Our Investment Advisers, Hedge Funds and Other Private Investment Funds Group addresses our clients’ complex structural, financial, regulatory and compliance issues. Our clients include both managers forming their first funds and mature investment groups managing billions of dollars in multiple domestic and international strategies.

We believe that the appropriate advice and approach for investment advisers managing private fund vehicles and separate accounts is very different from the counsel required by mutual fund families and their management companies. As a result, we focus our practice exclusively on investment advisers and private investment funds, tailoring our advice to their unique needs. Our extensive experience in this field means that we can address your day-to-day matters efficiently and cost effectively, while guiding you through even the most complex structural, financial, regulatory and compliance issues.

We have broad experience with investment advisers and private funds clients following diverse investment strategies. For example, our clients include: 

  • Traditional advisers who select stocks on the basis of fundamental analysis 
  • Quantitative advisers who select stocks based on a mathematical analysis of performance 
  • Socially responsible advisers who add social screens to traditional analysis 
  • Advisers providing advice regarding alternative asset classes, such as timberland and private equity investment in both the United States and international markets.

Currently we represent investment advisers who collectively manage well in excess of $100 billion in assets.

We have organized numerous investment funds, both in the United States and offshore, to act as commingled investment vehicles for our clients’ investors. These funds operate at the intersection of many laws and regulations including the Investment Advisers Act of 1940, the exemption provisions of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934 and the Commodity Exchange Act. To achieve optimum outcomes for our clients, we offer our broad experience and expertise with federal, state and foreign regulatory agencies. We have also established close relationships with a worldwide network of industry service providers, including some of the best known and most accomplished specialists at offshore legal and financial services firms, professionals at both Big Four and smaller accounting firms, and personnel at prime brokerage organizations.

Our approach is customized to our clients’ needs and includes:

  • For smaller or startup funds, we offer a package of standardized documents specifically developed for use as a cost-effective business springboard.
  • For larger or more mature funds and fund groups, we provide detailed structural advice employing innovative strategies to achieve optimal ownership structures and tax efficiencies.
  • For clients who wish to market to offshore or U.S. tax-exempt investors, we work in jurisdictions such as the Cayman Islands and the British Virgin Islands to achieve optimal results.
  • For management companies of private fund groups and internal relationships of advisory professionals, we provide practical and creative assistance in structuring and preparing legal documentation. For these clients, we seek to achieve the business goals desired, while optimizing the tax position.

For companies and individual professionals, we also provide assistance with the sale of management companies and counsel on other liquidity events.

Representative Engagements

The following matters provide a sample of the types of work we regularly provide to our clients: 

  • Acting as general counsel to Acadian Asset Management, Inc., a registered investment adviser, which manages over $75 billion and invests in global equities based on fundamental research and quantitative analysis. We recently helped our client set up several offshore hedge funds to invest in Japanese equities and other asset classes.
  • Serving as general counsel to Global Forest Partners, L.P. (GFP). We have organized numerous funds and separate account relationships for this client and its predecessor companies, which have invested or have commitments to invest over $1.7 billion in over 1.1 million acres of high quality, investment-grade timberland and related assets in the United States and abroad. GFP’s timber funds hold investments through wholly owned and managed forests and forestry companies and through 50-50 joint ventures with some of the world’s leading forest products companies. We also assisted our client in the purchase of its business and organization from a division of UBS.
  • Representing Hirtle Callaghan & Company, Inc., a registered investment adviser with more than $10 billion under management, on private fund matters. We recently assisted our client in establishing onshore and offshore private equity funds of funds.
  • Acting as general counsel to MAST Capital Management, LLC, a registered investment adviser with more than $400 million under management. We recently set up a distressed opportunities fund for this client.
  • Serving as general counsel to Numeric Investors, L.P., a registered investment adviser with more than $10 billion under management. We recently assisted our client in establishing a number of onshore and offshore hedge funds pursuing quantitative strategies.
  • Serving as general counsel to OneWorld Investments, L.P., a registered investment adviser with $200 million under management. We helped our client organize an offshore master fund, with offshore and onshore feeder funds, to invest in emerging markets, with a focus on Brazil, Russia, India and China.
  • Acting as general counsel to Trillium Asset Management Corporation, a leading socially responsible investment adviser with over $900 million under management.

Links

U.S. Securities and Exchange Commission
http://www.sec.gov/

Commodity Futures Trading Commission
http://www.cftc.gov/