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Covington is an experienced and trusted advisor to private equity firms, hedge funds, real estate funds and other alternative investment fund clients, including fund sponsors, secondary funds, institutional investors and other market participants. Our practice combines an in-depth, current knowledge of the private funds and private investing marketplace, unparalleled regulatory and industry expertise, and a deep understanding of the operational and transactional aspects of the fund manager’s business.
The representation of private investment fund sponsors in their capital-raising activities is a key component of our private funds practice. We have experience with a full range of private investment fund products, including buyout/growth equity funds; secondary/structured secondary funds; co-investment funds; real estate funds; infrastructure funds; credit opportunity/distressed funds; mezzanine funds; venture capital funds; feeder funds; fund of funds; hedge funds; managed accounts; and hybrid funds. Our fund formation clients include established fund managers raising successor funds to their existing family of funds or new fund products as well as a select number of first-time or less established fund sponsors. Lawyers in our private funds group have been involved in over $20 billion of fundraisings on behalf of sponsor clients over the last ten years.
Secondary Market Transactions
We have extensive experience in secondary market transactions, including the representation of buyers, sellers and other secondary market participants in connection with the purchase and sale of private fund interests and direct private equity assets. Attorneys in the group have extensive M&A as well as fund formation experience, which is critical in terms of analyzing, documenting and negotiating secondary market transactions. With secondary market experts in our New York, Washington, DC and London offices, the group is ideally positioned to assist clients with respect to cross-border secondary portfolio purchases and sales.
Investor (LP) Representations
Our private funds group represents a wide range of investors (including fund of funds, pension funds, family offices and corporate strategic investors) in connection with their evaluation of, and investment in, private investment funds and related products. We have also represented a number of investors with respect to fund restructurings.
Private Fund Regulatory and Compliance Matters
We regularly advise clients on a broad range of securities law and regulatory matters relating to the formation, management and operation of private investment funds, including issues relating to the Investment Advisers Act, the Investment Company Act, the Securities Act, the Securities and Exchange Act and the Financial Conduct Authority. Among other things, we regularly advise clients in the following regulatory areas: registration under the Investment Advisers Act and the development of related internal compliance policies and codes of ethics; “pay-to-play” compliance issues and programs; broker-dealer issues associated with fund placement activities; new regulatory legislation and rule-making including under the Dodd-Frank Act, the JOBS Act and the AIFM Directive.
General Partner and Management Company Structuring
Our private funds group has considerable experience in structuring economic, governance and other employment and compensation arrangements for private investment fund sponsors, teams and individuals in a variety of contexts, including with respect to stand alone investment fund businesses, joint ventures and employees of institutions.
We have experience representing private investment fund clients in virtually every sector and industry in which private equity invests, including banking/financial services, energy/cleantech, healthcare, education, consumer goods/services, technology and media and telecom. In addition, lawyers from our firm-wide industry and regulatory practices are able to provide industry and regulatory expertise and advice to private investment fund clients investing in specific industries or regulated areas.
Our private funds group represents clients on a global basis, including private investment fund sponsors located or investing in North America/US, Latin America, Europe, China, India, the Middle East and the Emerging Markets.
Representation of an international fund sponsor in connection with the launch of a fully AIFMD compliant fund targeting €500 million of capital commitments.
Representation of an international fund sponsor in connection with a $825 million India focused private equity fund focusing on stressed companies, distressed companies and special credit opportunities in India using a multi-vehicle platform.
Representation of PineBridge Investments (formerly AIG Investments) in connection with the formation of numerous private equity funds targeting investments in emerging markets, including Africa, Asia, Brazil, Central and Eastern Europe, Israel, Latin America, the Middle East and Russia.
Representation of leading secondary market participants for the last ten years in transactions totaling in excess of $10 billion.
Representation of Hampshire, a privately-owned real estate investment manager, and its affiliates in connection with the formation of multiple related funds and private REITs for U.S. and foreign institutional investors with more than $1 billion of aggregate committed capital focused on investments in U.S. commercial real estate.
Representation of Neuberger Berman affiliate Dyal Capital Partners in connection with the formation of private equity funds with over $3 billion of aggregate capital commitments, using a customized master-feeder structure incorporating ERISA compliant vehicles.
Representation of the investment manager and general partner of Octavian Special Master Fund, L.P., and its onshore and offshore feeder funds in connection with a complex reorganization, including: an investment in the funds by a TPG affiliate; a concurrent offer to existing fund investors to have their interests in the funds repurchased; and the takeover by TPG affiliates of the investment management and general partner responsibilities for such funds.
July 1, 2014, Law360
July 17, 2013, Covington Advisory
June 21, 2013
LONDON, 21 June, 2013 — Euromoney LMG awarded Covington partners Lisa Peets and Hilary Prescott the "Best in Copyright" and "Best in Investment Funds" awards at its Europe Women in Business Law Awards 2013 ceremony in London. The awards honour firms that set “the standard in terms of female-friendly work practices, and women leading the field in the legal sector ...
May 15, 2013, Webinar
May 1, 2013, Covington Advisory
February 15, 2013, Covington Advisory
February 4, 2013, Webinar
January 22, 2013, Covington Advisory
January 8, 2013, Covington Advisory
December 19, 2012, Covington E-Alert
June 27, 2012
LONDON, 27 June, 2012 — For the second straight year, Euromoney Legal Media Group named Covington & Burling partner Lisa Peets “Best in Copyright” during its Europe Women in Business Law Awards.
Ms. Peets, whose practice encompasses legislative advocacy, trade and intellectual property enforcement, heads Covington’s European intellectual property group, and ...
May 17, 2012
LONDON, 17 May, 2012 — Euromoney Legal Media Group has named Covington & Burling partners Natalie Diep, Lisa Peets and Hilary Prescott as finalists for its second annual Europe Women in Business Law Awards.
Ms. Diep, who advises clients on a wide range of corporate finance issues including mergers and acquisitions, equity offerings, private placements and ...
December 2011, Covington E-Alert
November 14, 2011, Covington Advisory
October 11, 2011, Covington Advisory
June 10, 2011
WASHINGTON, DC, June 10, 2011 — Covington & Burling LLP received 123 individual mentions and 45 practice mentions in Chambers USA 2011. The guidebook, which ranks lawyers by state and national practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
Here are the Covington lawyers and practices ...
June 16, 2010
WASHINGTON, DC, June 16, 2010 — Covington & Burling LLP received 112 individual mentions and 44 practice mentions in Chambers USA 2010. The guidebook, which ranks lawyers by state and national practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
Here are the Covington lawyers and practices ...
May 24, 2010, Covington E-Alert
March 16, 2010, Covington Advisory
October 29, 2009, Covington E-Alert
September 2, 2009, Covington Advisory
September 1, 2009, Covington E-Alert
July 20, 2009, Covington E-Alert
July 16, 2009, Covington E-Alert
June 12, 2009
WASHINGTON, DC, June 12, 2009 — Covington & Burling LLP received 100 individual mentions and 40 practice mentions in Chambers USA 2009. The guidebook, which ranks lawyers by state and national practice area, is designed to identify the most skilled legal practitioners based on the qualities most valued by clients.
Here are the Covington lawyers and practices ...
May 1, 2009, Covington E-Alert
April 24, 2009, Covington E-Alert
April 17, 2009, Covington E-Alert
December 4, 2008, Covington E-Alert
January 8, 2007
NEW YORK, NY, January 8, 2007 — Covington & Burling LLP advised Cowen Group, Inc. in the creation of Cowen Healthcare Royalty Partners, a alternative asset management fund, and in the negotiation of employment and equity arrangements with its three principals, Dr. Gregory B. Brown, Todd C. Davis, and Clarke B. Futch, who will execute the initiative.Cowen ...
July 10, 2006
NEW YORK, NY, July 10, 2006 - Covington & Burling LLP advised Société Générale and SG Cowen & Co., LLC, a wholly owned subsidiary of SG, in the private sale of the portfolio companies in the SG Merchant Banking Fund to a new fund sponsored by Paul Capital Partners. The Covington team included Scott Smith, J. D. Weinberg, Peter Bognadow, Rob Heller (tax), ...
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