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 of focus across our platform: finance, technology, and energy and infrastructure.
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 (“CRF”) 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, impact funds, co-investment funds, side cars, separately managed accounts and other alternative investments on their real asset platforms, as well as co-investment relating to those fund investments. Other clients include the International Monetary Fund, Connecticut Retirement Plans and Trust Funds, the San Francisco Employees Retirement System, corporate impact investors as well as sovereign wealth funds, insurance companies, corporate pension plans and other institutional investors.
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 private equity funds, venture capital funds, infrastructure funds, real estate funds, funds-of-funds and customized funds-of-one, separately managed accounts and investment management agreements 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, CFIUS, data privacy and relevant tax laws.
Our team has particularly focused in recent years on forming early stage, late stage and growth venture funds (including venture debt funds) – including 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 various VC funds including Pathbreaker Ventures, Mindset Ventures, Juxtapose, Katalyst Ventures, Hemi Ventures, Alchemist Accelerator, Icon Continuity Fund, Longevity Fund and 1517 Fund LP (to name just a few). This segment of our practice enjoys synergies with our robust venture debt practice as well as representation of significant sponsors such as Kleiner Perkins for whom we have counseled 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.
Orrick’s funds and impact finance teams have also worked closely together both in representing impact sponsors of funds using a variety of structures, including blended capital, debt, equity, recoverable grants, and other bespoke arrangements, for funds intended to achieve specific sustainable investment goals relating to climate, social equity, reducing poverty, increasing access to affordable housing, improving access to community-based financing, among others. In addition, these teams have also represented some of the anchor institutional investors in some of the largest impact buyout funds raised by key market sponsors such as KKR and Apollo.