Editorial: Private Funds

01 January 2008

Despite 2007’s credit crunch, the funds area remains vibrant. Who’s Who Legal’s analysis of the private funds area confirms the continuing dominance of the London and New York markets in this field and we note a trend towards international expansion among many of the most established firms. A significant number of US firms have made the acquisition of UK talent a priority and many of America’s stalwarts are also looking still further afield; rapid market growth is reflected in the increased representation in areas such as Hong Kong and India – both currently enjoying an injection of capital – while long-standing funds centres such as the Cayman Islands maintain solid positions in our rankings.

INTERNATIONAL EXPANSION
Debevoise & Plimpton LLP has expanded its funds practice since the previous edition with high-profile hires such as that of Anthony McWhirter in London. The great esteem in which Debevoise’s funds lawyers are held worldwide is reflected in the following pages: we include eleven practitioners from four jurisdictions, making it the best-represented firm worldwide. Debevoise demonstrates unique bench strength in the London and New York markets, as well as Hong Kong and France. The group recently represented AIG Highstar Capital III in a fundraising of US$3.5 billion, and in January 2008 it advised on the formation of Exponent Private Equity Partners II LP, which closed with commitments of £805 million. New York “superstar” Michael Harrell co-chairs the practice. His appearance on our rundown of elite lawyers was accompanied by praise for his “smart and creative” approach, representing sponsors of private investment funds that include telecommunications, distressed debt and mezzanine funds. Clients include Oaktree Capital Management and Providence Equity Partners Inc. Five of Harrell’s New York colleagues also feature. Sherri Caplan is “a great name in the industry”, who was complimented on her expertise in work with first-time funds. The “very talented” Rebecca Silberstein received high praise, as did funds co-chair David Schwartz, who offers “vast experience” advising on complex secondary transactions involving private funds. Jennifer Burleigh, a “confident, highly professional lawyer”, has represented entities such as The Bear Stearns Company and North Castle Partners regarding leveraged buyout, mezzanine and infrastructure funds. “Senior statesman” Woodrow Campbell completes the firm’s New York representation – credited as “a pioneer in the field”, he serves as counsel to the independent directors of the BlackRock closed-end funds.

The strong New York showing is complemented by a burgeoning London capability. Competitors dubbed Geoffrey Kittredge “one of the best funds lawyers in Europe” and he was noted for his representation of Exponent Private Equity Partners. Co-chair of the European funds group Marwan Al-Turki was noted for multi-jurisdictional work, as was new arrival Anthony McWhirter, who joined the firm from Freshfields Bruckhaus Deringer in September 2007 – where he founded that firm’s investment funds practice.

This “respected international practice” is also well regarded on mainland Europe and boasts a “fabulous reputation”. International counsel Ann Baker is based in the Paris office and advises international funds on multi-jurisdictional offerings. “Key Hong Kong player” Andrew Ostrognai chairs the firm’s Asian private equity group and was recommended for both formation and investment work – he worked on the CDH fund, the largest ever China-only fund.

Kirkland & Ellis LLP has benefited in the rankings from its recent transatlantic hires, bringing this “top-notch” group’s total of included practitioners up to seven in this edition. The main body of the Kirkland & Ellis practitioners on our list hail from its Chicago office. The “fabulous” Kevin Evanich was noted by sources for his representation of gatekeepers and other major funds investors. Bruce Ettelson was noted as “top” for fund formation for clients such as Madison Dearborn Partners and Summit Partners, as was Chris Kallos, whose spin-off work also merited mention. A “pioneer in the area”, Jack Levin is a “well known figure in the community”. He completes the firm’s quartet from the Windy City. New York practitioner Kirk Radke represents the firm in the nation’s financial capital, bringing 20 years of funds experience to bear in his “well respected” practice.

Kirkland & Ellis International LLP recently contributed to its “formidable reputation” on the other side of the Atlantic with the high-profile hire of Mark Mifsud and Richard Watkins from SJ Berwin LLP. According to competitors, the pair have “made quite a splash”: Mifsud, deemed “one of the best in town” by sources, received a deluge of positive comments from respondents to our survey, while the “sharp and young” Watkins is considered “great to deal with on the other side”.

Proskauer Rose LLP’s funds practice has expanded in 2007, notably in Paris, with the hire of “superb” specialist Daniel Schmidt after its merger with SGDM, of which Schmidt was the founder. He is now involved in creating a funds practice at the office. Fellow European partner Matthew Hudson represents the London office, while in Boston two practitioners appear: Robin Painter and David Tegeler. In the firm’s New York heartland, the “excellent” Bruce Lieb and “vastly experienced” Christopher Wells were praised for their “exemplary professionalism”. The firm has represented clients such as Abbott Capital Management and New Enterprise Associates.

Five of Linklaters LLP’s practitioners make the cut in this edition; its lawyers achieve a presence on both sides of the Atlantic – in London, New York and in Luxembourg. Notable deals of 2007 include acting for Niam AB in connection with the establishment of Niam Nordic Fund IV and Lehman Brothers Europe Limited on the closings of their first dedicated European fund. The “very bright” Stephen Culhane joined private practice from a position in-house at Goldman Sachs in 2004 and already “has the highest accolades”, according to sources. Culhane joined the firm in late 2006 and has an “excellent reputation as a fund formation lawyer”. Scott Bowie at the same office is an “eminent player”, with experience of a broad array of funds. In the London office, Tim Shipton is considered “a star” and was complimented on his offshore fund work. Jonathan de Lance-Holmes is another “well known name in the market”, and is known for his work on the Terra Firma fund. In Luxembourg, Alfred Brausch also received an enthusiastic reception.

UNITED STATES
Simpson Thacher & Bartlett – described by one source as having “the best funds practice in the US” – performed exceptionally in this edition, with three New York practitioners listed. A winning combination of high-profile sponsor and investor clients, and a highly successful and diverse practice won accolades from sources around the world. The firm’s strength in the fund formation field was particularly noted by sources, as was its funds of funds work for organisations such as Citigroup. One corporate source described “leading light” Tom Bell and his colleague Michael Wolitzer as “the two best fund formation lawyers in the US”, going on to say that “their substantial roster of clients among the leading private equity firms gives them unparalleled experience to complement their respective excellent legal abilities”. Bell heads up the practice and has earned respect for his representation of investment and equity companies such as The Carlyle Group and JC Flowers. Competitors “have the highest regard for Wolitzer, a “wonderful lawyer and teacher”. He also boasts a high-profile client base, including Blackstone, technology buyout fund Silver Lake Partners and diverse sponsors from asset categories such as real estate and distressed debt. In addition, he represents sponsors that focus on investments in specific regions such as Europe, South America and Asia. “Top practitioner” Glenn Sarno completes the triumvirate for this New York powerhouse, attracting plaudits for his “impressive expertise” representing sponsors across the board, including those involved with listed alternative asset vehicles.

The strength of Simpson Thacher’s practice is not limited to New York. Since its opening in 1999, the firm’s Palo Alto office has grown rapidly, where it is well placed to advise many of the key technology companies in the US. Michael Nooney, “a key player in California funds”, came to the office after stints in both London and New York. Interviewees noted his work advising sponsors and investors such as Pantheon Ventures, Zelnick Media and KKR. Sources deemed Hong Kong partner Philip Culhane “the alpha and omega” of the Hong Kong market, where he flies the flag for the firm. This “top-drawer” professional advises clients in Asia on the formation of private equity, venture capital, distressed debt and hedge funds, often domiciled in the Cayman Islands.

The “top-drawer practice” at Weil Gotshal & Manges LLP musters a strong showing of three partners on the following pages. This “highly respected group” was consistently recommended for its “high level of professionalism”. Two of the firm’s lawyers feature in our ranking of elite practitioners: Barry Wolf co-chairs the corporate department and Jeffrey Tabak co-heads of the firm’s fund formation practice. Wolf comes reccomended as a “shrewd, creative operator” and representative clients include Lindsay Goldberg LLC, Genstar Capital LLC, The Gores Group LLC and Perella Weinberg Partners LP, to name but a few. Shukie Grossman was described as “highly knowledgeable” and completes the firm’s New York group.

Schulte Roth & Zabel LLP fields five partners in this edition, four from the group’s New York nerve centre and one from its London office. The group’s hedge fund expertise was especially well regarded by competitors and was complimented for its hybrid funds work such as creating a hedge fund and fund-of-fund for JP Morgan. The “very experienced” Stephanie Breslow appears on our list of most highly regarded practitioners and was noted for her distressed funds work for clients including Black Diamond. “Senior statesman” Paul Roth was praised for his multi-jurisdictional work in areas such as India and Japan and Phyllis Schwartz was deemed “extremely skilled” by competitors. Peers consider Steven Fredman to be “one of the leaders” in the field. He provides counsel to fund managers among other services. London practitioner Christopher Hilditch represents the firm’s funds group on the other side of the Atlantic, ensuring that Schulte Roth’s “high-end practice” achieves an international balance.

Sidley Austin LLP has swelled its ranks from one to five practitioners in this edition. The firm advised Merrill Lynch in the combination of its investment management business with BlackRock and counts companies such as Citadel and Fortress Investment Management Group LLC among its clients. Appearing for the second time, Chicago practitioner David Sawyier “stands out” in the research, with one source describing him as “the go-to lawyer in the city”. Another “top” practitioner, William Kerr, joins him at the office. New York practitioner Michael Schmidtberger is co-head of the investment funds advisers and derivatives groups and is “rated very highly” on a broad range of funds work. The “very experienced” Susan Lewis is also well respected in the area. Sources have “only heard good things” about Hong Kong practitioner Effie Vasilopoulos’s investment funds work.

We highlight two eminent New York practitioners at Davis Polk & Wardwell, where Yukako Kawata is the final US lawyer to appear on the list of most nominated practitioners. One source said: “She has been forming funds for years and is excellent. Few lawyers in the industry know as much as she does.” Leor Landa’s broad practice also received praise from peers – his work includes mezzanine funds and distressed debt as well as asset allocation products. The group has represented clients such as Farallon Capital Management, Oak Hill Platinum Partners and Tiger Management Corporation.

Akin Gump Strauss Hauer Feld LLP also boasts the inclusion of two respected practitioners. A “leader in the hedge funds field”, Stephen Vine garnered “a lot of respect” from respondents to the survey. This “serious player” is involved in fund formation and counsels fund managers in registration and compliance issues. Also highly recommended is Vine’s London colleague David Billings who relocated from the New York office, and is considered by peers to be “one of the most prominent” in the jurisdiction.

“Super firm” Ropes & Gray LLP musters five lawyers on the following pages, based in its Boston and New York offices. From the Boston office, the “brilliant” Bradford Malt and “titan” Larry Jordan Rowe received a deluge of praise. In New York, William Hewitt was placed “among the top tier in the USA” and represents venture capital firms such as Welsh Carson and Anderson & Stowe. Also highly rated is John MacMurray, an “outstanding” lawyer who represents private equity sponsor groups. William McCormack is co-chairman of the private equity investment funds practice at the firm, also representing sponsor groups on a range of funds products.

EUROPEAN MARKETS
The status of London practitioners in the market is as strong as ever, as indicated by the weight of their representation in the publication. Clifford Chance LLP’s group counts clients such as The Carlyle Group on its roster and advised SRM Global Fund on its recently closed US$2.1 billion fundraising. The firm is home to the practice area’s most highly nominated lawyer, Jason Glover, a “premier” practitioner described as “dynamic, well respected and very present in the area”. The “terrific” Nigel Hatfield joins him at the London office; two Hong Kong partners represent the firm in China. James Walker and Mark Shipman’s recent experience includes raising a large fund for HSBC.

Macfarlanes fields a three-lawyer contingent in this edition. The group advises clients including 3i, ING Real Estate Finance and Alchemy on a broad range of funds in fields such as infrastructure, energy and mezzanine funds. It is also renowned for its work in emerging markets such as China and India. Bridget Barker heads up the investment funds and financial services group and her “highly skilled” work has earned her a place in the breakdown of highest-nominated practitioners. Tim Cornick and Stephen Robinson complete the firm’s representation.

SJ Berwin LLP rallies an impressive eight nominees from across Europe for this publication. Appearing on our list of most highly nominated lawyers, Jonathan Blake was lauded as a “luminary”. One contributor to the survey described him as “the god-father of fund formation in the UK”. He has represented Apax, 3i and Cognetas among others. Partner Josyane Gold is a “serious practitioner”, acting for investment houses such as PAI, Macquarie Bank, Triton Advisers and Granville Baird. Bruce Gardner completes the London group and also boasts a high-end client list. In Paris, two practitioners –
Benjamin Aller and local funds head George Pinkham represent the firm in that city. Rated as “brilliant lawyers” in our research, they recently acted on the latest Chequers Capital fund, Chequers Capital XV. In Munich, Sonya Pauls and Anthony Tulloch are “in high demand” and Madrid practitioner Carlos Pazos was deemed “excellent for fund formation” by his peers.

A trio of London lawyers from Simmons & Simmons represent the firm in this edition. The group was complimented for its hedge funds practice and has represented clients such as F&C Management Limited, Altin AG and Deutsche Bank. Iain Cullen is “a fantastic hedge funds lawyer” who was also praised for his regulatory expertise. Impressed contributors also singled out Richard Perry and Steven Whittaker.

Ashurst LLP’s Jeremy Sheldon is the only lawyer from the firm to be listed, and received sufficient nominations to be included on the list of most highly regarded individuals. Rated variously as “wonderful to deal with”, “distinguished” and “excellent for mezzanine funds”, he is also noted for real estate and infrastructure work – especially in growing areas such as the biofuel industry.

Three lawyers appear for the “distinguished German firm” P+P Pöllath + Partners, who have advised clients including AXA, Fortress and Oakhill Capital Partners. The “truly excellent” Andreas Rodin appears in our ranking of highest nominated lawyers. His “superb” colleagues Matthias Bruse and Patricia Volhard join him in the listing.

Geneva-based Shelby du Pasquier also stood out in the research, providing the only appearance for Lenz & Staehelin.

OFFSHORE
Cayman Islands firms once again perform particularly well. Maples and Calder’s eight nominees attracted positive comments. January 2008 has been a busy month for the firm, and three of its partners on our list have moved to offices in different jurisdictions. Adrian Pope in Hong Kong achieved recognition in our rundown of most-nominated practitioners and was lauded as being “at the top of his game”. Pope joined the Hong Kong office from Cayman in January 2008. The Cayman Islands provide four included lawyers: the “fantastic” Charles Jennings has joined the George Town office after a stint in London. David Brooks and Iain McMurdo, who was hired from Walkers in 2007, are considered “superb”, while competitors have had “very favourable experiences” with Henry Smith. In the British Virgin Islands Robert McIntyre received plaudits while London practitioner Paul Govier gained a strong response from clients and peers. The “leading” Henry Harford completes the group at the London office, having recently moved from Cayman to take up the position of local managing partner.

Offshore powerhouse Walkers boasts six practitioners on the following pages. Mark Lewis and Jonathan Tonge co-head the Cayman contingent, which also includes the head of global private equity, Ian Ashman, and Caroline Williams, who represents Blackstone among others. In the British Virgin Islands, Heidi de Vries is “an excellent transactional lawyer” and in Hong Kong, Philip Millward received a warm response from respondents to the survey.

Conyers Dill & Pearman is best represented in Bermuda. Head of the Bermuda corporate department John Collis was described as “a star”, and the “well respected and experienced” Anthony Whaley also attracted plaudits.

The Channel Islands are another popular centre for funds work, with outside instruction coming from the US and Asia as well as Europe. Ogier emerges as the dominant firm and fields seven practitioners in the publication. Roger Le Tissier and William Simpson received a raft of recommendations in Guernsey. Recent transactions include major work for Collar Capital. Jersey practitioner Nick Kershaw also found favour with inter-viewees, as did his colleague at the office, Michael Lombardi. The Cayman Islands yield further representation for Ogier in the form of James Bagnall and James Bergstrom. In Hong Kong, the “market leader” Duncan Smith completes the picture.

Luxembourg firm Arendt & Medernach achieved a high standing among competitors who were “consistently impressed” by the work of its funds lawyers in its dedicated department. Co-head of the investment management group Claude Kremer deals exclusively with funds in a practice that encompasses the
full spectrum of fund types. Fellow head Claude Niedner joins him in the ranking, and was recommended for his investment and pension funds work. Isabelle Lebbe completes the trio. Peers praised her “great work”.

Ireland continues to impress as a centre of private funds expertise, with the inclusion of respected nominees such as David Dillon of Dillon Eustace, considered “top” by respondents to the survey. His practice includes an important element of work within countries in the Far East such as Japan. Arthur Cox’s Carl O’Sullivan likewise received plaudits from interviewees who “have had great experiences dealing with him”.

It is not possible to buy entry into Who's Who Legal

terms and conditionscontact us