FOCUSED ON RESULTS

Funds Services

LEADERSHIP: Julia D. Corelli, Gregory J. Nowak and Christopher A. Rossi

Our clients include a wide range of funds and their sponsors, managers, advisors, placement agents and investors, including the following:

  • early-stage/seed, venture capital, growth equity and private equity funds

  • hedge and hybrid hedge/private equity funds

  • debt and hybrid debt/equity funds

  • mortgage and tax lien funds

  • distressed investment funds

  • real estate funds (open-end and closed-end)

  • special purpose funds, such as Term Asset-Backed Securities Loan Facility (TALF) funds, and other similarly structured finance vehicles, such as CDOs and CLOs

  • Small Business Investment Companies (SBICs)

  • “funds of funds,” including closed-end funds of funds

  • U.S. and foreign funds investing in BRIC and other countries

  • industry-specific funds (e.g., biotechnology, financial, infrastructure, cleantech and life sciences)

  • alternative investment vehicles, blocked entries, structured finance SPVs and SPACs

  • captive funds/risk management vehicles

  • investment trusts and business development companies

  • registered mutual funds and exchange-traded closed-end funds

  • independent sponsors

Our clients’ investors include large public and private pension funds, endowment funds, family offices, insurance companies, state and local governmental agencies, banks and bank holding companies, tax-exempt entities, universities, individuals, foreign nationals and entities and mutual fund complexes. We have negotiated fund structures and terms on behalf of our sponsor clients with many institutional investors, including:

  • institutional gatekeepers such as Credit Suisse, Hamilton Lane, Cambridge Advisers and Bank of America

  • swap and derivative counterparties, such as Nomera, MF Global and Deutsche Bank

  • governmental and quasi-governmental investors, such as PSERS, New York Common Retirement Fund, CALPERS, New York Police Pension Fund, Michigan State Employees Retirement System and other state pension systems

  • institutional investors, such as insurance companies, private pension plans and foreign and U.S. banks

  • family offices, foundations and endowments, including in the United States, United Kingdom and United Arab Emirates

  • the U.S. Small Business Administration

  • sovereign wealth funds, such as those from Qatar, Korea and China

  • foreign investors from countries all over the world (including investments denominated in Euros, yen and pounds)

Additional representative matters include the following:

Private Equity and Debt Funds

  • a series private equity partnership ($10M to $50M per series) with multiple investment pools investing in other funds and direct private investments

  • a $100 million co-investment fund investing in companies associated with underlying managers of multiple funds of funds that are managed by the same entities as the co-investment fund

  • a $1.2 billion private equity model series partnership investing in odd-lot mortgage bonds (RMBS); each series invests, some together with parallel separately managed accounts, in odd-lot distressed mortgage bonds, and each series has a finite term, a private equity fund–type structure and a buy-and-hold strategy so it does not trade the bonds

  • a $180 million institution-backed fund investing in the non-reimbursement health care sector

  • a $240 million LBO fund focused on the lower middle market

  • a $150 million hybrid venture debt and equity fund

  • a $100 million venture fund focused on companies sourced from university tech transfer programs

  • a $100 million fund targeting subordinated debt investments in growth, value and special interim finance situations, sponsored by a large private family office

  • a $60 million first-time venture capital fund formed by an entrepreneur and a branding consultant and the aggregation of it and another venture capital firm

  • the COO of a $10 billion fully integrated real estate investment management company on participation and governance matters

  • a $2 billion family of private equity funds in developing and documenting internal compensation, employment and governance structure and succession planning

  • more than 120 SBICs or SSBICs; at any given time, we have about 25 management teams in the process of raising funds for an SBIC or obtaining an SBIC license

Non-REIT Real Estate–Related Funds

  • a $200 million private equity model real estate fund that is a joint venture between a foreign bank and a U.S.-based institutional real estate investment company

  • a $300 million open-ended private equity real estate fund focused on yield producing and capital value commercial real estate assets

  • a $100 million private real estate fund for repositioned legacy non-REIT private equity investments in real estate assets and companies

  • a $100 million open-ended real estate investment fund, which invests in and holds industrial, commercial and office space within the continental United States, U.S. Virgin Islands, Puerto Rico and Canada and which may invest in any kind of real estate on an opportunistic basis

  • a $200 million open-ended real estate investment fund, with annual liquidity options, which invests in (i) U.S. shopping strips, commercial offices, warehouses and other U.S.-based commercial real estate projects; (ii) other cash flow producing real estate assets; (iii) other pooled investment vehicles that invest in U.S. real estate assets; and (iv) joint ventures in real estate assets as a minority or a majority investor

  • a $50 million private equity model real estate fund, managed by a joint venture between a real estate fund manager and a real estate brokerage group, which invests in inefficiently priced, well-located and well-leased commercial properties located outside of the major central business districts in the United States, with a primary focus in the Rocky Mountain states and the Pacific Northwest

  • an open-ended real estate fund that will invest in single-tenant net leased properties

  • a hedge fund model CMBS fund that offers withdrawal rights with a soft hurdle/early withdrawal penalty; the focus of this fund is stable cash flow and capital preservation through fixed-income investments

  • a private equity model, series-based agency and non-agency RMBS fund with annual series and annex “top off” series in an annual investment program to position the fund to never be out of the market

Hedge Funds

  • a $1 billion TALF fund investing in ABS under the TALF program of the Federal Reserve Bank of New York

  • a strategic block investment fund, targeted at up to $400 million, with moderate diversification requirements including 20 percent to side-pocket private investments with elective participation

  • a $250 million traditional hedge fund that will invest globally in traded financial assets, including futures

  • a $100 million hedge fund formed as an alternative product offered by an established investment advisory group

  • a first-time hedge fund formed by a former trader and a former analyst that will invest domestically in all types of financial assets, including some private equities

  • a hedge fund formed by principals of a venture capital fund in order to establish a track record from which to market the hedge fund as an opportunity for investment in later years

  • an uncapped hedge fund formed by an investment advisor as a captive hedge fund for its clients, expanding to an investment opportunity marketed to non-clients

  • a stable income offshore hedge fund in the British Virgin Islands

  • a U.S. government agency securities hedge fund (in two ring-fenced series)

  • a distressed debt fund (in two ring-fenced series)

Funds of Funds

  • a fund complex sponsored by a large NYSE-listed investment advisor that utilizes both a traditional private equity fund of funds and a hedge fund of funds, both targeting energy and natural resources investments

  • a family of seven fund products offering fund of funds, long-short strategies, industry-specific, private and traditional hedge fund strategies

  • a sponsor of multiple separate LLCs, each investing in a single underlying fund across a single integrated platform of management

  • a $300 million fund of funds sponsored by a nationally recognized investment bank renowned for innovative products and services offered to institutional investors

  • an uncapped fund of hedge funds offering alternative investment products to traditional mutual fund families, following a reverse master-feeder structure with separate subsidiary strategy funds of funds (merger arbitrage, future arbitrage, PIPES, etc.) through which it will invest in diverse managers

Employee Participation Vehicles

  • an employee participation vehicle denominated in annual units awarded in different amounts each year based on annual performance criteria

  • a vehicle designed to facilitate employee participation in fund investments through investment of deferred bonus and corporate parent matching contributions and loans

  • an executive contribution opportunity to invest in a captive private equity fund with a drop-down SBIC

  • an employee fund designed to allow current and future employees to share in the carry (past and/or future profits), provided the employees maintain employment and satisfy other criteria

  • a deferred compensation model partnership that acquires at cost interests in investments made by a family of related funds

  • numerous joint venture vehicles for employee ownership of carry.