Orrick Advises PayPal in $50 Million Investment in Black and Latinx-Led VC Funds

November.04.2020

We are honored to collaborate with longtime client PayPal in the first investment announced under its program to invest $530 million to support Black-owned businesses, strengthen underrepresented minority communities and fight for racial equity and economic equality.

Acting as pro bono legal adviser, we counseled PayPal on its $50 million investment in eight early-stage, Black and Latinx-led venture capital funds: Chingona Ventures; Fearless Fund; Harlem Capital; Precursor Ventures; Slauson & Co.; VamosVentures; Zeal Capital Partners; and one additional fund that has yet to be named. “So little venture money goes into minority communities,” Dan Schulman, PayPal’s CEO, told the New York Times. “This is a way to think about how we start to create wealth creation.”

Led by Jeannie Shin and Dolph Hellman, the Orrick team advising PayPal on these investments included Steven Barnett, Perry Teicher, Yong-Nam Jun, Eric Wall and Sean Carfi.

Related Lawyers

Jeannie J. Shin Partner, Mergers & Acquisitions, Technology Companies Group

San Francisco Office

See my bio

D:+1 415 773 5719
E: [email protected]

Practice:

Mergers & Acquisitions
Technology Companies Group
China
Fintech

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Jeannie J. Shin Partner

San Francisco Office

Jeannie Shin is a partner in the San Francisco office and a member of Orrick's Corporate Group.

Jeannie advises private and public companies on a full range of their corporate needs, with a focus on mergers and acquisitions, joint ventures, strategic alliances, corporate restructurings and capital raising transactions. In particular, Jeannie has extensive experience with cross-border transactions. Jeannie has acted as lead M&A counsel in numerous transactions representing clients both on the sell-side and buy-side. She has extensive experience representing clients in a wide range of industries, including software, internet, life sciences, energy, semiconductors, and consumer products and retail. As a member of Orrick’s Technology Companies Group, Jeannie also represents high growth technology companies and venture capital and other investors and has extensive experience with start-up companies in their formation, debt and equity financings, private placements and general corporate counseling.

Dolph Hellman Partner, Mergers & Acquisitions, Banking & Finance

San Francisco Office

See my bio

D:+1 415 773 5678
E: [email protected]

Practice:

Mergers & Acquisitions
Banking & Finance
Funds
Real Estate Finance
Fintech
Blockchain and Virtual Currency

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Dolph Hellman Partner

San Francisco Office

Dolph Hellman, a leading fund formation and commercial finance lawyer in the San Francisco office, is the Co-Chair of the firm's Private Investment Funds Group and a member of the firm's Corporate Department.

Dolph concentrates his sophisticated practice on private equity investor representation and fund formation as well as representing financial institutions and corporations in privately negotiated debt transactions. Dolph counsels some of the largest public pension plans in the United States and other institutional investors and helps them achieve their business goals with respect to various U.S.-based and international alternative investments (including funds focused on real estate, buy-out, venture capital and mezzanine investment opportunities) as well as sponsors in fund formation.

In addition, Dolph has a broad range of experience in commercial lending transactions, including secured financings, unsecured and asset-based financings, vendor and customer financings, subscription credit facilities, project financing, venture debt financings, letters of credit, receivables purchase financings and leasing. Dolph's clients include various financial institutions, Fortune 500 companies and numerous start-up companies (the latter group of which he represents in dozens of venture debt financing transactions each year for which he is recognized as one of the leading company-side counsel in the San Francisco Bay Area).