Most Highly Regarded Firms: Illinois 2008 - Private Funds
Fourteen lawyers represent eight firms in this year's private funds chapter, where their expertise in advising the state's sophisticated funds industry ranges from M&A to real estate. The lawyers that this chapter focuses on are experts in fund formation.
Kirkland & Ellis LLP has an international team of over 150 lawyers focused on private funds. The firm recently closed the Pacific Road Resources Fund, the first private equity fund for Pacific Road Capital Management, closing with commitments of US$320 million. Four lawyers represent the firm's Chicago branch, from what was recommended as a "focused, comprehensive and innovative" group, with an "unrivalled stable of talent". Jack Levin's expertise in the field is widely renowned by peers, who dubbed him "one of the first tier" of private funds practitioners, and praised his LBO expertise to the rafters. His representative clients include Madison Dearborn Partners, First Chicago and Summit Partners. His treatise "Structuring Venture Capital, Private Equity and Entrepreneurial Transactions" was described as "a truly important work" in the practice area.
Chris Kallos's practice focuses solely on fund formation, and his work includes forming the US$6.5 billion Madison Dearborn Capital Partners V fund. Other private equity firm clients include ComVest Group, Arsenal Capital and Lake Capital. To date, he has formed or is in the process for forming over US$40 billion of funds.
Kevin Evanich's experience in forming buyout, venture capital and mezzanine funds, which include ERISA funds and state-sponsored funds. His work for client GTCR Golder Rauner LLC was highly recommended. Bruce Ettelson was praised as "one of the go-to lawyers for funds work", and he has worked on funds for AEA, Bear Stearns, Vestar Capital Partners and Summit Partners. He has represented over 75 private equity firms in forming over 150 funds. Credited with pioneering approaches both in fund formation and regulation, the group maintains its position as a "leading light" in the state's funds arena.
Winston & Strawn increases its contingent to three nominees in this edition. The firm represented Bank of America on the formation of the first public-private equity fund of funds. A "leader" in the practice area, Wesley Nissen represents asset managers and was complimented on his "exhaustive knowledge" of the area. Andrew McDonough is an "incredibly competent" lawyer, trusted by his peers. One contributor said, "If I had something I couldn't do, I would call Andrew." He is well known for his representation of Bank of America in various matters, and other clients include Conversus Capital, Boeing Pension Trust and Illinois Emerging Energy Fund. Margaret Lomenzo also appears this year, and was praised as a "future star".
Sidley Austin LLP also received positive feedback, and two lawyers feature on the following pages. The firm recently worked on one of the largest hedge fund private placements to date for Citadel Finance, a finance subsidiary of the Citadel domestic and offshore feeder funds. William Kerr co-heads the investment funds, advisers and derivatives group, representing clients on all aspects of fund formation. David Sawyier is "clearly a leader" according to one respondent to the survey, and many contributors praised his "thorough industry knowledge".
Five highly rated individuals also featured strongly in the research. David Matteson flies the flag for Drinker Biddle & Reath LLP. A former partner at Gardner Carton & Douglas LLP, his commodity fund formation skills were praised by contributors.
At DLA Piper LLP, Richard Ginsberg has formation experience across a wide variety of products for clients such as Frontenac Company, Bank of America Capital Corporation, OCA Ventures and Starwood Capital Group.
Timothy Bryant of McDermott Will & Emery LLP also puts in an impressive performance, praised for transactional and fund formation work. At Mayer Brown Rowe & Maw LLP, John Noell's fund formation work, especially real estate funds, won accolades from peers, who said that he is a "shrewd negotiator".
Katten Muchin & Rosenman LLP's representative Walter Weinberg is chairman of the firm's Chicago corporate group. With over 20 years of transactional and fund formation experience, he is considered "a consistently excellent contributor to the practice area".