Private Equity Firms Face New Antitrust Challenge in Seeking to Sell Companies to Strategic Buyers
Investors in private investment funds have relied on our team for more than two decades, since we helped the New York State Common Retirement Fund in making its groundbreaking "alternative" investment. We represented the Washington State Investment Board in its nine-figure investment in Insight Venture Partners VIII LP, a venture capital fund, and the Oregon Public Employees Retirement Fund’s investment in Union Square Venture Opportunities Fund, a venture capital fund that has invested in such companies as Twitter and Zynga. We also helped the Washington State Investment Board with its investment in Prostar Asia Pacific Energy Infrastructure Fund LP, a $450 million U.S. fund focused on infrastructure opportunities in Asia. Other clients include the Oregon Public Employees Retirement Fund, the New York City Retirement Systems, the New York State Common Retirement Fund, the Employees Retirement System of Texas, the Connecticut Retirement Plans and Trust Funds, the Washington State Investment Board, and several sovereign wealth funds.
We also represent institutional investors in mezzanine fund investments. Funds where we represented key institutional investors include Arrowhead Mezzanine III LP, Northstar Mezzanine Partners VI LP, Yukon Capital Partners II LP, Graycliff Mezzanine II Parallel Fund and AEA Mezzanine Fund III LP.
We offer a global practice representing boutique and institutional private investment fund sponsors. We have 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, real estate funds and funds-of-funds with various investment objectives and focuses. Our experts counsel on 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.
Our team is involved in forming early stage, late stage and growth venture funds (including venture debt funds) – particularly with first-time or emerging sponsors. Recent venture funds formed by our team include SQN Venture Income Fund LP, a venture debt fund focused on making growth capital and equipment loans to emerging companies, and two early stage VC funds: Pathbreaker Ventures Fund LP and 1517 Fund LP. We have represented Kleiner Perkins on over 70 recent investments, such as its investment in Twitter, and Bessemer Venture Partners on over 60 recent investments, including its investment in LinkedIn.
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