of nearly $17bn in capital commitments between its $13.5bn flagship fund, Francisco Partners VII, L.P., and its $3.3bn Francisco Partners Agility III, L.P. fund.
  • Advised Clearlake Capital on the successful closing of its seventh flagship private equity fund, Clearlake Capital Partners VII, with more than $14.1bn in commitments.
  • Acted for I Squared Capital on the formation of ISQ Global Infrastructure Fund III closing at $15.3bn in commitments.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP is a regular fixture in some of the largest fund raisings in the market in recent years and has standout expertise in funds that have over $3bn in commitments. GP-led secondaries transactions, which were increasingly popular in 2022, are a further forte for the firm, with practice head Michael Wolitzer, managing partner of the Los Angeles office Thomas Wuchenich, and up-and-coming partner Lauren King all names to note in the space. Barrie Covit is a corporate partner that focuses on private funds, and Jonathan Karen is a further key player in the private equity funds space. Blackstone and other leading sponsors count on Peter Gilman for counsel.

Practice head(s):

Michael Wolitzer

Other key lawyers:

Barrie Covit; Glenn Sarno; Jonathan Karen; Parker Kelsey; Lauren King; Crystal Frierson; Jason Herman; Thomas Wuchenich; Peter Gilman

Key clients




Work highlights

  • Advised Stonepeak on the establishment of Stonepeak Infrastructure Fund IV, its $14bn latest flagship private equity fund.
  • Advised digital infrastructure REIT DigitalBridge Group on the fundraising of its second flagship and largest fund to date, the $8.3bn DigitalBridge Partners II.
  • Assisted Blackstone with the establishment of the $5.6bn Blackstone Strategic Capital Holdings II, its second GP Stakes fund.

Cleary Gottlieb Steen & Hamilton

Sponsors of and investors in private equity funds look to the ‘very responsive and knowledgeable‘ practice at Cleary Gottlieb Steen & Hamilton for advice relating to fund raising, structuring and organization. The firm’s New York office is the practice’s main base of operations, with the firm also leveraging its global presence in this field, its offering in the US is particularly noted for its recent history with Asia-focused funds. Social impact fund raising is another area in which the practice stands out. Elizabeth Lenas oversees the department and regularly acts for Sixth Street, KKR and Blackstone, among others. Managing partner Michael Gerstenzang is a senior figure in the market, and Adrian Leipsic is another key name with a broad private funds practice. The team’s deep pool of more junior talent includes Michael Gindi, who focuses on the organization and operation of private investment funds.

Practice head(s):

Elizabeth Lenas

Other key lawyers:

Michael Gerstenzang; Jamal Fulton; Maurice Gindi; Adrian Lepisic; Kenneth Blazejewski; Alexander Argyris


‘My experiences have been universally positive. The entire Cleary team is very responsive and knowledgeable. We usually interact when difficult questions of Delaware law come up both in fund formation and fund operation matters for our mutual clients. We also frequently interact in updating fund formation documents for new fund formations. In both interpretive matters and updating, the Cleary team brings knowledge of the latest developments in practice and the law to bear and well as incredibly focused critical thinking.’

Key clients



Sixth Street

Blackstone Inc.

The Carlyle Group

Brookfield Asset Management

Apollo Global Management

MBK Partners

Hillhouse Investment

Coller Capital

J.P. Morgan


Concrete Rose

Viking Global Investors

Polychain Capital

Ares Management

CC Capital


Work highlights

  • Acted for Sixth Street in additional fundraising for Sixth Street TAO Partners, a greater than $25bn cross-platform evergreen fund that invests flexibly and opportunistically across a spectrum of deals alongside all other Sixth Street platforms or on its own.
  • Advised KKR on the formation of KKR Health Care Strategic Growth Fund II, a $4bn fund dedicated to health care growth equity investment opportunities primarily in North America and Europe.
  • Advised Blackstone on the formation of Blackstone Life Sciences Yield, its inaugural royalty and structured credit-focused life sciences fund, which closed with $1.6bn of investor capital.

Davis Polk & Wardwell LLP

A considerable range of major names in private funds management look to Davis Polk & Wardwell LLP for their advice on recapitalizations and restructurings, GP-led secondaries, listed fund transactions, stapled primary and secondary transactions, and a host of other issues. Leor Landa has overseen growth in the firm’s private funds over recent years and, as a renowned figure in the market, continues to assist a wide client base with the formation and operation of private funds and complex secondary transactions, as well as on related regulatory matters. The other key contact to note is Michael Hong, a partner in the investment funds practice who advises private fund managers on complex, high-value fund formations, and has extensive experience on first-time fundraises, co-investments and secondary transactions. All lawyers mentioned are in New York.

Practice head(s):

Leor Landa

Other key lawyers:

Michael Hong

Gibson, Dunn & Crutcher LLP

The ‘excellent technical knowledge‘ displayed by the private equity funds team at Gibson, Dunn & Crutcher LLP is appreciated by its client base of major private equity firms and other financial institutions. It has its strengths in substantial fund formation matters, acting for the sponsors in forming traditional funds, funds-of-one, separately managed accounts and co-investment vehicles. The team also covers fund manager servicing, transaction that involve funds and fund managers, and representation of institutional investors. A trio of lawyers coordinate the practice in this area: fund formation expert Shukie Grossman; Edward Sopher, who focuses on the establishment and operation of private investment funds; and LA-based Jennifer Bellah Maguire, who comes with client recommendation. Roger Singer‘s ‘specific real estate expertise‘ is appreciated by clients working in that field, while A.J. Frey focuses on advising large venture capitalists on investment in established companies. The Houston office saw the additions of Michael Piazza in March 2022 from Willkie Farr & Gallagher LLP, who is strong on GP-led secondaries, and James Hays from the same firm in November 2022, who has niche strength in establishing platforms in Europe. Unless otherwise stated, above lawyers are based in New York.

Practice head(s):

Shukie Grossman; Edward Sopher; Jennifer Bellah Maguire

Other key lawyers:

Roger Singer; Bill Thomas; A.J. Frey; Kira Idoko; Michael Piazza; James Hays; Eve Mrozek; Kate Timmerman; Candice Choh


‘We recommend Jennifer Bellah Maguire.’

‘Most importantly, excellent technical knowledge, which I attribute to being a large and experienced team that sees a lot of real estate fund formation activity. Other reasons we keep using their team: Global capabilities. Specific real estate expertise. Good collaboration between fund formation and tax structuring teams.’

‘Roger Singer is our primary partner. He has overseen and advised on our fund formation for 16 years. The combination of his clear logic, expertise, and sincere desire for his client to have a good outcome are why we choose him fund after fund (12 major funds). It’s important that he, and the team he oversees, has specific real estate expertise, as opposed to a generalist private equity attorney. We equally work with Eve Mrozek, the other primary partner on our team. She has been invaluable at closing dozens of institutional investors this year in an expert and efficient manner.’

‘Smart, readily available, experienced, expertise.’

‘Roger Singer has a rare breadth and depth of knowledge and experience. Is a true expert in his field and can provide both legal and business advice. Always available. Brings a sense of humor to his work.’

Key clients

Leonard Green & Partners

Hamilton Lane

GCM Grosvenor


IPI Partners

J.P. Morgan

AIG Global Real Estate

Neuberger Berman

EQT Exeter

Meridiam Infrastructure

Berkshire Group

Motive Partners

TCG Capital Management

Oak Street Real Estate Capital

Madison Realty

Main Street Advisors

HighPost Capital

Basis Investment Group

Latham & Watkins LLP

Latham & Watkins LLP is active in funds-related work, taking a substantial share of the popular GP-led secondaries market. A growing practice both in terms of personnel and client base, the team advises various well-known private equity firms on the gamut of matters. June and July 2022 saw successive partner-level hires from Kirkland & Ellis LLP: John Kelley, a specialist in secondaries; and Jamie Walter, who joined the Washington DC office and focuses on regulatory law. They join a team spearheaded by Andrea Schwartzman, counsel to private fund sponsors and global asset management firms on fund formation, strategic capital raises and secondary transactions, managed account platforms, and portfolio investment structuring. Further key contacts include Barton Clark in Washington DC, California-based Nadia Sager, experienced investment funds lawyer Edward Nelson, Matthew Chase, who is particularly experienced at representing new and emerging managers, and Ivana Rouse in Houston, a key figure in building the firm’s practice there. Unless otherwise stated, all above named lawyers are based at the New York office.

Practice head(s):

Andrea Schwartzman

Other key lawyers:

Nadia Sager; Barton Clark; Edward Nelson; Matthew Chase; Ivana Rouse; David Meckler; Lauren Anderson; Adam Kestenbaum


‘Very experienced, solves the toughest problems, great at helping assess the risks in a commercial manner, achieves tangible and real deal results. I want them in my corner every time against any other firm.’

‘We recommend David Meckler, Barton Clark, Lauren Anderson, and Adam Kestenbaum.’

Key clients

Bay Grove/Lineage Logistics

Great Hill Partners

Global Infrastructure Partners

Carlyle Aviation Partners

Bridge Investment Group

Abry Partners

Ashcroft Capital

Radial Equity Partners LP

Onex Corporation

Rubicon Founders LLC

FPV Ventures

Activant Capital Management, LLC

SK Capital

The StepStone Group

Riverstone Holdings


Meadow Partners, LLC

I Squared Capital

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP fields a private funds group that has a strong track record advising on all aspects of the growth and development of private equity managers. The practice group is well-versed in issues across the private equity fund lifecycle and is instructed in both day-to-day decision making and in the most significant business-defining matters. Marco Masotti is co-chair of the firm’s global private funds practice, and leads its private equity fundraising work, drawing on longstanding experience as an adviser to a wide variety of private investment funds. He continues to lead on a high volume of fund launches. Victoria Forrester has led or co-led a number of ground-breaking fund launches, including for Apollo Global Management, Centerbridge, KKR and Värde Partners; and Matthew Goldstein is a further key name, advising on investments in private equity, formation of secondaries platforms, and continuation vehicles. Amran Hussein is an up-and-coming partner who acts across formation, launch and operation matters; Conrad van Loggerenberg has a broad practice in fund formation and operation; and Lindsey Wiersma assists with fund formation issues, regulatory matters, management company arrangements, seeding arrangements and secondary transactions. All above named lawyers are based in New York.

Practice head(s):

Marco Masotti

Other key lawyers:

Victoria Forrester; Amran Hussein; Matthew Goldstein; Conrad van Loggerenberg; Lindsey Wiersma; Rachel Shepardson


Vicky Forrester is very strong and highly engaged. She is knowledgeable but also knows her limitations and taps into her broader team when needed. Vicky is a trusted partner who does her best to go above and beyond whenever she can.

Key clients

Apollo Global Management



Värde Partners

Proskauer Rose LLP

A ‘highly experienced, cohesive and super responsive team‘ at Proskauer Rose LLP acts for private funds and their advisors in fund raising across all types of funds, representing committed capital, and advising on primary investments. The firm’s prolific, global practice in this area is represented in the United States primarily by its offices in Boston and New York. At the former, three lawyers are part of the practice group’s leadership team: the ‘truly exceptionalRobin Painter , who has great experience in advising fund managers and institutional investors in the private equity and venture capital space; Howard Beber, who ‘provides practical and actionable advice‘; and David Tegeler, another experienced name in fund formation, complex secondaries transactions, and asset manager M&A. Rounding out the team of four practice heads is New York-based Monica Arora, a specialist in advising sponsors on buyout, private credit, distressed debt, growth equity, real estate and infrastructure and energy funds. From the firm’s sizeable pool of lawyers in Boston, Mike Suppappola stands out for his secondaries funds practice, and Camille Higonnet is singled out for praise by clients.

Practice head(s):

Monica Arora; Howard Beber; Robin Painter; David Tegeler

Other key lawyers:

Mike Suppappola; Charles Parsons; Stephen Mears; Camille Higonnet; Carter Noon


‘Extremely dynamic and intelligent – able to effectively handle complex situations with aplomb in a very calm and thoughtful way. Deep team of talent and best customer service and budget management we have seen. Most other firms spin a good story during the pitch but afterwards left with inexperienced associates. Proskauer keeps partners on the projects in a cost efficient way as their continued involvement ensures quality work from the associates and whole team.’

‘Monica Arora is most sophisticated lawyer in the business and is detail oriented, extremely commercial and easy to work with. She can handle very facet of fund work and tears through tremendous amounts of work with great efficiency. She manages deadlines and budgets very well and always under promises and over delivers.’

‘Highly experienced cohesive and super responsive team. A pleasure to work with.’

‘Robin Painter is truly exceptional. Her dedication, responsiveness, intuition and experience are superb.’

‘We recently moved our fund formation effort to Proskauer. The services level improvement has been 10x. PR also brings a depth of global professionals to bare on our activities, which is truly impressive – from Sydney to Luxemburg and everything in between. They have elevated our firm and its franchise globally.’

‘Proskauer’s private equity funds team is a terrific group. They are very innovative when it comes to structuring and tax analysis and are extremely collaborative.’

‘Howard Beber is truly a pleasure to work with. He has a great sense of the market and provides practical and actionable advice.’

Key clients

Ares Management

JLC Infrastructure

Lexington Partners


Bessemer Venture Partners

Battery Ventures

Thrive Capital Partners

ARCH Venture Partners

Pomona Capital

Ridgemont Equity Partners

Work highlights

  • Advised Ares Management on the formation of Ares Senior Direct Lending II and Ares Sports, Media & Entertainment Finance.
  • Assisted JLC Infrastructure with the establishment of various investment vehicles in connection with its investment in the New Terminal One project at John F. Kennedy International Airport in New York City.
  • Advised Lexington Partners on its recent secondary transaction purchase of private equity stakes from California Public Employees’ Retirement System.

Ropes & Gray LLP

Ropes & Gray LLP fields a ‘very thorough and engaging team‘ for private equity and venture capital fund matters, advising on precedent-setting fund formations, drawing on dovetailing expertise in investments and regulatory issues. It represents both sponsor and investor clients in the gamut of fund matters, and has lawyers on the ground in offices across the country, as well as working with the firm’s international offices to be able to assist with multi-jurisdictional mandates. The team’s new engagements in 2022 often focused on innovative sectors, and the venture capital side of the practice has continued to grow, where clients include B Capital Group, Cayuga Venture Fund, and Cowen Investment Management. The highly-regarded ‘very experienced campaignerMorri Weinberg in New York co-leads the department alongside Boston-based Leigh Fraser and Peter Laybourn in Boston. Marc Biamonte in New York is another key name for fund formation and operation, and also represents investment advisers to private equity funds on Advisers Act matters. In Boston, John Ayer is a senior practitioner with great experience in private equity fundraising and related matters.

Practice head(s):

Leigh Fraser; Peter Laybourn; Morri Weinberg

Other key lawyers:

Marc Biamonte; Bryan Hunkele; Debra Lussier; Amanda Persaud; John Ayer; Lindsey Goldstein; Katie Waite; Justin Kliger; Jessica Marlin


‘The depth of the team and the way ownership of the work and relationship are embraced at every level of the team are what sets Ropes & Gray apart.’

‘Morri Weinberg and Lindsey Goldstein are incredibly responsive. What really sets them apart is how proactive they are.’

‘The R&G VC team has particular expertise at the vanguard of impact investing that was crucial to the establishment of our fund. Their combination of experience in non-traditional fund structures and expert knowledge of law around both philanthropy as well as investment management was critical for us.’

‘The team, led by Morri Weinberg, not only have excellent insight on market practice and participants (including non-US) but also provide seamless interactions between the tax, regulatory and fund parts of the wider team. They have helped us raise funds in extremely short time periods and from ever increasing number of LPs, with great control over the process. A fantastic team.’

‘Morri Weinberg – very experienced campaigner who has an answer to many hard questions. His understanding of VC fundraising and our client operations are difficult to beat, a relationship worth investing in.’

‘I have received top notch service from Ropes, on both fund formation and anti-trust analysis and filings. The sophistication and accessibility of the partners is key.’

‘Peter Laybourn is incredibly knowledgeable, but also practical and easy to talk to. Last year, he helped work through a challenging question from our business and showed an ability to think deeply about the intricacies of our documents, but also was able to help me to communicate that to a non-lawyer audience.’

‘Very thorough and engaging team. Provides valuable market insights. Always willing to go the extra mile. Provides practical solutions to our most complex problems.’

Key clients


Crosspoint Capital

Hamilton Lane Advisors LLC

Index Ventures

Kohlberg & Co

Wynnchurch Capital Partners

Work highlights

  • Represented Index Ventures on its aggregate $3.1bn fundraise across three funds to support the next wave of company founders across all stages and geographical locations.
  • Advising AlpInvest on the raise of its first Strategic Portfolio Finance Program at approximately $900m, which focuses on credit secondaries investments and portfolio financing investments.
  • Represented CCMP Capital in its first-ever GP-led secondary transaction involving two portfolio companies in its most recent private equity fund.


Akin has a longstanding practice in private equity funds, where it is particularly well-known in the area of emerging market funds. As well as benefitting from a global network of offices that has expanded over recent years to give on-the-ground assistance in various jurisdictions, Prakash Mehta advises a notable selection of clients based in India. The practice has diverse experience acting for clients in other markets too, from buyout funds and credit funds, to secondaries and institutional investors. Stephen Vine retired from practice in December 2022.

Practice head(s):

Barbara Niederkofler

Other key lawyers:

Eliot Raffkind; Fadi Samman; Blayne Grady; Jim Deeken; Ann Tadajweski; Dennis Pereira; Brian Daly; Kapil Pandit; Prakash Mehta

Key clients

Crossplane Capital

Crestline Management, L.P.

Apollo Global Management, Inc.

Invictus Capital Partners, LP

Newmarket Investment Management

Gramercy Funds Management LLC

Blackrock Investment Management LLC

Work highlights

  • Advised Crossplane Capital on the near-simultaneous formation of a second co-investment vehicle to support one of its portfolio companies, and the formation of Crossplane Capital Fund II in excess of $325m.
  • Advised Blackrock’s Secondaries and Liquidity Solutions group on an investment in Flagship Food Group, funded through CREO Capital Partners.


The ‘very responsive‘ team at Goodwin acts on a variety of matters, with standout strengths in the real estate sector and in assisting with venture capital fundraising. In 2022, the firm continued it’s substantial growth in this practice area with further partner hires, including Eunice Choi, whose ‘keen sense of judgment is unparalleled‘, an arrival from Cooley LLP in March 2022, joining the San Francisco office, and in this space has a particular focus on the formation and operation of venture capital funds. She joins a department that is headed nationally by Mandee Gruen in New York, who is strong in the real estate space and also on ESG matters. John Ferguson is a key name alongside Gruen in New York, also with a real estate focus, while former practice co-chair Paul Verbesey remains a senior figure at the firm’s Washington DC office. From the sizeable team that has presences across the country, Robert Fore in Silicon Valley has had a busy year.

Practice head(s):

Mandee Gruen

Other key lawyers:

Paul Verbesey; John Ferguson; Robert Fore; James Donohue; Thomas Beaudoin; Ian O’Donnell; David Watson; Matthew Giles; Lynette Elam; Eunice Choi; Lauren Falkowitz


‘Standouts of Goodwin: Very responsive attorneys, easy to collaborate with, speciality practice – deep understanding, wonderful people to work with, diverse.’

‘Eunice Choi is our attorney who specializes in the venture emerging funds practice. Her ability to come up with practice, cost effective solutions and her keen sense of judgment is unparalleled. She is able to triage the issue and provide the best advice that is timely. Her dedication to law and client service is the best I have seen in my long career.’

Key clients

Turner Impact Capital


LBA Realty

WestView Capital Partners

Beacon Capital Partners

Cabot Properties

TA Associates

Canaan Partners

Credit Suisse Asset Management

Elm Park Capital Management

Work highlights

  • Advised Advent International on its fundraising for its flagship fund, Advent International GPE X.
  • Advised LowerCarbon Capital on its $350m fund aims to support the rapid expansion of companies developing cutting-edge technologies that can remove carbon dioxide from the atmosphere at scale.
  • Advised LBA Realty on its ninth industrial fund which closed at a hard cap of $1.95bn in total commitments.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP‘s private funds practice appreciate the ‘exceptional project management and communication‘ of its lawyers. The department acts in numerous matters on both fund and investor side, advising on numerous formations and giving counsel to a host of public pension plans and sovereign wealth funds on fund reviews, co-investments and secondary transactions. Another busy area is in drafting and negotiating documents for special customized private capital formations, including consortia, platform investments, bespoke co-investments and joint ventures. Jedd Wider in New York and Stephen Tirrell in Boston co-lead the department, and Louis Singer in New York is a standout advisor for institutional investors. Courtney Nowell at the Washington DC office is another name to note for inbound and outbound transactions for institutional investors, while on the west coast, Peter Phleger assists with fund structure, formation, governance, and investing activities, including both primary investments and secondary transactions.

Practice head(s):

Jedd Wider; Stephen Tirrell

Other key lawyers:

Louis Singer; Courtney Nowell; Christopher Dlutowski; Joseph Zargari; Jerry Kehoe; Peter Phleger; Gregg Buksbaum; Carrie Rief; Jarrod Huffman; Daniel Losk; Brian Jacobson; Monica Chang; Ruoke Liu; John Cleaver


‘Exceptional project management and communication. They can be trusted to run workstreams without much guidance or direction, and get things done as a natural extension of the business. Commercial acumen always on point. Consistently available and very quick work turnaround despite multiple legal streams running in parallel. Absolutely zero excuses!’

Key clients

JP Morgan Asset Management

TIAA (Nuveen)

Credit Suisse


Morgan Stanley

California Public Employees’ Retirement System (CalPERS)

California State Teachers’ Retirement System (CalSTRS)

New York State Common Retirement Fund

New York City Retirement Systems

State Board of Administration of Florida

Teachers’ Retirement System of Texas

New York State Teachers’ Retirement System

Work highlights

  • Acted for a global alternative asset manager in more than 40 primary fund investments and 10 co-investments, as well as the formation of funds-of-one focused on infrastructure, co-investing, primary, and secondary transactions.
  • Represented a global asset manager and one of the five largest real estate investment managers globally, in the formation and operation of four sector-specific, open-ended private real estate funds with total capital commitments of more than $3bn.
  • Represented an investor in the alternative asset secondary market with more than $42bn in assets under management in secondary transactions involving more than 2,700 interests for an aggregate transaction volume of approximately $10bn.

Paul Hastings LLP

Paul Hastings LLP‘s prowess in the real estate sector makes the firm a go-to destination for real estate funds matters across the US and internationally. The team is adept at fund raising, fund launches and deployment of capital, acting for a range of sponsors and investors. The global private investment funds group also advises on a breadth of other fund types, a recent example being the advice to Prudential Global Investment Management on restructuring its flagship open-ended fund. Joshua Sternoff heads the department from the New York office and draws broad experience assisting with all aspects of fund formation and management. Alongside him, Ira Kustin and Max Rosenberg are further key contacts, while Yousuf Dhamee in Los Angeles represents investment advisers in structuring and distribution of private equity funds and customized investment products.

Practice head(s):

Josh Sternoff

Other key lawyers:

Yousuf Dhamee; Ira Kustin; Max Rosenberg


‘Very responsive, extremely knowledgeable, good market data.’

‘We recommend Ira Kustin.’

The team is unique in combining legal advice with business considerations. Adept at finding solutions to whatever problems arise.

Key clients

Apollo Capital Management

AEW Capital Management

Prudential Global Investment Management

Nuveen Asset Management/TIAA

Ford Motor Company

New York Life

AGL Credit Management

Fundamental Income Properties (Brookfield subsidiary)

Artemis Real Estate Partners

Primary Wave Music Publishing

Star Asia Group

Work highlights

  • Representing Prudential Global Investment Management in the restructuring of its flagship open-ended fund, which invests in mortgages and other loans secured by core real estate assets throughout the United States.
  • Advising Prospect Ridge on the successful launch of its first open-ended yield-focused real estate fund with the initial closing, and several closings thereafter, of over $600m in capital commitments.

Schulte Roth & Zabel LLP

Schulte Roth & Zabel LLP‘s New York-based ‘distinguished PE practice‘ is a strong choice for clients at any point in the life-cycle of a private equity fund. It particularly stands out in the growing areas of credit and special opportunity funds, where Joseph Smith has been a key lead partner on recent matters. Stephanie Breslow, who has led key recent deals for GoldenTree Asset Management, Black Diamond Capital Management and Pantera Capital, heads up the firm’s broader investment management group and is a key name for private equity funds work; and Phyllis Schwartz‘s fund formation practice stands out in the real estate sector especially. Heather Wyckoff is an up-and-coming partner to note in fund formation in various spaces.

Practice head(s):

Stephanie Breslow

Other key lawyers:

Joseph Smith; Heather Wyckoff; Phillis Schwartz


‘Schulte is an exceptional law firm and has a distinguished PE practice.’

Key clients

American Postal

Lumina Capital Management

Prime Group Holdings

Cerberus Capital Management, L.P.

Hemisfério Sul Investimentos

LCN Capital Partners, L.P.

GoldenTree Asset Management LP

Bardin Hill Investment Partners LP

Black Diamond Capital Management

Pagaya Technologies

Pantera Capital

IDR Investment Management, LLC

Westport Capital Partners LLC

Work highlights

  • Represented GoldenTree Asset Management LP on Distressed Fund IV — set up to invest in distressed credit, which raised $3 billion in its final closing.
  • Advised Prime Group Holdings on the formation and launch of Prime Storage Fund III and Prime Storage Fund In Kind Contribution Fund, LP.
  • Advised American Postal on American Postal Infrastructure Fund and an in-kind contribution vehicle known as Partner-Up.

Weil, Gotshal & Manges LLP

Based in New York, Weil, Gotshal & Manges LLP‘s private equity funds team is part of a global offering in the broader fund formation space. Spearheaded by Jonathon Soler, who draws on his experience of acting for private equity funds in the organization and operation of sponsor firms and their funds, the department is counsel of choice for large, well-established players, as well as emerging middle market names. Andrew Chizzik regularly assists both US and international funds with structuring and negotiating the terms of private investment funds of varying strategies. Stephanie Srulowitz is noted for counsel on interest sharing and other economic and governance issues, in addition to traditional fund matters.

Practice head(s):

Jonathon Soler

Other key lawyers:

Andrew Chizzik; Stephanie Srulowitz; Sarah Borden; Lana Castor

Key clients

22C Capital

Altamont Capital Partners

Altas Partners

Backcast Partners Management

Berkshire Partners

Brookfield Asset Management

Centre Partners Management

Cimarron Healthcare Capital

Cohesive Capital Partners

Crow Holdings Capital Partners

Genstar Capital

Graycliff Partners

Jadian Capital

JLL Partners

Kainos Capital

Lee Equity Partners

Lindsay Goldberg

Madryn Asset Management

Pacific Avenue Capital Partners

Quad Partners

Sixth Street Partners

Strattam Capital

Stripes Group


Tritium Partners

Trive Capital

WindRose Health Investors

Work highlights

  • Advised Brookfield Asset Management on the formation of its inaugural global transition fund, Brookfield Global Transition Fund, a $15bn fund dedicated to facilitating the global transition to a net-zero carbon economy.
  • Advised Berkshire Partners in its formation of Berkshire Fund X, L.P., a $6bn buyout fund focused on investments in middle-market companies.
  • Advised Brookfield Asset Management on its formation of Brookfield Real Estate Finance Fund VI L.P., a $4bn real estate debt fund.

Willkie Farr & Gallagher LLP

Clients of Willkie Farr & Gallagher LLP‘s private equity fund formation practice appreciate its ‘professionalism and thoughtfulness‘ acting on a variety of matters, including LP secondary transactions; GP-led transactions, tender offers and stake sales. The sizeable team has been increasingly active in high-profile fund formations for standout clients and is led by New York-based lawyers Phillip Isom, an experienced name across the US and global markets, and Lior Ohayon  a feted fund formation expert. Further key figures at the New York office include Arash Farhadieh, whose representative clients include Insight Partners, Zurich Alternative Asset Management and Wazee Street Capital; Laura Friedrich, who works on both sponsor and investor sides in fundraising for multibillion-dollar funds; and Larissa Marcellino, who joined from private practice in October 2022. The wider asset management department at the firm is represented across its US offices and in private equity funds, Los Angeles-based David Hong is a key name.

Practice head(s):

Phillip Isom; Lior Ohayon

Other key lawyers:

Arash Farhadieh; Laura Friedrich; Brian Greene; David Hong; Kevin Kim; John Knapke; Larissa Marcellino; Mark Proctor; Giovanni Smedley


‘People, professionalism, thoughtfulness and a focus on considering a comprehensive perspective on all matters.’

‘Mark Proctor has proven to be intelligent, effective, efficient and commercial. He has been a true partner to my firm in terms of protecting my interests but also helping advance the transaction to completion.’

Key clients

Alliance Consumer Growth, LLC

Apogen Asset Management

Astorg Partners

Banneker Partners

Blue Water Energy

Bridge Growth Partners

Credit Suisse Asset Management

Enlightened Hospitality Investments

Evergreen Residential Holdings

First Manhattan Co.

Flexis Capital

Full-In Partners

Gainline Capital Partners LP

GoldenTree Asset Management

Grant Avenue Capital

Harbor International Group

ICV Partners

Insight Partners

International Finance Corporation

LS Power Private Equity

Monarch Alternative Capital

Morgan Stanley

New York Life Insurance Co.

PAI Partners

Paramount Group

Pickering Energy Partners

PJT Capital Partners

Post Oak Energy Capital

Prosperity Asset Management

Redbrick LMD

The Related Companies

Related Fund Management

Sage Road Capital

Second Alpha Partners

Sound Point Capital

STORY3 Capital

The Capstreet Group, LLC

The Carlyle Group

Vantage Infrastructure

Warner Music Group

Wellington Asset Management

Zurich Alternative Asset Management

Clifford Chance

An array of notable domestic and international clients look to Clifford Chance for counsel on the structuring and formation of credit, real estate, infrastructure and secondaries funds, as well as on secondaries and GP stakes transactions. The department at the firm’s New York office is led by Michael Sabin, whose recent workload has included significant fund formation and raising, as well as transactions on their behalf. The department in New York coordinates closely with the firm’s global offices to act in international fund raises. In May 2022 the team was strengthened by the additions of Bill Sturman and Kelly Labritz from Covington & Burling LLP, and counsel Richard Kruger followed in June. Vadim Avdeychik from Paul Hastings LLP was a further hire in June 2022.

Practice head(s):

Michael Sabin

Other key lawyers:

Susan Burkhardt; Daniel Drabkin; Cliff Cone; Bill Sturman; Kelly Labritz; Jeff Berman; Carmen Wong; Richard Kruger

Key clients

Apollo Global Management


Blackstone Credit

Capital Dynamics AG

Credit Suisse Asset Management

DigitalBridge (formerly Colony Capital)

ICONIQ Capital

Jus Capital


Mercer Alternatives, Mercer Investments


Partners Group

PineBridge Investments

PPC Enterprises

OGCI Climate Investments

Oxford Finance

Schroders Capital

TCW Asset Management

Tikehau Capital North America

Work highlights

  • Advised Mercer on the formation, fundraise and final close of its $4.8bn Private Investment Partners VI (PIP VI) fund-of-funds.
  • Advising OGCI CI on its inaugural $1.5bn Decarbonization Fund focused on energy transition investments (including growth equity and infrastructure projects) in North America.

Cooley LLP

Advice on the gamut of matters regarding venture capital funds is the standout strength of the fund formation department at Cooley LLP. Practice head John Dado has ‘an invaluable depth of knowledge spanning decades in the venture fund industry‘ and acts for several of the largest venture capital funds in the country. John Clendenin is a key name alongside Dado at the firm’s Palo Alto office and has experience giving counsel to US and international investment funds. The practice is also represented in Boston, where Nicole Peppe acts for emerging and established investment firms on fund formation and operational matters; and in San Francisco, Jordan Silber and Eric Doherty are the contacts to note. Stacey Song joined the New York office from Fried, Frank, Harris, Shriver & Jacobson LLP in July 2022, adding regulatory expertise.

Practice head(s):

John Dado

Other key lawyers:

Shane Goudey; Nicole Peppe; Jordan Silber; John Clendenin; Eric Doherty; Aaron Velli; Rachel Goddard


‘Rachel Goddard and her team are exceptional in the availability and attention to what is best for our firm. They provide terrific, practical, firm focused feedback at all times, and then do a terrific job of listening to my views on business related issues. In a capacity constrained environment I know that I am extremely lucky to have Rachel and her team as core advisors for more than a decade.’

‘Total access, consistent focus on what is best for our firm, and an open mind to absorb feedback and consistency of team (Rachel Goddard has lead our engagement for 13 years, and has the individuals that work alongside her have been remarkably stable, which gives us a deep body of knowledge/pattern recognition with regard to our specific needs). I also really appreciate Rachel’s unyielding commitment to us as a client, despite the fact that she is overloaded and it would be logical to drop smaller clients (I have experienced this practice in the past with other firms). Loyalty is under appreciated, and Rachel has it in spades.’

‘John Dado has represented us for our entire 20 year history since formation. He has more institutional knowledge about our funds than probably anyone here and uses that to tailor his counsel to be practical and actionable based on our past customs and preferences. In addition, he has an invaluable depth of knowledge spanning decades in the venture fund industry, including specifically our peer firms and current and potential limited partners. He is also the most responsive senior partner I’ve worked with across any law firm in any practice.’

Key clients

Norwest Venture Partners

GGV Capital

Vision Ridge

QED Investors

Owl Ventures

Lightspeed China Partners

Amplify Partners

PeakSpan Capital

Obvious Ventures

Soma Capital


YL Ventures

Lightstone Ventures

HOF Capital

ACME Capital

Qiming Venture Partners

Bonfire Ventures



5AM Ventures

Industrial Growth Partners

Razor’s Edge

Blue Delta Capital Partners

Forerunner Ventures

Seven Seven Six

Work highlights

  • Advised Amplify Partners on the formation of two new funds – Amplify Partners V and Amplify Select V – with a combined $700m in capital.
  • Represented venture capital firm Redpoint Ventures on the closing of its ninth early-stage fund – Redpoint Ventures IX – with $650m in capital.
  • Advised Qiming Venture Partners on the closing of its oversubscribed Qiming Venture Partners Fund VIII with $2.5bn in committed capital.

DLA Piper LLP (US)

DLA Piper LLP (US)‘s sizeable cross-country practice in investment funds ‘possesses a wealth of structuring expertise‘ and ‘the right specialist knowledge on the LP side of private equity‘. The firm has a strong reputation for investor-side counsel in various respects, and on the sponsor side has developed its practice in recent years, with focus put on the real estate, energy and infrastructure spaces. The broad investment management and funds group is co-led by Jesse Criz and David Parrish, in Chicago and Austin respectively. The sponsor-side subgroup is helmed by Chicago’s Nathaniel Marrs, while Nicole Brennig in Austin oversees the investor-side group.

Practice head(s):

Jesse Criz; Nathaniel Marrs; David Parrish; Nicole Brennig

Other key lawyers:

John Reiss; Adam Tope; Ken Muller; Sara Stinnett; Allen Ashley; Richard Cardillo; Jeff Zanchelli; Kevin Nolan; Yoni Tuchman


‘Excellent and commercial with good LP insight.’

‘Great team – highly responsive, possesses a wealth of structuring expertise and relevant precedents.’

‘Very good and ethical partners that bring world-class transaction experience to the table, and who are willing to put their best foot forward to build a new relationship.’

‘The team has a comprehensive understanding of our business (that seems to grow more complex every year). They have grown into being a “true partner” in our business and not simply a service provider.’

‘DLA has the right specialist knowledge on the LP side of private equity as they act as advisors for a large amount of LP’s, so they know the market, terms and trends. They also have admin staff to help put with all supporting documents to be uploaded in connection with a commitment which is a huge help for the internal legal staff on the LP side.’

‘Allen Ashley is phenomenal. He has been a true asset to our firm over many years.’

‘The DLA team have a large private funds practice and the standard of documents they produce is always of a very high quality. It is clear that they work together well across offices and combine their know-how on funds and structures collectively. They are experts in their field. John Reiss in particular leads a strong team in the credit space.’

‘I have been extremely impressed by the connectedness of the DLA team’s global footprint and their ability to provide complex cross-border advice seamlessly. This multi-jurisdictional expertise sets them apart from their peers and has been invaluable for our global business.’

Key clients

Harrison Street Real Estate Capital, LLC

Bridge Investment Group Holdings

SER Capital Partners

Hull Street Energy, LLC

Longfellow Real Estate Partners

Hayfin Capital Management

National Development

Marcus Partners

FD Stonewater

Rimrock Capital Management

Los Angeles County Employees Retirement Association (LACERA)

Capital Constellation

Work highlights

  • Advised Hull Street Energy, LLC on the formation through final closing of its second institutional fund, Hull Street Energy Partners II, LP.
  • Represented Hayfin Capital Management in the formation of Hayfin Healthcare Opportunities Fund, Hayfin’s first commingled fund fully dedicated to its established Healthcare strategy.
  • Represented LACERA as co-lead in AKKR GP-led secondary.

K&L Gates

As part of a robust offering across financial services, K&L Gates acts for some of the best-known fund sponsors and investment management firms in the market. Its strength in regulatory matters is a differentiator with the majority of the team’s key partners being adept in this aspect of the work. Recent years have also seen the firm further its fund raising counsel and in 2022 it was kept busy with a more diverse range of sources sought for funding from clients, particularly dealing with HNWIs and family investors. Sasha Burstein has experience assisting funds with structuring, as well as internal organization, registration and operation, and ongoing corporate governance matters. She is based in San Francisco, while on the east coast, New York-based Edward Dartley advises the range of private equity clients, from large institutional managers, to emerging and middle-market names. In Austin, Robert McCarthy has experience implementing complex investment structures for private equity and real estate funds.

Other key lawyers:

Sasha Burstein; Edward Dartley; Robert McCarthy

Key clients

Gatewood Capital Partners

Apis & Heritage Capital Management

Linchris Capital Management

RevolverCap Partners

Presidio Investors

Terramont Infrastructure Partners

Goal Investment Management

Aegon Asset Management US

Stafford Capital Partners

Work highlights

  • Acting for Gatewood Capital Partners on seed and sponsorship-level investments in emerging investment managers pursuing a wide range of private equity investments strategies.
  • Represented Apis & Heritage Capital Management on the launch of an innovative fund that finances the sale of PoC-owned companies to their employees through an ‘employee-led buyout’ structure.
  • Advising Linchris Capital Management on the launch of its third real estate fund.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP‘s longstanding cross-country offering in investment funds is adept at assisting with complex cross-border matters, and has standout expertise in the technology and finance sectors, wherein it acts for a host of venture capital funds. Its work in that area is particularly focused on forming early-stage funds, which is a strength of San Francisco-based department head Dolph Hellman. On the private equity side, the team is engaged in complex structuring and heavily negotiated issues. Mary Wallace‘s practice in Washington DC focuses on representing institutional investors in closed ended funds and funds-of one, as well as co-investments in transactions involving combinations of debt and equity. New York’s Perry Teicher is noted for his expertise in impact finance, and Kenneth Rasamny strengthened the investment management experience at Orange County, joining from Dechert LLP in October 2022. Former co-head of the practice Quinn Moss retired in 2022.

Practice head(s):

Dolph Hellman

Other key lawyers:

Mary Wallace; Perry Teicher; Ken Rasamny; Andrew Vogeler

Key clients

New York State Common Retirement Fund (NYSCRF)


Oregon Public Employees Retirement Fund (OPERF)

Washington State Investment Board (WSIB)

San Francisco City and County Employee’s Retirement System (SFERS)

Dechert LLP

A wide range of middle-market private equity fund and credit fund sponsors look to Dechert LLP for fund formation, advice on operational issues and for transactional matters. Debit and credit funds are a particularly strong area for the team that is represented across the country; led by New York-based Omoz Osayimwese, who is well-versed in advising renowned sponsors. Tricia Lee in Austin is valued by clients as ‘careful and thoughtful in her drafting‘ and ‘knows the private equity business from all sides‘, and is adept at advising on funds with values above $5bn. Veteran Carl de Brito has a longstanding practice in New York, while on the west coast, Timothy Spangler is a key contact, particularly for fund formation in the fintech space.

Practice head(s):

Omoz Osayimwese

Other key lawyers:

Tricia Lee; Carl de Brito; Timothy Spangler; Sonia Gioseffi; Lindsay Trapp; Nadeea Zakaria


‘Dechert’s private equity team is top notch. From the lead partner to her associates, they are knowledgeable, attentive, efficient and very responsive.’

‘Tricia Lee has an extensive back ground not only in fund formation but also in M&A and knows the private equity business from all sides. She pays close attention to every part of the transaction, provides strong advice and is always accessible.’

‘Nadeea Zakaria, who recently made partner, is also very knowledgeable and an extremely hard worker. Several younger associates that we have worked with have also been very good working with our investors in a very professional manner.’

‘The team we work with helps to develop creative, practical solutions and is extremely responsive.’

‘Tricia Lee is one of the best lawyers I’ve worked with. She is careful and thoughtful in her drafting and is an excellent negotiator.’

Key clients


MiddleGround Capital

Performance Equity Management (PEM)

Work highlights

  • Advised MiddleGround on the formation of a private equity buyout fund targeting middle-market industrial companies in North America.

Linklaters LLP

Linklaters LLP has a strong focus on private equity funds, as part of the firm’s substantial global practice across investment funds. The department assists both sponsor and investor parties with structuring, formation, taxation and regulation issues. The ‘knowledgeable, efficient and responsiveJason Behrens has vast experience with various fund types, including private equity, real estate, credit, venture capital, and secondaries. He co-leads the group with David Miller, whose practice is focused on representing asset managers and institutional investors in investments in managed accounts, funds of one and comingled private investment funds. Brad Caswell is the name to note when it comes to regulatory issues, while at counsel level, Mike Dankis‘s practice includes advising investment managers on spin-offs and transfers of management contacts as well as investors on the purchase of minority stakes in fund managers.

Practice head(s):

Jason Behrens; David Miller

Other key lawyers:

Brad Caswell; Mike Dankis


‘Jason Behrens is extremely knowledgeable, efficient and responsive.’

‘The team has a wide range of experience in a number of different industries and geographies, which is helpful for a multi-jurisdictional transactions and investments. The group is responsive and pro-active in their approach, and from an external perspective the team appears collaborative and engaging. There is also a recognition from a billing perspective to avoid over-staffing on projects, calls and meetings.’

‘It is particularly helpful that individual teams members that we work with recognize where their skills begin and end, and they do not try to usurp the engagement where they cannot assist or where they recognize that others within their practice are better suited.’

Key clients

Aermont Capital LLP – Aermont Capital Real Estate Fund V SLP

Work highlights

  • Advising Aermont on the establishment of its fifth opportunistic real estate fund targeting investments within European markets – Aermont Capital Real Estate Fund V SLP.

Mayer Brown

Particularly well-known for its  real estate, insurance and credit fund experience, the private equity fund practice group at Mayer Brown routinely assists sponsor, adviser and investor clients with issues relating to a broad spectrum of fund types. The team has representation across the country, furthered by the addition of Jim Kelly from Dorsey & Whitney LLP to the Salt Lake City office in June 2022. Two lawyers jointly spearhead the practice: Wendy Dodson Gallegos in Chicago, who is well-versed in acting for fund sponsors and investment managers, with a strong client base in the real estate sector; and Timothy Clark, a New York-based partner with extensive experience in the investment funds industry. Tram Nguyen is a key contact at the Washington DC office with broad funds expertise in fund raising and regulatory matters.

Practice head(s):

Wendy Dodson Gallegos; Timothy Clark

Other key lawyers:

Tram Nguyen; Frank Falbo; Brian May; Jim Kelly

Key clients

Clarion Partners, LLC

Heitman LLC

Invesco Advisers, Inc.

LaSalle Investment Management, Inc.

Unico Investment Group LLC

TA Realty LLC

PennantPark Investment Advisers, LLP

AP6 Sixth Swedish National Pension Fund


Kythera Capital

Crescent Capital


High Rise Capital


Work highlights

  • Advising LEM Capital on structuring, tax, ERISA and regulatory issues in connection with the formation, financing and capital raising for LEM Multifamily Fund VI.
  • Represented Atwater as the sponsor in the formation of a $750 million venture capital fund.

Seward & Kissel LLP

Seward & Kissel LLP has great experience in representing clients in private equity fund matters, staying across the spectrum of legal and regulatory requirements applicable to funds, as well as to investment advisers, an increasingly in-demand area as the SEC roll out new guidelines. A further recent growth area for the firm’s broader funds practice has been in advising fund sponsors seeking to raise capital for public/private funds, thereby combining the strengths of the private equity practitioners and experts in hedge and alternative funds. Joseph Morrissey‘s clients include some of the most recognizable private equity firms, along with market fund sponsors. Christopher Riccardi draws on extensive experience in the broader investment funds market, and a further key name to note is private equity and private debt expert Kevin Neubauer. Debra Franzese has rapidly become a go-to figure in the market for a host of the firm’s high-profile funds, while at the associate level, Noelle Indelicato supports across the range of matter types. All named lawyers are based in New York.

Other key lawyers:

Joseph Morrisey; Christopher Riccardi; Kevin Neubauer; Debra Franzese; Noelle Indelicato


‘Broad scope of the business so there is always an expert to pull from. Strong expertise in alternative funds.’

‘Knowledgeable team. Great at understanding our business and our goal for the fund launch or transaction and applying it to the legal doc. They are focused on defending our terms but simultaneously making sure the deal isn’t put at risk as we look to build a partnership with each investment.’

Seyfarth Shaw LLP

Institutional investors are key clients for Seyfarth Shaw LLP, with the firm acting for governmental pension plans, corporate and multi-employer plans, university endowments and family offices. The ‘deep, broad, and pragmatic‘ team is co-led by the ‘unflappableRobert Bodansky in Washington DC and Atlanta-based tax and investment expert Steven Richman. In April 2022 the firm strengthened its client base of US retirement funds with the hire of Michael Jordan and Evan Sarosi to its Chicago office from Ice Miller, both praised by one client as ‘excellent at communicating with both the client and counterparty counsel‘. ‘Fast-paced and thorough‘ associate Trevor Tullius is a further name to note, supporting the partners from the Washington DC office.

Practice head(s):

Robert Bodansky; Steven Richman; Patricia Poglinco; Robert Van Grover

Other key lawyers:

Michael Jordan; Evan Sarosi; Trevor Tullius; Gordon Peery


‘The team is deep, broad, and pragmatic, assisted by helpful technology.’

‘Robert Bodansky is an unflappable lawyer and leader of the investment management team.’

‘The firm is nimble and able to get up to speed very quickly. They treat clients with the level of interaction the client decides. They understand current and novel issues and do not bring in additional counsel unless necessary. For our work with them, that’s very important. The team that we work with is all white males, but they are very inclusive from discussions we have shared. Most of the other law firms we work with also have mostly or all male teams who work in our area. Something that really sets them apart from other firms is the respect colleagues have for each other. The junior lawyer, on the team we work with, frequently shares his opinion (even if differing) in meetings with senior partners. This dynamic is wonderful, efficient, and I find very refreshing.’

‘The two I’ve worked most with are Robert Bodansky and Trevor Tullius. Trevor is fast-paced and thorough. He is good at keeping discussions focused on pertinent points. He’s kind and deliberate and skilled at delivering bad news to opposing counsel. I respect the way he speaks up, even when a senior partner is present. And even if his opinion or ideas are different. Robert is a calm spoken, unshakeable force that works very effectively for the type of work we do. Opposing counsel may get furious during a discussion, but Robert doesn’t crack or show any emotion. He’s respectful, but consistent and steady. He’s great with client relations, but not in a fake way. He also impresses me with how he talks up other teammates. Finally, Robert allows, or even encourages junior colleagues to speak up in front of the client and that is great in my opinion.’

‘Seyfarth Shaw created a buy-side/limited partner-focused investment practice by hiring Michael Jordan and Evan Sarosi from Ice Miller. Seyfarth has empowered the team to continue its excellent practice. I consider them the best in the industry at what they do. Again, the team is small. They do not over-produce deliverables. As an example, most law firms are able to use associates for contract reviews by having them fill out a standard, gigantic excel template and ten deliver it to the client, along with many hours billed. Seyfarth has more senior attorneys spending far less time doing that, and delivering a more efficient review work product. If I could use them for every item we have, I would.’

‘Seyfarth attorneys Michael Jordan and Evan Sarosi both stand out. They are excellent at communicating with both the client and counterparty counsel. When reviewing documents, they are very detail-oriented but excel at identifying materials items and more efficient with timing. More than any other firm we have ever worked with they function as a seamless part of our team, they already know what want, how to adjust communication on our behalf, in what format we would prefer deliverables. It makes for a pleasant, fast, and high-quality legal process.’

Winston & Strawn LLP

Winston & Strawn LLP‘s ‘highly knowledgeable and accessible‘ practice is well-regarded for its advice on fund formation, covering an array of strategies, from venture capital and growth funds, to buyout funds, private credit, aviation and real estate. The team is also adept at advising institutional investors on their investments in private investment funds, secondary transactions, and co-investments. Sponsor separations and breakups, defaulting limited partners, fund restructurings and liquidity solutions are among the other expertise of the diverse practice group. Meg Frey leads the team from Chicago, with Megan Devaney and Brad Mandel further key contacts there. Scott Naidech and Beth Kramer represent the practice area in New York.

Practice head(s):

Meg Frey

Other key lawyers:

Scott Naidech; Megan Devaney; Brad Mandel; Beth Kramer


‘Very high level of substantive knowledge. Teams sees many transactions and is able to compare and contrast experiences from other deals in a very helpful manner.’

‘Scott Naidech is excellent in every respect, a true leader in the field.’

‘The team at Winston & Strawn are highly knowledgeable and accessible. As a small firm, and in a time where rules continue to change, it has been especially helpful to work with a law firm that is able to help us navigate the ever evolving landscape. We work with Winston across a host of categories, including fund formation and management, managing credit agreements, corporate firm matters, compliance and strategic planning, to name a few…’

‘Scott Naidech is our highest touch day-to-day point of contact. He is extremely responsive and available as we work through a host of items as a new firm. He is incredibly well informed when it comes to structural and regulatory considerations and facile in helping us to navigate these matters, efficiently and on budget.’

Key clients

57 Stars LLC

ACON Investments

Adams Street Partners

AON Corporation


Corrum Capital Management LLC

Grosvenor Capital Management, LP

HarbourVest Partners

Invenergy, LLC

Lafayette Square

Larrain Vial Activos S.A. Administradora

Moelis Asset Management LP

NOVA Infrastructure, LLC

Origami Capital Partners

Paceline Equity Partners, LP

RCP Advisors, LLC

Southern Cross Group

StepStone Group LP

U.S. Realty Advisors, LLC

Volery Capital Management, LLC

Work highlights

  • Advised private equity firm ACON Investments on the closing of ACON Strategic Partners II, a single-asset continuation fund of approximately $700m.
  • Represented NOVA Infrastructure in the formation of NOVA Infrastructure Fund I, LP, and its parallel funds.
  • Represented Invenergy and Energize in the formation of Energize Ventures Fund II LP.

Curtis, Mallet-Prevost, Colt & Mosle LLP

The focused practice group at Curtis, Mallet-Prevost, Colt & Mosle LLP has ‘significant experience in dealing with a multitude of jurisdictions‘ and acts in the range of investment fund matters for financial institutions, investment managers, institutional investors, and family offices. Sovereign wealth funds are a significant niche ,Shaun Reader being a notable contact, along with Carl Ruggiero, who oversees the department and takes the lead on the gamut of matters. Randy DeSmyter is another key name, appreciated by clients for his ‘great practical experience and disposition to brainstorm and collaborate‘.

Practice head(s):

Carl Ruggiero

Other key lawyers:

Randy DeSmyter; Shaun Reader


‘Team with great experience, very pragmatical approach to drafting new contracts but leveraging on our previous documentation and exceptional warmth and availability’

‘Randy DeSmyter, great practical experience and disposition to brainstorm and collaborate. Always available and with very expedite turnarounds. Master skills negotiating and making feel everyone heard and comfortable.’

‘The firm has a very diverse practice with large numbers of foreign clients who have brought varying different potential structures and issues to the firm. The group therefore has significant experience in dealing with a multitude of jurisdictions and issues affecting investors and sponsors from all over the world.’

‘This practice group is not large personnel wise so you are assured of getting significant attention from partners Carl Ruggiero, Shaun Reader and Randy DeSmyter. They are enormously dedicated to their craft.’

Key clients

Acumen LatAm Impact Ventures

Blue Opal Capital

Brevet Capital Management

CrowdStreet Advisors

HBM Partners

Livingston Securities


United Gulf Bank

Work highlights

  • Advised Brevet on all aspects of offering and operating existing funds, including new offerings of $200m.
  • Advised CrowdStreet on the formation, registration, launch and governance of a private equity fund registered under the Investment Company Act and the formation of several unregistered private equity funds, including several formed to invest in opportunity zone properties.
  • Advised Blue Opal Capital on all aspects of its business, including the launch in 2022 of six special purpose venture funds.

Hogan Lovells US LLP

Hogan Lovells US LLP fields a practice in investment funds that is ‘at the vanguard of the latest trends and techniques in the fund space‘ and leverages its cross-country presence and the international footprint of the firm in acting for a longstanding client base. A particularly strong area for the team is its work for Small Business Investment Company (SBIC) licensees and applicants, as well as counsel to investors in those businesses. The team also has a strong secondaries practice, where Northern Virginia-based Adam Brown is the main contact. David Winter coordinates the overall practice group and regularly advises sponsors of, and institutional investors in, private investment funds and their portfolio companies. He is based in Washington DC alongside Bryan Ricapito, with Parikshit Dasgupta a key name to note in New York.

Practice head(s):

David Winter

Other key lawyers:

Bryan Ricapito; Parikshit Dasgupta; Adam Brown; Madelyn Healy; Myles DePass; Matthew Bakios


‘The funds team, particularly, Bryan Ricapito and his team, are at the vanguard of the latest trends and techniques in the fund space. They are able to explain complex issues in an easy to understand manner and convey the connection of current day decisions to potential future events.’

‘We find the team to be very proactive and bring issues to us for consideration vs. finding out what the latest trends and techniques from news letters and conferences.’

‘Very hands on team approach. Very fast turn around on question, documents and or advice.’

‘Extremely thoughtful and insightful about all the particulars that will affect the client today, tomorrow and the future. They are looking to help build a strong legal foundation for us and clearly let us know any considerations we need to be aware of.’

Jones Day

Jones Day advises fund sponsors and investors on all matters related to fund formation operations, often acting in matters with aspects that cover various jurisdictions. The team is primarily based in Chicago, where Michael Earley and Robert Lee co-lead the national practice group; Earley well-versed in forming and structuring private investment funds, co-investments, secondary transactions, fund restructurings and internal governance for fund sponsors; Lee focusing on real estate funds. Alongside them, Jessica Panza assists firms through the full fund life-cycle. In New York, Thomas Devaney has a track record in forming private funds and negotiating sophisticated seed and anchor investor arrangements.

Practice head(s):

Michael Earley; Robert Lee

Other key lawyers:

Thomas Devaney; Trisha Mowbray; Jessica Panza; Anna Moscioni; Jessica Thwing

Key clients

J.F. Lehman & Company

Massachusetts Mutual Life Insurance Company

Cube Infrastructure Managers

Tikehau Capital

Pantheon Ventures (UK) LLP

The Riverside Company

Morgenthaler Private Equity

Creative Wealth Management

Prophet Capital Asset Management

Adams Street Partners

Sky Island Capital LP

Concord Health Partners

Hirtle Callaghan & Co.

King & Spalding LLP

King & Spalding LLP stands out for its comprehensive offering in the real estate fund space, acting for a host of private fund sponsors in the formation of investment vehicles. The team also acts in a range of other private equity fund matters and is the counsel of choice for a number of sponsors, funds and investors across the US. Kathryn Furman at the firm’s Atlanta office is the leader of the fund formation practice as a whole and leads on the range of matters in fund formation, negotiation, and secondary transactions. John Wilson , Jennifer Morgan and Doug Elsbeck are among the names to note in New York.

Practice head(s):

Kathryn Furman

Other key lawyers:

John Wilson; Spencer Johnson; Jennifer Morgan; Doug Elsbeck

Key clients

Greystar Real Estate Partners

Prologis, Inc.

Cortland Partners

Ventas, Inc.

Black Creek Industrial


Asana Partners

Axium Infrastructure

Lion Industrial Trust

Clarion Partners


TTV Capital, LLC

Dream Asset Management Corporation

Griffin Partners Investment Management, LLC

Lowenstein Sandler LLP

Venture capital funds are one of the strengths of Lowenstein Sandler LLP, with practice co-head Marie DeFalco recommended by one client as ‘one of the leading venture capital lawyers in the US‘. In that area, the department represents managers at all stages, from the launch of first-time start-up funds, to large successor funds, venture funds-of-funds and secondary funds. The firm also acts in private equity fund matters and is well-regarded for its cross-border work, particularly involving European jurisdictions. Leading the practice with DeFalco are Robert Minion and Elaine Hughes, with  Ted Randolph and Bryan Reyhani, who arrived in October 2022 from an in-house position, being further names to note. Peter Greene departed the firm in March 2022.

Practice head(s):

Robert Minion; Marie DeFalco; Elaine Hughes

Other key lawyers:

Ted Randolph; Bryan Reyhani; Scott Moss


‘High skilled, experienced and responsive team.’

‘Marie de Falco is one of the leading venture capital lawyers in the US.’

‘We work with Lowenstein where we need US input on funds which we are establishing in the UK/Europe. We find the funds team at Lowenstein user friendly and responsive. They understand the needs of our clients and focus their advice accordingly.’

Key clients

Avid Ventures II

Cerity Partners

6th Man Ventures

Work highlights

  • Represented Avid Ventures, an investor for early-stage technology companies, in the launch of its second early-stage venture fund, which closed in 2022 on $100m.
  • Advised independent wealth management firm Cerity Partners on its multifaceted recapitalization.
  • Represented 6th Man Ventures in the launch of its $145m fund, focused on early-stage crypto investments.

McDermott Will & Emery LLP

The team at McDermott Will & Emery LLP was twice strengthened in 2022, first with the hire of Prem Amarnani from Skadden, Arps, Slate, Meagher & Flom LLP and then Luc Jansen from Kirkland & Ellis LLP in May 2022. They join a practice spearheaded by Ian Schwartz, who receives client praise for his ‘sophistication when dealing and negotiating with LPs from different jurisdictions‘. The group acts for an array of institutional, boutique and first-time sponsors, with a substantial mid-market client base that David Nestler has been instrumental in growing. ‘Excellent advisorErica Moscarello is across fund formation and operation, as well as regulatory matters.

Practice head(s):

Ian Schwartz


‘The McDermott funds formation team is by far the best I have worked with in the space. They are extremely knowledgeable of all the latest fund structures, types of funds, market terms and investor feedback on specific business terms. The McDermott team is very commercial and always quick to respond to our needs and deadlines. In addition, they are terrific in negotiating side letters with the most sophisticated LP’s across the world.’

‘Ian Schwartz leads this team at McDermott and always knows exactly what’s happening in our fund raising process at any time. He manages the team very well and efficiently and I can get him on the phone in a moment’s notice. His level of sophistication when dealing and negotiating with LP’s from different jurisdictions is quite impressive.’

‘We receive high level attention. As an emerging PE firm, we have appreciated the time and attention at the partner level.’

‘Erica Moscarello has been an excellent advisor. She has delivered high quality fund formation documents.’

‘The team is technically strong and very responsive. I would note particular expertise in complex structures.’

‘Ian Schwartz is a seasoned fund formation specialist with deep knowledge in complex structures and a creative approach.’

‘They’re ability to understand issues based on their level of experience. The suggestions received have always saved my company time and money in the long run.’

‘David Nestler has steered us in the right direction every single time we’ve worked with him. He has the ability to make very complex matters understandable. Where most attorneys may want to explain simple things for hours over the phone to clients, David is receptive and is able to distill down the most important pieces of a deal. His years of experience and his generally positive demeanor make him one of the only lawyers we seek out for fund matters.’

Key clients

H.I.G. Capital (including affiliates H.I.G. Realty and H.I.G. WhiteHorse)

Boyne Capital

Martis Capital

Lorient Capital

iCapital Network

Great Point Partners

WestCap Management

L2 Capital

Speyside Equity Advisors

S3 Capital

Multicoin Capital

Twin Bridge Capital

Work highlights

  • Represented H.I.G. Capital as investment counsel in the formation of and fundraising for H.I.G. Realty Partners IV, a real estate fund that closed with aggregate capital commitments of $838m.
  • Acted for H.I.G. Capital in the formation of and fundraising for H.I.G. Europe Middle Market LBO Fund, a middle market private equity/LBO fund that closed on capital commitments of €2bn.
  • Represented Multicoin Capital in the formation of Venture Fund III, which closed with capital commitments of $430m.

Sullivan & Worcester LLP

The Boston-based team at Sullivan & Worcester LLP covers both the sponsor and investor side, with a notable strength in real estate funds. ‘Incredibly responsive, good negotiatorJohn Hunt co-leads the department with Nicole Rives, who draws on deep experience advising in the private equity space, and Lewis Segall, the director of the firm’s broader corporate law department. William Hanson heads the secondaries practice and has broad experience advising investment managers in alternative asset classes, with an emphasis on agricultural investing.

Practice head(s):

Nicole Rives; Lewis Segall; John Hunt

Other key lawyers:

Susan Barnard; William Hanson; Emily Goldschmidt


‘Sullivan has a great depth of team in the practice areas that we utilize and the cross reference between the various practice areas (i.e. private equity, real estate, tax, compliance) is great.’

‘John Hunt is our primary partner contact within the private equity space. He is incredibly responsive, knowledgeable about market terms and a good negotiator.’

‘Extremely client focused in a way that distinguishes Sullivan & Worcester from other law firms. The whole team is very responsive and focused on finding practical solutions to issues.’

Key clients

HLM Venture Partners

Impact Analytics Inc.

Soli Solutions Inc.

Liteboxer Technologies, Inc.

Agilitas Energy

Work highlights

  • Represented Soli Solutions in founder issues and SAFE and convertible note financings.
  • Advised Agilitas Energy on a $350m complex investment by Carval, a large investment fund, to facilitate solar and battery storage projects.
  • Represented Impact Analytics in its $5.5m growth financing round led by Argentum Capital Partners.

Vedder Price

Vedder Price‘s private fund formation practice is ‘dedicated to getting projects completed as efficiently as commercially possible‘, with its team drawing on diverse experience to advise private equity and venture capital funds, funds focused on aviation, maritime, railcar and other real assets, and real estate funds. Joseph Mannon at the Chicago office is the main contact and leads an array of matters for private equity, venture and real asset funds. Robert Crea in San Francisco is the name to note on the West Coast and his broad caseload includes representing pension plans and other institutional investors targeting PE and VC funds.

Practice head(s):

Joseph Mannon

Other key lawyers:

Robert Crea; Cody Vitello; Jeff VonDruska; David Soden; Adam Goldman


‘The Vedder team is very knowledgeable and provides practical legal advice. They are responsive and assist in coordinating with experts (e.g., tax, ERISA, etc.).’

‘They are responsive and their prices are competitive.’

‘Vedder offers foremost talent for creative and innovative fund structures tailored to meet the client’s investment objectives.’

‘The Vedder team is dedicated to getting projects completed as efficiently as commercially possible without losing an emphasis on delivering excellent services.’

Key clients

Aero Capital Solutions

ArrowMark Partners

Configure Capital

Evanston Capital Management

Hark Capital

Origin Investments

Kairos Living

RCP Advisors

SKY Leasing

Work highlights

  • Assisted Sky Leasing with launching the second vintage of a new private equity-style aviation fund.
  • Assisting ArrowMark Partners with private fund formation for multiple investment vehicles and strategies.
  • Acted for RCP Advisors in drafting all US documents relating to the launch of RCP Fund XVII, LP and served as local counsel in the United States to RCP Fund XVII Cayman Feeder, LP and RCP Fund XVII EU Feeder, SCSp.