Private equity funds (including venture capital) in United States

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP‘s ‘engaging, dynamic’ attorneys are able to ‘work cohesively as a team to seek substantive solutions that reflect the commercial consideration pertinent to the particular transaction’. The group’s highly regarded fund formation offering – which has asset management practice co-chairs Lorna Bowen and Rebecca Silberstein at its head – operates synergistically with the specialized investor-side department – headed up by Jane Engelhardt – to ‘deliver a polished, complete product to the client’. Whether advising on structuring, compliance, complex carried interest arrangements or venture capital issues, the ‘creative, commercial, and very savvy’ team’s ‘work is reliably perfect’. All previously mentioned lawyers are based in the New York office, which also fields ‘brilliant’ Justin Storms and ‘deep thinker’ Jonathan Adler. As of September 2021, the firm has also expanded its funds capabilities to better serve its growing Bay Area and West Coast client base, with the opening of a San Francisco office; counsel Joe Binder and seasoned practitioner Andrew Ahern are the key contacts there. 

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

Testimonials

‘The quality of the individuals in their private equity funds practice is outstanding. They are extremely strong technically, have a great understanding of the commercial context and are a pleasure to work with. They are second to none in the market.’

‘Stand out partners are Jonathan Adler and Jason Auerbach. Jonathan is highly intelligent and cuts to the heart of a problem very quickly. He is a deep thinker and very creative in finding solutions. Jason is extremely switched on and very commercial. He has a great appreciation of the wider deal.’

‘An engaging, dynamic team of partners, who are dedicated to their clients and work cohesively as a team to seek substantive solutions that reflect the commercial consideration pertinent to the particular transaction.’

‘Justin Storms is brilliant in both his technical and commercial approach. Lorna Bowen is tireless in working with all parties to get the transaction across the line. Andrew Ford brings considerable expertise and coordination of his team to bear on every transaction.’

‘The Debevoise team is creative, commercial, and very savvy on the market. They provide thoughtful, timely advice at every level and are the best resourced team of legal advisors we work with on funds matters.’

‘The group is more knowledgeable about latest market terms than almost any other firm due to their enormous and leading funds practice. They work in perfect concert internally with other practices (e.g., ERISA, Tax, Compliance) to deliver a polished, complete product to the client, saving us a lot of time. Their work is reliably perfect. Their funds tax group is extraordinary – commercial and expert in ways superior to many firms we work with. For complex multi-jurisdictional funds, we would choose Debevoise every time. They also have a long history of (i) gender and (ii) LGBTQ balance and representation, which is refreshing.’

‘Lorna Bowen – she has seen it all and previously practiced in the UK, so is an expert in both US and European funds. She is laser-focused on both the big picture and details. She is thoughtful and balanced in her negotiating approach, showing she understands the importance of relationships in this space while still protecting her client. She is accessible and humble, no ego at all, which is a delight given she is a towering practitioner. Lorna is respectful to her entire team and team-oriented. She is even-keeled and has a calming influence.’

‘Debevoise & Plimpton’s private equity funds team is a class act. The strength and depth of their institutional private equity client base speaks for itself. The team are also counsel to leading venture capital managers. The team is unique in combining a very thoughtful, intellectual and collegiate approach with innovative and responsive advice. Associates are well supported by their partners – the collaborative culture of the team is evident when working on fund launches with the team and leads to a seamless execution of matters. The memoranda for clients prepared by the private equity team detailing developments in the industry are exceptional.’

Key clients

KKR

Clayton, Dubilier & Rice

HarbourVest Partners

Providence Equity Partners

PSG

The Carlyle Group

Morgan Stanley

Stone Point Capital

J.P. Morgan

Global Infrastructure Partners

Sequoia Capital

Odyssey Investment Partners

Kelso & Company

Tishman Speyer

J.F. Lehman & Company

Crescent Capital Group

One Rock Capital

Blackstone Alternative Asset Management

Oaktree Capital Management

Allianz Asset Management

Credit Suisse

Apollo Global Management

Silver Lake Waterman

Investcorp

Lightspeed Venture Partners

Oak HC/FT

Pine Island Capital Partners

Breakthrough Properties

FS Investments

StepStone Group

Wafra

Varagon Capital Partners

Ara Partners

Silicon Valley Bank

Bain Capital

Work highlights

  • Advised Clayton, Dubilier & Rice on the formation of Clayton, Dubilier & Rice Fund XI, an approximately $16bn Europe and North America buyout fund, which is the client’s largest fund to date.
  • Advised KKR on the formation of KKR Core PE Fund II, a $12bn global core platform, and on the formation of KKR Asia Pacific Infrastructure Investors SCSp, a $3.9bn fund focused on infrastructure-related investments across Asia Pacific.
  • Represented HarbourVest Partners on the formation of Dover Street X, an $8bn global secondary fund.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP continues to stand out as a legal powerhouse in the US and global private equity and closed-end funds market; the offering is noted both for its extensive technical structuring expertise and its ‘deep industry knowledge‘ across a breadth of asset classes. The firm is also active in the funds-related transactional space, where it advises on acquisitions of asset management companies, seed and stake transactions, funds-of funds, spin-outs, restructurings, and GP-led secondaries. Kenneth Rosh – who is singled out by one client as the ‘consummate leader in this market‘ – heads up the private equity funds group, while Lawrence Barshay, the founder and head of the asset management practice, ‘continues to innovate and serve as a thought partner for clients working through complex solutions‘. These leading team members, both based in New York, welcomed a number of recognized senior practitioners throughout 2021 – Rami Turayhi and Russel Perkins arrived from McDermott Will & Emery LLP and Dechert LLP, respectively, with Jeffrey Schatz re-joining from Kirkland & Ellis LLP. This office also fields recommended junior partner Jeremy Berry. Over in Washington DC, Rebecca Neuschatz Zelenka and ‘brilliant negotiatorRichard Ansbacher 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

Testimonials

‘Depth of experience in the private equity, real estate and private credit markets. Incredibly responsive and innovative when it comes to structuring private funds across multiple jurisdictions. Firm maintains extensive, anonymized database allowing for a proprietary perspective on fund terms and structure.’

‘Kenneth Rosh has a great feel for market developments and delivers a “whole firm” approach. Lawrence Barshay continues to innovate and serve as a thought partner for clients working through complex solutions. Associate team is responsive, hard working and completely self-sufficient. Great teams and capable of staffing in a diverse manner.’

‘Extremely strong talent in depth. Very commercial approach. Deep industry knowledge.’

‘Kenneth Rosh is the consummate leader in this market. He is pragmatic and commercial and is a rainmaker for the firm. Stands out in the market for his legal acumen combined with commercial judgment.’

Richard Ansbacher is an extremely capable lawyer. He is understated but a brilliant negotiator. Knows the market very well.

Key clients

Angelo Gordon

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

Ares Capital

Argand Partners

Bain Capital

BentallGreenOak

BlackRock

Brookfield Asset Management

Concord Pacific/Paragon Real Estate

Conversant Capital

CVC Credit Partners

Dyal Capital Partners / Dyal Advisors (subsidiaries of Blue Owl Capital)

Exeter Property Group

Footpath Ventures

Fortress Investment Group

Goldman Sachs

HPS Investment Partners

King Street Capital

L+M Development Partners

Madison Realty Capital

MetLife Investment Management

Morgan Stanley

MSD Partners

Neuberger Berman

ONEX

PIMCO

Permira and Permira Credit

Power Corporation of Canada

Prospect Ridge Advisors

RedBird Capital Partners

Satter Management Company

Sixth Street Partners

Square Mile Capital Management

StepStone Group

Kirkland & Ellis LLP

Kirkland & Ellis LLP is ‘well recognized as one of the leading law firms in this area’; a national offering comprising more than 520 specialized attorneys ‘consistently provides outstanding work and advice, even under very challenging or urgent circumstances’. Given the department’s historical role in ‘developing many of the legal principles and precedents that enabled the private funds sector to grow to its present size’, there is ‘rarely an issue that the practitioners have not seen and successfully navigated’. The group is instructed by a roster of more than 700 private equity sponsor clients, all of whom benefit from its ‘unequalled experience with fund formation, structuring, taxation and operations’. The New York office is a key base, fielding not only practice head John O’Neil but also a plethora of recommended senior attorneys, including Erica Berthou, Andrew Wright, Nicole Washington and Katrina Rowe. 2021 has also seen significant expansion at this location: Matthew Block from Paul, Weiss, Rifkind, Wharton & Garrison LLP, Mark Boyagi from Debevoise & Plimpton LLP, and Brad Friedman from Willkie Farr & Gallagher LLP are just some of the notable recent arrivals. In addition, a new acquisition has cemented the team’s presence in Boston, where Luzia Vaczy, formerly of Proskauer Rose LLP, is now based. Over in Chicago, Bruce Ettelson and Katie St. Peters remain the core contacts.

Practice head(s):

John O’Neil

Other key lawyers:

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

Testimonials

‘Their industry knowledge is excellent and they have expertise in all areas in this space. Team is typically very responsive. I think they are well recognized as one of the leading law firms in this area.’

‘I value their responsiveness and that I know that I can count on them to always get something done on relatively short notice. The partners that we primarily work with I know will get back to us immediately if we have an issue that needs to be addressed promptly. Also because we have now worked with our primary partners for a long time we can trust their judgment on grey areas where we need to make judgment calls.’

‘Erica Berthou is high energy, client minded and whip smart.’

‘The K&E funds team consistently provides outstanding work and advice, even under very challenging or urgent circumstances.’

‘Kirkland has built one of the premier private equity real estate practices in the world. The team has expertise across all facets of private equity, including corporate, tax, securities, and real estate. Very few firms compare in terms of market share and expertise. Kirkland understands how to keep their clients at the forefront of the market and offers unique expertise on the industry.’

‘Best team in the world in funds.’

‘Deep experience and a very deep bench. There is rarely an issue that the practitioners have not seen and successfully navigated.’

‘The Private Funds practice at Kirkland & Ellis has unequalled experience with fund formation, structuring, taxation and operations. Lawyers at the firm years ago were responsible for developing many of the legal principles and precedents that enabled the private funds sector to grow to its present size and scope. No other firm has played such an important role in this space. This expertise has been based down for decades and still informs the practice today.’

 

Key clients

Oaktree Capital Management

I Squared Capital

Clearlake Capital Partners

Starwood Capital Group

KKR

Summit Partners

GTCR

GI Partners

Madison Dearborn Partners

Whitehorse Liquidity Partners

GLP Capital Partners

Work highlights

  • Advised Oaktree Capital Management on the formation and fundraising of Oaktree Opportunities Fund XI, which closed at at $15.9bn.
  • Advised TPG Rise Climate – the climate investing strategy of TPG’s global impact investing platform TPG Rise – on the first close of $5.4bn in subscriptions to its inaugural fund, exceeding its initial target of $5bn.
  • Advised Summit Partners on the concurrent closing of its largest-ever fund ($8.35bn), its largest-ever fund finance credit facility ($3bn), and the purchase of four portfolio companies using Kirkland’s Funded – a proprietary digital fund subscription platform.  

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP‘s ‘truly excellent‘ offering is regularly singled out for being ‘exceptionally in tune with the market‘, and is recognized as a ‘guiding force‘ in the private funds space. The firm has particular expertise in raising ‘mega funds’ – which have over $3bn in commitments – and frequently advises on many of the largest private equity funds raised globally. GP-led secondaries transactions are another core focus; the group recently cemented its reputation in this space with the arrival of Lauren King, who was previously co-head of Goodwin‘s secondaries practice. 2022 has also seen plenty of internal growth at the partner level, with a spate of promotions, including those of Deborah Gruen and Audra Cohen. Team lead Michael Wolitzer continues to count some of the largest and best known sponsors of private investment funds among his clients, as well as regularly representing sponsors in other alternative asset classes including real estate, energy and distressed debt. All named lawyers are based in the New York office, which also fields recommended practitioners Barrie Covit, Thomas Bell, Glenn Sarno and Rony Rothken.

Practice head(s):

Michael Wolitzer

Other key lawyers:

Barrie Covit; Thomas Bell; Glenn Sarno; Jonathan Karen; Parker Kelsey; Lauren King; Crystal Frierson; Rony Rothken; Deborah Gruen; Audra Cohen

Testimonials

‘This is the best team that we work with globally. Excellent knowledge of the industry and the players, the terms and good availability.’

‘Rony Rothken is an excellent practitioner. He really knows his stuff and is an exceptional lawyer. He is very impressive and has excellent knowledge and robust negotiation skills.’

‘They have been a guiding force in market information.’

‘Best in class. They see and know the market for private funds in the real estate, infrastructure, private equity and private credit spaces.’

‘Partners come prepared and ready to lead engagements. Associates are incredibly bright and quickly gain experience negotiating with institutional investors and fund formation. If there is a trend in the marketplace, they are aware of it and can advise on it.’

‘Exceptionally in tune with the market and the needs of private equity and private debt sponsors. They have a real sense of how to advise their clients in an appropriate and beneficial commercial sense and are not just legal advisors.’

‘The excellent, truly excellent, manner of providing advice. It is essentially unbeatable.’

‘Michael Wolitzer remains the dean of the fund formation bar.’

 

Work highlights

  • Assisted Hellman & Friedman with the establishment of Hellman & Friedman Capital Partners X, which closed at $24.4bn.
  • Advised Silver Lake on raising approximately $20bn for Silver Lake Partners VI.
  • Assisted Blackstone with the establishment of its $4.5bn inaugural growth equity fund, Blackstone Growth.

Cleary Gottlieb Steen & Hamilton

From the New York office, the ‘patient, thoughtful counsel‘ at Cleary Gottlieb Steen & Hamilton serve a sophisticated global roster of private equity sponsors and investors, including such notable names as KKR, Blackstone and The Carlyle Group. The team maintains its reputation as a social impact fundraising powerhouse, with one recent client in this space praising the group for its ‘creativity, persistence, and thoughtful flexibility‘. The offering has also long been at the forefront of succession planning, and is extremely well versed in advising on the sensitive generational, financial, governance, restrictive covenant, tax and liquidity issues of this process. The firm’s international reach plays a key part in its ability to handle the most complex mandates with cross-border elements; US-based attorneys have assisted with four of the largest Asia-focused funds ever raised. At leadership level, the core contacts are Michael Gerstenzang and Elizabeth Lenas. Of the more junior partners, Jamal Fulton is particularly recommended – he is singled out by a client, along with Lenas, for ‘general excellence‘.

Practice head(s):

Michael Gerstenzang; Elizabeth Lenas

Other key lawyers:

Jamal Fulton; Maurice Gindi; Adrian Lepisic; Kenneth Blazejewski

Testimonials

‘Elizabeth Lenas and Jamal Fulton must be acknowledged for their creativity and general excellence. They are exceptional, A attorneys and leaders. Our firm does not exist without them.’

‘Patient, thoughtful counsel that understand the balance between speed, urgency, and managing risk. We have built totally new businesses and mitigated significant barriers as a result of the Cleary team’s creativity, persistence, and thoughtful flexibility. As an emerging fund with limited resources, Cleary agreed to work on our first fund pro bono, and our second fund “low bono”. They understand the significant challenges facing new, Black-led, resource constrained funds and how this can lead to issues down the line. Their willingness to lower costs while still providing world-class counsel has positioned our firm for long term success. And while we were pro bono clients, the Cleary standard of exceptional attention to detail and responsiveness remained.’

 

Key clients

TPG

KKR

Sixth Street

Blackstone Inc.

The Carlyle Group

MBK Partners

Angelo Gordon

Hillhouse Capital

Coller Capital

JP Morgan

iCapital

Concrete Rose

Brookfield Asset Management

Polychain Capital

Viking Global

Work highlights

  • Advised KKR on the formation of KKR Asian Fund IV, a $15bn fund and the largest Asia-focused private equity fund ever raised at the time of closing.
  • Advised Sixth Street on the formation of Fundamental Strategies, a $2.06bn credit fund focusing on secondary stressed and stressed credit, along with other special situations investments.
  • Advised TPG on a single-asset GP-led secondary involving Creative Artists Agency, one of the world’s largest talent agencies, and the organization of a related continuation/rollover vehicle.

Davis Polk & Wardwell LLP

The high-end private funds practice at Davis Polk & Wardwell LLP provides comprehensive assistance to many of the world’s best-known private fund managers, as well as those raising first-time funds and independent boutiques. Under the leadership of Leor Landa, the team continues to receive recognition as a leading adviser for complicated secondary transactions; in this space, the group’s expertise encompasses the full gamut of complex issues, including recapitalizations and restructurings, GP-led secondaries, fund interest secondaries, listed fund transactions, secondary direct transactions, preferred equity financings, synthetic secondaries, stapled primary and secondary transactions, and the establishment of funds investing in secondaries transactions. On the institutional investor side, the team is well equipped to assist with private equity, real estate, venture capital, infrastructure, mezzanine debt, long/short equity, arbitrage and distressed debt funds. Michael Hong is another key name – his broad workload spans fund formation and investor relations, M&A, and regulatory matters. The named lawyers are based in New York.

Practice head(s):

Leor Landa

Other key lawyers:

Michael Hong; Lee Hochbaum; Jennifer Grant Cooper

Gibson, Dunn & Crutcher LLP

Although Gibson, Dunn & Crutcher LLP‘s wide-ranging and balanced offering primarily focuses on assisting sponsors with fund formation – including traditional funds, funds-of- one, separately managed accounts and co-investment vehicles – the group’s expertise also extends to fund manager servicing, transactions involving funds, and institutional investor representations. The breadth of the investment funds practice ensures that a prominent client base – which ranges from leading financial institutions, to notable asset management firms, to recognized infrastructure and natural resources investors – instructs the group. In November 2021, A.J. Frey (who is noted especially for advising on issues relating to venture capital and family office asset management) re-joined the team, bringing his recent experience in-house experience at Greenspring Associates to the Washington DC office. The department’s co-chairs are split between the New York and Los Angeles offices; Shukie Grossman and Edward Sopher oversee matters from the former location, while transactional and fundraise expert Jennifer Bellah Maguire is based in the latter.

Practice head(s):

Shukie Grossman; Edward Sopher; Jennifer Bellah Maguire

Other key lawyers:

Roger Singer; William Thomas; A.J. Frey; Candice Cho; John Senior

Key clients

Leonard Green & Partners

Hamilton Lane

GCM Grosvenor

ARDIAN

IPI Partners

J.P. Morgan Asset Management

AIG Global Real Estate

EQT Exeter

ICONIQ Capital

Berkshire Group

Motive Partners

TCG Capital Management

Oak Street Real Estate Capital

Madison Realty

Main Street Advisors

Work highlights

    Latham & Watkins LLP

    At Latham & Watkins LLP, the group’s extensive knowledge of the infrastructure, energy and power, and middle-market buyout spaces ensures that the department is instructed by a substantial and ever-growing roster of some of the most active private equity firms in those areas. The team is also developing tremendous debt fund expertise, and is increasingly involved with credit and senior lending opportunities, alongside its stalwarts of real estate and alternative assets. Andrea Schwartzman, who acts as the global chair of the firm’s investment funds practice, oversees matters from the New York office; other core contacts at this location include Kathleen Walsh, Edward Nelson, and new arrival William Brashares (who joined from Kirkland & Ellis LLP in July 2021). The San Francisco office is another one which welcomed a partner recently, with Javad Mostofizadeh arriving from Gunderson Dettmer LLP in August 2021. Over in Washington DC, Barton Clark remains the key name to note.

    Practice head(s):

    Andrea Schwartzman

    Other key lawyers:

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

    Testimonials

    ‘Great firm. Well organised and client oriented. Best of the best.’

    ‘Kathleen Walsh is very involved in our matters. Really cares about the outcome and brings tremendous business experience to our deal-making.’

    ‘The lawyers who support us at Latham & Watkins really get to know our business and take a personal interest in making sure we aren’t just well represented, but that we succeed.’

    ‘Matthew Chase is hands down the best private equity funds lawyer I have dealt with. He knows the market, knows our business and is extremely focused on client service.’

    Key clients

    Searchlight Capital Partners

    Lineage Logistics/ Bay Grove Capital

    The Jordan Company

    Onex Partners

    ECP (f/k/a Energy Capital Partners)

    Assured Investment Management

    VMG

    Excellere Partners

    Carousel Capital Partners

    Xebec Realty

    Emergent Cold Latin America

    Radial Equity Partners

    I Squared Capital Partners

    North Branch Capital

    IFM Investors

    Graham Partners

    Great Hill Partners

    GEF Capital Partners

    Work highlights

      Paul, Weiss, Rifkind, Wharton & Garrison LLP

      The offering at Paul, Weiss, Rifkind, Wharton & Garrison LLP provides specialized advice across the entire private equity fund lifecycle – including fund and management company formation, seed capital and strategic arrangements, employee compensation, and investment management M&A – from the firm’s New York office. The co-heads of the global funds group are Udi Grofman and Marco Masotti – the latter is particularly noted for his fundraising expertise. Other recommended attorneys at the practice include Victoria Forrester, who has overseen a number of ground-breaking fund launches for market leading clients; Amran Hussein, who is equally well versed in formation, launch and operation matters; and Conrad van Loggerenberg, whose recent highlights include bringing to market a number of credit, co-investment, seed capital and venture capital funds. Major institutional investors, including sovereign wealth funds, state pension plans, retirement funds, endowments and family offices, also regularly instruct the team.

      Practice head(s):

      Marco Masotti; Udi Grofman

      Other key lawyers:

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

      Proskauer Rose LLP

      Proskauer Rose LLP‘s leading multi-disciplinary team is widely known for its sole focus on representing the most notable private funds and their advisors. Over a recent  twelve month period alone, the department raised over 300 funds and bespoke investor vehicles of all types – representing over $115bn in target commitments – and assisted with more than 640 primary investments and co-investments. The group advises a significant segment of the secondary market and is an extremely active participant in the credit fund space, as well as fielding dedicated specialists in US and UK regulatory, compliance and enforcement matters with a nexus to private investment funds. Leadership of the practice is split between the Boston and New York offices; Howard Beber, Robin Painter and David Tegeler are based at the former location, while Monica Arora oversees matters from the latter. The US offering is also able to leverage the firm’s international presence – which spans key locations in London, Hong Kong and Sao Paolo – to provide a seamless service to global clients.

      Testimonials

      ‘The Proskauer Rose team has significant legal expertise in the private equity funds segment and can anticipate issues before they arise.  They are experts at negotiating while keeping their focus on getting a deal closed.’

       

      Key clients

      Adams Street Partners

      AllianceBernstein

      Arbour Lane Capital Management

      Ares Direct Lending Group

      Atlas Holdings

      Bessemer Venture Partners

      Blackstone Strategic Partners

      Commonfund Capital

      Deerfield Management

      Evolution Credit Partners

      Flagship Pioneering

      General Catalyst Partners

      StepStone Group

      J.P. Morgan

      Lexington Partners

      New Enterprise Associates

      Onex Falcon

      PineBridge Investments

      Pomona Capital

      Thrive Capital Partners

      Work highlights

      • Advised Ares Management on the formation of a junior capital direct lending fund, Ares Private Credit Solutions II, which closed with $5.1bn in commitments.
      • Advised Flagship Pioneering – which conceives, creates, resources and develops first-in-category bioplatform companies to transform human health and sustainability – on the formation of Flagship Pioneering Fund VII, which closed with a total capital pool of approximately $3.4bn (including the recent $2.2bn capital expansion raised from current Flagship investors and a select group of new investors).
      • Advised Atlas Holdings on the formation of their fourth private equity fund, Atlas Capital Resources IV, which completed its first and final close at its hard cap of $3.1bn.

      Ropes & Gray LLP

      At Ropes & Gray LLP, the ‘fantastic‘ offering ‘lives and breathes asset management‘ – the firm’s immersion in the latest trends and developments ensures that it is constantly operating at the high value, maximum complexity end of the fund formation market. The attorneys’ ‘deep and broad experience throughout the industry‘ encompasses both sponsor and investor-side work equally, enabling practitioners to fluently negotiate mutually beneficial agreements. In terms of venture capital work, the firm advises on the entire growth cycle of a company, from organization and incorporation, through venture, mezzanine and late-stage funding to sophisticated financing and acquisition transactions for large, multi-national companies. The practice has a highly specialized approach to leadership, with dedicated practitioners taking charge of particular areas: Boston-based Peter Laybourn shares management of the overall private funds department with Leigh Fraser and Morri Weinberg in New York; ‘outstanding, accessible, authoritative and efficientJohn Ayer – also in Boston – leads the private equity group; and ‘walking encyclopaediaMarc Biamonte and Debra Lussier jointly oversee the institutional investors and buyout funds work from New York and Boston, respectively. In April 2021, the New York office was strengthened even further by the arrival of Bryan Hunkele from Fried, Frank, Harris, Shriver & Jacobson LLP.

      Practice head(s):

      Leigh Fraser; Peter Laybourn; Morri Weinberg

      Other key lawyers:

      Marc Biamonte; Bryan Hunkele; Debra Lussier; Amanda Persaud; John Ayer

      Testimonials

      ‘The team is fantastic: responsive, smart and expert on the market. The R&G team is at the absolute top of the private funds market.’

      ‘John Ayer – outstanding in all respects. John is smart, commercial, articulate and an effective negotiator. Highly impressive.’

      ‘Highly responsive, very knowledgeable, commercial, practical.’

      ‘John Ayer is outstanding, accessible, authoritative and efficient. You feel very comfortable that his advice comes from a solid foundation of expertise and experience.’

      ‘The team is always available when needed and is very prompt in responding to complex questions and issues. I’ve worked with many law firms and I’ve not seen the level of service or responsiveness like I have with R&G.’

      ‘Ropes & Gray lives and breathes asset management. Deep and broad experience throughout the industry.’

      ‘My assessment is that no other firm compares to the depth and breadth of Ropes & Gray’s experience, feel of the market and ability to guide a fundraise to a successful conclusion.’

      ‘Marc Biamonte is an outstanding lawyer, with measured judgment, a virtual walking encyclopaedia of market knowledge, and a practiced ability to negotiate with the best. Marc has the ability to lead a team to provide white glove client service of the highest order.’

      Key clients

      Thomas H. Lee Partners

      Hamilton Lane Advisors

      Parthenon Capital

      BV Investment Partners

      Bain Capital

      Breakthrough Energy Ventures

      Cove Hill Partners

      CCMP Capital

      Gridiron Capital

      Crosspoint Capital

      Carlyle (AlpInvest)

      Kohlberg & Co

      Wynnchurch Capital Partners

      The Vistria Group

      Adjuvant Capital

      Index Ventures

      Arrowstreet Capital

      Baillie Gifford

      Accolade Capital Management

      CBRE

      Partners Group

      Work highlights

      • Advising AlpInvest – a the leading US-based private equity asset manager with over $55bn in assets under management – on the raising of its seventh Secondaries program (ASP VII) with $9bn of commitments (exceeding the original target of $8bn) and its eighth co-investment program (ACP VIII) at $3.5bn.
      • Assisted Crosspoint Capital, a newly formed private equity firm, with the $1.3bn raising for its initial fund, Crosspoint Capital Partners Fund I.
      • Advised Kohlberg & Co – a leading US private equity firm with over $7.8bn in assets under management – on the raising of its ninth flagship buyout fund, Kohlberg Investors IX, with total commitments of $3.4 bn.

      Akin Gump Strauss Hauer & Feld LLP

      Akin Gump Strauss Hauer & Feld LLP is known as a destination firm for emerging market funds work; Prakash Mehta has been instrumental in the firm’s expansion into Asia, and currently oversees the India practice, as well as acting as joint leader of the investment management group. His counterpart, Stephen Vine, focuses exclusively on private investment funds and their managers, and provides expert advice on the gamut of fund formation and capital raising issues. Both co-heads are based in the New York office, which saw significant team growth in the spring and summer of 2021 following the arrival of of seasoned attorneys Brian Daly from Schulte Roth & Zabel LLP and Terence Rozier-Byrd from Baker Botts L.L.P., bringing additional transactional, regulatory and operational expertise to the offering. Dennis P. Pereira  is another key member of the team, with particularly strong fundraising expertise. Other areas of strength for the offering include credit funds, secondaries and institutional investor representations.

      Practice head(s):

      Stephen Vine; Prakash Mehta

      Other key lawyers:

      Fadi Samman; Eliot Raffkind; Blayne Grady; James Deeken; Ann Tadajweski; Brian Daly; Dennis P. Pereira; Terence Rozier-Byrd

      Testimonials

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

       

      Key clients

      BentallGreenOak

      Brightwood Capital Advisors

      Crossplane Capital

      BlackRock

      Crestline Management, L.P.

      PAAMCO Prisma

      BHMS Investments, LLC

      Angelo, Gordon & Co.

      Crayhill Capital Management

      Work highlights

      • Advised Crossplane Capital – a Dallas-based private equity firm which targets control investments in niche manufacturing, value-added distribution and industrial business services companies – on the closing of its inaugural fund, Crossplane Capital Fund, at its $275m hard cap.
      • Represented BlackRock in the backing of a new $1.1bn Kohlberg & Company secondaries fund.

      Goodwin

      2021 was a year marked by significant growth for Goodwin, with a multitude of specialized partners arriving in a number of key locations. The New York office – which also fields practice co-head Mandee Gruen – welcomed Runjhun Kudalsya from Paul Hastings LLP, Adam Sussman from Proskauer Rose LLP, David Wagner from Simpson Thacher & Bartlett LLP, Michael Aluko from Greenberg Traurig, LLP and Karen Chao from Sidley Austin LLP. Gruen’s counterpart in Washington DC, Paul Verbesey, was joined by Greg Larkin, formerly of Debevoise & Plimpton LLP. Finally, Zee Ahmedani, formerly of Morrison Foerster was a new addition to the Los Angeles office, cementing the firm’s funds presence there. The group continues to provide expert advice across the range of matters in this space, including venture capital, real estate, infrastructure, debt, responsible investing and emerging market funds; large-scale GP led liquidity events; restructurings; separate managed accounts; secondaries; and complex incentive arrangements.

      Practice head(s):

      Mandee Gruen; Paul Verbesey

      Other key lawyers:

      David Watson; Ian O’Donnell; Thomas Beaudoin; Robert Fore; Runjhun Kudalsya; Greg Larkin; Adam Sussman; David Wagner; Michael Aluko; Karen Chao; Zee Ahmedani

      Key clients

      Turner Impact Capital

      Charlesbank

      LBA Realty

      WestView Capital Partners

      Beacon Capital Partners

      Cabot Properties

      TA Associates Management, L.P.

      Canaan Partners

      Credit Suisse Asset Management

      Elm Park Capital Management

      Morgan, Lewis & Bockius LLP

      At Morgan, Lewis & Bockius LLP, a ‘deep bench of talent and coverage‘ draws on the firm’s experience across market sectors and investment strategies to advise a voluminous roster of notable names in the global private investment fund formation industry. On an annual basis, the team forms more than 400 private funds, including separate accounts and similar vehicles, for sponsors. The group is also extremely active on the institutional investor side, and counts seven of the largest public pension plans in the US, as well as half of the world’s largest sovereign wealth funds, amongst its regular clients. The offering regularly drafts documents pertaining to special customized private capital formations, including consortia, platform investments, bespoke co-investments, joint ventures, separate account vehicles, and funds of one. Leadership of the practice is split between New York and Washington DC; Jedd Wider is the key contact at the former location, while Courtney Nowell oversees matters from the latter.

      Practice head(s):

      Courtney Nowell; Jedd Wider

      Other key lawyers:

      Joseph Zagari; Louis Singer; Christopher Dlutowski; Miranda Lindl O’Connell

      Testimonials

      ‘Responsiveness and creativity in resolving issues. Diversity is at the core of their concerns.’

      ‘Miranda Lindl O’Connell has been an invaluable partner and provider of advice to our fund as we navigated securing institutional investors and fund structuring. She is creative and truly engaged in our success.’

      ‘Highly knowledgeable of private markets. Provides comprehensive reviews.’

      ‘Timely communication. Very responsive to client questions and concerns. Very good at explaining proposed terms and placing them in a larger context.’

      ‘In my opinion, at all levels, associates to partners, it is MLB’s responsiveness and the client service that stands out. They take the time to really know our organization and they implement tools so that internally, the various groups also have access to the information.’

      ‘Extremely responsive, deep bench of talent and coverage, and very thorough in their analysis of issues.’

      ‘Christopher Dlutowski – always responsive and has a deep understanding of both our needs/concerns and private equity market issues, etc. Has always given great service.’

      ‘Strong market knowledge and substantive area expertise across practices that affect our business.’

      Key clients

      JP Morgan Asset Management

      TIAA (Nuveen)

      Credit Suisse

      MetLife

      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

      Ohio Public Employees Retirement System (OPERS)

      Oregon Public Employees Retirement System

      Ohio School Employees Retirement System

      Pantheon Ventures Group

      South Carolina Retirement Investment Commission

      Yale University

      San Francisco City & County Employees Retirement System

      State Universities Retirement System of Illinois

      New Mexico Public Employees Retirement Association

      Maine Public Employees Retirement System

      San Bernardino County Employees’ Retirement Association

      Lime Rock Partners

      Cornell University

      Freestone Capital Management

      Fairfax County Retirement Systems

      JCR Capital (Walker & Dunlop Investment Partners)

      Local Initiatives Support Corporation (LISC)

      Work highlights

      • Advised a global alternative asset manager on more than 30 primary fund investments and 10 co-investments, as well as assisting with the formation of funds-of-one focused on infrastructure, co-investing, primary, and secondary transactions, and the formation of commingled funds focused on infrastructure, co-investing, credit, and secondary transactions.
      • Advised a global asset manager and one of the five largest real estate investment managers globally, with $138bn of assets under management, on the formation and operation of four sector-specific, open-ended private real estate funds with total capital commitments of $2.9bn.
      • Represented a leading investor in the alternative asset secondary market, with more than $42bn in assets under management, in secondary transactions involving more than 600 interests for an aggregate transaction volume of approximately $1.9bn.

      Paul Hastings LLP

      Paul Hastings LLP is differentiated by its ability to provide the highest quality advice on matters at the intersection of real estate and funds work; the firm is able to leverage the expertise of both its private equity real estate investment funds formation offering and its sophisticated global real estate acquisition, development, and finance practice to truly excel in this space. Away from this core focus, the team is also proficient in assisting sponsors and investors with the structuring, formation and operation of a broad range of other private equity funds. Joshua Sternoff oversees work from the New York office, which is also home to recommended attorneys Ira Kustin and Lawrence Hass. Yousuf Dhamee, who is based in Los Angeles and has extensive experience representing institutional advisers, is another key contact.

      Practice head(s):

      Josh Sternoff

      Other key lawyers:

      Yousuf Dhamee; Ira Kustin; Lawrence Hass

      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

      • Represented Prudential Global Investment Management Real Estate in connection with the successful initial closing and seeding of an open-end fund to invest in mortgages and other loans secured by core real estate assets throughout the US.
      • Advised AEW Capital Management, a global investment management firm with more than $80bn in assets under management, on the formation of AEW Value Investors Asia IV, a Luxembourg-based fund formed to make value-add real estate investments across the Asia Pacific region.
      • Assisted Prudential Agricultural Investments with the successful conversion of an agricultural investment fund from a closed-end structure to a perpetual life, perpetual capital raising open-end vehicle.

      Schulte Roth & Zabel LLP

      At Schulte Roth & Zabel LLP, the group is well versed in handling all aspects of private equity fund formation and operation, advising on issues far past a fund’s creation, as well as those surrounding the initial structuring. The offering’s stellar reputation for regulatory and compliance matters ensures that a notable roster of global investment advisers is represented by the firm in this space; Joseph Smith is a key name to note for such work. Other areas of strength include assisting innovative funds – particularly those involved with blockchain technology and digital assets – advising clients on hybrid funds with a private equity style, and transactions relating to funds. Stephanie Breslow, David Efron, Peter Greene, and David Nissenbaum jointly lead the team. Phyllis Schwartz is also recommended for her extensive experience working with institutional investors. All named attorneys are based in New York.

      Practice head(s):

      Stephanie Breslow; David Efron; Peter Greene; David Nissenbaum

      Other key lawyers:

      Joseph Smith; Phyllis Schwartz

      Key clients

      Bayview Asset Management

      Black Diamond Capital Management

      CarVal Investors

      Cerberus Capital Management

      Hemisferio Sul Investimentos S.A.

      LCN Capital Partners

      MGG Investment Group

      Olympus Peak Asset Management

      Upper90 Capital Management

      Westport Capital Partners

      Weil, Gotshal & Manges LLP

      With a client base covering both domestic sponsors in Europe, and international sponsors in the US, Weil, Gotshal & Manges LLP is able to leverage its global strength to offer equally expert advice on local and cross-border mandates. The team is active across the full asset management deal spectrum, including assisting with structured secondary sales of interests in funds, fund restructurings, majority acquisitions, minority investments in sponsors, spin-outs of merchant banking groups from large financial institutions, and governance advice. Practice head Jonathon Soler splits his workload between sponsor firms and their funds, and institutional investors. Andrew Chizzik is a key partner for Brookfield Asset Management, one of the firm’s most notable clients, for which it regularly raises multi-billion dollar funds; a recent example is the $20bn Infrastructure Fund IV. All named attorneys 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

      Backcast Partners Management

      Berkshire Partners

      Brookfield Asset Management

      Centre Partners Management

      Cohesive Capital Partners

      Crow Holdings Capital Partners L.L.C.

      Genstar Capital

      Graycliff Partners

      Jadian Capital

      JLL Partners

      Kainos Capital

      Lee Equity Partners

      Lindsay Goldberg

      Madryn Asset Management

      Pacific Avenue Capital Partners

      Sixth Street Partners

      Stripes Group, LLC

      TPG Global

      Quad Partners

      Work highlights

      • Advised Genstar Capital on its formation of Genstar Capital Partners X, a $10.2bn fund, which closed with $1.5bn of committed overage capacity from select limited partners, for total capital raised, including overage capacity, of approximately $11.7bn.
      • Advised Brookfield Asset Management pn the formation of Brookfield Infrastructure Debt Fund II, a $2.7bn fund.
      • Advised Lindsay Goldberg on its formation of Lindsay Goldberg V, a $3.4bn global buyout fund.

      Willkie Farr & Gallagher LLP

      Willkie Farr & Gallagher LLP‘s active fund formation practice is strengthened by the group’s extensive experience advising on bespoke liquidity and capital solutions matters, including LP secondary transactions; GP-led transactions including continuation funds, tender offers and stake sales; investments into GPs; and fund restructurings and recapitalizations. Lior Ohayon and Margery Neale jointly lead the firm’s asset management department from the New York office, which also fields recommended attorneys Phillip Isom – who is regularly instructed to assist with structuring and organizing the ownership arrangements of private investment firms – and Arash Farhadieh – who is singled out by one client for his ‘intimate knowledge‘ of funds work. January 2021 saw the expansion of the group into Washington DC, through the acquisition of counsel Benjamin Allensworth, who brings 18 years of experience representing investment managers – most recently as managing director and counsel at the Managed Funds Association – to the role.

      Practice head(s):

      Phillip Isom; Lior Ohayon; Margery Neale

      Other key lawyers:

      Benjamin Allensworth; Arash Farhadieh

      Testimonials

      ‘Their in-depth knowledge, coupled with practical and thoughtful advice, make this a strong team.’

      ‘We rely on the advice from the Willkie team and consider them an integral and true partner in any fund transaction.’

      ‘They have fantastic domain expertise and do not require much time to accurately assess the impact of LPA terms on a client’s ability to achieve their goals.’

      ‘Arash Farhadieh has intimate knowledge of fund terms.’

       

      Key clients

      Andros Capital Partners LLC

      Astorg Partners

      Banneker Partners

      Blue Water Energy

      Bridge Growth Partners

      C2 Energy Capital

      CIP Capital

      Citi Private Bank

      Credit Suisse Asset Management

      First Manhattan Co.

      Flexis Capital

      Full-In Partners

      Gainline Capital Partners LP

      GoldenTree Asset Management

      GoldPoint Partners

      Grant Avenue Capital

      Harbor International Group

      ICV Partners

      Insight Partners

      LS Power Private Equity

      Monarch Alternative Capital

      Morgan Stanley

      New York Life Insurance Co.

      PAI Partners

      Paramount Group

      Pickering Energy Partners

      Post Oak Energy Capital

      Related Fund Management

      Sage Road Capital

      Second Alpha Partners

      Sound Point Capital

      The CapStreet Group, LLC

      The Carlyle Group

      Vantage Infrastructure

      Wellington Asset Management

      Zurich Alternative Asset Management

      Clifford Chance

      Clifford Chance‘s New York-based offering collaborates closely with funds, regulatory and tax specialists located in the firm’s offices across the globe – including in London, Paris, Frankfurt, Amsterdam, Hong Kong and Beijing – ensuring that the group can seamlessly assist with all the requirements involved in an international fund raise. The team has particular expertise in real estate, clean energy and infrastructure funds, as well as GP stakes and secondaries transactions. In spring 2021, the lateral hire of Susan Burkhardt – who brings with her a decade of combined experience at Apollo, Blackstone and its private credit arm GSO Capital Partners, and D.E. Shaw – in April, and the subsequent internal promotion of Daniel Drabkin in May increased the range of talent available at partner level. Michael Sabin and Clifford Cone share leadership of the practice.

      Practice head(s):

      Michael Sabin; Clifford Cone

      Other key lawyers:

      Susan Burkhardt; Daniel Drabkin

      Testimonials

      ‘Good knowledge of the industry.’

      Key clients

      Alecta Investment Management

      American Landmark

      Arison Holdings

      Cambridge Associates

      Capital Dynamics AG

      Credit Suisse Asset Management

      Digital Bridge (f/k/a Colony Capital)

      Exeter Property Group

      Five Arrows Managers

      Greystone

      Grubb Properties

      Iconiq Capital

      Jus Capital

      Mercer Investment Management

      Oxford Finance

      Partners Group

      Pelham S2K

      Rothschild & Co Investment Managers

      TCW Asset Management Company LLC

      Tikehau Capital North America LLC

      Work highlights

      • Advised Capital Dynamics on the formation of its $1.5bn Clean Energy Infrastructure Fund X, and its $786m Global Secondaries Fund V.
      • Assisted Tikehau Capital North America LLC with the establishment and capital raise of its inaugural private debt secondaries fund, Tikehau Private Debt Secondaries, and with several secondary acquisitions.
      • Advised American Landmark on the final close of American Landmark Fund III, with total capital raised in excess of $1bn.

      Cooley LLP

      Cooley LLP is widely recognized for its pre-eminence in the venture capital space, where the team advises a spectrum of diverse clients, ranging from established names such as Venrock and Lux Capital, to emerging fund managers. The practice operates as a truly nationwide fund formation offering; the firm’s reach stretches from the Palo Alto office – which fields practice head John Dado, as well as seasoned practitioners Shane Goudey and John Clendenin – to key locations, including Washington DC and Boston, on the east coast. The team is also noted for its expertise in advising market leading Asia-based venture capital firms; Jordan Silber leads on such work from the San Francisco office.

      Practice head(s):

      John Dado

      Other key lawyers:

      Jordan Silber; John Clendenin; Shane Goudey; Eric Doherty; Aaron Velli

      Testimonials

      ‘I find the team to be helpful, engaging, and well informed on topics related to our industry. I have been pleased with the ability to maintain timelines and staffing on transactions even amid what is clearly a unique time for service providers in general (and legal firms specifically) in terms of volume of activity. I appreciate pleasant and detailed interactions with back office teams at Cooley as well.’

      ‘Eric Doherty is always willing to discuss various perspectives of relevant topics as it pertains to fund legal agreements/LP interactions. He is approachable, and comes through when needed on tight timelines.’

      ‘Cooley has simply consistently provided top quality service and counsel to us across the our various venture funds. We consult with them for our fund formation as well as private corporate financing. I can count on their experienced staff to help make informed, up to date decisions.’

       

      Key clients

      645 Ventures

      Bonfire Ventures

      Construct Capital

      Define Ventures

      FootPrint Coalition Ventures

      Gaorong Capital

      GIC

      GGV Capital

      Griffin Gaming Partners

      Impact America Fund

      Industry Ventures

      Interlace Ventures

      IVP

      Lux Capital

      Menlo Ventures

      Norwest Venture Partners

      RET Ventures

      Owl Ventures

      Venrock

      Vision Ridge

      Work highlights

      • Advised GGV Capital on raising $2.52bn across four funds, which will focus on tech start-ups and growth deals in the US and China.
      • Advised Lux Capital on the closing of two new funds at a total of $1.5bn, bringing the client’s total capital under management to more than $4bn.
      • Advised IVP on the closing of its $1.8bn IVP XVII fund, bringing the client’s total committed capital to $8.7bn.

      DLA Piper LLP (US)

      DLA Piper LLP (US) continues to maintain its reputation as a leading investor-side offering, with the team providing ‘well thought out, comprehensive and bespoke advice‘ to more than 250 institutional investors, including some of the largest and most active sovereign wealth funds, endowments, insurance companies, public pension plans and financial institutions. Recently, the team has also been increasing its focus on sponsor-side work, and has developed particular strength in real estate, energy, and infrastructure fund formation. This dual focus is exemplified by the group’s leadership structure, with key specialized practitioners split between the Chicago and Austin offices; the former location fields Jesse Criz – who co-chairs the investment management practice – and Nathaniel Marrs – who oversees sponsor-side work, while the latter is the base for Criz’s counterpart, David Parrish, and Marrs’ opposite number, investor-side specialist Nicole Brennig. Another illustration of the firm’s ever-growing dedication to sponsor-side mandates was the recent arrival of Ken Muller, formerly of Kirkland & Ellis LLP, to the San Francisco office.

      Other key lawyers:

      John Reiss; Adam Tope; Ken Muller; Sara Stinnett; Allen Ashley

      Testimonials

      ‘The firm is very knowledgeable in the latest market trends in PE funds and offers well thought out, comprehensive and bespoke advice. Their response is always very prompt and they are able to handle effectively and efficiently multiple matters of complex nature simultaneously.’

      ‘David Parrish is the superstar partner of the firm!’

      ‘Adam Tope is thoughtful, creative, and turns work product around quickly. He is also practical and commercial, which can be a challenge to find.’

      ‘I have worked closely with Nathaniel Marrs and find him to be among the highest quality attorneys in his space. Very client-focused, smart and attentive to details.’

      ‘Incredible experience and depth of knowledge of both our business and the legal landscape. Great effort to streamline and collaborate on the billing process. Terrific people with whom to work.’

      ‘Responsive. Depth of applicable experience. Invested tremendous time to understand our business.’

      ‘Jesse Criz and Allen Ashley are the superstars with whom I work most closely.’

      ‘Sara Stinnett is beloved by not only our legal department but by all of the business people who work on the transactions because she delivers timely and excellent quality of work and commercially viable solutions. Sara handles huge volumes of work without missing a beat – she provides consistently excellent work. She’s also a pleasure to work with and takes on tasks with such a positive attitude. She is a vital part of making our business run.’

      Key clients

      Quad Capital Partners, LLC

      SER Capital Partners

      Denali Growth Partners

      Harrison Street Real Estate Capital, a leading investment management firm

      Five Point Energy

      Savant Growth

      Sound Point Capital Management

      Penwood Real Estate Investment Management

      Hayfin Capital Management LLP

      AIG Global Real Estate

      Bridge Investment Group

      Longfellow Real Estate Partners

      Northland Investment Corporation

      Dome Equities LLC

      Harbert Management

      Green Courte Partners

      Ares Management

      Overbay Capital Partners

      Los Angeles County Employees Retirement Association (LACERA)

      Wafra Inc.

      Queensland Investment Corporation

      Work highlights

      • Advised Harrison Street Real Estate Capital on the structuring and formation of a new open-ended real estate fund in Canada, Harrison Street Canada Alternative Fund, with an initial closing in excess of $225mn, focused on the acquisition and development of real estate assets in the sectors of education and healthcare.
      • Advised Savant Growth – a new, data-driven private equity firm – on the formation and close of its inaugural fund, Savant Growth Fund I, to provide founder-led, software-as-a-service (SaaS) companies with the active partnership, proprietary technology and expansion capital needed to scale their businesses.
      • Advised Overbay Capital Partners, a Toronto-based private equity secondaries firm, on the acquisition of a portfolio of interests from a European seller in a secondary transaction, including coordination of NAV-based financing and co-investment capital.

      K&L Gates

      The nationwide asset management team at K&L Gates regularly assists some of the best-known fund sponsors and investment management firms in the industry with the sophisticated and complex fund formation mandates. The group has particular strength in the emerging manager space, advising new and growing investment managers alike on issues relating to investment vehicles, seed investors and acquisition of GP stakes in more established managers. Two of the joint practice heads – Mark Amorosi and Ndenisarya Bregasi – are based in Washington, while the third – Michael Caccese – oversees matters from Boston. Other recommended attorneys include Scott Bernhart, a real estate fund formation specialist located in Fort Worth, and New York-based Yasho Lahiri, whose broad workload encompasses seed capital, employment and partnership arrangements with key members of investment and operational teams, joint ventures and distribution arrangements, and exits through sales to strategic and financial buyers.

      Practice head(s):

      Mark Amorosi; Ndenisarya Bregasi; Michael Caccese

      Other key lawyers:

      Sasha Burstein; Edward Dartley; Yasho Lahiri; Scott Bernhart

      Testimonials

      ‘There is a consistent attention to detail and more often than not, foresight that has helped guide my practice but also the business teams I have worked with. I also love that there is always at least one female on the team– diversity is a staple, not an afterthought. The caliber of work provided has always been exceptional, and I trust their direction deeply. They make it easier on their clients because it’s clear that they really care.’

      ‘Sasha Burstein: Attention to detail; time and dedication paid; thoughtful guidance; genuine leadership; breadth of market knowledge; client first attitude; caring, dependable and always finds the time; listens then advises.’

       

      Key clients

      TIAA Investments

      Kohlberg Kravis Roberts & Co. (KKR)

      Gatewood Capital Partners

      Apis & Heritage Capital Management, LLC

      HarbourVest Partners, LLC

      CVC Credit Partners

      RevolverCap Partners

      Marathon Asset Management, LP

      Presidio Investors

      Terramont Infrastructure Partners

      Work highlights

      • Advised Churchill Asset Management on the closing of two new funds – Churchill Secondaries Partners and Churchill Co-Investment Partners – totaling approximately $1.5bn of committed capital.
      • Advising Gatewood Capital Partners on the formation and launch of its second private equity fund, targeted at $400m.
      • Advised Apis & Heritage Capital Management on the launch of an innovative fund designed to address wealth disparities affecting people of color in the United States by financing the sale of companies to their heavily PoC workforces through an “employee-led buyout” structure.

      Orrick, Herrington & Sutcliffe LLP

      Under the joint leadership of New York-based Quinn Moss and San Francisco-based Dolph Hellman, Orrick, Herrington & Sutcliffe LLP is valued for its ability to ‘think outside the box and into the realm of unintended consequences‘. The firm continues to leverage its underlying market strengths in the finance, technology, energy and infrastructure sectors to grow and develop its funds practice; investors and sponsors with a nexus to these areas are particularly quick to instruct the group. The team is also noted for its focus on impact finance work; it is noted by one client from this field that the ‘depth of experience working with social impact managers and willingness to consider the unique issues faced by them is a key positive differentiator‘.

      Practice head(s):

      Quinn Moss; Dolph Hellman

      Testimonials

      ‘The social impact aspect of the firm’s practice is still fairly rare among law firms, though other firms are attempting to grow their expertise in this area. The firm’s depth of experience working with social impact managers and willingness to consider the unique issues faced by them is a key positive differentiator.’

      ‘Matters have been addressed from our original drafting with immediate response and appropriate partner and/or associate level work.’

      ‘Dolph Hellman has been invaluable to our firm from inception. We do not see a future where we do not work with him.’

      ‘Key skill on Orrick’s team is their ability to think outside the box and into the realm of unintended consequences.’

      ‘Quinn Moss knows more about private markets LPAs and LLCs than any attorney I know, and is the master of the big picture wholistic approach to legal risk.’

      Key clients

      IMM Private Equity

      Washington State Investment Board

      National Community Investment Fund

      PayPal

      Juxtapose

      Oregon Public Employees Retirement Fund (OPERF)

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

      SQN Capital Management, LLC

      Mindset Ventures III LP

      Skadden, Arps, Slate, Meagher & Flom LLP

      Skadden, Arps, Slate, Meagher & Flom LLP represents the largest asset management firms and most sophisticated investors in all manner of fund formation and capitalization work, as well as advising on strategic planning and compliance decisions, including those with cross-border elements, in a rapidly changing regulatory landscape. The New York office is home to a large number of recommended practitioners: Michael Hoffman heads up the practice; John Caccia regularly assists with the structuring and negotiation of portfolio investments and dispositions and significant strategic initiatives; Anna Rips is noted for her corporate and regulatory expertise; and Anastasia Rockas has a significant investor-side practice. The team’s wide-ranging proficiency spans a breadth of private fund structures, including master-feeder structures, managed accounts, funds of one, trust structures and parallel fund structures.

      Practice head(s):

      Michael Hoffman

      Other key lawyers:

      John Caccia; Anna Rips; Anastasia Rockas

      Stroock & Stroock & Lavan LLP

      Under the joint leadership of New York-based attorneys Brian Diamond, Jeffrey Uffner and Eric Requenez, the offering at Stroock & Stroock & Lavan LLP fields a team of specialists whose expertise covers a range of asset classes across the full life cycle of a fund. The group’s regular workload ranges from tax structuring and planning, regulatory and compliance, internal governance and compensation arrangements, through to fund restructurings and the eventual winding down of the fund. The firm is particularly well regarded for its open-end real asset funds work; the arrival of tax specialist Steven Schneider to join the Washington DC office, formerly of Baker McKenzie LLP, has further boosted this expertise, as he brings considerable knowledge of real estate fund development to the department.

      Practice head(s):

      Brian Diamond; Jeffrey Uffner; Eric Requenez

      Other key lawyers:

      Richard Madris; Yong-Nam Jun

      Testimonials

      ‘Broader familiarity with a wide range of fund types and regulatory matters than traditional private equity practices which are more focused on closed end funds.’

      ‘Eric Requenez is extraordinarily hands on and deeply experienced in the sector.’

       

      Key clients

      J.P. Morgan Asset Management

      Morgan Stanley Wealth Management

      RockFence Capital LLC

      Granite Bridge Partners LLC

      Monarch Alternative Capital

      GPB Capital Alternative Asset Management

      Mack Real Estate Group

      Trion Properties Management

      Hawkeye Partners

      Wicker Park Capital Management

      A&E Real Estate

      Dechert LLP

      At Dechert LLP, a breadth of experience advising both private equity sponsors and institutional investors allows the team to provide clients with the most current knowledge regarding deal terms, innovations, regulatory issues, tax-efficient structures and capital raising techniques. The group has a particularly strong focus on debit/credit funds, and has a significant track record establishing such funds in jurisdictions ranging from Dublin to Luxembourg. The firm’s secondaries offering brings together fund formation and transactional experts, who work synergistically on a range of complex, cross-border deals. Practice head Omoz Osayimwese oversees matters from the New York office. Other recommended attorneys include Austin-based Tricia Lee – who is singled out by one client as a ‘lawyer of the highest caliber‘ – and Los Angeles-based Timothy Spangler, who is ‘able to “issue spot” like a fiend‘.

      Practice head(s):

      Omoz Osayimwese

      Other key lawyers:

      Carl de Brito; Tricia Lee; Timothy Spangler

      Testimonials

      ‘The team has been very responsive to our needs and the primary partner we work with takes initiative to bring in the appropriate colleagues to address our needs. Their billing is transparent. We have been impressed with the work they have done for us globally and the US partner who oversees our account remains involved to ensure our needs are being addressed on work done outside the US.’

      ‘Tricia Lee is the primary partner we work with and her responsiveness, reasonableness and good business judgment stand out. We always know that if we have a business/legal judgment question she will give us a timely, well thought out answer. We have learned to trust her recommendations a great deal.’

      ‘The Dechert private equity team is exceptional. We have been very impressed with the way they work together to anticipate and resolve the many issues that arise in the offering of a private equity fund. Their experience in this area is top notch. Projects are appropriately staffed and they avoid overstaffing to boost billing. The team’s communication during projects has been excellent. Dechert also has a top of the line tool for assuring compliance with non-US offering issues in World Compass. World Compass is constantly being updated and has been a great source of information in our offerings.’

      ‘Tricia Lee is an exceptional lawyer, highly organized and with a wide breadth of knowledge which is imperative to a private equity practice. She knows when to bring in other partners to make sure the issues are being properly addressed and manages her team efficiently. She makes sure we are prepared with the information that we need to address issues as they arise. Her negotiation skills are excellent and, with a background that includes significant experience in the M&A practice, she has an instinct for commercial issues as well as legal issues.

      ‘The team is able to provide current market information.’

      ‘The individuals I’ve worked with are exceptionally responsive. Additionally, Tricia Lee is a lawyer of the highest caliber.’

      ‘In the middle market private credit space, Dechert ‘s fund formation group is interesting because their fund formation practice group is good and is supplemented by very strong parallel groups that a middle market private credit asset manager will inevitably also migrate to. These include the BDC and registered fund, leverage finance and CLO practices, all of which are top flight at Dechert.’

      ‘Timothy Spangler is creative and smart. He has an eclectic mix of expertise, which includes US and European funds, as well as strength in securities laws. He sees connections others may not and is able to “issue spot” like a fiend. He is also very good at delegating work to strong associates that he mentors well.’

      Linklaters LLP

      The balanced practice at Linklaters LLP advises sponsors and investors alike on structuring, formation, taxation and regulation issues. The group also assists a core of alternative fund clients with portfolio investment acquisitions and dispositions, co-investments, joint ventures, seed arrangements and fund restructurings. Jason Behrens has extensive experience with an array of alternative asset classes, including private equity, real estate, credit, venture capital and secondaries funds; David Miller is particularly well versed in managed accounts, funds of one and comingled private investment funds; and Brad Caswell is the name to note for compliance work. These senior practitioners are all based in New York, but regularly collaborate with teams in London, Luxembourg, New York, Paris, Frankfurt, Hong Kong and Tokyo. 

      Practice head(s):

      Jason Behrens; David Miller; Brad Caswell

      Other key lawyers:

      Mike Dankis

      Key clients

      Ameriprise Financial, Inc.

      Oasis Management Company Ltd.

      Morgens, Waterfall, Vintiadis & Co.

      Work highlights

      • Advising Ameriprise Financial on the proposed acquisition of Bank of Montreal’s EMEA asset management business and related sponsored client transfer in the US, including global regulatory matters and filings in connection with the transaction.
      • Serving as fund and regulatory counsel to Oasis Management Company.
      • Serving as fund and regulatory counsel to Morgens, Waterfall, Vintiadis & Co.

      Mayer Brown

      Mayer Brown‘s recent trajectory of growth and development in the private equity funds space continued in 2021, with the arrival of a trio of seasoned attorneys in the New York office; Timothy Clark from Dechert LLP, Marina Besignano from Fried, Frank, Harris, Shriver & Jacobson LLP, and Javier Fierro from Sidley Austin LLP bring extensive experience of the structuring, formation, operation and regulation of a variety of domestic and offshore funds across wide range of asset classes and industries to the firm. They join a firm which assists sponsor, adviser and investor clients with structures ranging from limited partnerships, authorized and unauthorized unit trusts, and closed-ended and open-ended investment companies to private equity, infrastructure, mezzanine and venture funds. Real estate, insurance and credit funds are particular strengths. Leadership of the offering is shared between Chicago-based Wendy Dodson Gallegos and New York-based Kevin Sheridan Jr.

      Practice head(s):

      Wendy Dodson Gallegos; Kevin Sheridan Jr

      Other key lawyers:

      Timothy Clark; Marina Besignano; Javier Fierro; Aubry Smith; Tram Nguyen

      Testimonials

      ‘In depth knowledge of fund formation, SEC regulations, tax structuring. Business-oriented mindset – able to tailor their messages to the needs of the audience, starting at the proposal stage all the way through the delivery of documents Not unwilling to cap fees even when the scope of work is not 100% clear. Diverse team, playing well together. Willing to provide complimentary trainings for the client. Responsive and precise.’

      ‘Aubry Smith: great orchestra director, always prepared on documents and processes. Tram Nguyen: not afraid of saying no when the client is wrong.’

       

      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

      SunSuper

      Kythera Capital

      Crescent Capital

      BMO

      High Rise Capital

      Octagon

      Work highlights

      • Advising fund sponsor Heitman on all aspects of structuring, documenting and capital raising for Heitman Value Partners V; Heitman Real Estate Debt Partners II; and Heitman Global Real Estate Partners II.
      • Represented Invesco Real Estate in the initial closing of Invesco Real Estate Fund VI.
      • Advising various insurance companies as investors in private equity funds and also as private equity fund sponsors.

      Seward & Kissel LLP

      Seward & Kissel LLP‘s New York-based investment management practice is known for its private equity fund formation expertise, especially with respect to middle-market focused funds. The firm also has deep knowledge of the legal and regulatory requirements applicable both to the funds themselves and to their investment advisers, including those that are pertinent not just at the beginning, but throughout the entire life cycle of a fund. Patricia A Poglinco and Robert B Van Grover are the key names to note.

      Other key lawyers:

      Joseph Morrissey; David Mulle; Christopher Riccardi

      Key clients

      Carbon Direct Capital Management

      QVIDTVM Management, LLC

      Cohen & Company Financial Management, LLC

      Tru Arrow Partners

      Stable Asset Management

      Soryn Capital

      FourWorld Capital

      LexShares

      Work highlights

      • Assisted Carbon Direct Capital Management with the preparation of offering documents for a closed-end private equity fund.
      • Represented FourWorld Capital Management in connection with the formation of a fund with a target raise of $500m that accommodated both US and non-US investors.
      • Advised LexShares on a unique structure that allowed the fund to engage in a general solicitation for both its investors, and investors investing in special purpose co-investment vehicles.

      Seyfarth Shaw LLP

      Seyfarth Shaw LLP continues to be distinguished by its dedication to primarily serving institutional investors; the most notable governmental pension plans, corporate and multi-employer plans, university endowments and family offices regard the firm as a leading advisor on all their most complex mandates. The firm’s cross-disciplinary offering includes more than 50 attorneys, specialized in a range of areas, including corporate, securities, litigation, tax, derivatives, real estate, and bankruptcy. The practice is headed up by the ‘unflappableRobert Bodansky, who is based in Washington DC. Atlanta-based Steven Richman, who is regularly called upon to provide training to clients on important issues impacting their investments and respective fiduciary duties, is another recommended attorney.

      Practice head(s):

      Robert Bodansky

      Other key lawyers:

      Steven Richman; Trevor Tullius

      Testimonials

      ‘The practice has a good focus on large institutional investors.’

      ‘Steven Richman is a standout team member.’

      ‘Seyfarth Shaw is one of the only large law firms whose investment management practice focuses primarily on institutional investors rather than managers.’

      ‘The unflappable Robert Bodansky is a pragmatic advisor on the most challenging and complex issues facing private markets investors. Trevor Tullius is a clear communicator, particularly when counseling business decision markets. Steven Richman’s strong tax background gives him an advantage when reviewing certain transactions for investors.’

      Winston & Strawn LLP

      Fund formation work is the cornerstone of the practice at Winston & Strawn LLP – the group provides expert advice on the gamut of strategies, including venture, growth, buyout, fund of funds, international, private credit, aviation, infrastructure, and real estate. The offering is also well versed in issues concerning special circumstances relating to funds, such as sponsor separations and breakups, defaulting limited partners, fund restructurings and liquidity solutions, internal investigations, and permanent capital solutions. Small business investment company funds mandates are another area of expertise; Chicago-based Alan Roth is the key contact for such matters. Meg Frey heads up the department from Chicago, where she is supported by recognized attorneys Megan Devaney and Brad Mandel. The team also has a concerted presence in New York, where Beth Kramer and Scott Naidech are the names to note. 

      Practice head(s):

      Meg Frey

      Other key lawyers:

      Beth Kramer, Brad Mandel, Megan Devaney, Scott Naidech; Alan Roth

      Testimonials

      ‘Knowledgeable and (promptly) responsive on a wide variety of matters and issues, beyond private equity funds per se, to and including foreign office establishment and hiring, employment matters, and dealing with strategic investors in our firm.’

      ‘Megan Devaney – knowledgeable and responsive on specific delicate issues.’

      Key clients

      57 Stars LLC

      Adams Street Partners

      AON Corporation

      Commonfund

      Corrum Capital Management LLC

      GCP Capital Partners

      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

      Sandler Capital Management

      SCL Energía Activa S.A.

      Southern Cross Group

      StepStone Group LP

      U.S. Realty Advisors, LLC

      Volery Capital Management, LLC

      Work highlights

      • Represented Paceline Equity Partners -a private equity manager focused on value-oriented and special situations investments across real assets, corporate debt, and private equity in all market environments – in the final closing of its first fund and Cayman Islands parallel fund.
      • Advised Corrum Capital Management on the formation of two funds of one for large pension plans targeting investments in private credit and aviation.
      • Assisted Oria Capital with the formation of Oria Fund III, an Ontario limited partnership.

      Curtis, Mallet-Prevost, Colt & Mosle LLP

      In addition to regularly advising financial institutions, investment managers, institutional investors, and family offices, the New York-based offering at Curtis, Mallet-Prevost, Colt & Mosle LLP has carved out a particular niche representing sovereign wealth funds. The group’s diverse workload ranges from developing tailored structures for the investment community to restructuring existing fund complexes and providing regulatory assistance. Practice head Carl Ruggiero maintains many of the firm’s key client relationships, and is supported by a core senior team comprising ‘quick and resourcefulRandy DeSmyter and Shaun Reader.

      Practice head(s):

      Carl Ruggiero

      Other key lawyers:

      Shaun Reader; Randy DeSmyter

      Testimonials

      ‘The partner that leads our account is very experienced and has a superior attention to detail. He is commercial and quick. The practice has an amazing depth of expertise in the funds business.’

      ‘Randy DeSmyter is the partner on our account. He makes a difference on a daily basis in our business. He is quick and resourceful, careful on the comments, has an amazing attention to detail and always does the right thing!’

      ‘Great lawyers who are a pleasure to work with. I’ve always gotten solid advice and service, especially when it counts the most. I view them as a true business partner, supporting the establishment and growth of my division.’

      ‘I’ve worked with top NY and international law firms for 30 years and these attorneys rank in the top quartile in terms of service, trust and quality of advice.’

      Key clients

      Blue Opal Capital

      Brevet Capital Management

      CrowdStreet Advisors

      HBM Partners

      Livingston Securities

      Starbridge Venture Capital

      Studio VC

      Symbridge

      United Gulf Bank

      Work highlights

      • Advising Brevet Capital Management on all aspects of offering and operating existing funds, including realization of an approximately $400m investment program and new offerings of approximately $140m.
      • Advising CrowdStreet on all aspects of structuring, offering and operating its funds, including assisting with the intricate tax aspects of specific strategies such as investing in opportunity zones, and handling various regulatory filings.
      • Advising Blue Opal Capital on all aspects of its business, including the process of filing with the SEC as an Exempt Reporting Adviser, as well as the launch of a venture capital fund of funds; an oil and gas royalty fund; and seven special purpose venture funds.

      Hogan Lovells US LLP

      The offering at Hogan Lovells US LLP fosters longstanding relationships with its clients, assisting them with the entire life cycle of fundraising, from their first fund to successive vintages. The department stands out for its leading small business investment company practice; licensees and applicants regard the team as a go-to advisor on all aspects of their business operations. The firm is also able to leverage its strength in the REIT and energy transactional spaces to cater to clients with a nexus to these fields. Washington DC-based David Winter acts as the co-head of the global investment funds group, and is singled out as a leader who ‘coaches his practitioners and empowers them to make decisions and drafting recommendations consistent with his expertise‘.

      Practice head(s):

      David Winter

      Other key lawyers:

      Adam Brown; Madelyn Healy

      Testimonials

      ‘The team is responsive, thorough, experienced and offers balanced guidance. This is what I’m looking for in legal counsel and they provide it consistently. I recommend them to my peers.’

      ‘David Winter consistently offers sound counsel that is grounded in experience, research and good judgment. As a client I’m always looking for legal counsel that can not only tell me what the law or relevant rule is but how to navigate that rule in the context of a changing environment. Lots of people know the law but it is a far smaller set of lawyers that can provide sound counsel – we look for the latter and have found it in David.’

      ‘What I find unique about working with the Hogan Lovells Private Equity Funds Practice is that my team represents both fund managers and investors. This perspective has benefited our firm as we negotiate unusual fund structures as we come to the table with a very thoughtful, very balance proposal which requires little to no negotiation. We come to our contacts, Madelyn Healy and David Winter with a goal for our business and they help us evolve that vision into something easily digestible for our investors. We have had great success growing and morphing our fund strategy to meet our business needs with the guidance of our team at Hogan.’

      ‘Each team member knows each other’s areas of expertise and seeks additional counsel as needed. However, each team member is very capable and knowledgeable about our set of issues. They are responsive to our needs and treat us like a big client every time. They offer solutions and are action oriented. While they know the law very well, they also apply business acumen and experience to the decisions I have to make.’

      ‘Madelyn Healy is a Senior Associate on our account. She functions as the quarterback and lead on our private equity fund. She has tremendous experience and does seek counsel from the partner on the deal as needed, but her gut and instincts are spot on. She is a tremendous asset for HL and for our firm. She has great context around the business issues while ensuring our risks are mitigated. Her communication skills (written and oral) are terrific and allow me to be efficient with my time and the billable time from HL.

      ‘David Winter is the partner on our account. David has our best interest at heart and always provides sound counsel with strategic insights and guidance. He coaches his practitioners and empowers them to make decisions and drafting recommendations consistent with his expertise. When needed, David is always available but in most cases associates can run with most of the tasks. I know David is providing advice behind the scenes as needed and he influences his team in the right way. David also has very good negotiation skills and bed-side behaviour as an adjunct to my team.’

      ‘While the entire HL team is great, Madelyn Healy is exceptional. She is highly intelligent, proactive, well-organized, responsive, pragmatic and efficient. She provides thoughtful advice/guidance in an accessible and understandable manner. When she is not certain of an issue, she is quick to engage other resources to ensure the right outcome. Madelyn doesn’t just respond to the direct question asked, but anticipates the next one and incorporates it in her reply. It is very clear she understands the legal, regulatory and business aspects of her work and balances them appropriately in advising her clients.’

      ‘Adam Brown is super responsive, easy to deal with and technically excellent. He’s my go-to for any complex funds or corporate assignments.’

      Key clients

      Canapi Ventures

      NextNav, LLC

      Foundation Investment Partners

      Partners for Growth

      Latticework Capital Management

      Work highlights

      • Advising Canapi Ventures on multiple matters, including its inaugural set of funds targeting growth investments in fintech companies, together with $655m in capital, one of which received a small business investment company (SBIC) license from the US Small Business Administration (SBA).
      • Advising Partners for Growth Managers – an investment firm that invests in technology and life sciences companies – on multiple matters, including their main fund vehicles, as well as other global ventures from Latin America to the Middle East.
      • Advising Latticework Capital Management, a Dallas-based investment firm that invests in healthcare through its inaugural private equity fund.

      Jones Day

      The offering at Jones Day comprises a core team of experienced fund formation attorneys located throughout the US and across the globe, and supporting private equity, real estate, tax, regulatory and leveraged finance groups which provide necessary assistance to fund sponsor clients with their investment activity. The group is well versed in advising on primary investments, co-investments and secondary transactions. The Chicago office fields Michael Earley – who acts as co-head of the private equity team – and Robert Lee – who leads the firm’s real estate funds department.

      Practice head(s):

      Michael Earley, Robert Lee

      Other key lawyers:

      Thomas Devaney; Trisha Mowbray

      Key clients

      J.F. Lehman & Company

      Massachusetts Mutual Life Insurance Company

      Cube Infrastructure Managers

      Tikehau Capital

      Wisayah Investment Company

      Pantheon Ventures (UK) LLP

      The Riverside Company

      Morgenthaler Private Equity

      Creative Wealth Management

      Prophet Capital Asset Management

      Sky Island Capital LP

      King & Spalding LLP

      Under the leadership of Atlanta-based Kathryn Furman, King & Spalding LLP experienced team works with fund sponsors, managers and placement agents to tailor products for particular markets and industries. The New York office is home to two of the group’s specialized practitioners; Jennifer Morgan is a go-to advisor for matters with a nexus to real estate, while John Wilson is a key contact for fund formation mandates and sponsor-level strategic transactions. The practice also understands the unique tax issues presented by funds and works with sponsors to develop structures that satisfy the needs of varied classes of investors and target investments.

      Practice head(s):

      Kathryn Furman

      Other key lawyers:

      John Wilson; Jennifer Morgan; Spencer Johnson

      Testimonials

      ‘The experience of the PE team of K&S is responsive in various jurisdictions where they have offices with a good mixture of direct PE expertise (both investor-side and sponsor-side) and ancillary expertise in areas such as tax, regulatory, competition laws, etc.’

      ‘John Wilson stands out as having a practical approach to legal issues, whether complex or otherwise, and is a good leader on all matters who is able to assess when to reach out to other resources within K&S.’

       

      Key clients

      Greystar Real Estate Partners

      Prologis, Inc.

      Cortland Partners

      Ventas, Inc.

      Black Creek Industrial

      Jamestown

      Asana Partners

      Axium Infrastructure

      Lion Industrial Trust

      Lowenstein Sandler LLP

      The New York-based offering at Lowenstein Sandler LLP, as well as fielding a traditional investment management practice, is increasingly focused on providing quality legal assistance to traditionally underrepresented fund managers and impact investment funds. The team is also active in the venture funds space, representing managers at all stages, from those launching first-time start-up funds to large successor funds, as well as venture funds-of-funds and secondary funds. There is a trio of much lauded attorneys at the helm: Marie DeFalco, who is singled out by one client for her ‘unparalleled‘ service; Peter Greene, who is described as a ‘force of nature‘; and Robert Minion, who has created industry-leading Investment Advisers Act compliance programs.

      Practice head(s):

      Robert Minion; Marie DeFalco; Peter Greene

      Testimonials

      ‘The Lowenstein private equity and venture capital practice is first rate. What sets it aside from other firms is simply the quality of its people, and the quality of the service they provide.’

      ‘Marie DeFalco is one of the leading investment funds lawyers in the US. Her client service is unparalleled. Peter Greene is hugely experienced, energetic and responsive. He’s a force of nature.’

      Key clients

      Avid Ventures

      Astia Venture Funds I

      First Close Partners I

      Zeal Capital Partners Fund I

      Mill Point Capital

      McDermott Will & Emery LLP

      The ‘extremely experienced and trusted advisers‘ at McDermott Will & Emery LLP assist a variety of institutional, boutique and first-time sponsors, particularly dominating the middle to upper middle market arena. Under the leadership of New York-based Ian Schwartz, the team has built up an impressive track record in the fundraising space, across a spectrum of investment strategies including buyout, real estate, mezzanine debt, loan origination, venture, fund of funds, infrastructure, region-specific, secondary and co-investments. The firm’s strong reputation in the healthcare sector also ensures that the group is viewed as a go-to counsel for funds work with a nexus to this industry.

      Practice head(s):

      Ian Schwartz

      Other key lawyers:

      Erica Moscarello; David Nestler; Todd Solomon

      Testimonials

      ‘David Nestler is very creative and responsive. Ian Schwartz is extremely experienced.’

      ‘Erica Moscarello provides exceptional legal services to private investment fund managers of all sizes. She has true expertise in both hedge funds and private equity funds, a rarity in our business. She is able to tailor her advice to the needs of the specific client, again a rarity in our business (as opposed to a one size fits all approach).’

      ‘Expert knowledge of this practice area. Willingness to discuss potential issues and solutions. Great understanding of our company’s culture and objectives within the private equity space.’

      ‘David Nestler and Ian Schwartz at MWE are extremely experienced and trusted advisers.’

      ‘Todd Solomon is our long-term contact and a knowledgeable subject matter expert. He appreciates the culture of the business and can identify areas that have been issues of concern in the past and bring those to our attention. His solutions are effective and easily understood on the business side.’

      Key clients

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

      Hamilton Lane

      Martis Capital Management (formerly known as Capricorn Healthcare & Special Opportunities)

      Boyne Capital

      Lorient Capital

      L2 Capital

      Twin Bridge Capital

      Speyside Equity Advisors

      DW Partners

      WestCap Management

      Work highlights

      • Advised H.I.G. Capital, as investment counsel, on the formation and fundraising of H.I.G. Europe Middle Market LBO Fund, which closed with aggregate capital commitments of approximately €2bn.
      • Advised H.I.G. Capital, as investment counsel on the formation and fundraising of H.I.G. Europe Capital Partners III, which closed with aggregate capital commitments of €1.1bn, exceeding its target.
      • Advised Boyne Capital on the formation and fundraising of BCM Fund II, LP, which closed with aggregate third-party capital commitments of $225m, hitting its hard cap.

      Sullivan & Worcester LLP

      The Boston-based attorneys at Sullivan & Worcester LLP counsel a range of alternative investment funds, including real estate funds, unregistered commodity pools, private equity funds, offshore funds, and bank-related common and collective investment funds on all areas of fund formation. The team also assists regional, national and international venture capital firms that invest in early-stage companies across a range of industries, most notably software, telecoms, therapeutics and energy. Institutional investors representation is another stalwart of the practice. Nicole Rives and John Hunt are the core contacts.

      Practice head(s):

      Nicole Rives; John Hunt

      Other key lawyers:

      Susan Barnard; Lew Segall; William Hanson

      Testimonials

      ‘Strong team for secondaries work.’

      ‘William Hanson is simply outstanding.  Great attitude, savvy negotiator and very diligent and hard working.’

      Key clients

      HLM Venture Partners

      Impact Analytics

      Work highlights

      • Represented HLM Venture Partners as leader of a Series B round investment in b.well Connected Health.
      • Advised Impact Analytics on its $11 million growth financing round with Argentum Capital Partners.