Willkie’s Private Funds team operates seamlessly across our offices in the US, France, UK and Germany. Willkie’s interdisciplinary team of fund formation, regulatory and compliance, tax and ERISA attorneys advises:
- sponsors on forming blind pool and single asset funds across the liquidity spectrum and virtually all sectors, with a particular focus on buyout, growth equity, credit, energy, infrastructure, real estate, secondaries, software and reinsurance;
- financial institutions, banks and wealth managers on the formation and distribution of access funds into liquid and illiquid private funds sponsored by premier managers;
- large family offices and institutional limited partners investing in private investment funds, direct investments and co-investments;
- various stakeholders in liquidity and capital solutions transactions, including purchases and sales of LP positions (single interests and portfolios) and GP-led secondaries; and
- individual and institutional clients on a host of internal management matters including strategic GP level transactions, such as seeding arrangements, GP stake sales, management company reorganizations, carry plans, employee compensation arrangements, and succession planning.
The Private Funds team regularly collaborates with the Registered Funds team on the establishment and distribution of hybrid products, including registered funds that invest in private markets and/or private funds, direct participation programs (including non-traded REITs and BDCs) and publicly reporting private funds. We also work closely with the Regulatory and Enforcement team on a broad range of regulatory, examination, enforcement, and litigation matters.
Law360 recognized Willkie in its “Practice Group of the Year” awards for 2022, honoring the firm as one of six named for achievements in the Fund Formation category. The award series focuses on landmark matters and general excellence across various practice areas. Willkie was ranked as a leading firm for Private Equity: Fund Formation and Hedge Funds by Chambers USA 2023, with a client noting, “the team is excellent to work with - they are very responsive and able to deliver advice on complex matters.” Our Private Equity: Fund Formation practice is also highly ranked in France by Chambers Europe 2023, where a client highlights "they are best-in-class lawyers for the most technical transactions and are excellent in negotiating complex contracts,” adding that Willkie’s lawyers “get along well with the other parties and hence reach an agreement and get a deal."
Liquidity Solutions
Willkie’s global Liquidity Solutions team advises on a wide range of transactions within the secondaries market. This interdisciplinary team of Private Funds, Tax, Corporate & Financial Services, Regulatory & Enforcement, and Finance attorneys collectively draws on the strengths of Willkie’s international platform to provide innovative liquidity solutions advice to clients across various strategies, structures and geographies. Our deep industry knowledge and commercial mindset combined with our business contacts and proprietary fund terms database allow us to provide clients with detailed market insights and guidance on trends.
Our Liquidity Solutions practice has extensive experience advising on bespoke liquidity and capital solutions, bringing together an experienced team of attorneys to advise GPs, buyers, sellers and other stakeholders. We have advised on numerous liquidity transactions including:
- GP-led liquidity solutions (including single and multi-asset continuation funds, strip sales and spin outs and cross-fund transactions);
- traditional LP portfolio sales;
- fund recapitalizations;
- preferred equity investments;
- NAV and hybrid loan facilities; and
- tender offers.