David S. Hong is a partner in the Asset Management Department, where he focuses on the formation and ongoing operation of private funds across the spectrum of asset classes, including private equity, credit, real estate, venture capital, growth equity, hedge and hybrid funds, as well as advising private fund sponsors.
David regularly represents emerging and institutional private fund sponsors in connection with a broad range of matters, including fund formations, fund investment matters, seed capital arrangements, complex restructurings, the structure of their investment management businesses, and regulatory, compliance and operational issues. David provides clients with comprehensive representation covering entity formations, the fundraising process and ongoing operational advice.
In addition, David also represents institutional investors, including sovereign wealth funds, public and private pension plans, family offices and endowments, in connection with their investments in, and co-investments alongside, various private funds.
Experience
Prior to joining Willkie in 2022, David was a partner at Munger, Tolles & Olson, LLP.
- Legal 500 U.S., Investment Fund Formation and Management: Private Equity Funds (including Venture Capital), 2023
- Los Angeles Business Journal, Leaders of Influence: Minority Attorneys, 2023
- Panelist, “Democratization of Private Equity Funds: what managers need to know to attract new sources of capital,” SuperReturn US West, April 9, 2024
David's recent matters include representing*:
- Standard Real Estate Investments in connection with the acquisition of an apartment complex in Aurora, Illinois.
- Inceptiv Management, LP on its GP equity and related investments in a European institutional real estate fund platform targeting student housing and life science assets
- Standard Real Estate Investments, LP, in its $150 million programmatic investment venture with GCM Grosvenor
- Inceptiv Management, LP on the formation of its inaugural flagship fund providing capital for GPs and deal sponsors in private equity and real estate, Inceptiv Platform I, LP.
- Numerous emerging and institutional sponsors in the formations of private equity, credit, real estate, venture capital, growth equity, hedge and hybrid funds
- Private fund sponsors and seed investors in a variety of seed capital arrangements
- Private equity sponsors in connection with various GP-led secondaries, including the formations of continuation funds
- Private fund sponsors regarding compensation arrangements among principals and employees
- Real estate sponsors in connection with the formations of joint ventures
- Institutional asset manager in connection with the formations of private fund complexes ranging between $1 billion and $2 billion pursuing credit, energy and real estate strategies
- Emerging private equity fund sponsor in connection with the launch of its first middle-market buyout fund
- A private equity sponsor pursuing a GP-stakes strategy in connection with the launch of its inaugural flagship fund and the fund’s underlying investments in third party private fund sponsors
- An institutional hedge fund manager in connection with a complex restructuring of its business involving the secondary sales of certain fund interests via modified Dutch auctions and the spin-offs of certain side pocket investments as separate closed-end funds
- An institutional asset manager regarding the establishment of a multi-manager hedge fund platform which involved the formation of a $1 billion multi-strategy fund
- An activist hedge fund manager in connection with a sale of a minority stake in its advisory business to an institutional private equity investor
- An emerging hedge fund manager in connection with a fund of one formed for a public pension plan to pursue a quantitative tail risk strategy
- An emerging credit fund sponsor in connection with the formation of a direct lending fund
- An institutional asset manager in connection with the launch of an open-end real estate debt fund
- A $25 billion family office in connection with the spin-out of its internal investment team and a seed investment by the family office in the investment team’s new investment management firm
- An internal investment team of a $20 billion family office in connection with a spin-out to form an independent asset management firm
- A real estate private equity sponsor in connection with a $200 million joint venture to acquire hospitality assets
- Numerous sovereign wealth funds, public and private pension plans, family offices and endowments in connection with investments in, and co-investments alongside, various private funds
*David advised on some of these matters prior to joining Willkie.
Credentials
Education
Boston University School of Law, LL.M., 2007 Boston University School of Law, J.D., 2006 University of California, Davis, B.A., 2002