Private Funds

Key Contacts

Gus Black

Partner London +44 20 7184 7380

David A. Vaughan

Partner New York +1 212 698 3540

Dean Collins

Partner Singapore +65 6730 6988

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A leading global private funds practice

Dechert advises private fund sponsors on all aspects of the fundraising lifecycle. Our lawyers have extensive experience of raising funds in all major fund domiciles and all private asset classes, including:

Fund formation, including global advice on investor preferences, tax efficiency, regulatory compliance and market termsManaged accounts, co-investments and other investment programmesSecondaries, liquidity solutions and fund restructuringsGlobal regulatory adviceTax efficient investment structuringSeeding/cornerstone arrangements and joint venturesPrivate fund manager M&ACarried interest, management equity arrangements and other incentive structuring

Dechert is the only law firm whose private fund formation team spans the key funds jurisdictions of London, Dublin, Luxembourg, Frankfurt, Munich, Paris, Dubai, Hong Kong and Singapore, as well as across the U.S. Our lawyers function as a single global group, collaborating across offices to advise clients on all legal, tax and regulatory aspects of a fundraise.  Most senior members of our team have spent time in-house with private fund managers, bringing a deep understanding of the commercial environment in which private fundraising takes place. In addition, our presence on the ground in the key investor jurisdictions means we are ideally placed to advise on investor preferences and requirements.

Dechert’s fund formation clients benefit from our knowledge of the current state of fund terms, market trends and structural innovations. We are closely involved in the private funds industry in the jurisdictions in which we practice, working with trade bodies and other industry groups to defend regulatory challenges and shape the future of the industry.

To support our private funds clients, we have created “ ” – an internet-based World Compassresource with global legal and regulatory marketing and compliance information – together with our “ ” service, which offers AIF fund registration globally.World Passport

A broad private funds practice

Our clients range from first-time fund managers to many of the largest money managers in the world.

We raise private funds across all major asset classes and strategies, including:

BuyoutGrowth capitalSecondaries and fund of fundsVentureMezzanineDistressed debt and credit opportunitiesDirect lendingTrade financeReal estateInfrastructureEquitiesCommoditiesCurrency and cryptocurrencyEmerging markets

Dechert advises private fund sponsors on all aspects of the fundraising lifecycle. Our lawyers have extensive experience of raising funds in all major fund domiciles and all private asset classes, including:Fund formation, including global advice on investor preferences, tax efficiency, regulatory compliance and market termsManaged accounts, co-investments and other investment programmesSecondaries, liquidity solutions and fund restructuringsGlobal regulatory adviceTax efficient investment structuringSeeding/cornerstone arrangements and joint venturesPrivate fund manager M&ACarried interest, management equity arrangements and other incentive structuringDechert is the only law firm whose private fund formation team spans the key funds jurisdictions of London, Dublin, Luxembourg, Frankfurt, Munich, Paris, Dubai, Hong Kong and Singapore, as well as across the U.

Bregal Sagemount in the formation of Bregal Sagemount II, LP, which had its first and final close in February 2017 with total commitments of US$960 million, exceeding its initial US$800 million goal. It is the first fund from Bregal Investments to open to outside investors.

EXPERIENCE

Columna Capital on the sale of a stake in Datamars to Caisse de dépôt et placement du Québec (CDPQ). Columna is entrepreneurial investment firm based in London and Lugano (Switzerland) that focuses on sponsoring European small- to mid-market companies with growth potential. Datamars creates technology that helps to identify and track livestock, companion animals and textiles.

AlbaCore Capital Limited on the launch of its new specialist European credit platform. AlbaCore is a recently formed European investment firm and solutions provider that focuses on private debt and opportunistic credit investments.

A U.S.-based independent registered investment advisory and portfolio in the formation of a fund targeting US$1 billion which was marked by management firm

complicated seed negotiations and a unique investment focus.

A global investment management firm which we are representing on three fronts: acting as lead fund formation and regulatory counsel to establish an international private debt fund valued at US$750 million, which is raising capital and investing worldwide; acting as fund counsel to a new global private equity fund valued at US$2 billion, which focuses on equity investments in alternative assets; and setting up an institutional unlisted business development company (BDC).

A credit-focused investment company in its sponsorship of a US$2 billion direct lending fund, both levered and unlevered.

A major insurer’s registered investment advisor on its open-end U.S. syndicated bank loan fund, valued at US$500 million, for institutional investors in the U.S. and abroad.

Dechert is recognized internationally as a leading adviser to the hedge fund industry. Many of the world’s largest hedge fund and emerging fund managers turn to us for comprehensive, cross-border service. We advise many managers who wish to develop their strategies within more retail-based vehicles, including alternative mutual funds, exchange-traded funds and UCITS. Dechert also advises clients on the emerging trend of alternatives managers developing registered closed-end funds and open-end mutual funds and business development companies (BDCs).

We keep pace with changes in the marketplace, such as hedge fund managers launching more private-equity-type structures and private equity managers exploring the more liquid hedge fund space. This has fueled growth in “hybrid” or “crossover” structures that share hedge and private equity type characteristics, such as a fixed term, commitment structures and in some cases the use of carry vehicles. We are well placed to provide support in this area, drawing on our depth in both the hedge fund and private equity spaces.

Ranked as a leading firm for hedge funds – (2017)Chambers GlobalConsistently ranked in tier 1 for Investment Funds: Hedge Funds – Chambers UK(2017)Tier 1 for hedge funds in Asia-Pacific region – (2017)Chambers Asia Pacific

HEDGE FUNDS

“Leading European Practice – London, Dublin, Luxembourg, Frankfurt and Paris” – (2017)Hedge Fund Journal Awards

Ranked as a leading firm for hedge funds – (2017)Chambers USARanked as a leading firm for alternative/hedge funds – (US) (2017)The Legal 500

Our global team of private equity fund formation lawyers advise clients at every phase of the investment lifecycle, working closely with the firm’s corporate and securities, global finance, real estate and tax groups, to provide fund formation advice as part of a holistic offering.

Our lawyers have represented institutional asset managers and investors, including private equity and credit and fund sponsors, in a wide variety of fund formation matters across the asset class, including buyout, mezzanine, distressed debt, high yield, credit opportunities and direct lending, as well as investment and leverage financing activities by those funds.

We have helped private equity firms in registering with regulators in most leading jurisdictions, dealing with inspections and assisting with enforcement actions. We have advised on the disclosure and business practices of private equity firms in light of the various recent enforcement cases. We have also been advising private equity firms regarding the potential need for broker-dealer registration.

Recognized as a leading firm in the private equity funds (including venture capital) category – (US) (2017)The Legal 500Shortlisted as one of four law firms for “Law Firm of the Year” for Fund Formation (North America) and Fund Formation (Asia Pacific) – (2017)PEI AwardsSecond place in Asia-Pacific – (2016)PEI AwardsShortlisted for “Law Firm of the Year, Europe” – (2016)PEI AwardsShortlisted for “Law Firm of the Year, Americas” – (2016)PEI AwardsFinalist – in Asia-Pacific, which honor leading players in the PERE Global Awardsprivate real estate market (2016)

Credit funds of all types are a very significant part of Dechert’s practice, encompassing liquid credit, hybrid fund and less liquid private-equity-style credit strategies, including direct lending, mezzanine, distressed and credit opportunities funds.

Virtually all of the mandates we work on have a cross-border element and we have established credit funds in most leading jurisdictions under a wide variety of regulatory regimes. We work closely with our finance colleagues in relation to the funds’ downstream investment structuring and financing facilities.

PRIVATE EQUITY AND VENTURE CAPITAL FUNDS

CREDIT / DEBT FUNDS

We act in some capacity for over 41 of the PDI top 50, the world’s top private debt fund managers.

Named “Law Firm of the Year” in the Americas, Europe and Asia-Pacific, the first time that a single firm has won in all three regions – Private Debt Investor Awards(2017)Named “Law Firm of the Year, Americas” – (2016)Private Debt Investor AwardsShortlisted for “Law Firm of the Year, Europe” – (2016)Private Debt Investor Awards“Best Law Firm Overall” –  European Services Awards and US Alt Credit IntelligenceServices Awards (2015-2017)“Leading Law firm in private debt fund formation” – Preqin’s Global Private Debt

(2016-2018)Report

Dechert lawyers across the globe have acted on various transactions in the secondaries space, including GP-led secondaries, transfers of portfolios of fund interests, transfers of portfolios of direct investments, “stapled” secondaries, fund restructurings, fund recapitalizations, management team/portfolio spin-outs, and strategic reorganizations of management companies. Having acted on both the buy side and the sell side, as well as for general partners, we have considerable insight into market terms, appropriate deal structures, and the distinct “key issues” for many of the largest secondaries participants globally. Our secondaries practice brings together fund formation lawyers and transactional lawyers, which more accurately reflects the funds and M&A cross-nature of complex secondary deals in today’s market and which better serves our clients.

Acted for the seller (a major financial institution) on “the largest deal ever” in the fund secondaries spaceCommended for our role advising private equity firms Committed Advisors and NewQuest Capital Partners in a complex restructuring and secondaries acquisition involving a portfolio of IT services businesses held by tech investor Basil Partners –

– Asia Pacific Innovative Lawyers Awards (2019)Financial TimesFinalist in the Asia-Pacific Secondaries category – (2018)PEI AwardsPlaced second in Asia-Pacific for “Law Firm of the Year in Asia-Pacific (Secondaries)” – (2016)PEI Awards

Our lawyers have established a variety of structures to pool the assets of sovereign wealth funds, public pension plans and other institutional investors from around the world. We regularly counsel investors in relation to their investments in a broad variety of funds.

We also serve as counsel to several major college endowments, foundations, sovereigns, insurance companies, fund of funds and family offices with respect to their alternatives program.

SECONDARIES

LIMITED PARTNERS AND INSTITUTIONAL INVESTORS

Dechert lawyers extensive counseling capabilities with respect to the complex tax and employee benefits issues confronted by investment managers in all aspects of their fund structuring and transactional operations.  

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TAX

KAREN L. ANDERBERG

PartnerFinancial Services and Investment Management(more)LondonT +44 20 7184 7313karen.anderberg@dechert.comvCard

ADRIENNE M. BAKER

PartnerFinancial Services Tax(more)BostonT +1 617 728 7151adrienne.baker@dechert.comvCard

ABIGAIL BELL

PartnerFinancial Services and Investment Management(more)LondonT +44 20 7184 7443abigail.bell@dechert.comvCard

WILLIAM J. BIELEFELD

PartnerBroker-Dealers, Securities Trading and Markets(more)Washington, D.C.T +1 202 261 3386william.bielefeld@dechert.comvCard

STEPHEN H. BIER

PartnerInvestment Funds: U.S.(more)New York

GUS BLACK

Partner

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T +1 212 698 3889stephen.bier@dechert.comvCard

Financial Services and Investment Management(more)LondonT +44 20 7184 7380gus.black@dechert.comvCard