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Private equity funds (including venture capital) in United States

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP handles a wide range of work for both private equity firms and financial institutions, with a client list that includes BlackRock and Bain Capital on the sponsor side, and Goldman Sachs and Morgan Stanley on the institutional front. A key area of recent work for the firm is in the field of opportunistic funds, particularly following the disruption to the economy caused by Covid-19, with Goldman Sachs recently engaging the firm in relation to its West Street Strategic Solutions I, a global opportunistic fund targeting $14bn in commitments. Secondaries work is another key area of the firm's offering, where recent high-value work included the formation of StepStone Secondary Opportunities Fund IV, which closed at $2.1bn and is StepStone’s flagship secondaries fund. Kenneth Rosh leads the funds group, and is highly active in fund formation and secondaries work. Other key figures within the team include Lawrence Barshay, who is recommended for hybrid fund work and matters which deal with less traditional fund structures. Contacts in Washington DC include Rebecca Zelenka, who frequently handles complex fund formation matters and recently advised HPS in connection with its $11bn mezzanine fund; and Richard Ansbacher, who deals with a wide range of fund formation matters including Euro funds. Jeremy Berry is one to watch at the junior partner level, with a practice that covers both sponsor and investor-side issues. All lawyers are based in New York unless otherwise stated.

Practice head(s):

Kenneth Rosh; Lawrence Barshay

Other key lawyers:

Lawrence Barshay; Rebecca Zelenka; Richard Ansbacher; Jeremy Berry

Testimonials

‘The Fried Frank team is outstanding in all facets of private fund representation. We have worked with them on raising closed-end funds and co-investment vehicles and have consulted them on matters relating to our hedge funds.’

‘Jeremy Berry is one of the best fund lawyers we have worked with and his associate team is extremely strong as well. They have tremendous experience but most importantly they are able to use that experience to come up with creative solutions to thorny issues.’

Key clients

Apollo Global Management (Credit & Real Estate)

Bain Capital and Bain Capital Credit

BentallGreenOak

BlackRock

Brookfield Asset Management

Exeter Property Group

Fortress Investment Group

Goldman Sachs

HPS Investment Partners

King Street Capital

MetLife Investment Management

Morgan Stanley

MSD Capital

Neuberger Berman and Dyal Capital Partners (a division of NB)

Permira and Permira Debt Managers

PIMCO

Prospect Ridge Advisors

Redbird Capital Partners

Sixth Street Partners

Square Mile Credit Partners

StepStone Group

Work highlights

  • Counsel to Goldman Sachs in connection with the formation of West Street Strategic Solutions I, a global opportunistic fund sponsored by GS MBD with an “all seasons” strategy to invest in risk-adjusted assets (primarily debt instruments) across a wide spectrum of opportunistic financings, complex financings, liquidity and rescue financings, debtor-in-possession and exit facilities, asset dispositions, alternatives to private equity, irrespective of the market environment. The fund targets high-quality companies facing liquidity and capital structure challenges due to business disruption such as Covid-19.
  • Counsel to Permira in connection with the formation of Permira VII, its latest and seventh buyout fund that closed upon reaching its hard cap of €11bn.
  • Counsel to HPS Investment Partners in connection with the formation of Mezzanine Partners 2019 Fund, HPS’ latest flagship mezzanine fund which raised $11bn in total amount of investable capital, including approximately $9bn in equity commitments, exceeding the fund’s initial target.

Kirkland & Ellis LLP

Kirkland & Ellis LLP remains one of the most prominent names in private equity fund formation, advising a stable of clients that includes some of the industry's largest players, such as Thoma Bravo, KKR, and GTCR among others. The firm is particularly notable for its large global footprint and experience in cross-border matters, a recent example of which was Erica Berthou's advice to Antin Infrastructure Partners on its fourth fund, which is a Euro fund that is looking to focus on the US market; it recently reached its €6.5bn hard cap. The practice is led by John O’Neil, who is particularly recommended for complex operational issues such as investor defaults and spin-outs, as well as high-pressure crisis situations, having been a founding member of the firm's funds crisis management group. Andrew Wright is a key figure for high-value fund formations, and Nicole Washington is also building a strong profile in this area, having recently advised KKR on the formation of its first open-end private equity vehicle. Katrina Rowe remains one to watch, handling a wide range of operational matters. Notable figures from the Chicago office include the highly-experienced Bruce Ettelson, and Katie St. Peters, who advises on fund formation as well as operational issues.

Practice head(s):

John O’Neil

Other key lawyers:

Erica Berthou; Andrew Wright; Nicole Washington; Katrina Rowe; Bruce Ettelson; Katie St. Peters

Testimonials

‘The team is absolutely great. Extremely proactive and responsive. Very knowledgeable. Always finds pragmatic solutions. The team always exceeds expectations.’

‘Andrew Wright is the best lawyer I ever worked with. He is extremely efficient, proactive, responsive and knowledgeable. Above all he is always in a good mood, with a nice sense of humour and very nice to work with. He heads a great team of lawyers who always delivers very good quality work and meets the deadlines.’

‘Erica Berthou is high energy, knows her stuff, reliable, good sense of judgment, pragmatic and very easy to deal with.’

‘KE has the broadest and deepest fund practice and client base of any firm in the world. They are able to provide bespoke advice and solutions grounded in an unparalleled amount of market data and experience in a very dynamic and proprietary market place. The funds group specifically works with us, and surely their other clients, across their entire business from fund formation to key transactions to internal governance to best practice investor relations to ensure our GP is seamlessly maximizing value, reputation and partner relationships.’

‘John O’Neil knows our founding team, our culture and strategic ambitions better than anyone and utilizes the full force of the KE platform to help us achieve those goals.’

‘Kelly Ryan has a breadth of experience across the entire real estate funds market place and adjacent considerations (founder considerations, strategic goals, GP governance etc. ) that cannot be compared to any other industry expert including other attorneys, bankers, placement agents or consultants. The trust his clients place in him, allow him to have the depth of knowledge and relationship that no one else has.’

‘Brett Saltzman is a tremendously innovative and creative funds attorney that can design an elegant solution to almost any LP or GP request or requirement.’

‘Peter Connelly is also tremendously innovative and creative across all aspects of fund formation and particularly GP and partnership formation.’

‘The Kirkland Team is the most impressive and has the most depth and reach of any law firm in the world.’

Every firm has leading lawyers. But K&E has the highest concentration of leading Funds lawyers, like Sean Hill in Boston.

Sean is a true partner. Sean is a great partner to his partners. Sean is a great partner to the clients. Sean is 24×7, will do anything for the client, and truly advocate. Sean will put the client’s best interests over his own personal interests. Sean is honest, real, and loyal to a T.

‘K&E has an industry leader PE funds practice. They not only have a material share of the market, but they have a tremendously deep bench of lawyers to assist clients in this space. They have excellent Partner engagement on matters and provide a very high level of client service.’

‘Jai Agrawal and Rob Blaustein are both first-rate lawyers and I’d highly recommend them. Jai is very bright and experienced, and he has a very calm and relaxed manner. This is particularly helpful in handling important negotiations, where emotions can run high. It seems like there is very little that he hasn’t seen, and his experience is very valuable. He and Rob are both available as needed, whether that be on weekends or weeknights. They are both very thoughtful and excellent at drafting documents.’

‘Great team across the board. Thought leaders in the industry and best in class sense of market changes and evolution. Responsive and tireless work ethic.’

‘John Muno – Terrific leader, amazing market knowledge and encyclopedia like understanding of all aspects on fund legal issues.’

Kevin Wessel – Great up and coming professional. Outstanding legal skills, tireless work ethic, and works well across the table.

‘For depth, breadth and firepower, K&E is nonpareil in the fund space. Assuming budget is not an issue, they have a tool for every problem.’

‘Ability to execute and find solutions. Commercial and fun to work with.’

‘Kirkland & Ellis practically invented this area of the law and now has more years of experience, a larger team of experts and greater geographic coverage than other firms.’

‘Unusually extensive experience and commitment to General Partner representation almost solely. John Muno (Chicago office) and Katie St. Peters (Chicago office) are standouts.’

‘Excellent lawyers, commercial in thinking and deal oriented. They get the deal done efficiently and responsively. They have a huge market share of PE sponsors so they are very experienced.’

‘David Sherman – Extremely smart, commercial and a quick thinker – he operates on a whole different level. He is a joy to work with. Paul Watt – An excellent lawyer and trusted advisor.’

Key clients

Thoma Bravo LLC

KKR

Antin Infrastructure Partners

GTCR

Francisco Partners

Clearlake Capital Partners

AEA Investors

Madison Dearborn Partners

Vista Equity Partners

Energy Capital Partners

STG Partners

GI Partners

Work highlights

  • Advised Thoma Bravo on the formation and fundraising for three technology-focused funds totaling more than $22.8bn in capital commitments, ranking them as one of the largest tech-focused pools of capital ever collected.

Proskauer Rose LLP

Proskauer Rose LLP is home to a large private funds team which provides comprehensive advice to both sponsors and investors across all asset classes. The firm is also able to leverage its global footprint in order to handle multinational fund deals, a recent example of which was Los Angeles-based Don Melamed‘s representation of RRG Capital Management in connection with the formation of its RRG Sustainable Water Impact Fund, which focuses on projects in the US, Chile, Mexico, and Australia, and closed with over $925m in commitments. Secondary transactions are a key part of the firm’s practice, and the firm has expanded its capabilities in this area with the hiring of Christopher Robinson, who joined the New York office from Kirkland & Ellis LLP in September 2020, and the promotions of Joseph Kasegian and Steven Severo in November 2020. Practice co-heads Howard Beber and David Tegeler are also active in the secondaries space. Fellow co-heads Robin Painter and Stephen Mears are both highly recommended for venture capital and growth equity fund formation matters, while New York based Monica Arora, who was promoted to practice co-head in August 2020, specializes in advising sponsors on buyout, private credit, distressed debt, infrastructure and energy funds. All partners are based in Boston unless otherwise specified.

Practice head(s):

Monica Arora; Howard Beber; Stephen Mears; Robin Painter; David Tegeler

Other key lawyers:

Christopher Robinson; Mike Suppappola; Chip Parsons

Key clients

Aberdeen Standard Investments

Adams Street Partners

Ares Management

AllianceBernstein

Atlas Holdings

Battery Ventures

Bessemer Venture Partners

Commonfund

Deerfield Management

Evolution Credit Partners

Flagship Pioneering

General Catalyst Partners

Greenspring Associates

J.P. Morgan Asset Management

Lexington Partners

New Enterprise Associates

PineBridge Investments

Spectrum Equity

Värde Partners

Work highlights

  • Advised New Enterprise Associates on the formation of NEA 17, a venture capital fund that closed with $3.6bn in committed capital.
  • Advised Spectrum Equity on the formation of Spectrum Equity IX, a growth fund was multiple-times oversubscribed and closed at its hard cap of $1.5bn in limited partner capital commitments.
  • Advised Strategic Partners Fund Solutions, on its acquisition of a portfolio of infrastructure assets from Alaska Permanent Fund, in a deal valued at approximately $1bn.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP advises on some of the largest private equity fund launches in the market, with recent highlights including the establishment of Lexington Capital Partners IX, which raised a total of $14bn in commitments, and the formation of Platinum Equity Capital Partners V, which closed at its hard cap of $10bn. Michael Wolitzer heads the practice, and is highly experienced in transactional work, including acquisitions of investment firms and GP-led secondaries. He also maintains a strong fund formation practice, having recently advised Patria on the establishment of its $2bn infrastructure fund IV. Barrie Covit is another key figure within the team, representing several large-scale funds, along with more sector specific clients such as Corsair, which he assisted with the formation of its fifth financial services-focused fund, which met its $1bn target. Thomas Bell is one of the most experienced attorneys in the industry, advising several of the market's best-known names on management and fundraising issues. Glenn Sarno is recommended for a wide range of matters including fund-of-funds, feeder funds, separately managed accounts, and employee securities companies, in addition to more traditional private equity work. The practice has also seen several partner promotions at the start of 2021, with Ryan Brizek, Rony Rothken, Linda Tieh, and Ryan Williams making partner. All named lawyers are based in New York.

Practice head(s):

Michael Wolitzer

Other key lawyers:

Barrie Covit; Thomas Bell; Parker Kelsey; Michael Nooney; Crystal Frierson; Robert Guo; Glen Sarno; James Hays; Peter Vassilev; Steven Klar; Benjamin Wells; Ryan Brizek; Rony Rothken; Linda Tieh; Ryan Williams

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton handles a wide range of fund formation mandates for clients, but is particularly notable for its work on social impact funds, such as its recent representation of TPG in the formation of The Rise Fund II. Outside of fund formation, the firm is particularly adept at succession planning matters, advising firms, boards, and individuals on the full range of financial, employment, and governance issues of such transitions. The firm is also particularly active in the secondaries market, acting on behalf of both buyers and sellers. Managing partner Michael Gerstenzang is a key figure within the team, and is highly active in fund formation matters, including private equity, venture capital, special situations funds, infrastructure funds. Practice co-head Elizabeth Lenas also handles fund formation, including several of the firm’s most high-profile matters, in addition to maintaining a GP and LP advisory practice that includes co-investments, spinoffs, joint ventures, and shareholding arrangements. Fellow co-head Robert Raymond's investor side practice includes ERISA and executive compensation, alongside a fund-side practice which includes formation and high level governance issues. January 2021 saw promotions within the team, as Kenneth Blazejewski and Jamal Fulton made partner. All lawyers are based in New York.

Practice head(s):

Michael Gerstenzang; Elizabeth Lenas; Robert Raymond

Other key lawyers:

Maurice Gindi; Adrian Lepisic;

Testimonials

‘Extremely practical and commercial advice. A true partner that seeks to advance the interest of the business. Dedicated and responsive professionals.’

Key clients

TPG

KKR

Sixth Street Partners

The Blackstone Group

The Carlyle Group

MBK Partners

Angelo, Gordon & Co.

Hillhouse Capital

Coller Capital

J.P. Morgan

The Raine Group

iCapital

Bill & Melinda Gates Investments

Work highlights

  • Represented Sixth Street Partners in the fundraising of various funds, including TAO 5.0, which held closings during the summer and fall of 2020 and has accepted total commitments of over $11bn, bringing total committed capital to TAO to close to $23bn.
  • Advising MBK Partners in the formation of MBK Partners Fund V, its fifth flagship fund, which targets deals in industries including consumer, tech, and financial services, with a focus on those based in South Korea, China, and Japan and held its final closing in May 2020 with $6.5bn in commitments.
  • Represented Blackstone in the formation of its inaugural life sciences fund, Blackstone Life Sciences V (BXLS V), which closed in July 2020 with $4.6bn in capital commitments.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP is highly active in the secondary market, advising both buyers and sellers on a range of transactions including fund recapitalizations and restructurings, GP-led secondaries, fund interest secondaries, listed fund transactions, secondary direct transactions, and preferred equity financings, among others. Additionally, the team provides a wide range of advice to fund managers, including on fund formation, structuring, credit agreements, compensation arrangements, and regulatory matters. Leor Landa heads up the group, and is a key contact for secondary matters, fund formation and regulatory issues. Landa is also notable for his investor-side practice. Michael Hong is another key figure within the team, focusing predominantly on private fund formation, with a range of large managers instructing him in this regard. Hong recently advised Harvest Partners on the formation of its eighth flagship private equity fund, which closed at its hard cap of $4bn. Other notable names within the team include Lee Hochbaum, who handles several fund formation matters and counsel Jennifer Grant Cooper, who provides a range of regulatory and operational advice.

Practice head(s):

Leor Landa

Other key lawyers:

Michael Hong; Lee Hochbaum; Jennifer Grant Cooper

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP advises co-investment funds, separately managed accounts, and both open- and closed-end funds on fund formation, dealing with a wide range of asset classes including infrastructure, buyout, senior and mezzanine debt, credit opportunities, real estate, and venture capital among others. Alongside the fundraising practice, the team advises on structuring and restructuring of private equity firms, succession planning, and joint ventures, alongside a strong regulatory practice. Rebecca Silberstein leads the group alongside Lorna Bowen, while other key names within the team include Jonathan Adler, Andrew Ahern, Justin Storms, and David Schwartz.

Practice head(s):

Rebecca Silberstein; Lorna Bowen

Other key lawyers:

Jonathan Adler; Andrew Ahern; Justin Storms; David Schwartz

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP is highly active across all asset classes in the private funds space, handling fund formation, operational, and regulatory matters. The firm is particularly active in the fields of co-investment funds, secondary funds, and funds-of-funds, with practice co-head Edward Sopher advising GoldPoint Partners on the formation of a $750m fund-of-funds. Sopher acts for clients including Blackstone Strategic Partners and StepStone Group on operational and formation matters, as well as advising institutional investors, seed and stake investors, placement agents and joint venture partners. Fellow co-head Shukie Grossman is particularly recommended for fund M&A transactions, and spin-outs of fund businesses and management teams. On the West Coast, Los Angeles-based Jennifer Bellah Maguire handles fund formation and transactions, particularly in the leveraged buy-out and venture spaces, where highlights include representing RidgeLake Partners in its acquisition of a passive minority interest in Newbury Partners. The firm has seen several changes over the last year: Roger Singer joined the firm from Clifford Chance in September 2020, though Edward Nelson departed at the start of 2020 for Latham & Watkins LLPJohn Senior was promoted to partner at the start of 2021. All lawyers are based in New York unless otherwise stated.

Practice head(s):

Edward Sopher; Shukie Grossman; Jennifer Bellah Maguire

Key clients

Leonard Green & Partners

Hamilton Lane

IPI Partners

GCM Grosvenor

ICONIQ Capital

Madison Realty

TCG Capital Management

Motive Partners

J.P. Morgan Asset Management

Crest Rock Capital

Neuberger Berman

GoldPoint Partners

Oak Street Real Estate Capital

Exeter Property Group

Latham & Watkins LLP

Latham & Watkins LLP is particularly active in the middle-market buyout space, acting for clients including Onex Partners, Searchlight Capital Partners, and Carousel Capital, the latter of which Matthew Chase advised on the $700m launch of its sixth buyout fund in 2020. Also notable is the firm’s sector experience in infrastructure and energy funds, where it recently advised Global Infrastructure Partners on the formation of GIP Gemini Fund. Additionally, the Gemini fund is an example of the firm’s GP-led secondaries practice, which has also advised Rockland Capital in a transaction which saw the sale of an asset portfolio in the energy sector to a special purpose vehicle capitalized by the sponsor, alongside existing and new institutional investors. Andrea Schwartzman chairs the firm’s practice in this area, and is particularly recommended for her work with emerging managers, though she is highly active across the full spectrum of private funds work. Nadia Sager is a key name from the West Coast, operating out of the San Diego office, while Washington DC-based Barton Clark is a key contact for infrastructure and energy funds. Also of note in 2020, Edward Nelson joined the firm from Gibson, Dunn & Crutcher LLP, and Amy Rigdon was promoted to partner in the Washington DC office. All lawyers are based in New York unless otherwise stated.

Practice head(s):

Andrea Schwartzman

Other key lawyers:

Nadia Sager; Barton Clark; Edward Nelson; Matthew Chase; Kathleen Walsh

Testimonials

‘Very knowledgeable about all facets of a fundraise. Explains issues very well and takes a business approach to compromise.’

‘Nadia Sager (senior partner) is a uniquely talented and dedicated funds lawyer and she heads up an impressive group of associates out of the firm’s San Diego office.’

‘Nadia Sager: Outstanding intellect, dedication, and understanding of business needs from the client’s point of view. Instils enormous confidence and drives excellent results.’

Key clients

Activant Capital

Bay Grove Capital

Carousel Capital

Consonance Capital Partners

Global Infrastructure Partners

Graham Partners Inc.

Great Hill Partners

Guardian Capital Partners Management, L.P.

IFM Investors

I Squared Capital

LLR Partners

Meadow Partners, LLC

Onex Partners

Riverstone Holdings LLC

Rockland Capital

Searchlight Capital Partners LP

The StepStone Group

Oaktree Capital Management, L.P.

VMG Partners

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP remains a prominent firm in the field of private funds, with a client list that includes several of the market's largest names, including Blackstone, Apollo Global Management, and KKR among a slew of others. Practice co-head Marco Masotti is one of the firm's key names in fund formation mandates, and handles several of Apollo's fund launches including Apollo Hybrid Value II, which seeks to combine credit and equity into one fund and is targeting $7bn. Fellow co-head Udi Grofman is also highly experienced in a wide range of fund formation work, but is particularly notable for his work with hedge fund managers looking to expand into private equity funds, and with new managers launching their early funds. Other key figures within the team include Matthew Goldstein, who is particularly experienced in the fields of co-investments and direct investments, and also has an active fund formation practice; Amran Hussein, whose recent work has included several multibillion-dollar fund launches, including a General Atlantic $5bn rescue lending vehicle in a joint venture with Iron Park Capital Partners; and Lindsey Wiersma, who works on regulatory issues, management company arrangements, investment management M&A, and seed deals. All named lawyers are based in New York.

Practice head(s):

Marco Masotti; Udi Grofman

Other key lawyers:

Matthew Goldstein; Amran Hussein; Lindsey Wiersma

Ropes & Gray LLP

Ropes & Gray LLP is active on both sides of the private funds market, handling the full spectrum of funds work including formation, governance, and regulation for sponsors, in addition to maintaining a sizeable investor practice. New York-based practice co-head Morri Weinberg handles a wide range of sponsor side matters including governance, succession planning, regulatory work, and deals in the secondaries market, alongside fundraising and formation. Of note, Weinberg recently advised Welsh, Carson, Anderson, & Stowe on the formation of WCAS XIII, which exceeded its target and closed with $4.3bn. Leigh Fraser, who operates from the Boston office, leads the practice alongside Weinberg, and handles both offshore and onshore fund formation. Marc Biamonte  is another key figure within the team, as is Amanda Persaud, a key contact for clients wishing to form special situation, distressed debt, or hybrid funds. Boston based Peter Laybourn and Debra Lussier are both highly recommended for buyout and growth equity fund formations. In one highlight matter, Lussier represented Parthenon Capital in connection with Parthenon Investors VI, a buyout fund which closed at $2bn in commitments. All lawyers are based in New York unless otherwise stated.

Practice head(s):

Leigh Fraser; Morri Weinberg

Other key lawyers:

Marc Biamonte; Peter Laybourn; Deb Lussier; Amanda Persaud; John Ayer

Testimonials

‘The Ropes & Gray team is outstanding. They have tremendous experience and expertise, are highly responsive and have a great sense of market practice/how other firms address relevant issues. They also have valuable insights into the thinking of the SEC and other regulators.’

‘John Ayer is a leader in the field and a tremendous business lawyer. He is clear, practical and knowledgeable.’

Lindsey Goldstein is a rising star. Very smart and responsive. A very client focused lawyer.

Key clients

Accolade Capital Management

Antares Capital

Asia Alternatives Management

Bain Capital

BV Investment Partners

The Carlyle Group

CCMP Capital

Cove Hill Partners

Gridiron Capital

Hamilton Lane

Index Ventures

KKR

Kohlberg & Co

Metropolitan Real Estate Equity Management

Neuberger Berman

Parthenon Capital

Sands Capital

THL Partners

The Vistria Group

Welsh, Carson, Anderson & Stowe

Wynnchurch Capital Partners

Work highlights

  • Advising Welsh, Carson, Anderson & Stowe as sole fundraising counsel, as well as advising on all corporate, compliance and regulatory matters relating to its existing funds and to the management company itself.
  • Advised THL Partners on raising its new, first-time Automation Fund which will invest alongside THL’s flagship Fund VIII.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP handles matters across the spectrum of fund formation, and is active in both high-end and middle-market deals, acting for well-known names like Brookfield as well as emerging managers working in the middle-market. Buyout funds are a key area of work for the firm, both in terms of their mid-market and large-scale clients, with notable recent instructions including Lee Equity Partner's third fund, which closed at $803m; Brookfield Capital Partners V, a $9bn fund; and Altas Partners Holdings II, which reached $3bn in commitments, the latter of which was handled by practice head Jonathon Soler. Soler focuses predominantly on sponsor-side work, particularly fund formation and operational matters, and also has an investor-side practice. Andrew Chizzik leads the firm's work for Brookfield Asset Management and handles several of the team's largest matters, such as the $20bn formation of Brookfield Infrastructure Fund IV. Stephanie Srulowitz is also recommended for fund formation, in addition to advising sponsors on carried interest sharing and other governance issues, as well as secondary transactions. All lawyers are based in New York.

Practice head(s):

Jonathon Soler

Other key lawyers:

Andrew Chizzik; Stephanie Srulowitz

Key clients

22C Capital

Altamont Capital Partners

Altas Partners

American Securities

Backcast Partners

Berkshire Partners

Brookfield Asset Management

Centre Partners Management

Cohesive Capital Partners

Crow Holdings Capital Partners

Genstar Capital

Graycliff Partners

IFM Investors

Jadian Capital

JLL Partners

Lee Equity Partners

Lindsay Goldberg

Mubadala Investment Company

Snow Phipps Group

Strattam Capital

Stripes Group

TPG Global

WindRose Health Investors

Work highlights

  • Advised Brookfield Asset Management on its formation of Brookfield Infrastructure Fund IV, L.P., a $20bn global infrastructure fund, the second largest infrastructure ever raised.
  • Advised Brookfield Asset Management on its $9bn formation of Brookfield Capital Partners V, L.P., a buyout fund focused on investments globally.
  • Advised Altas Partners on its $3bn formation of Altas Partners Holdings II, L.P., a buyout fund focused on investments in North America.

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP acts for sponsors in relation to a range of funds including credit funds, real estate and emerging markets, the latter of which has been helped by the firm’s global footprint and collaboration with its foreign offices. On the investor side, the firm acts for sovereign wealth funds, funds-of-funds, large pension plans, and other investors in both their investments in funds as well as secondary transactions. Practice co-head Prakash Mehta leads the firm’s India practice and is highly active in emerging market funds work, with a practice that covers a range of operational and strategic advice. Fellow co-head Stephen Vine acts exclusively for funds and their managers, with a focus on fund formation and fundraising advice, in addition to operational issues. Fadi Samman, who is based in Washington DC, is another key figure within the team. All lawyers are based in New York unless otherwise stated.

Practice head(s):

Stephen Vine; Prakash Mehta

Other key lawyers:

Fadi Samman; Eliot Raffkind; Blayne Grady; Barbara Niederkofler; James Deeken

Testimonials

‘Jim Deeken truly puts his client’s best interests ahead of himself, which made him an excellent advisor during our first institutional fundraise. Moreover, his 20 year legal career and calm demeanor were critical in the success in our negotiations with limited partners.’

Key clients

Colbeck Capital Management

Apollo Global Management, LLC

Invictus Capital Management

Angelo, Gordon & Co.

McGinty Road Partners

Brightwood Capital Advisors

BHMS Investments, LLC

Jasper Ridge Partners

Mubadala Capital

Blackstone

Work highlights

  • Advised Colbeck Capital Management on the structuring and formation of Colbeck Strategic Lending Fund II.

Goodwin

Goodwin is highly active in the field of venture capital funds, with San Francisco-based Ian O’Donnell and Boston-based Thomas Beaudoin, who advises venture capital and private equity funds, venture capitalists and institutional investors in the US and around the world. The firm has a strong formation practice that spans all levels of the market. Paul Verbesey and John Ferguson head the team, from the Washington D.C and New York offices, respectively; both have a strong track record in the formation of a variety of funds. Verbesey is particularly recommended for clients which require shariah compliance advice, while Feguson is also active in the field of investment manager M&A. Former practice head David Watson, who operates out of the Boston office, is highly experienced in fund formation and regulatory work, with a client list that includes InTandem Capital Partners, Blue Vista Capital Management, and Turner Impact Capital, among others. Robert Fore is another key figure on the West Coast, particularly for venture capital fund formation.

Practice head(s):

John Ferguson; Paul Verbesey

Other key lawyers:

David Watson; Ian O’Donnell; Thomas Beaudoin; Robert Fore

Key clients

Pine Brook Road Advisors, L.P.

Turner Impact Capital

Charlesbank

500 Startups

WestView Capital Partners

83North Venture Capital

DivcoWest

Nueberger Berman

TA Associates

InTandem Capital Partners

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP has a balanced practice in the field of private equity, which acts for both sponsors and investors on a wide range of mandates. On the investor side the firm frequently acts for large public pension plans, sovereign wealth funds, and other large-scale investors, both in relation to their investments into funds, as well as on secondary transactions, such as the firm's recent representation of the Teacher Retirement System of Texas in the negotiation of its $700m strategic partnership with Invesco, giving it access to several commingled funds, co-investments and individually managed accounts. Courtney Nowell and Jedd Wider lead the firm's practice from the Washington DC and New York offices respectively. Nowell focuses primarily on investor-side work, while Wider is highly experienced in fundraising and formation, alongside secondaries and investor arrangements. Other key figures in the team include former practice head Louis Singer, a veteran practitioner who splits his time between New York and London, and New York-based Christopher Dlutowski, who is particularly experienced in the field of customized investment products.

Practice head(s):

Courtney Nowell; Jedd Wider

Other key lawyers:

Louis Singer; Christopher Dlutowski: Timothy Levin; Joseph Zagari

Testimonials

‘The service is impeccable. The ability to keep us well informed is second to none. Their broad and detailed knowledge on what they’re engaged in is excellent. the depth and breadth of knowledge to what we do is normally instantly responsive. Their customer service is 5 star and knock wood, we haven’t found anything to complain about and only everything to compliment.’

‘Gerald Kehoe’s broad business acumen combined with his legal knowledge meld very well to ensure all decisions are covered.’

‘Douglas Schwarz – from simple questions to complex hr issues we have never seen better. His passion for doing the right thing and creative ways to do the right thing benefits not only us but employees too, it is beyond remarkable. all of the team are accessible when needed.’

‘Good knowledge of market and market terms; excellent understanding of our business. Broad reach of the firm to meet a diverse range of needs of our firm.’

Key clients

JP Morgan Asset Management

TIAA (Nuveen)

Credit Suisse

MetLife

Morgan Stanley

California Public Employees’ Retirement System (CalPERS)

California State Teachers’ Retirement System

New York State Common Retirement Fund

New York City Retirement Systems

Work highlights

  • Represented a global alternative asset manager in the formation of a number of customized private equity funds, including credit funds, infrastructure funds, special situation funds, co-investment funds, and funds-of-funds, with more than $2.5bn in capital commitments raised.
  • Represented a sovereign wealth fund in connection with a reorganization of several partnership investments held by different investing entities into a single multitiered investment partnership.
  • Represented an alternative asset manager focused on providing credit solutions to middle-market companies in connection with the formation of and subscriptions to the second in a series of funds, as well as certain separately managed accounts.

Paul Hastings LLP

Paul Hastings LLP is particularly strong in international funds work, frequently collaborating with the firm’s global office network to handle multi-jurisdictional matters involving Europe and Asia. The firm is generally instructed by sponsors in relation to the structuring, formation, and operation of a wide range of funds including buyout, distressed and mezzanine debt, venture capital, energy and infrastructure, among others. The team is especially notable for its record with real estate funds. Of recent note, New York-based practice head Joshua Sternoff acted on behalf of AEW Capital Management in connection with AEW Value Investors Asia IV, a Luxembourg-based fund formed to invest in real estate across Asia and the Pacific, targeting $1.2bn. The firm also has an active investor-side practice, which advises pension funds, sovereign wealth, and other financial institutions in a range of matters. Other key figures in the team include Los Angeles-based pair Yousuf Dhamee and Siobhan McBreen Burke, both  of whom advise sponsors, managers, and investors on a wide range of matters; and Lawrence Hass in New York, who focuses on fund formation, especially in the real estate sector.

Practice head(s):

Josh Sternoff

Other key lawyers:

Yousuf Dhamee; Siobhan McBreen Burke; Lawrence Hass

Testimonials

‘Market knowledge and the ability to navigate through complex negotiations.’

‘Larry Hass and Max Rosenberg have navigated 3 fundraises for us. They are practical, smart and incredibly good with investors.’

‘The team is deep and always seems to available to address the issue at hand. In addition, they are excellent at anticipating issues and addressing them proactively.’

‘Joshua Sternoff has deep industry knowledge and creates good business solutions that are workable in practice. Always able to give several solutions.’

Max Rosenberg handles much of our work and has many of the same traits as Josh. An excellent attorney in his own right.

Key clients

Guggenheim Partners

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 Real Estate in connection with its launch of a $1bn+ fund to invest in mortgages and other loans secured by core real estate assets throughout the US.
  • Representing Nuveen/TIAA in connection with an open-ended global farmland fund and several real estate funds pursuing bespoke strategies.
  • Representing AGL Credit Management in connection with the formation of various private funds focused on investing in corporate loans under the auspices of AGL Core Fund, AGL’s flagship investment fund platform.

Schulte Roth & Zabel LLP

Schulte Roth & Zabel LLP is particularly notable for mid-market fund formation work, with clients such as Hemisfério Sul Investimentos, CapitalSpring Management Company and Casdin Capital approaching the firm for advice on the formation of their flagship funds. Additionally, the firm’s deep experience in the field of hedge funds has led to a substantial practice in the hybrid space, where it advises traditionally hedge-focused managers on their moves into private equity fund structures. The firm is also strong in the digital asset space, advising fund managers on blockchain and digital currency-focused funds, a recent example of which was the formation of bitcoin investment firm Pantera Capital Management’s third venture fund, which was handled by Marc Elovitz and practice-co head Stephanie Breslow. Fellow co-heads David Efron and David Nissenbaum are both highly active across the spectrum of sponsor-side work, advising on regulatory and compliance matters, in addition to operational and fund formation issues. Owen Schmidt joined the firm in September 2020 from an in-house position with Falcon Edge Capital, while Omoz Osayimwese departed at the start of 2020 to join Dechert LLP.

Practice head(s):

Stephanie Breslow; David Efron; David Nissenbaum

Other key lawyers:

Marc Elovitz

Key clients

Black Diamond Capital Management

CapitalSpring Management Company

CarVal Investors

Cerberus Capital Management

Davidson Kempner Capital Management

Hemisfério Sul Investimentos

LCN Capital Management

Portfolio Advisors

Stamos Capital

Westport Capital Partners

Clifford Chance

Clifford Chance has a broad range of expertise, providing full-service advice to private equity sponsors and investors. The firm offers asset class experts, strength in real estate and structured finance, and comparative regulatory advice. The private funds team provides access to specialists across the firm's global network. The firm has several high-profile clients, including GSO Capital Partners, AIG, AXA Investment Managers, Credit Suisse Asset Management, and Deutsche Finance America. The practice is led by Michael Sabin, who specializes in advising sponsors on the structuring and formation of private funds and accounts across all strategies, and investment management specialist Clifford Cone. Also recommended are private investment fund lawyer David Goldstein and Victor Levy, notable for his work on the formation and ongoing representation of private equity funds and hedge funds.

Practice head(s):

Michael Sabin; Clifford Cone

Other key lawyers:

David Goldstein; Victor Levy

Testimonials

‘A big pro is their true international reach on the fund and tax side. (We want our counsels to at least have fund and tax teams in NY, London and Luxembourg in order to be able to handle any specific questions that can come up internally.) You also get a lot of partner attention, the partners are very hands on.’

‘Victor Levy on fund and JV work and Michael Seaton on tax. Always very responsive with short turnaround times, but calm and knowledgeable in negotiations. Victor also knows when to take own initiatives to reach out directly to the counterparty.’

‘The Clifford team is strong across all relevant practice areas including fund formation, tax, regulatory, and finance. These practice areas work well together to efficiently deliver advice that is accretive to the business. The team’s ability to identify and focus on the key issues is differentiated relative to other firms.’

‘Michael Sabin has a unique ability to focus on the core issues and offer advice to efficiently addresses issues to achieve the desired commercial outcome. He is legal advice is technically sound, tactically appropriate, and strategically differentiated.’

‘Our go-to firm for US regulatory and fund management because of the trusted advice from Cliff Cone and Victor Levy.’

‘Stand out partners are Cliff Cone and Victor Levy. They are responsive, respectful, helpful and a pleasure to work with. They have delivered high-quality and trusted advice for many years and are my go-to external counsel for all fund management and US regulatory matters.’

‘CC has really innovative, creative and pragmatic partners. They are great at finding solutions for complex fund structuring and associated legal requirements. They have a strong understanding of the commercial requirements underlying a fund structure or agreement which shows through the practical solutions they offer. They are also very personable and nice to work with.’

‘Cliff Cone is top notch. He always has an answer or will find an answer or contact for me swiftly. He understands our organization very well so working with him feels more like a partnership than a service provider.’

Maren Stadler-Tjan is one of my favorite lawyers I have ever worked with. She goes above and beyond to exceed every goal a client has and has a real view to the bigger picture behind any legal engagement or project. I cannot speak highly enough about Maren.’

‘In-depth experience that can bridge the gap across complex matters, from tax to cross-border product structuring.’

‘Cliff Cone and Victor Levy bring pragmatic and commercially-minded views to the table, coupled with the necessary legal expertise. It is refreshing working with a big law firm that is able to provide practical solutions grounded in the market.’

‘This practice is one of the few in the world that can pivot seamlessly across multiple continents with precision and speed. We engaged Michael and his team to advise us on our engagement of the largest fund raise in history, which we will be executing globally on an exclusive basis. They were able to help us navigate not only the engagement, but significant jurisdictional regulatory hurdles to bring what would individually be a highly fragmented and bamboozling task and make it into a well orchestrated advisory masterpiece.

Unlike others, this team is able to advise on a myriad of complex technical legal issues and yet find a way to elegantly create single solutions that are both thoughtful and exceptional.

‘Michael Sabin – This man has such deep expertise and knowledge of the private equity landscape that it makes me, a global head, feel like an amateur. He does an exceptional job of explaining crucial issues in a digestible and logical manner whilst providing sound judgement and guidance on key decision making. Furthermore, he translates complex foreign jurisdictional regulatory issues in a way that enables us to make important decisions whilst interpreting the issues within a context outside of the US legal framework. For a man of his seniority, Michael has an unrivaled work ethic and can frequently be found replying to emails at midnight.’

David Adams is an exceptional talent with a multi-continental experience. David has been critical in helping us navigate global regulatory issues. His off hand knowledge of even the most complex jurisdictional nuances and the way he helps us to understand their impact on our business is truly fabulous.

Key clients

Berkshire Group

Capital Dynamics

C-III Capital Partners LLC

Exeter Property Group

Madison International

H/2 Capital Partners

Colony Capital

Partners Group

GSO Capital Partners

Antarctica Capital

Mercer Investment Management

AIG

AXA Investment Managers

Ares Management (through their Ivy Hill Asset Management affiliate)

Credit Suisse Asset Management

MC Credit Partners

Gavea Investimentos

Iconiq Capital

TCW Asset Management

Tikehau Capital

Alecta Investment Management

Alignment Credit

Deutsche Finance America

Jus Capital

Hannon Armstrong

Oak Street

LFPI

Hannover Re Real Estate

Landmark Capital Partners

Greystone

Cooley LLP

Well regarded for its venture capital funds work, Cooley LLP fields an experienced team from its primary office in Palo Alto. The group continues to prove its position as a major player in venture capital, with impressive capabilities in the establishment and buyout of multibillion-dollar VC funds. Practice head John Dado has a strong track record with high-profile clientele and frequently acts for instantly recognizable names in the technology sector. Recently, Dado advised the Peter Thiel’s Founder Fund on the formation of its $1.5bn growth fund, while John Clendenin advised Venrock on the closing of its latest healthcare focused fund valued at $447m. Shane Goudey and San Francisco-based Jordan Silber are also recommended.

Practice head(s):

John Dado

Key clients

Institutional Venture Partners (IVP)

Menlo Ventures

BoxGroup

CAVU Venture Partners

Forerunner Ventures

The Founders Fund

Lightspeed Venture Partners China

5am Ventures

Lux Capital

M13

M33 Growth

Norwest Venture Partners

Owl Ventures

Pear VC

Redpoint Ventures

SVB Capital

GGV Capital

Qiming Venture Partners

Venrock

Lerer Hippeau

Sutter Hill Ventures

Upfront Ventures

Work highlights

  • Advised Norwest Venture Partners on the closing of its $2bn fund, Norwest Venture Partners XV.
  • Advised Founders Fund on the final close of (1) its Growth Fund for $1.5bn; and (2) on the formation of Founders Fund VII, which raised $1.5bn to be invested in early and later-stage companies.
  • Advised Qiming Venture Partners on the formation of its seventh fund, which closed at $1bn. The fund will be focused on early stage TMT and healthcare companies, in which Qiming specializes.

DLA Piper LLP (US)

DLA Piper LLP (US) has an extensive worldwide network of lawyers with a client roster ranging from alternative asset groups of international financial institutions, privately held advisors, and smaller firms and emerging managers. Nathaniel Marrs is recognized for his expertise in investment funds and real estate matters; David Parrish and Nicole Brennig, both based in Austin, are names to note for their expertise in alternative investments; and Jesse Criz leads the investment management practice. Other key contacts are John Reiss and Adam Tope. The recent hires of Yoni Tuchman from Latham & Watkins LLP and Kevin Bettstellar from Kirkland & Ellis LLP have significantly expanded the investment funds capabilities on the West Coast.

Other key lawyers:

Nathaniel Marrs; David Parrish; Nicole Brennig; Jesse Criz; John Reiss; Adam Tope; Yoni Tuchman; Kevin Bettstellar

Testimonials

‘Very strong LP engagement with multiple points of experience and expertise. The team has a better hold on LPs than other firms while still having a strong GP side practice.’

‘Rachel Albanese has such a strong practice and is not only a leader in restructuring but has deep ties to the funds world. John Reiss was a strong addition to build out the funds practice. He is a technically sound attorney and easy to work with.’

‘DLA Piper’s greatest strengths are their breadth of expertise spanning the globe, as well as their capabilities on both the LP and GP side of investment fund practice.’

‘Nathaniel Marrs is a top notch investment fund lawyer. He is particularly good on the real estate fund side. He also has expertise in the asset manager M&A space. Nat is extremely responsive and is very focused on helping the client achieve their objectives. He is creative and solution-oriented. He is a pleasure to work with and adds value in all projects.’

‘Adam Tope is truly an integral part of our team. We don’t consider him outside counsel or simply a service provider – he’s actively engaged with our progress, proactive in keeping us headed in the right direction, and always accountable. Where I think he’s different than past fund counsel is his attitude of what can be done. Instead of citing obstacles in the way, he understands the goal and finds creative ways to accomplish it. Above all, everyone on our team considers him a friend.’

‘Adam Tope made a commitment to us extremely early in the formation of Harmonic. He invested significantly in our firm before there was any visibility to success. He knowingly took on risk of not getting paid, and for that we are forever grateful for his loyalty.’

‘Working with Adam, he’s a technical expert that is adept at solving issues creatively. This has ultimately given our firm a competitive edge. He has an unflappable demeanor under pressure, and always drives to an answer.’

‘DLA are market leaders in private equity with an experienced and responsive team. Accessibility to the partners and their responsiveness is their strength.’

‘Adam Tope has a very commercial approach to the work: he is hard-working, dynamic and has in depth market knowledge; he is super responsive and reliable. Delivers at a reasonable fee. A pleasure to work with.’

Key clients

Bridge Investment Group Partners, LLC

Harrison Street Real Estate Capital

Ares Management

SER Capital Partners

Harbert Management

Hayfin Capital Management

Sound Point Capital Management, LP

Blue Torch Capital

Hill Path Capital

Hamilton Lane

Five Point Energy

Green Courte Partners

Madrona

MetaProp

NewRoad Capital Partners

Los Angeles County Employees Retirement Association (LACERA)

Wafra Inc

Work highlights

  • Represented Wafra Inc., a private investment firm, in its strategic investment in Digital Colony.
  • Represented SER Capital Partners, a sustainable investment-focused private equity firm, in its formation as a business (including in relation to employment matters, securities and corporate organizational matters), and in the subsequent formation of SER’s first two co-investment funds investing in battery storage projects in NYC and Texas.
  • Represented Five Point Energy in the formation of their $1.5bn midstream energy funds and co-investment vehicles.

K&L Gates

K&L Gates has an established and long-standing presence in the private equity fund, transactional and investment management areas, with clients ranging from investment managers, private equity and other private fund sponsors, financial institutions, insurance companies, broker-dealers, retirement plans, and institutional investors. Edward Dartley continues to advise Australia-based Stafford Capital Partners in connection with several fund of funds matters, and Yasho Lahiri continues to represent Payden & Rygel on the formation of a TALF fund. Kasey Lekander joined the team in July 2020 from Choate, Hall & Stewart.

Practice head(s):

Mark Amorosi; Ndenisarya Bregasi; Michael Caccese

Other key lawyers:

Edward Dartley; Yasho Lahiri; Kasey Lekander

Key clients

Gatewood Capital Partners

SunLife Capital

Stafford Capital Partners

Payden & Rygel

Oak Street Real Estate

Crescent Capital

K Property Group

United Nations Capital Development Fund (UNCDF)

MBP Capital

RevolverCap Partners

McNally Capital

Linchris

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP has maintained sponsor and investor-side client relationships despite the universal challenges of 2020, while also picking up some new big-names clients. As well as building stronger relationships with longstanding clients over the last year the practice has developed work representing sponsors in new types of funds. The firm has seen growth in its fund formation practice due to its strength in finance, tech and energy and infrastructure. The practice is an advisor on complex global matters and handles over 100 private investment funds annually. It specializes in deals with complex structures and heavily negotiated issues. The practice is led by global co-heads of private investment funds Quinn Moss (based in New York) and Dolph Hellman (based in San Francisco).

Practice head(s):

Quinn Moss; Dolph Hellman

Testimonials

‘Quinn Moss literally knows everything there is to know and is thinking about all the angles, all the risks. Her level of diligence is un-matched.’

Key clients

Capital Dynamics, Inc.

Cigna Investments, Inc. on behalf of multiple Cigna affiliates (CIGNA)

Grove Street Capital

Employees Retirement System of Texas (Texas ERS)

New York Common Retirement Fund

IMM Private Equity

Oregon Public Employees Retirement Fund (OPERF)

San Francisco City and County Employees’ Retirement System (SFERS)

SQN Capital Management, LLC

Washington State Investment Board

Invictus Global Asset Management

Everstrong Capital

National Community Investment Fund

Igis Asset Management

Endemium Ventures

Q Ventures

Beacon Capital

Longeavity Fund Anarack Capital

Swan Ventures

Mindset Ventures III LP

Kiva Capital

Fifty Years Fund III, LP

Skadden, Arps, Slate, Meagher & Flom LLP

The group at Skadden, Arps, Slate, Meagher & Flom LLP utilizes an integrated global network to represent sponsor and investor clients in a wide range of investment management activities, regularly advising registered and unregistered funds in IPOs, spin-outs, and mergers and acquisitions. The team is also experienced in forming funds for both private equity and hedge markets, such as buyout, venture capital, fund of funds and real estate. Michael Hoffman leads the team, which includes John Caccia, who frequently advises domestic and offshore private funds. Anna Rips is also recommended for her advice on private offerings of investment funds. All partners mentioned are in New York.

Practice head(s):

Michael Hoffman

Other key lawyers:

John Caccia; Anna Rips

Work highlights

  • Representing Aflac Global Ventures in structuring and negotiating multiple investments into various leading venture capital fund managers, such as Anthemis.
  • Representing BlackRock in connection with the launch of the BlackRock Direct Lending Fund IX.
  • Represented SDC Capital Partners, LLC in connection with the $550m first closing of SDC Digital Infrastructure Opportunity Fund II, L.P..

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP's private equity and fund formation practice fields a highly experienced team across numerous offices, domestic and international. The group acts regularly on high-profile cases for notable clients including sponsors, financial institutions and wealth managers, with particular strength in advising on bespoke liquidity and capital solutions matters. Phillip Isom and Lior Ohayon jointly lead the PE fund formation practice, while Margery Neale chairs the asset management group. All named lawyers are based in New York.

Practice head(s):

Phillip Isom; Lior Ohayon; Margery Neale

Key clients

Acceleration Resources

Andros Capital Partners LLC

Astorg Partners

Banneker Partners

Blue Water Energy

Bridge Growth Partners

C2 Energy Capital

Cibolo Energy Partners

Citi Private Bank

Credit Suisse Asset Management

Discovery Americas

Gainline Capital Partners LP

GoldenTree Asset Management

Grant Avenue Capital

ICV Partners

Insight Partners

Mission Peak Capital

Monarch Alternative Capital

Morgan Stanley

PAI Partners

Paramount Group

Post Oak Energy Capital

Related Fund Management

Sage Road Capital

The CapStreet Group, LLC

TPH Asset Management

Zurich Alternative Asset Management

Work highlights

  • Advised Insight Partners, a leading global private equity and venture capital firm, in the close of its Fund XI at $9.5bn – the firm’s largest to date.
  • Advised Monarch Alternative Capital on the initial close of Monarch Capital Partners V (MCP V), the latest vintage of its flagship private equity fund line.
  • Advised Zurich Alternative Asset Management on numerous investments in private equity funds and the sale of a portfolio of its investments in a secondary transaction.

Dechert LLP

Dechert LLP has a strong global funds practice that advises clients on all aspects of fund formation, and represents the full range of fund types, investment strategies and asset classes. Among the team's recent highlights, Russel Perkins and Carl de Brito advised CVC Credit Partners in successfully raising $657m for its second US focused direct lending fund, CVC Credit Partners US Direct Lending Fund II.

Other key lawyers:

Russel Perkins; Carl de Brito

Key clients

Barings BDC, Inc.

CVC Credit Partners

Work highlights

  • Advised CVC Credit Partners in successfully raising $657m for its second US focused direct lending fund, CVC Credit Partners US Direct Lending Fund II.

Hogan Lovells US LLP

Headed by David Winter, the team at Hogan Lovells US LLP has a longstanding relationship with private funds and small business investment companies, as well as clients in the energy and real estate sectors. The practice recently advised Canapi Ventures on multiple matters, including its inaugural funds, Canapi Ventures SBIC Fund, L.P. and Canapi Ventures Fund, L.P., fintech venture capital funds, which has raised approximately $575m across two separate investment vehicles. Partner Adam Brown re-joined the team in June 2020 from Paul Hastings LLP.

Practice head(s):

David Winter

Other key lawyers:

Adam Brown

Testimonials

‘This team has taken the time to understand our firm’s risk tolerances and sensitivities. In addition, this team is adept at explaining complex situations in an easy to understand manner.’

‘Our team is primarily comprised of Bryan Ricapito and Andy Bloom. We find the team easily accessible and available on short notice if necessary. The team is able to clearly communicate and separate critically important matters vs. those that are preferable or nice to have.’

Key clients

Canapi Ventures

Partners for Growth

Enlightenment Capital

JBG SMITH (formerly The JBG Companies)

Latticework Capital Management

New Road Capital Partners

Bow River

Ironwood Capital

St. Cloud Capital

Bell Partners

Work highlights

  • Advised Canapi Ventures on multiple matters, including its inaugural funds, Canapi Ventures SBIC Fund, L.P. and Canapi Ventures Fund, L.P., fintech venture capital funds, which has raised approximately $575m across two separate investment vehicles.
  • Advised Partners for Growth (PFG) on several matters, including the formation of Partners for Growth VI, LP, a US-based global credit fund providing specialty solutions to growth companies, which raised $337.5m between July 2019 and May 2020; and as joint sponsors with IDB Invest and Silicon Valley Bank on Latin America Growth Lending, L.P., a $30m credit fund focused on technology and life sciences companies across Latin America.
  • Advised JBG SMITH Properties (JBG SMITH), a Maryland-based publicly-traded real estate investment trust, formerly The JBG Companies, on the formation of nine real estate investment funds raising over $3.5bn.

Linklaters LLP

Linklaters LLP's US investment funds practice operates from New York and Washington DC, though the US lawyers regularly work in close conjunction with the teams in London, Luxembourg, Paris, Frankfurt, Hong Kong and Tokyo to provide comprehensive service across the globe. Both sponsor-side and investor-side clients are advised across the entire lifecycle of a fund. Jason Behrens, Brad Caswell and David Miller head the team from New York.

Practice head(s):

Jason Behrens; Brad Caswell; David Miller

Testimonials

‘The funds lawyers at Linklaters with whom I regularly work have proven to be excellent partners. They provide practical, business-minded advice and they take the time to get to know the client’s particular needs and concerns. They ask “why”, and offer both traditional and creative solutions for our issues based on their understanding of our unique situations. Working with them feels like we’re working with an extension of our own team – not simply an external advisor.’

‘Our partnership with the team of David Miller, Jason Behrens and Jason Nussbaum has proven to be incredibly valuable. Aside from their tireless work ethic and dependable availability, I truly value their honesty and business-savvy perspective. Many lawyers answer questions with “it depends” and then provide several different scenarios with very little guidance or additional perspective. The Linklaters’ lawyers always include practical examples of what they’ve seen in the market or, based on their experience, how they would expect the various scenarios to likely play out. I appreciate that they apply the facts of our bespoke situations to realities of the market and always provide sound guidance.’

‘The team at Linklaters seems relatively small but well-connected within the funds world. They are incredibly commercial and regularly are able to provide guidance on market practice and issues (and solutions) that would not have occurred to us. Our commercial team specifically ask for Linklaters and we even instruct them in other jurisdictions where we have local counsel already engaged as the Linklaters team provide real, tangible value-add. In a number of instances this year we had to move very quickly and could not have made the investments we have done without Linklaters.’

‘Mike Dankis (of counsel) is certainly partner-quality in the service he provides. Mike has worked on our investments for a number of years and is incredibly pro-active in identifying issues that would concern us, and manages our processes very smoothly. He is also extremely available: we are in London and he is in NYC but the coverage has always been seamless.’

Key clients

Ardian Secondary Fund VIII

DRA: Fund X

SoftBank Investments: Strategic Investments Fund

SoftBank: Vision Fund I

Seyfarth Shaw LLP

Seyfarth Shaw LLP is one of few practices with a core focus on institutional investors, acting for government pension plans, corporate and multi-employer plans, university endowments and family offices. Practice head Robert Bodansky acts for several large US public pension funds and the team serves as counsel to ERISA plans and not-for-profit entities. The firm is also developing a fund formation practice, focused on middle-market funds. Work is often undertaken in conjunction with the firm's real estate practice, such as assisting pension plans in real estate investments.

Practice head(s):

Robert Bodansky

Testimonials

‘Seyfarth Shaw has one of the deepest and broadest teams of lawyers who primarily represent investors in private funds (as opposed to the sponsors of those funds). At the same time, as a global law firm, they have a team of experts to assist on unusual regulatory and capital markets issues that come up from time to time within or without an investment fund transaction.’

‘Bob Bodansky combines a calm, unflappable approach to negotiations with a deep knowledge of the market to achieve pragmatic results for his clients. The very bright Steven Richman draws on his strong tax background in reviewing investment transactions and is especially savvy at navigating complex and unusual secondary transactions.’

‘The team only focuses on large investors, and given its technological platforms and Seyfarth’s lean orientation, it can provide efficient results.’

Shearman & Sterling LLP

Shearman & Sterling LLP has a strong track record of working with private equity funds, portfolio companies and investors on matters ranging from fund formation and exit strategies, to deal execution and financing, and portfolio company management. The practice has an established global presence, acting regularly in cases involving Latin America, Europe and Asia. John (Sean) Finley is recommended for advice on private fund formation for both domestic and non-US investment funds.

Other key lawyers:

John (Sean) Finley

Stroock & Stroock & Lavan LLP

The practice at Stroock & Stroock & Lavan LLP advises on the full life cycle of funds, using its regulatory and compliance expertise to advise on initial structuring through to winding down, as well as day-to-day business issues. Focal points for the firm include aiding global institutions with their sponsorship of funds, formation of funds regarding real estate, infrastructure and energy assets, and acting for multibillion-dollar fund managers such as JP Morgan Asset Management and Morgan Stanley Wealth Management. Brian Diamond, Jeffrey Uffner and Eric Requenez head the team.

Practice head(s):

Brian Diamond; Jeffrey Uffner; Eric Requenez

Testimonials

‘Extremely dedicated and committed to superlative client service.’

‘Andre Nance is fiercely dedicated but remains charming and approachable.’

Key clients

J.P. Morgan Asset Management

Morgan Stanley Wealth Management

RockFence Capital LLC

Stellus Capital Management

NISA Investment Advisors

Monarch Alternative Capital

GPB Capital Alternative Asset Management

Mack Real Estate Group

York Capital Management

Trion Properties Management

Atwater Capital

Hawkeye Partners

Winston & Strawn LLP

Winston & Strawn LLP advises private fund sponsors on the formation and structure of funds valued up to $5bn, as well as institutional investors on their fund investments. Work undertaken by the firm ranges from middle-market buyout funds to credit funds, funds of funds and funds focused on sectors such as real estate, energy and infrastructure, and healthcare. The team also take on related matters, such as regulatory and compliance, secondary market transactions and sponsor breakups. Practice head Meg Frey leads on fund formation matters, including the formation of a fund with $350m in commitments for Corrum Capital Management, and advises financial institutions on their investments in funds. Rick Ginsberg recently represented private equity firms in the formation and closure of their multimillion-dollar funds.

Practice head(s):

Meg Frey

Other key lawyers:

Rick Ginsberg

Key clients

Adams Street Partners

HarbourVest Partners, LP

Southern Cross Group

StepStone Group LP

AON Corporation

57 Stars LLC

Grosvenor Capital Management, LP

RCP Advisors, LLC

Moelis Asset Management LP

Larrain Vial

SCL Energia Activa S.A

Corrum Capital Management LLC

Longshore Capital Partners

RiverGlade Capital, LLC

May River Capital, LLC

Invenergy, LLC

Parallel49 Equity

U.S. Realty Advisors, LLC

Origami Capital Partners, LLC

Work highlights

  • Represented Adams Street Partners on the formation of numerous ‘funds of one’ with various US and non-US institutional investors, with aggregate capital commitments exceeding $700m.
  • Represented Corrum Capital Management in the formation of Corrum Capital Aviation Leasing II, LP, a private investment fund with $350m in commitments.
  • Represented May River Capital LLC, a Chicago-based private equity firm, in the formation of its sophomore fund, May River Capital Fund II, LP.

Curtis, Mallet-Prevost, Colt & Mosle LLP

Led by Carl Ruggiero, the investment management team at Curtis, Mallet-Prevost, Colt & Mosle LLP advises on the planning, structuring and formation of funds for financial institutions, fund managers and their sponsors, private equity and hedge funds, and high-net-worth individuals. The firm leverages its global office network to take on cross-border matters, acting for sovereign wealth funds. It also advises international financial institutions, such as Bahrain-based United Gulf Bank, on their investments in funds.

Practice head(s):

Carl Ruggiero

Testimonials

‘On their reach, experience and credibility they are outstanding and second to none.’

‘The individuals are both rigorously intellectual and very client focused.’

Key clients

Brevet Capital Management

United Gulf Bank

HBM Partners

Livingston Securities

Starbridge Venture Capital

Blue Opal Capital

Symbridge

Work highlights

  • Advised Brevet Capital Management since the launch of its first fund in 2006 on the formation and structuring of its investment products, which include open and closed-end funds and private equity investment offerings, as well as ongoing regulatory and compliance advice on existing structures and the development of new funds.
  • Advised HBM Partners, since its inception in 2001, on the formation and structuring of its investment fund products, on regulatory and compliance matters regarding existing investment funds and on the development of new funds.
  • Advised United Gulf Bank on approximately six private equity fund investments.

Jones Day

Jones Day's practice is led by Michael Earley and Robert Lee from the Chicago office, with team members also located in New York, Cleveland, Atlanta and San Francisco. The team is able to advise both sponsors and investors in a variety of asset classes, including buyouts, venture capital, real estate, infrastructure and private credit. The US-based team also regularly works on cross-border matters in conjunction with the firm's global offices.

Practice head(s):

Michael Earley, Robert Lee

Key clients

Drive Capital, LLC

Domain Capital Advisors LLC

Greystar Real Estate Partners, LLC

J.F. Lehman & Company

Meyer Bergman, Ltd.

MonticelloAM, LLC

Endeavor Real Estate Group Ltd.

Henderson Park Real Estate Fund

Townsend Holdings LLC

The Riverside Company

Contrarian Capital Management

Sky Island Capital LP

Work highlights

  • Represented J.F. Lehman & Company, LLC in connection with the formation of JFL Equity Investors V, L.P. and its related investment funds.
  • Advised Drive Capital, LLC on the formation of its third venture capital fund and first growth equity fund.
  • Represented The Riverside Company in connection with the formation of Riverside Capital Appreciation Fund VII, L.P. and its parallel fund and alternative investment vehicle.

King & Spalding LLP

King & Spalding LLP represents private fund sponsors, managers and placement agents across a range of industries, with a particular focus on real estate funds. The team also has expertise in shari'ah-compliant funds. Kathryn Furman heads the practice from Atlanta.

Practice head(s):

Kathryn Furman

Key clients

Greystar Real Estate Partners No

Prologis, Inc.

Cortland Partners

Ventas, Inc.

Black Creek Industrial

Jamestown

Asana Partners

Mayer Brown

Mayer Brown advises sponsors of funds in a range of jurisdictions worldwide, and also acts for fund advisers and investors. Clients include major and boutique fund management companies, investment banks and insurance companies. The firm has particular experience in real estate, insurance and credit funds. Chicago-based Wendy Dodson Gallegos and New York-based Kevin Sheridan Jr jointly lead the practice.

Practice head(s):

Wendy Dodson Gallegos; Kevin Sheridan Jr

Seward & Kissel LLP

Seward & Kissel LLP's New York-based funds team has a particular emphasis on middle-market funds. In this regard, it works with clients focusing on the areas of technology, financial services, shipping and other transportation sectors, media, consumer, manufacturing, biotechnology, energy and art. The practice group is led by Patricia Poglinco and Robert Van Grover.

Practice head(s):

Patricia Poglinco, Robert Van Grover

Key clients

TIG Advisors, LLC

Stable Asset Management

Par-Four Investment Management, LLC

Varadero Capital, L.P.

Virgo Investment Group

Asia Capital Real Estate LLC

Corre Partners Management, LLC

Maverick Real Estate Partners

Domicilium Capital Partners LLC

Cohen & Company Financial Management

Work highlights

  • Represented a $25bn investment adviser in forming a $2bn hybrid fund focused on public and private investments in technology companies disrupting the transportation, logistics and infrastructure complex.
  • Represented a $25bn investment adviser in forming a $3bn private equity fund focused on growth investments in technology companies.
  • Formed the management company, general partner and fund entities for a first-time emerging private equity fund manager.

Vedder Price

Joseph Mannon in Chicago heads up the private fund formation group at Vedder Price. The team has experience across a range of investment classes, including aviation products and real estate funds. Lawyers in Chicago work closely with other offices where needed, and can co-ordinate multi-jurisdictional work between the US, Ireland and the Cayman Islands.

Practice head(s):

Joseph Mannon

Key clients

RCP Advisors

Segall Bryant & Hamill

Mariner

Aero Capital Solutions

SKY Leasing

ArrowMark Partners

AAR CORP.

ACON Investments

Balmoral Funds

Promus

T2 Capital Management

Work highlights

  • Assisting SKY Leasing, a full-service aviation asset manager, with launching the first and second vintages of a new private equity-style aviation fund.
  • Handled all aspects of private fund formation for multiple investment vehicles and strategies, including the second vintage of a private equity fund focusing on life sciences companies.
  • Served as fund formation counsel for all of RCP’s core funds since the second vintage.