Known for pairing fund formation with day to day investment management support, McDermott Will & Schulte advises private equity sponsors and institutional investors across the full lifecycle of a fund. Co heads Ian M. Schwartz and Jason Kaplan lead a team that structures and documents new vehicles, negotiates investor terms and side letters, and builds the governance and economics that sit behind a manager platform. The group is also a steady hand on regulatory and compliance questions, including advisor registration and ongoing SEC facing issues that can arise during fundraising and operations with support from Joseph Smith. David Nestler handles the formation and operation of funds for a strong roster of middle-market private equity players, while Stephanie Breslow is reputed for her credit funds expertise. The team operates from New York.
Legal 500 Editorial commentary
Accolades
Client satisfaction: Lawyer & team quality
Client satisfaction: Billing & efficiency
Client satisfaction: Sector knowledge
Client satisfaction: NPS ®
Testimonials
Collated independently by Legal 500 research team.
- ‘High level of service with regular check-ins.'
- ‘Joseph Smith has a solid legal mind and very good at problem solving without breaking the bank or bringing in 10 other lawyers if they are not needed.'
- ‘Joseph Smith is one of the best fund lawyers we have worked with over the last 30 years. Joe and his team have helped us work through several complicated cross boarder and cross platform issues over the last 5 years. They also understand that lawyers are expected to be responsive without looking at the clock better than most.'
Key clients
- H.I.G. Capital (including affiliates H.I.G. Realty and H.I.G. WhiteHorse)
- Cerberus Capital Management
- Driftwood
- Pantera Capital
- Boyne Capital
- Westport Capital Partners
- Speyside Equity Advisors
- T. Rowe Price Associates
- TCI Fund Management Limited
- O’Brien-Staley Partners
- iCapital Network
- Silver Point Capital
Work highlights
Advised H.I.G. WhiteHorse on the successful formation and closing of H.I.G. WhiteHorse Middle Market Lending Fund’s initial offering period, with investable assets of $5.9 billion.
Acted as lead fund counsel for Westport Capital Partners across several fundraises in 2025 – including the final closing of the WCP NewCold III, L.P. fund, which has closed on over $3.5 billion in commitments.
Represented Driftwood Capital in the formation of Driftwood USA Hotels Portfolio, a fund which consolidates and recapitalizes a $1.2 billion portfolio spanning 10 states across the U.S.
Practice head
Ian M. Schwartz; Jason Kaplan
Other key lawyers
Joseph Smith; David Nestler; Stephanie Breslow; Phyllis Schwartz; Luc Jansen