Karen L. Anderberg
London +44 20 7184 7313
Bregal Sagemount in the formation of Bregal Sagemount II, LP, which had its first and final close in February 2017 with total commitments of US$960 million, exceeding its initial US$800 million goal. It is the first fund from Bregal Investments to open to outside investors.
Columna Capital on the sale of a stake in Datamars to Caisse de dépôt et placement du Québec (CDPQ). Columna is entrepreneurial investment firm based in London and Lugano (Switzerland) that focuses on sponsoring European small- to mid-market companies with growth potential. Datamars creates technology that helps to identify and track livestock, companion animals and textiles.
AlbaCore Capital Limited on the launch of its new specialist European credit platform. AlbaCore is a recently formed European investment firm and solutions provider that focuses on private debt and opportunistic credit investments.
A U.S.-based independent registered investment advisory and portfolio management firm in the formation of a fund targeting US$1 billion which was marked by complicated seed negotiations and a unique investment focus.
A global investment management firm which we are representing on three fronts: acting as lead fund formation and regulatory counsel to establish an international private debt fund valued at US$750 million, which is raising capital and investing worldwide; acting as fund counsel to a new global private equity fund valued at US$2 billion, which focuses on equity investments in alternative assets; and setting up an institutional unlisted business development company (BDC).
A credit-focused investment company in its sponsorship of a US$2 billion direct lending fund, both levered and unlevered.
A major insurer’s registered investment advisor on its open-end U.S. syndicated bank loan fund, valued at US$500 million, for institutional investors in the U.S. and abroad.
Dechert is recognized internationally as a leading adviser to the hedge fund industry. Many of the world’s largest hedge fund and emerging fund managers turn to us for comprehensive, cross-border service. We advise many managers who wish to develop their strategies within more retail-based vehicles, including alternative mutual funds, exchange-traded funds and UCITS. Dechert also advises clients on the emerging trend of alternatives managers developing registered closed-end funds and open-end mutual funds and business development companies (BDCs).
We keep pace with changes in the marketplace, such as hedge fund managers launching more private-equity-type structures and private equity managers exploring the more liquid hedge fund space. This has fueled growth in “hybrid” or “crossover” structures that share hedge and private equity type characteristics, such as a fixed term, commitment structures and in some cases the use of carry vehicles. We are well placed to provide support in this area, drawing on our depth in both the hedge fund and private equity spaces.
Our global team of private equity fund formation lawyers advise clients at every phase of the investment lifecycle, working closely with the firm’s corporate and securities, global finance, real estate and tax groups, to provide fund formation advice as part of a holistic offering.
Our lawyers have represented institutional asset managers and investors, including private equity and credit and fund sponsors, in a wide variety of fund formation matters across the asset class, including buyout, mezzanine, distressed debt, high yield, credit opportunities and direct lending, as well as investment and leverage financing activities by those funds.
We have helped private equity firms in registering with regulators in most leading jurisdictions, dealing with inspections and assisting with enforcement actions. We have advised on the disclosure and business practices of private equity firms in light of the various recent enforcement cases. We have also been advising private equity firms regarding the potential need for broker-dealer registration.
Credit funds of all types are a very significant part of Dechert’s practice, encompassing liquid credit, hybrid fund and less liquid private-equity-style credit strategies, including direct lending, mezzanine, distressed and credit opportunities funds.
Virtually all of the mandates we work on have a cross-border element and we have established credit funds in most leading jurisdictions under a wide variety of regulatory regimes. We work closely with our finance colleagues in relation to the funds’ downstream investment structuring and financing facilities.
We act in some capacity for over 42 of the PDI top 50, the world’s top private debt fund managers.
Dechert lawyers across the globe have acted on various transactions in the secondaries space, including GP-led secondaries, transfers of portfolios of fund interests, transfers of portfolios of direct investments, “stapled” secondaries, fund restructurings, fund recapitalizations, management team/portfolio spin-outs, and strategic reorganizations of management companies. Having acted on both the buy side and the sell side, as well as for general partners, we have considerable insight into market terms, appropriate deal structures, and the distinct “key issues” for many of the largest secondaries participants globally. Our secondaries practice brings together fund formation lawyers and transactional lawyers, which more accurately reflects the funds and M&A cross-nature of complex secondary deals in today’s market and which better serves our clients.
Our lawyers have established a variety of structures to pool the assets of sovereign wealth funds, public pension plans and other institutional investors from around the world. We regularly counsel investors in relation to their investments in a broad variety of funds.
We also serve as counsel to several major college endowments, foundations, sovereigns, insurance companies, fund of funds and family offices with respect to their alternatives program.
Dechert lawyers extensive counseling capabilities with respect to the complex tax and employee benefits issues confronted by investment managers in all aspects of their fund structuring and transactional operations.