Benesch has extensive experience representing public and private institutional investors (including ERISA plans and charitable organizations) in connection with their alternative investment activities. Our attorneys have assisted clients in successfully completing investments in hundreds of commingled vehicles, single investor funds and separately managed accounts both in the U.S. and internationally, totaling investments over $20 billion.
Our attorneys have represented family offices, fund of funds, foundations, pension and other government funds, endowments and high net-worth individuals in negotiating the terms of their commitments to venture capital, private equity, real estate and hedge funds and fund of funds, as well as structuring and negotiating the terms of co-investment vehicles, single investor funds and separately managed accounts.
In connection with each investment, our attorneys perform extensive legal, tax and commercial due diligence, provide structuring advice, review private placement memoranda and governing documents, negotiate side letters, management agreements, and other definitive documents (e.g., custody agreements), complete subscription materials, and assist our clients in navigating know-your-customer and anti-money laundering requirements. We also provide written summaries of fund documents tailored to the specific needs of each client.
Our investor representation experience is augmented by our sophisticated private equity practice, allowing us to provide legal counsel with perspective on larger trends in the industry. Our understanding and familiarity with market trends (including trends in fees and reporting) allow us to be a unique resource to clients and often levels the playing field in negotiations with sponsors. Our vast experience and library of side letter provisions help us ensure that our clients receive the most favorable terms consistent with the client’s fiduciary obligations and policies.
Benesch provides state of the art representation of clients involved in the secondary market. We represent both buyers and sellers in the sale of individual fund interests and portfolios of interests. We also regularly represent buyers in fund restructurings and tail-end transactions, wherein a new investment group provides liquidity to existing investors and/or provides additional capital to sponsors (whether part of a stapled commitment or otherwise).
As with our investor representation practice, our secondary transaction experience is augmented by our private equity practice, including significant experience advising clients in structuring co-investment transactions. This experience helps us advise clients with regard to due diligence investigations and negotiating key terms of their investment.