Private equity funds (including venture capital) in United States

Kirkland & Ellis LLP

Kirkland & Ellis LLP offers a global service to its stable of major private equity sponsors, representing the likes of Thoma Bravo and Warburg Pincus in the formation of ultra-high-value funds with targets in a variety of industries. The team has extensive sector expertise, allowing it to support clients in the formation and management of private credit, real estate, infrastructure, and distressed credit funds, to name a few. The firm also supports emerging managers in the formation of new funds and private equity firms, providing continuous advice up to launch and beyond. Practice head John O’Neil is a global authority on fund strategies and operational issues, including spin-outs and succession planning. Andrew Wright specializes in the formation of multibillion-dollar funds, while Erica Berthou has significant expertise in emerging markets and strategic investments. Katrina Rowe has a growing profile in this space, working with major institutional and private sponsors on a variety of fund strategies and formats. Chicago-based Bruce Ettelson has over 30 years' experience in advising major firms on fund formation. Also in the Chicago office is Katie St. Peters, who advises sponsors on a range of management and operational issues. All lawyers are in New York unless otherwise stated.

Practice head(s):

John O’Neil

Key clients

Vista Equity Partners

Warburg Pincus

Thoma Bravo

Landmark Partners

KPS Capital Partners

Veritas Capital

Summit Capital Partners

GSO Capital

TPG Real Estate

Littlejohn & Co.

Arsenal Capital Partners

SK Capital Partners

Whitehorse Liquidity Partners

Work highlights

  • Represented Vista in the closing of the record-breaking technology fund, Vista Equity Partners Fund VII, at its hard cap of $16bn.
  • Represented Warburg Pincus in its Global Growth flagship fund, raising $14.75bn, Warburg’s largest fund to-date.
  • Represented Thoma Bravo in the formation and closing of its $12.6bn Fund XIII.
  • Advised Landmark Partners on the formation and fundraising of Landmark Partners Fund XVI, which closed at $7bn.
  • Advised KPS Capital Partners on the closing of two simultaneous funds totalling $7bn.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP continues its work at the top end of the funds market, working with major sponsors on the formation of market-leading multibillion-funds, recently including the $14bn Blackstone Infrastructure Partners fund and the $16bn Hellman and Friedman Capital Partners IX. The team supports clients in the formation and management of a variety of strategic and sector funds, including venture capital and other alternative investment funds, as well as infrastructure and technology-focused funds. Michael Wolitzer leads the investment funds team, and has extensive experience working with well-known private equity sponsors on fund formation, transactions, and investments, as well as advising financial institutions on employee investments. Barrie Covit represents major PE funds as well as specific industry funds and investors, including infrastructure and financial markets, notably working with the US Treasury on its $30bn Public-Private Investment Program. Thomas Bell focuses on management matters, advising a variety of clients including Carlyle and Macquarie on fundraisings, establishments, and secondary issues. The team also expanded its partner strength with several promotions: Robert Guo (Palo Alto), Benjamin WellsPeter VassilevJames Hays (Houston) and Crystal Frierson (Washington DC) were all promoted to partner in January 2020. All lawyers mentioned are in New York unless stated otherwise.

Practice head(s):

Michael Wolitzer

Other key lawyers:

Barrie Covit; Thomas Bell; Parker Kelsey; Michael Nooney; Crystal Frierson; Robert Guo; James Hays; Peter Vassilev; Steven Klar; Benjamin Wells

Work highlights

  • Represented Hellman & Friedman in connection with the organization of Hellman & Friedman Capital Partners IX, an approximately $16bn private equity fund focused on large-scale buyouts.
  • Represented Blackstone in connection with the formation and final close of the inaugural fundraising phase of Blackstone Infrastructure Partners; the fundraising phase closed at $14bn.
  • Represented Strategic Partners in connection with the formation and fundraising of Strategic Partners VIII and its related committed program vehicles (collectively, including related entities, SP VIII), the firm’s eighth global private equity secondary fund; SP VIII closed at over $11bn.
  • Represented The Carlyle Group in connection with the formation of Carlyle Europe Partners V, a €6.4bn fund that will invest in upper middle market companies in Europe.
  • Represented Macquarie Infrastructure and Real Assets in connection with the formation of Macquarie Infrastructure Partners IV, its fifth North America-focused unlisted infrastructure fund.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is consistently engaged at the top end of the private equity market, advising on multibillion-dollar fundraises for clients such as Blackstone, KKR, Carlyle, and TPG. The firm advises general and limited partners, with particular expertise in advising on the formation of funds with an international investor base. As well as acting on fund formation mandates, Elizabeth Lenas counsels alternative investment firms on matters including co-investments, spin-offs, joint ventures, and managed accounts. Robert Raymond divides his practice between investors and sponsors. For investors, he advises on ERISA matters and executive compensation arrangements, while for sponsors, he handles fund formation, capital raises, and internal governance matters including manager spinoffs, shareholder arrangements with co-investors and founders’ arrangements. Adrian Leipsic and Maurice Gindi cover leveraged buyout strategies, special situations and social impact funds. Michael Gerstenzang, the firm’s managing partner, also has an active practice in high-value fund formation.

Key clients

TPG

KKR

Blackstone

Carlyle

Starbucks

Angelo Gordon

JP Morgan

iCapital

Silk Road Fund

China Investment Corporation

Work highlights

  • Represented TPG in the formation of TPG Partners VIII, a $14.5bn private equity fund.
  • Advising the Limited Partner Advisory Committee (LPAC) of the Abraaj Growth Markets Health Fund, following the resignation and prosecution of its founder after misuse of funds. The fund is to be renamed The Evercare Health Fund, and will be managed by TPG.
  • Assisting The Raine Group with the formation of Raine Partners III, an investment fund focused on making investments in the equity or debt of operating companies primarily in the media, entertainment, sports, consumer and lifestyle industries.
  • Advised TPG on the formation of The Rise Fund II, its second social impact fund.
  • Advised MBK Partners on the formation of the $850m MBK Partners Special Situations I, its first special situations fund.

Debevoise & Plimpton LLP

The private equity funds practice at Debevoise & Plimpton LLP has strengths across the spectrum of fund formation work. The firm advises open- and closed-end funds of all sizes pursuing a wide range of investment strategies including, buyouts, senior and mezzanine debt, distressed assets, credit, infrastructure, multi-strategy and funds-of-funds. The team is particularly active in the secondaries market, having acted on fund recapitalizations, tender offers and other end-of-life liquidity solutions. Practice co-head David Schwartz and Jane Engelhardt have a robust investor-side practice, representing institutional investors on their participation in a wide array of private funds; the two also have experience of co-investments, managed accounts and secondary transactions. Rebecca Silberstein (who jointly heads the practice with Schwartz) works alongside Justin Storms on strategic partnerships and bespoke fund products, while Jonathan Adler and Andrew Ahern have been advising funds operating or investing in emerging markets in Latin America and the Middle East. Cate Bae and Lorna Bowen handle a range of transactional matters, including purchases of fund interest.

Practice head(s):

David Schwartz; Rebecca Silberstein

Key clients

Clayton, Dubilier & Rice

KKR

Sequoia Capital

HarbourVest Partners

Morgan Stanley

The Carlyle Group

Stone Point Capital

EIG Global Energy Partners

Providence Equity Partners

Kelso & Company

Blackstone Alternative Asset Management

Oaktree Capital Management

Allianz

WeWork

Credit Suisse

Apollo Global Management

Investcorp

Lightspeed Venture Partners

Lightyear Capital

Oak HC/FT

Pine Island Capital Partners

Work highlights

  • Advised Sequioa Capital on the formation of the $8bn Sequoia Capital Global Growth Fund III – Endurance Partners.
  • Representing KKR in connection with the formation of KKR European Fund V, a €5.8bn European buyout fund.
  • Acting for Providence Equity Partners in connection with the formation of Providence Equity Partners VIII, a $6bn global buyout fund.
  • Advised EIG Global Energy Partners on the formation of the EIG Energy Fund XVII, a $3.1bn global hybrid debt and structured equity fund focused on investments in energy and energy-related infrastructure.
  • Represented The Carlyle Group in connection with the formation of Carlyle Credit Opportunities Fund, a $2.4bn credit opportunities fund (“CCOF”).

Fried, Frank, Harris, Shriver & Jacobson LLP

The private equity fund practice at Fried, Frank, Harris, Shriver & Jacobson LLP works closely with the firm’s hedge fund practice to advise on a wide range of fund formation matters, with particular strength in the structuring and management of hybrid products. A notable example of this is the firm’s work for BlackRock, which it advised on the creation of a multibillion-dollar evergreen private equity mega fund, BlackRock Long Term Private Capital. Practice head Kenneth Rosh advises on fund formation, investments, acquisitions, secondary transactions, securities, and capital markets, and works closely with Lawrence Barshay, the firm’s asset management practice head, on hybrid funds. Other key figures include Rebecca Neuschatz Zelenka, who has experience advising traditional buyout firms, credit funds, special situations and funds-of-funds; Richard Ansbacher, a name to note for the formation and management for private equity companies with a global investor profile or investment strategy; Jeremy Berry, who has experience of hybrid structuring; and Bryan Hunkele, an expert in fund formation.

Practice head(s):

Kenneth Rosh; Lawrence Barshay

Testimonials

‘Fried Frank has a dynamic team of smart, committed attorneys that deliver work when promised.’ 

‘Becky Zelenka is excellent.  She’s incredibly responsive, commercial and an effective manager.’

Key clients

Bain Capital

Bain Capital Credit

Goldman Sachs

Goldman Sachs Asset Management

Goldman Sachs Merchant Banking Division

Goldman Sachs Private Equity Group

Goldman Sachs Special Situations Group

BlackRock

Brookfield Asset Management

Apollo Global Management

Permira

Permira Debt Managers

Neuberger Berman (and Dyal Capital Partners)

HPS Investment Partners

Morgan Stanley

Fortress Investment Group

Prospect Ridge

StepStone Group

PIMCO

Mack Real Estate Group

Work highlights

  • Represented Bain Capital in the formation of the $1.5bn Bain Capital Real Estate I fund.
  • Advised Brookfield Asset Management on the formation of a co-investment fund to invest alongside Brookfield Strategic Real Estate Partners III, in Brookfield’s $11.4bn acquisition of Forest City Realty Trust.
  • Acted for Permira in connection with the formation of the $11bn Permira VII, a buyout fund focused on the technology sector.
  • Advised Fortress Investment Group on the formation of the $1.5bn Fortress Japan Opportunity Fund IV; a series of parallel funds focused on opportunistic Japanese real estate-related investments.
  • Advised Neuberger Berman and Dyal Capital Partners on the formation of Dyal Capital Partners IV, which makes 10-25% investments in acquiring minority equity interests in leading private equity firms. The fund initially targeted $6bn in commitments but so far has exceeded this target, raising $6.75bn in its second close in April 2019.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP focuses on fund structuring for traditional buyout private equity shops at the top end of the market, having represented Apollo Global Management, KKR, and Blackstone in multibillion-dollar fund formations in 2019. The firm is also experienced in the formation and management of credit and special situations funds. Marco Masotti is highly experienced in fundraises, and has recently been involved in a number of significant fundraisings that have exceeded capital raising targets. Amran Hussein has has a prolific year for fund launches, and Matthew Goldstein has experience representing private funds in connection with co-investments and direct investments in the area of infrastructure, among others. Lindsey Wiersman handles regulatory issues and governance, including management company arrangements. Acting alongside Conrad van Loggerenberg, Wiersman also focuses on transactional matters, including acquisitions, minority investments, spin-outs, seed capital transactions and strategic partnership arrangements.

Key clients

Apollo Global Management

Blackstone

Clearlake Capital

Crestview Partners

General Atlantic Partners

KKR

Oak Hill Capital

Roark Capital

TowerBrook Capital

Wellspring Capital

Work highlights

  • Represented Apollo Global Management in the closing of the Apollo Hybrid Value Fund (HVF), which closed at $3.25bn, exceeding its target size of $3bn.
  • Acted for Clearlake Capital Group in connection with the fundraising and closing of Clearlake Opportunities Partners II, which focuses on non-control investments in middle market companies across Clearlake’s target sectors of software and technology-enabled services, industrials and energy. The fund ultimately accepted commitments equal to its hard cap of $1.4bn, exceeding its target size of $1bn.
  • Acted for Grain Management in the closing of its fourth fund, Grain Communications Opportunity Fund II with approximately $900m in commitments, exceeding its target size of $750m.
  • Advising Oak Hill Capital Partners in the formation of Oak Hill Capital Partners V, its latest private equity buyout fund targeting $3bn.

Proskauer Rose LLP

Proskauer Rose LLP represents a variety of funds and investors active across multiple industry sectors and geographies, and is also recognized for its experience and strength in international funds work. The firm advises on fund formation, fundraisings, and beyond, supporting its clients with internal governance, spin-outs, restructuring, and myriad regulatory issues. The team also works with emerging managers on the establishment and management of new funds. The practice is led by an experienced team of partners with varied expertise: Howard Beber works with clients across all stages of fund formation and management, representing long-established and emerging funds; Stephen Mears focuses on venture capital and growth equity funds, and also works with institutional investors; New York-based Chip Parsons has particular expertise in working with private credit and private equity sponsors including the Carlyle Group and JP Morgan Chase on fundraising and ongoing management; David Tegeler works primarily with asset managers on governance, restructuring, and secondary transactions; and Robin Painter advises sponsors on fund structuring, but also acts for institutional investors and advisors. All lawyers are based in Boston unless otherwise stated.

Practice head(s):

Howard Beber; Stephen Mears; Robin Painter; Chip Parsons; David Tegeler

Key clients

JP Morgan

AllianceBernstein

Lexington Partners

Greenspring Associates

Adams Street Partners

Atlas Holdings

Newbury Partners

Spectrum Equity Investors

Silversmith Capital Partners

Ridgemont Capital Partners

Work highlights

  • Advised Almanac Realty Securities on the formation of Almanac Realty Securities VIII, a real estate fund that closed with $2.3bn in commitments.
  • Advised Ridgemont Equity Partners on the formation of Ridgemont Equity Partners III, a US-focused buyout fund that closed with $1.65bn in commitments.
  • Advised JMI Equity on the formation of JMI Equity Fund IX, a growth equity fund which closed with $1.2bn in commitments.
  • Advised NovaQuest Capital Management on the formation of NovaQuest Pharma Opportunities Fund V. The venture capital fund closed with over $1.1bn in committed capital.
  • Advised Flagship Pioneering on the formation of Flagship Pioneering Special Opportunities Fund II. The life sciences fund closed with $824m in committed capital.

Ropes & Gray LLP

Ropes & Gray LLP works prolifically with sponsors and investors across the US and internationally on fund formation, including private equity and venture capital funds, and a variety of targeted industry funds. The firm provides strategic investment advice to private and institutional investors, and advises sponsors on formation, fund raising, and regulatory issues. Notable client relationships include THL Partners, which the firm has advised continuously on fund formation and management issues, most notably on the raising of the $3.5bn Thomas H. Lee Equity Fund VIII; and Paine & Schwarz, which Amanda Persaud advised on the formation of its $1.43bn Food Chain Fund V. The practice is led by the New York-based Morri Weinberg, who advises sponsors and institutional investors on fund raising, regulatory and governance concerns, and a variety of investment matters; and Leigh Fraser in the Boston office, who advises onshore and offshore private funds and their sponsors on regulatory issues and structuring. The practice has expanded in the past year, with five internal promotions and the lateral hire of Eve Ellis from O'Melveny & Myers LLP in early 2019. Partners are in New York unless otherwise stated.

Practice head(s):

Morri Weinberg; Leigh Fraser

Other key lawyers:

Amanda Persaud; Eve Ellis

Key clients

THL Partners

Index Ventures

Welsh, Carson, Anderson & Stowe

Accolade Capital Management

CCMP Capital

TSG Consumer Partners

Harvard University

Manulife

John Hancock

Hamilton Lane Advisors

Paine Schwartz & Partners

The Carlyle Group

The Vistria Group

Equality Asset Management

Work highlights

  • Advised THL Partners on the fundraising for its new $3.5bn fund, Thomas H. Lee Equity Fund VIII, and on the $900m fund recapitalization of THL Fund VI and the related creation of a continuation fund to hold certain portfolio company interests.
  • Advising CCMP Capital on all aspects of a highly complex $3.5bn fundraising for CCMP Fund IV.
  • Advising Index Ventures on all of its fund formation matters, including Index Ventures Growth IV and Index Ventures IX.
  • Advised Welsh Carson on the formation of WCAS XIII and on all of the corporate, compliance and regulatory matters relating to its existing funds and to the management company itself.
  • Advising Accolade Capital Management on a wide range of demanding fund formation, fund investment and co-investment mandates.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP represents a range of private equity sponsors and asset managers in the establishment and fundraising of mega-funds and middle-market funds. These include major private equity funds for the likes of Apollo, Brookfield, and Berkshire Partners, alongside targeted industry funds in areas including healthcare and infrastructure, and venture capital projects. In particular, the team specializes in complex alternative investment work, regularly advising on structuring and strategy issues. It also works with asset managers on structured secondary sales of interests in funds, fund restructurings, majority acquisitions, and governance matters. Practice head Jonathon Soler advises high-profile sponsors on organizational and operational issues relating to their funds and firms. Andrew Chizzik has extensive experience in fund strategy issues, including investment management, employment, and economic sharing considerations. Both lawyers mentioned are in New York.

Practice head(s):

Jonathon Soler

Other key lawyers:

Andrew Chizzik

Key clients

22C Capital

Altas Partners

American Securities / Ascribe Capital

Apollo

Backcast Partners

Berkshire Partners

Brookfield Asset Management

The Carlyle Group

Centre Partners

Crow Holdings Capital Partners

Genstar Capital

JLL Partners

Lee Equity Partners

Lindsay Goldberg

Perella Weinberg Partners

Snow Phipps Group

Strattam Capital

TPG

Quad Partners

WindRose Health Investors

Work highlights

  • Advised Genstar Capital on its formation of Genstar Capital Partners IX.
  • Representing Apollo Credit in connection with the growth of the Apollo Credit Fund.
  • Advised Ascribe Capital on its formation of Ascribe Opportunities Fund IV.
  • Advised WindRose Health Investors on its formation of WindRose Health Investors V.
  • Advised Tritium Partners on its formation of Tritium II.

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP represents fund sponsors and managers in a variety of matters, covering fund formation and structuring, fundraisings, joint ventures and spin-outs. Clients include major PE houses such as Apollo and Invictus, alongside a range of international players, targeted industry funds, middle-market firms, and institutional investors. Key figures in the team include Barbara Niederkofler, who recently acted for Intermediate Capital Group in a novel transaction involving the creation of an entity through which a Chinese-sponsored PE fund could acquire a US company; and DC-based Fadi Samman, who has been involved in the formation of multiple high-value private funds over the past year, particularly in the real estate sector. The practice is jointly led by Prakash Mehta and Stephen Vine. All lawyers are in New York unless otherwise stated.

Practice head(s):

Stephen Vine; Prakash Mehta

Other key lawyers:

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

Key clients

Mubadala Capital

BentallGreenOak (FKA GreenOak Real Estate)

Lubert-Adler Management Company

Iron Point Partners

Apollo Global Management

Angelo, Gordon & Co.

Juniper Hill Capital Management

Invictus Capital Management

Geronimo Energy

Twenty First Century Utilities

Fir Tree Capital Management

Work highlights

  • Advised Fir Tree Capital Management LP (Fir Tree Partners) on the structuring, formation and launch of the private investment fund, Fir Tree Special Opportunities Fund X (JP).
  • Represented ICG Strategic Secondaries and Goldman Sachs Asset Management (GSAM) in the creation of a special purpose fund vehicle that would be managed by Aretex and would be used to consummate the leveraged buyout of Alerian.
  • Assisted Invictus Capital Management with the structuring and fundraising of a closed-end private equity fund focused on residential mortgage loans and mortgage loan-backed securitizations.
  • Advised Geronimo Energy on the structuring and negotiation of two joint ventures involving a large strategic investor and a state pension fund to invest in renewable energy projects, relating to the investment in Geronimo by the strategic investor.
  • Advised Twenty First Century Utilities on the negotiation of a comprehensive strategic relationship with I Squared Capital, a large infrastructure fund manager, to make investments in the utility and power generation space.

Davis Polk & Wardwell LLP

Led by Leor Landa and Michael Hong in the firm's New York office, Davis Polk & Wardwell LLP represents private equity sponsors, boutiques, and first-time funds in a full range of structuring and management issues, including initial fund formation and investor relations, tax and regulatory issues, and a wide variety of transactional matters. Clients include high-profile sponsors and investors such as CPPIB and Morgan Stanley, as well as major funds like Blackstone and EQT Partners. As such, the firm regularly handles mega-fundraisings, and secondary transactions. Both Landa and Hong have been involved in the formation of a number of multibillion-dollar funds over the past year.

Practice head(s):

Leor Landa; Michael Hong

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP has a comprehensive funds practice, which supports established sponsors, first-time funds, and institutional investors on a range of matters, including fund formation, secondary transactions, regulatory compliance, fund strategy, and strategic governance. The firm's team of experienced and involved senior partners advises clients on complex and long-term fundraisings across a variety of asset classes, such as growth capital, real estate, and infrastructure, alongside traditional buyout funds. Clients include major financial institutions Credit Suisse and JP Morgan, and established buyout clients such as Leonard Green and Olympus. The key figures in this space include New York-based Shukie Grossman, who handled the formation of Jade Equity Investors I ($2.5bn), and Edward Sopher, who acted for Hamilton Lane in the formation of multiple high-value funds, in aggregate value of $3.75bn. On the West Coast, Jennifer Bellah Maguire in Los Angeles specializes in fund formation and transactions for buyout funds and venture capital firms.

Practice head(s):

Edward Sopher; Shukie Grossman; Jennifer Bellah Maguire

Other key lawyers:

Bill Thomas

Key clients

AECOM Capital

Bruin Sports Capital

GCM Grosvenor

GoldPoint Partners

Hamilton Lane

Investcorp

IPI Partners

I Squared Capital

JP Morgan Asset Management

Leonard Green & Partners

Madison Realty

Meridiam Infrastructure

Motive Partners

Neuberger Berman

TCG Capital Management

Work highlights

  • Representing Leonard Green & Partners, a Los Angeles-based private equity firm, in setting up the Green Equity Partners VIII, a $12bn private equity fund.
  • Advising Hamilton Lane on the formation of four separate funds, worth a total $3.75bn.
  • Acting for IPI Partners in the formation of a $1.5bn fund investing in data centers and connectivity infrastructure.
  • Advised Motive Partners on the formation of Motive Partners I, a $485m private equity firm investing in fintech companies.
  • Advised Bruin Sports Capital on the formation of a $600m private equity investment platform, focused on investing in sports and entertainment companies.

Goodwin

Heavily focused on West Coast venture capital and tech investment, the team at Goodwin advises a combination of established private equity houses, venture capital firms, and first-time managers on the formation of traditional buyout funds, and targeted tech and innovation funds, ranging from the middle-market to multibillion-dollar mega-funds. Clients include US, European, and East Asia-based investors and sponsors, reflecting a notable capability in cross-border work, with recent fundraisings for Advent and Macquarie involving investors from all three jurisdictions. The practice is led by DC-based Paul Verbesey, who focuses on a variety of fund formation and structuring matters for private equity and targeted industry funds. Also recommended is Anthony McCusker and Mitchell Bloom in Silicon Valley and Boston respectively, as well as venture capital-focused Thomas Beaudoin in Boston, who works with funds in key technology centers in the US and abroad, David Watson, a former investment funds chair, also in the Boston office.

Practice head(s):

Paul Verbesey

Other key lawyers:

Anthony McCusker; Mitchell Bloom; David Watson; Thomas Beaudoin; Ian O’Donnell

Key clients

Pine Brook Road Advisors

Turner Impact Capital

Charlesbank

Elm Park Capital Management

WestView Capital Partners

LBA Realty

Advent International Corporation

Merlone Geier Partners

TA Associates

InTandem Capital Partners

Work highlights

  • Represented TA on TA XIII, which was over-subscribed, reached its hard cap of $8.5bn after only 4 months in the market and exceeded its original $7.5bn target.
  • Advised on  the successful completion of Advent International’s fundraising for Advent International GPE IX Limited Partnership.

Latham & Watkins LLP

Latham & Watkins LLP provides a truly international service to its private equity and venture capital clients, with particular expertise in the energy, infrastructure, and natural resources sectors, as well as the middle-market buyout space. Additionally, the practice group has seen considerable growth in the retail funds field in the past year. Among its key clients are major PE houses such as Oaktree, the Carlyle Group, and Global Infrastructure partners, reflecting the firm's range of sector expertise. Andrea Schwartzman leads the global team from New York, advising top-tier funds and asset managers on fund formation and management issues. San Diego-based Nadia Sager maintains a global practice, working with many of the firm's headline clients, while DC-based former investment funds chair Barton Clark is also highly recommended for his work forming high-value funds internationally.

Practice head(s):

Andrea Schwartzman

Other key lawyers:

Nadia Sager; Barton Clark; Matthew Chase; Kathleen Walsh

Key clients

Searchlight Capital Partners

Global Infrastructure Partners

Great Hill Partners

Bay Grove Capital

Riverstone Holdings

Oaktree Capital Management

StepStone Real Estate

Onex Corporation

Diversis Capital Management

VMG Partners

GEF Capital Partners

Eaglehill Advisors

Orion Energy Partners

Work highlights

  • Represented Great Hill Partners in the formation of private equity funds Great Hill Equity Partners VII and Great Hill Partners VII-Pref.
  • Represented Onex on the formation of an over $800m consortium of co-investors.
  • Advised Diversis Capital Management on its inaugural fund, Diversis Capital Partners I.
  • Represented VMG Partners on the formation of their debut venture capital fund, VMG Catalyst.
  • Representation of GEF Capital Partners in the formation of GEF Latin America Fund, a private equity fund focused on growth investments in Latin America.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP has an established fund formation practice, acting for a host of log-standing and new private equity funds and managers, with a focus on funds of funds, co-investments, and customized funds. Notable clients include Credit Suisse and Blackstone. The practice is jointly led by Timothy Levin in Philadelphia, a regular counsel to investment advisers and financial institutions on the management and strategy of their vehicles; alongside DC-based Courtney Nowell, who heads the firm's global investment funds practice and primarily advises institutional investors on high-value buyouts and investment funds. Louis Singer divides his time between New York and London, and is a highly experienced fund formation specialist, representing a number of pension providers and US universities in establishing their own funds.

Practice head(s):

Timothy Levin; Courtney Nowell

Other key lawyers:

Louis Singer

Key clients

Ares EIF Management

Artemis Capital Partners

Credit Suisse Group

Blackstone Strategic Partners

The California State Teachers’ Retirement System

Grosvenor Capital Management

Goodman

Harbert Fund Advisors

JPMorgan Asset Management

Locust Point Capital

MPM Capital

Nuveen (TIAA)

Ohio Public Employees Retirement System

OneMap Mineral Services

Pantheon Ventures

Summit Park

Teacher Retirement System of Texas

True Green Capital Management

Work highlights

  • Represented Nuveen (TIAA) in forming six commingled real estate funds, including the Strategic Industrial Fund, New York City Property Fund, US Cities Office Fund, US Cities Retail Fund, US Cities Industrial Fund, and the US Cities Multifamily Fund.
  • Represented the Oregon Public Employees Retirement Fund, one of the largest public pension funds in the United States with over $77bn in assets under management, in a series of investments in private equity funds that covered a wide range of assets, including venture capital, natural resources, traditional buyouts, and credit.
  • Represented Goodman as sponsor of a customized investment fund with equity capital commitments of approximately $1bn to develop and own logistics assets in Brazil.
  • Represented the Local Initiatives Support Corporation (LISC) in the formation of a $500m fund, The Regional Housing Flexible Fund.
  • Acted as fund counsel to Locust Point Capital in closing its debut private credit fund at $312m in investor commitments, beating its initial $250m target during an approximately 18-month fundraising period.

Schulte Roth & Zabel LLP

Schulte Roth & Zabel LLP brings its investment funds expertise to bear in the private equity space, advising market-leading hedge and private equity hybrid funds, in addition to traditional firms on all aspects of fund formation and management, encompassing structuring of funds, formation of management entities and representation of general partners in their negotiation with investors. The practice is jointly led from New York by Stephanie Breslow, who primarily advises on the formation of private and liquid equity funds, and also advises fund managers on regulatory compliance issues; David Efron, who has more that 25 years of experience of private investment fund strategies; and David Nissenbaum, who works with investment management and financial services firms on fundraising, management company partnerships, and compensation plan. Also recommended are Phyllis Schwartz, who advises sponsors and investors on fund formation, operation, and management, and Joseph Smith, who works on the sponsor side, advising on fund formation, transactions, and exit strategies. All lawyers mentioned are in New York.

Practice head(s):

Stephanie Breslow; David Efron; David Nissenbaum

Other key lawyers:

Jason Kaplan; Marc Elovitz; Phyllis Schwartz; Joseph Smith

Key clients

DRA Advisors

Westport Capital Partners

LCN Capital Partners

State Street Global Advisors Fund Management (f/k/a GE Asset Management)

The Energy & Minerals Group

Coller Capital

Royalton Partners

Vortus Investment Advisors

DuPont Capital Management

Pantera Capital Management

Work highlights

  • Representing Cerberus on an ongoing basis, most recently in raising $4.1bn for its first global fund dedicated to non-performing loans.
  • Advising Longford on an ongoing basis, most recently advising on the formation of a single investor fund, Fund III.
  • Representing Pantera in the structuring and formation of multiple funds investing in cryptocurrencies and digital assets. Pantera Digital Asset Fund, Pantera Bitcoin Fund, Pantera ICO Fund, Pantera Long-Term ICO Fund and Pantera Venture Fund III, among others.
  • Advising Avenue on the formation of Avenue Credit Opportunities Fund II.
  • Advising GoldenTree on the structuring and formation of a risk retention vehicle that will invest in, and manage, CLOs and other securitized debt obligations.

Clifford Chance

Clifford Chance provides comprehensive service to private equity sponsors and investors, advising on fund formation and management, and corporate, regulatory, and tax matters, often working in conjunction with offices throughout the firm's global network. Among the team's key clients are DWS, Credit Suisse, and Ares Management, reflecting its strength in acting both for financial institutions and funds. The practice is led by Roger Singer, who has extensive cross-border experience representing investors and sponsors, ranging from first-time funds to established institutions. Also recommended are Michael Sabin, who has experience working with buyout, real estate, infrastructure, and credit funds; and Victor Levy, a name to note for alternative investment strategies. All lawyers are in New York.

Practice head(s):

Roger Singer

Other key lawyers:

Michael Sabin; Victor Levy

Key clients

Berkshire Group

Capital Dynamics

C-III Capital Partners

Exeter Property Group

Madison International

H/2 Capital Partners

Colony Capital

Greystone

GSO Capital Partners

Basis Investment Group

Mercer Investment Management

AIG

AXA Investment Managers

Ares Management (through their Ivy Hill Asset Management affiliate)

Credit Suisse Asset Management

Melodeon Capital

Alignment Credit

TCW Asset Management

Oxford Finance

Work highlights

  • Advising Madison International on Madison International Real Estate Liquidity Fund VII, which is seeking to raise US$1.3bn.
  • Advising Capital Dynamics AG on the formation of Global Secondaries V, a $750m global secondaries investment program.
  • Advising AIG Global Real Estate Investment Corp. on a series of real estate funds in the United States and Europe.
  • Advising Credit Suisse Asset Management LLC in connection with its collateralized loan obligation private equity fund in the United States.
  • Advised Oxford Finance LLC in the establishment of its private credit fund program and formation of its first private credit fund.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP maintains sponsor and investor-side client relationships, and is active across a range of structuring, formation, and fundraising matters. Among its recent work, the team has shown strengths in standard buyout funds, real estate funds, and alternative investment funds targeting illiquid assets. The practice group is jointly led by Quinn Moss in New York, who works with a variety of sponsors and investments on impact and ESG funds, as well as on infrastructure-focused funds; and Dolph Hellman in San Francisco, who specializes in venture capital fund formation, often working with first-time managers.

Practice head(s):

Quinn Moss; Dolph Hellman

Key clients

Capital Dynamics

Cigna Investments

Grove Street Capital

Employees Retirement System of Texas (Texas ERS)

New York Common Retirement Fund

IMM Private Equity

Oregon Public Employees Retirement Fund (OPERF)

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

SQN Capital Management

Washington State Investment Board

Invictus Global Asset Management

Everstrong Capital

National Community Investment Fund

Igis Asset Management

Endemium Ventures

Q Ventures

Beacon Capital

Longeavity Fund

Anarack Capital

Swan Ventures

Work highlights

  • Representing IMM Private Equity, Inc. in the formation of its fourth flagship fund IMM RoseGold IV, L.P. with a target of $1.6bn.

Paul Hastings LLP

Paul Hastings LLP handles fund formation across a variety of asset classes, with particular expertise in private equity real estate funds. In this regard, the team is often working in conjunction with the firm's global real estate group. The firm also represents traditional private equity funds and major institutional investors, including public and private pension plans and international sovereign wealth funds. Moreover, clients benefit from the availability of experts in the firm's tax and regulatory groups, enabling it to provide comprehensive service across the full lifecycle of fund activity. The practice is led by Lawrence Hass, who has unique regulatory insight in the funds space thanks in part to his prior experience working at the SEC. Joshua Sternoff and Los Angeles-based Siobhan McBreen Burke are also recommended. All partners are in New York unless otherwise mentioned.

Practice head(s):

Lawrence Hass

Work highlights

  • Representing AEW, a fund sponsor with significant global assets under management in the real estate fund space, in connection with the formation of AEW Value Investors IV, L.P., a Luxembourg-based fund formed to invest in value-add real estate in Asia.
  • Assisting Nuveen Asset Management/TIAA on an open-ended global farmland fund to invest in the US, Europe, Latin America and Australia.
  • Fund counsel for the formation of  Sterling Organisation Fund: Sterling United Properties II.
  • Represents Prudential Global Investment Management in connection with the ongoing operation and admission of new investors to an open-end fund created to invest in debt interests secured or otherwise associated with commercial real estate located across the United States.
  • Representing Artemis in connection with two new funds.

Shearman & Sterling LLP

Shearman & Sterling LLP advises managers and investors on the full range of private equity fund matters, with a particular focus on real estate private equity and financial institution-backed funds. The firm has a very strong global presence, and is routinely engaged in funds matters involving Latin America, Europe and Asia. A key figure in the team is practice head Laura Friedrich, who has recently advised on a number of fund formations ranging from the middle-market to multibillion-dollar raisings. Friedrich is also recognized for her strong repertoire of Latin American clients. Also recommended is Sean Finley, who led multiple transactions for TRG Management over the past year, including a secondary transaction and the launch of a fund focusing on emerging markets in Central and Eastern Europe.

Practice head(s):

Laura Friedrich

Other key lawyers:

Sean Finley

Key clients

Brown Brothers Harriman & Co

Citi Private Bank

Credit Suisse Asset Management

GTIS Partners

IFC Asset Management Company (AMC)

Landmark Management

Qatar Investment Authority

Shorenstein

Torchlight Investors

TRG Management

Work highlights

  • Represented BBH in the formation of BBH Real Estate Income Fund III, a real estate private equity fund investing in primary and secondary markets in the United States.  
  • Assisted Blue Like An Orange Sustainable Capital in the formation of its first private equity fund, with a focus on the fast growing area of social impact investing in emerging markets.
  • Represented Citi Private Bank in negotiations with third party managers selected to expand the offerings of products for Citi’s client base, and in the formation and structuring of the resulting investment structures, including captive feeder funds.
  • Represented IG4 Capital on the successful first close of IG4 Capital Private Equity Investments II.
  • Represented Horizon Capital on the formation of Emerging Europe Growth Fund III, L.P..

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP advises asset managers on a variety of fund formation and management issues, including the formation of buyout, debt, and targeted industry funds; and international and alternative investment strategies. It is also active on the side of international investors. Led by Michael Hoffman, the team works with established players in the market, as well as new and emerging asset managers and funds. John Caccia is noted for his work both for sponsors and investors on the formation and management of onshore and offshore funds. Anna Rips is also recommended for private fund structuring, rights offerings, and secondaries. All partners mentioned are in New York.

Practice head(s):

Michael Hoffman

Other key lawyers:

John Caccia; Anna Rips.

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP advises on formation and fundraising matters for a mix of sponsors, institutional investors, family offices, limited partners, and other transactional parties. Boasting a strong on-the-ground presence in several key commercial centers across the globe, the team is well placed to advise on the formation and management of buyout, real estate, energy, and software private equity funds on an international scale. The private equity fund formation team is jointly led by Lior Ohayon and Phillip Isom, who has led recent standout work for Gainline Capital Partners and The CapStreet Group. Margery Neale heads the firm's asset management practice. All named lawyers are based in New York.

Practice head(s):

Phillip Isom; Lior Ohayon; Margery Neale

Other key lawyers:

Arash Farhadieh

Key clients

Insight Partners

Credit Suisse Asset Management

Monarch Alternative Capital

GoldenTree Asset Management

Astorg Partners

Gainline Capital Partners

Sage Road Capital

The CapStreet Group

ICV Partners

Morgan Stanley

PAI Partners

Paramount Group

Post Oak Energy Capital

Related Fund Management

Acceleration Resources

Blue Water Energy

C2 Energy Capital

Cibolo Energy Partners

Discovery Americas

Mission Peak Capital

TPH Asset Management

Banneker Partners

Grant Avenue Capital

Bridge Growth Partners

Work highlights

  • Represented Insight Venture Partners (now known as Insight Partners) in the closing of its $6.3bn Fund X.
  • Represented Credit Suisse Asset Management in the final closing of ILS Property & Casualty Fund II, L.P. and its feeder fund, ILS Property & Casualty Feeder Fund II.
  • Represented Monarch Alternative Capital in the final closing of Monarch Capital Fund IV.
  • Represented GoldenTree Asset Management in the final closing of its $1.7bn GoldenTree Distressed Fund III.
  • Advising Astorg Partners, in addition to their fund, on all of their co-investment funds, including a €75m co-investment fund for IGM Resins and a €35m co-investment fund for SGG.

Cooley LLP

Primarily based in Palo Alto, the team at Cooley LLP stands out for its established capabilities in venture capital funds work. Among the team's recent highlights, John Dado assisted Menlo Ventures with the closing of The Inflection Fund, which raised $500m, while John Clendenin advised Arboretum Ventures on the closing of its fifth fund, valued at $250m. Another key figure is Nicole Peppe in the Boston office; she advised 3L Capital on the closing of its debut fund, which raised $217m. Shane Goudey, Mark Tanoury, and San Francisco-based Jordan Silber are also recommended. Craig Dauchy has retired.

Practice head(s):

John Dado

Key clients

Lightspeed Venture Partners

Norwest Venture Partners

Menlo Ventures

Venrock

GGV Capital

Sutter Hill Ventures

Foundry Group

Dechert LLP

Dechert LLP has a strong global funds practice that counts dozens of the world's asset managers among its key clients. Among the team's recent highlights, Carl de Brito advised international investment firm Barings on the formation of Barings Asset-Based Income Fund (BABIF), its first commingled fund focusing on equity investments in real assets. Also recommended in the team are Russel Perkins and David Vaughan. Named attorneys are based in the firm's New York office.

Practice head(s):

David Vaughan; Carl de Brito

Other key lawyers:

Jay Zagoren

Key clients

Barings

Crescent Capital Group

Generation Investment Management

LA Capital

Work highlights

  • Representing Crescent Capital Group as sponsor for a group of direct lending funds (both levered and unlevered), aggregating in excess of $1.5bn.
  • Engaged by Barings LLC on several fronts, including as fund counsel to a $2bn global private equity fund focusing on equity investments in alternative (real) assets.
  • Advising Crescent Capital Group in the formation of a plan asset private credit fund, for Taft Hartley investors using US Ireland tax treaty for tax efficiency.

DLA Piper LLP (US)

Sponsor-side mandates are a core pillar of strength at DLA Piper LLP (US), and in this space, Nathaniel Marrs is recognized in particular for his work for US and international real estate fund sponsors. The team is also actively developing its investor-side practice; David Parrish and Nicole Brennig, both based in Austin, have extensive expertise in advising institutional investors. Other key contacts are John Reiss, and Adam Tope. Unless stated otherwise, all named attorneys are based in New York. In 2020 Yasho Lahiri left for K&L Gates, and David Goldstein moved to Clifford Chance.

Practice head(s):

Nathaniel Marrs; David Parrish

Other key lawyers:

Nicole Brennig; John Reiss; Adam Tope

Key clients

LaSalle Investment Management

Penwood Real Estate Investment Management

AMP Global

Hayfin Capital Management

Harrison Street Real Estate Capital

Northland Investment Corporation

Ares Management

Hull Street Energy

Palatine Capital Partners

Emerson Electric Co. Retirement Master Trust

Bell Atlantic Master Trust

Washington State Investment Board

Teacher Retirement System of Texas (TRS)

Hogan Lovells US LLP

The US funds team at Hogan Lovells US LLP has coast-to-coast strength in the formation and management private funds and small business investment companies. Headed by David Winter, the team has expanded its client base over the past year to include a number of new debt, sovereign wealth, and venture capital funds, as well as institutional investors. In one particularly standout matter, Olesya Barsukova-Bakar advised real estate company Redbrick LMD on the formation of its first Qualified Opportunity Zone fund. Also recommended are Bryan Ricapito and Silicon Valley-based Babak Nikravesh, who is very experienced in acting for sovereign wealth fund. Apart from Nikravesh, the team is based in Washington DC.

Practice head(s):

David Winter

K&L Gates

K&L Gates handles investment fund formation and management for private funds focused on a huge variety of industries. Further, leveraging the strength of the firm's international office network, the US funds team is well placed to handle funds mandates across the globe. San Francisco-based Sonia Gioseffi continues to advise impact fund Endeavor Catalyst on fund formation and regulatory matters, while Edward Dartley in New York provides ongoing advice to private equity firm Gatewood Capital Partners on a range of investment matters. In another matter, Seattle-based Mark Heine assisted venture capital fund Visionary Ventures with the establishment of its second fund, Visionary Venture Fund II, investing in ophthalmic technologies. Other key figures include Matthew Mangan and Sasha Burstein in San Francisco, and Fort Worth-based Scott Bernhart. In 2020 Yasho Lahiri joined the New York office from DLA Piper LLP (US), and James Lee left for Proskauer Rose LLP.

Practice head(s):

Mark Amorosi; Michael Caccese; Rick Giovannelli

Key clients

Hudson Sustainable Investments

United Nations Capital Development Fund

MBP Capital

RevolverCap Partners

McNally Capital

Stafford Capital Partners

Gatewood Capital Partners

Endeavor Catalyst

Continental Corporation

Visionary Ventures

BNY Mellon

ONEVC Venture Partners

Cornell University

Hall Capital Partners

CRCM Ventures

Capitala

The Watermill Group

Ridgemont Equity Partners

Brightstar Capital Partners

Patricia Industries

Arable Capital

Falfurrias Capital Partners

Goldman Sachs

Blue Point Capital Partners

Reed Smith LLP

Reed Smith LLP's team is rated in part for the breadth of its client base, acting for limited partners, investors and sponsors. In New York, Parikshit Dasgupta has strengths in advising on fund formation work, and James Mercadante has been involved in a number of notable fundraising matters.

Winston & Strawn LLP

Winston & Strawn LLP has core strengths in middle-market buyout and credit funds. Contacts in this space include Bradley Mandel in Chicago, who is advising GCP Capital Partners on forming a buyout fund, GCP Capital Partners IV; Meg Frey, the chair of the practice group; and Megan Devaney, who has worked with Frey on several high-value funds over the past year. In New York, Scott Naidech has extensive experience handling fund formation and launch mandates for international and US private fund sponsors; Beth Kramer, also in New York, is a name to note for regulatory matters.  

Practice head(s):

Meg Frey

Other key lawyers:

Scott Naidech; Bradley Mandel; Beth Kramer; Meg Devaney

Key clients

Arbor Investments

Origami Capital Partners

Parallel 49 Equity

Post Capital Partners

Southern Cross Group

Thermion Energy

WAMEX Private Equity Management

Curtis, Mallet-Prevost, Colt & Mosle LLP

Led by Carl Ruggiero, the team at Curtis, Mallet-Prevost, Colt & Mosle LLP is noted for its expertise in sovereign wealth funds, and is adept at assisting its solid client base of high-net-worth individuals, financial institutions, fund managers and sponsors with a broad range of work in this space. Also recommended in the New York team is Shaun Reader, who is very experienced in advising on fund formation mandates.

Practice head(s):

Carl Ruggiero

Other key lawyers:

Shaun Reader

Key clients

Brevet Capital Management

Pantheon Ventures

United Gulf Bank

HBM Partners

Livingston Securities

Starbridge Venture Capital

McGuireWoods LLP

McGuireWoods LLP's team has particular strength handling rural development work and fund formation matters, acting for RBICs and SBICs, among other clients. Mark Kromkowski and Bryan Bylica are the names to note in Chicago, and Kevin Boardman is a key contact in the Dallas office.

Seyfarth Shaw LLP

Investor-side mandates are the core strength of Seyfarth Shaw LLP’s funds team, which acts for an established client base of state retirement schemes. Robert Bodansky in Washington DC and Atlanta-based tax expert Steven Richman are key contacts. In October 2019 Jennifer Neilsson joined the New York office of Simpson Thacher & Bartlett LLP.

Practice head(s):

Robert Bodansky

Stroock & Stroock & Lavan LLP

The team at Stroock & Stroock & Lavan LLP has particular expertise in handling real estate and infrastructure fund mandates, and has been kept busy advising prominent asset manager clients on the formation of some significant funds. Brian Diamond and tax expert Jeffrey Uffner jointly lead the practice group from New York. André Nance, Richard Madris and Eric Requenez are also recommended.

Practice head(s):

Brian Diamond; Jeffrey Uffner

Sullivan & Cromwell LLP

Sullivan & Cromwell LLP's investment funds practice has a strong track record for fund formation and related regulatory matters. Brian Hamilton in New York and Los Angeles-based Rita-Anne O’Neill and Alison Ressler are contacts.