Our Private Investments Funds Group is recognized for our representation of some of the largest and most active institutional investors in private investment funds and our assistance in helping those investors achieve their investment goals over a wide spectrum of funds (buyout, venture, mezzanine, credit, distressed debt, infrastructure, real estate, impact and hedge funds focused on diverse strategies). We also advise sponsors of all kinds, from boutique firms to large institutions, with fund formation and regulatory advice.

With our global footprint, Orrick is able to assist fund clients across the Americas, Europe, Asia and Africa and can offer important expertise in our three strategic areas off focus: finance, technology and energy/infrastructure across our platform.

Investors

Investors in private investment funds have relied on our team for more than two decades. Over the years, we have advised the New York Common Retirement Fund in their groundbreaking “alternative investment” as well as the creation of novel funds of funds to enable the CRF to build a much larger program, we have represented the Washington State Investment Board (WSIB) and the Oregon Public Employees Retirement Fund in significant investments in venture capital funds, real estate funds, infrastructure funds, buyout funds, co-investment funds, side cars, separately managed accounts and other alternative investments on their real asset platforms, as well as coinvestment relating to those fund investments. Other clients include the Employees Retirement System of Texas, the Connecticut Retirement Plans and Trust Funds, the San Francisco Employees Retirement System, as well as several sovereign wealth funds, insurance companies, corporate pension plans and other institutional investors.

Sponsors

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.

Growth Venture Funds

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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