Nathalie Duguay is a partner in the Asset Management Department and has been a practitioner in the area of asset management and in particular the area of private equity fund formation for over 20 years. 

Nathalie's practice focuses on private equity investment funds (buyout funds, mezzanine funds, distressed funds, debt funds, venture funds, property funds, funds of funds, infrastructure, etc.) and related transactions. 

She assists clients in the creation of worldwide private equity investment funds and in establishing regulated portfolio management companies. 

She also advises investment funds and international institutional investors on their portfolio investments and divestments (secondaries). 


Nathalie is recognized in Band 1 for Investment Funds - France by Chambers Europe 2024. A client reported to Chambers that "She is absolutely excellent. She is probably one of the best professionals in Europe on fundraising.

Previous editions of Chambers note her "unparalleled experience and perfect knowledge of regulatory changes and market practices" and describe her as a "reference in the French market.

Nathalie was named “Lawyer of the Year” in Investment Funds by Best Lawyers 2024. 

She is also recognized in The Legal 500 EMEA in the “Hall of Fame” ranking, and was named as an "IFLR1000 Women Leader" of 2022, featuring women who are the leading transactional specialists in their markets and practice areas.

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  • “Parts traçantes et FCP”, co-author, Bulletin Joly Bourse, Janvier 2011 N°1
  • “AIFM, OPCVM, MIF: quel périmètre d’activité pour l’agrément des sociétés de gestion de portefeuille?”, co-author, Bulletin Joly Bourse, Janvier 2014 N°1
  • “Transposition de la Directive OPCVM IV: impact pour les FCPR allégés et contractuels du Capital Investissement”, author, Revue trimestrielle du droit Financier 2012, N°1 (pp. 21-29)
  • “Nouvelles obligations en matière de commercialisation de fonds d’investissement alternatifs (FIA)”, co-author, Actes Pratiques, Octobre 2015

Selected recent transactions that Nathalie has advised on include*:

  • Tikehau Capital in the structuring and fundraising of Brienne IV, a €200 million cybersecurity fund
  • Abénex on the fundraising of its sixth private equity fund, Abénex VI
  • PAI Partners in connection with its $3.3 billion pending acquisition of Tropicana, Naked and other select juice brands across North America from PepsiCo, Inc.
  • Apax Partners on the €1.6 billion fundraising of Apax MidMarket X
  • PAI Partners on the closing of its inaugural €920 million PAI Mid-Market Fund (PAI MMF)
  • A private equity firm in the implementation of the first NAV Facility (Net Asset Value Facility) in France
  • Apax Partners Development on the €255 million fundraising of its first fund, Apax Development Fund
  • Rothschild & Co on the €1 billion fundraising of Five Arrows Secondary Opportunities V (FASO V)
  • BlackFin Capital Partners on the €985 million fundraising of BlackFin Financial Services Fund III, a fund dedicated to the financial sector
  • Kasada Capital Management on the structuring and raising of its first hotel fund, Kasada Hospitality Fund LP
  • 21 Invest France on the fundraising of 21 Centrale Partners V, a fund dedicated to mid-market
  • PAI Partners on the closing of a continuation vehicle managed by PAI Partners with Landmark Partners as lead investor, alongside other co-investors, on the GP-led transaction of its participation in Perstorp, a global leader in specialty chemicals
  • BlackFin Capital Partners on the fundraising of BlackFin Tech Fund 1, a fund dedicated to European Fintechs, Insurtechs and Regtechs
  • PAI Partners in France on the fundraising of its seventh Pan-European private equity fund, PAI Europe VII
  • Abénex Capital on the fundraising of its fifth private equity fund, Abénex V
  • Bpifrance on the €140 million fundraising of the Digital Fund of Fund
  • Alpha Private Equity in the final closing of its seventh mid-market Pan-European private equity fund APEF 7 with total commitments of €903 million
  • Apax Partners MidMarket on the creation of Apax France IX, a €1 billion fund investing primarily in France, Benelux and Switzerland
  • Astorg Partners on the creation of Astorg VI, a €2.1 billion buy-out fund investing in Europe
  • Five Arrows (Rothschild) on the creation of FASO IV, a €451 million secondary fund investing in Europe
  • Céréa Partners on the creation of Cerea Capital II (€225 million), Cerea Mezzanine III (€200 million) and Cerea Debt (€270 million) sector funds in the agricultural sector
  • PAI Partners on the creation of PAI Europe VI, a €3.3 billion buy-out fund investing in Europe

* Nathalie advised on some of these matters prior to joining Willkie.



McGill University - Montreal, B.C.L., 1993 Montreal University, B.S., 1989

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