Firm Profile > Proskauer Rose LLP > London, England

Private equity: transactions

Private funds Tier 2

Strong expertise in the secondaries market is the hallmark of the private funds practice at Proskauer Rose LLP, which is led by 'trusted adviser' Nigel Van Zyl. In addition to assisting clients with fund restructurings and acquiring and selling portfolios, the firm's fund formation instructions constitute approximately 65% of its private funds offering. While some of these are from large, well-established managers, the team is becoming a particular favourite of first-time fund manager clients (especially those that have spun out from prior firms). Although GP-side work forms most of the practice, the firm advises over 100 Limited Partners (LPs) globally, ensuring a breadth of market knowledge. Kate Simpson is a name to note, having led on a structured  transaction for Investcorp involving the sale and transfer of $185m worth of assets to a new fund. Also recommended for his specialist secondaries expertise is Bruno Bertrand-Delfau. Although Andrew Shore departed for Kirkland & Ellis International LLP in February 2019, Proskauer Rose LLP moved to rebuild with the hire of Leith Moghli from Reed Smith LLP in August of the same year. Brendan Gallen joined as special counsel from Fried, Frank, Harris, Shriver & Jacobson LLP in the same month, while Warren Allan, who focuses on private funds, including private real estate funds, joined from Stephenson Harwood in September 2019.

High yield Tier 3

'The high yield team in London stands out for its quality of service and expertise and we regularly work with the firm on some of the largest transactions in Europe', says a client of Proskauer Rose LLP. The firm has an integrated high yield debt practice in London and the US, and it advises leading issuers, underwriters and global financial institutions on some of the biggest deals in the market. In 2018, this included one of the largest high yield bonds by a Spanish issuer. 'Top-class lawyer' Maximillian Kirchner leads the firm's European high yield practice and clients remark that he is 'very commercial and efficiently manages complex and innovative deals on tight timelines'.

Acquisition finance Tier 4

Commercial property: hotels and leisure Tier 4

At Proskauer Rose LLP, the hospitality team routinely act on M&A, management agreements, mixed-use developments alongside the full range of real estate matters. Headed by Joanne Owen, the practice directs particular attention to hotel transactions across Europe, Asia, Latin America and the firm's domestic US market. On the investment side, the group represents private equity houses, sovereign wealth funds, asset managers and private investors on a broad array of cross-border mandates.

Corporate restructuring & insolvency Tier 5

Led by the 'pragmatic and thoughtful' Mark Fennessy, Proskauer Rose LLP 's three-partner team 'punches well above its weight' and regularly picks up mandates for key stakeholders in major international non-contentious and contentious matters. Fennessy is 'very knowledgeable and experienced in complex workout scenarios and large insolvencies', including his high-profile work alongside the firm's US offices for the unsecured claims committee in relation to the insolvency of Westinghouse Electric Corporation. The London team is also picking up a significant amount of mandates from its highly regarded direct lending team, including in relation to enforcement work for numerous funds that made loans into the retail space.

Corporate tax Tier 5

Proskauer Rose LLP is geared towards advising funds and asset managers on across all of their tax issues, with the team drawing on strong cross-practice cooperation with the corporate, banking and real estate practices. As a US-headquartered firm, the tax team is well-placed to advise on transatlantic deals. Department head Robert Gaut's practice spans complex corporate tax structuring, real estate tax counsel and fund formation taxation. Matt Pincus, who joined from Debevoise & Plimpton LLP in 2018, is a go-to name for US tax issues.

Private equity: transactions – high-value deals (£250m+) Tier 5

Proskauer Rose LLP's City buyout team is a new entrant to the ranking after winning a number of new clients including Corsair Capital, Aleph Capital Partners and Crestview Partners. Approximately 40% of the PE team's recent mandates have come from these new clients, highlighting the development of the practice, which focuses on mid-market work but also advises management on higher-value deals. Highlights include Andrew Wingfield advising Corsair on its acquisition of ZEDRA Group, a deal that involved managing foreign counsel in more than 16 different jurisdictions. New arrival Richard Bull joined from Norton Rose Fulbright in March 2018. Head of team Steven Davis is highly recommended .

Employment: employers Tier 6

Proskauer Rose LLP handles a broad range of work on behalf of employers and employees alike, including employment matters relating to corporate transactions, contract interpretation issues and whistleblower claims, among others. 'Charismatic and clever' Daniel Ornstein - who leads the London practice and also co-heads the international group - advises on diversity and inclusion, social media use, employee investigations and the handling of disciplinary and grievance matters, and is 'loved' by clients. He works with associate Kelly McMullon to 'provide an exceptionally responsive service'.

M&A: upper mid-market and premium deals, £500m+ Tier 6

Proskauer Rose LLP's corporate practice focuses on M&A work for multi-asset fund managers, across the high-end and mid-market spaces. Key matters involve advising sovereign wealth funds, executive management sellers, private equity houses and growth capital clients. Practice head Steven Davis focuses on corporate M&A work within the consumer retail, industrial and healthcare sectors, and he advises both public and private companies in these areas. Additional sector specialisms include financial services and technology, led by Andrew Wingfield and Richard Bull respectively; Bull was a recent hire from Norton Rose Fulbright, who brought with him  a private equity-focused practice with experience advising financial services and technology clients.

United States > Investment funds > Alternative/hedge funds Tier 3

The hedge funds team at Proskauer Rose LLP has a particularly strong reputation for start-up funds; in 2019 the firm assisted Antora Peak Capital Management with launching a $75m hedge fund, advised Aldinger Capital Management on a managed futures fund, and also acted for Jay Rao, a former Balyasny and Millenium portfolio manager, in launching a $400m hedge fund focused on the healthcare sector. The practice group is jointly headed by three partners: Christopher Wells, who has extensive experience in fund formation, including hybrid structures, seed investments, agreements among principals, and employment and compensation arrangements; Michael Mavrides a name to note for federal and state investment adviser registration, commodity pool operator and commodity trading adviser registration, and other compliance issues; and Robert Leonard, who advises institutional investors, family offices, and investment advisers, on structuring master-feeder, side-by-side and mini-master-feeder funds.