Orrick's leading private investment funds group addresses virtually every type of fund, including buyout funds, venture capital funds, mezzanine funds, funds-of-funds, co-investment funds, real estate opportunity funds, hedge funds, exchange funds and restructuring funds. Our team has consistently been ranked among the most active U.S. law firms in the area of private equity by Private Equity Analyst, and the Legal 500 recognizes our leading practices in Hong Kong and the United States.
Paramount to our practice is our team’s experience establishing customized funds for investors and sponsors with unique economic and governance terms and conditions to fit specific investment strategies. Our fund lawyers, together with the firm’s regulatory team, M&A team, real estate team, restructuring team, financial services team, tax team and ERISA team, provide advice to private equity and investment funds and institutional investors on leveraged acquisitions, venture capital financings and acquisitions of distressed securities or companies and in dispositions and related co-investments through sales, public offerings and recapitalizations.
Representation of Investors
We have represented lead investors in private equity funds since 1987, when we assisted the New York State Common Retirement Fund (CRF) in making one of its first "alternative" investments. We currently represent a significant number of the largest and most active investors in a broad range of private investment funds (based on dollar commitments).
Our representation of these clients has included not only analyzing and negotiating fund documentation but also working on special assignments such as assisting in the launch of their hedge fund programs, forming "captive" funds-of-funds and co-investment funds and structuring the equity component of complex "warehouse" financing facilities. We also represent many of these clients in their direct equity and debt investments.
Representation of Sponsors
Orrick has developed an impressive global practice representing boutique and institutional private investment fund sponsors. Orrick has extensive experience structuring private investment funds and families of funds, in U.S. and non-U.S. partnerships and limited liability companies, for both sponsors and placement agents. Our practice regularly includes the formation and counseling of hedge funds, private equity funds and funds-of-funds with various investment objectives and focuses. We are well-versed in the numerous U.S. state and federal laws and regulations regarding the formation and operation of private investment funds, including the Investment Company and Investment Advisers Acts of 1940, the Securities Exchange Act of 1934, the Securities Act of 1933, ERISA and relevant tax laws.
We have formed funds and provided investment fund regulatory advice for a variety of sponsors (both boutique and international), represented many of these sponsors in their investment activities, and assisted fund principals with regulatory, securities, tax and ERISA compliance. A significant number of the funds we have formed have involved debt enhancement features, including funds involving investment by Overseas Private Investment Corporation.
We currently are working on a broad range of funds, including those focused on particular geographic regions and sectors of the economy.
Hedge Fund Representation
Orrick has a significant practice representing sponsors of global hedge funds as well as alternative pooled investment funds with various hedging investment strategies. Orrick also specializes in "seed" investor arrangements, managed account arrangements, joint venture structures and other complex investment structures as well as in forming hedge funds in virtually every major tax jurisdiction in the world. Orrick lawyers are experts in the numerous non-U.S. and U.S. local, state and federal laws and regulations regarding the formation and operation of hedge funds including the Investment Company Act and Investment Advisers Act of 1940, the Securities Exchange Act of 1934, the Securities Act of 1933, the Commodities Exchange Act, broker-dealer rules and regulations, ERISA and relevant global tax laws.