Our lawyers have extensive experience in forming private equity funds, many with sophisticated structures attracting multi-billion dollar commitments. Acting as “outside counsel” to the sponsors and managers of these funds, Cleary Gottlieb develops optimal fund structures, taking into account investment objectives, tax considerations, securities laws and cross-border investment issues. Our leading experience includes negotiating all aspects of fund formation – from fund documentation to strategic GP ownership stakes – as well as continued comprehensive advice to funds. We have assisted sponsors of, and investors in, private funds pursuing numerous investment strategies, including buyout, distressed debt, infrastructure, international and regional funds, venture capital, hedge funds and funds of funds.
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Selected Recent Representations Include:
- Counsel to Helios Investment Partners in the formation of its second private equity fund, Helios Investors II, with aggregate commitments from investors of over $900 million and the largest pan-African investment fund to date.
- Counsel to TPG in the formation of TPG Growth II, an investment fund focused on small- and middle-market growth equity and buyout investments in developed and emerging markets.
- Counsel to TPG in the formation and structuring of TPG Specialty Lending, a business development company focused on loan origination to middle-market companies.
- International counsel to TPG in its partnership with the municipal governments of Shanghai and Chongqing to raise and manage two Chinese RMB- denominated investment funds.
- Counsel to TPG Opportunities Advisors in the formation of TPG Opportunities Partners II, a fund focused on special situations and distressed credit investments.
- Counsel to The Raine Group in connection with the formation of its first private equity fund, Raine Partners I.
- Counsel to Victoria Capital Partners (formerly DLJ South American Partners) in the formation of its second private equity fund, Victoria South American Partners II, a Latin America-based private equity fund.
- Counsel to KKR in the formation of KKR Asian Fund II, a fund formed to make private equity investments throughout Asia, and the KKR China Growth Fund, a fund formed to pursue growth investment opportunities in Greater China.
- Counsel to MBK Partners in the formation of MBK Partners Fund III, a private equity fund based in and focusing on Asian investments.
- Counsel to Credit Suisse in the formation of Emerging Markets Credit Opportunity Fund.
- Counsel to JPMorgan Chase in the formation of a conduit fund to invest in the Blackstone Real Estate Partners VII Fund.
- Counsel to a group of the largest U.S. fund sponsors and to the European Private Equity Roundtable in connection with the proposed EU directive regulating alternative investment fund managers.
- Counsel to Health Evolution Partners as a limited partner in numerous private equity funds.
- Counsel to Blackstone Alternative Asset Management in connection with the formation of customized funds and accounts for single investors.
Client Service Award for Investment Funds
Chambers USA (2012)
Leading firm in private equity fund formation
Chambers Global and Chambers USA (2004-2012)
“Maintaining a quality investment funds practice, this US-based group is continually praised for its excellent work and dedicated focus. ‘An excellent team. They have fantastic service and great clients.’”
Chambers Global (2013)
“Cleary Gottlieb’s private funds team has racked up an impressive deal list forming funds for a number of prominent industry players such as TPG, KKR and JPMorgan. Its lawyers have made an impressive mark on the international stage, and demonstrate notable skill in forming private equity funds with global elements… It offers clients the benefit of its extensive market perspective, gained through years of working with major industry players.”
Chambers USA (2013)
“This New York-based firm stands out for its fund formation work and strong transactional private equity practice. ‘Their client service focus is very impressive – our overall opinion of the firm is very positive, and we will look for more opportunities to work with them.’”
Chambers Global (2012)
“Current trends focusing on emerging markets and the internationalization of the industry play to Cleary’s key strengths in this space. Already a strong global player, the firm has been active this year in China, Latin America and Africa … Clients are impressed with the team’s creative approach to structuring as well as the depth of their expertise in pervasive regulatory matters. … ’Very smart, great problem solvers, incredibly commercial and they don’t take ridiculous positions on things. They are mindful of the fact that people need to get business done.’”
Chambers USA (2012)
“This highly regarded US firm is frequently enlisted as counsel for special projects, including the restructuring of private equity funds.”
Chambers Global (2011)