Lowenstein Sandler LLP

Akin Gump Strauss Hauer & Feld LLP

Schulte Roth & Zabel LLP ’s market-leading presence and long track record make it ‘a tremendous resource in the hedge fund space ’ for its clients, who single out senior statesman and group head Paul Roth (‘undoubtedly one of the best ’) for his significant role in the development of the legal framework governing hedge funds. The firm’s sizeable team includes a large regulatory group which advises alternative funds on the full range of issues, including topical matters such as insider-trading investigations, whistleblower provisions and institutional succession planning, as well as on the Volcker Rule, Dodd-Frank Act and the Foreign Corrupt Practices Act. Co-head Stephanie Breslow continues to be held in very high regard, and recently advised Blackstone Alternative Asset Management on its establishment of a number of single-investor fund of hedge funds for a variety of investors, including a large Russian company, The Bank of Ireland and a prominent European pension group. In other highlights, Steven Fredman and Daniel Hunter are advising Lone Pine Capital on the launch of its $2bn long/short Tamarack fund, while David Nissenbaum and regulatory head Mark Elovitz are advising the sponsors on the launches of the high-profile Three Corner Global Investors and Birch Grove Capital funds. It is also a prominent player in funds-related M&A transactions for clients such as Credit Suisse, Capstone Capital Management, and Signet Investment Advisers. Other standout names include David Efron (‘an exceptional lawyer who gives practical and considerate advice ’), Jennifer Dunn (‘has great technical knowhow and can process complicated issues very quickly ’), and David Griffel. who is ‘a great resource on the tax side ’.

Sidley Austin LLP ’s ‘best-in-class ’ hedge funds group bolstered its already deep regulatory capability in 2013 with the recruitment of Joshua Rovine from Blackstone Group, where he headed the compliance division, and Timothy Spangler from Kaye Scholer LLP ; both joined the Los Angeles office. It is also expanding its practice outside the US, with Han Ming Ho ’s arrival in Singapore from Clifford Chance and Stephen Ross coming on board to co-head the London investment funds team from his previous role as general counsel at Man Group. The group ‘excels at high-end fund formation mandates ’; it recently advised III Offshore Advisors on the formation of two single investor funds focused on fixed income strategies, and Anchorage on Anchorage Illiquid Opportunity IV, which is targeting $1bn in commitments through two closings. In addition to regulatory and fund formation capabilities, it is highly regarded for its ‘world-class ’ derivatives practice, which focuses exclusively on the buy-side for clients including several of the world’s leading hedge fund managers. Global investment fund co-head Michael Schmidtberger and Benson Cohen are advising Credit Suisse on the ongoing expansion of its HedgeFocus feeder fund platform, while on the fund investment front, David Sawyier was part of a team which advised Grosvenor Capital Management on its seed capital investment in a hedge fund sponsored by Continuum Investment Management. Global co-head William Kerr is ‘at the top of his field ’, and OTC derivatives specialist Michele Ruiz is ‘excellent – responsive and quick-minded ’.

Fried, Frank, Harris, Shriver & Jacobson LLP attracts praise for its ‘very strong bench of junior partners that can take the lead on almost any matter ’, and for its ‘unmatched service and turnaround times ’. It is considered a go-to firm for highly complex mandates, often involving hybrid structures, for very large fund managers; highlights included advising BlackRock on ERISA, Volcker Rule and Basel 3 issues emanating from its special credit fund platform, which incorporates private equity, hedge, and sovereign wealth fund features. In an illustration of its regulatory capability, the team advised PDT Partners on its high-profile spinout from Morgan Stanley to create two quantitative equity model driven funds. Other fund formation clients included Bank of New York Mellon, Goldman Sachs, and West Side Advisors. The group also maintains a significant presence in hedge fund M&A, seed fund investments, and funds investing in hedge fund management companies; on that front, it advised Goldman Sachs Petershill fund and Neuberger’s Dyal fund on several investments. Team head Lawrence Barshay continues to be a market-leading figure, with one client describing him as ‘the master of fund formation and complex regulatory issues ’. Walid Khuri. who leads the fund of funds practice, Jonathan Adler and Lisa Schneider are ‘all smart, responsive and commercial ’. David Selden and tax expert Brian Kniesly are also recommended.

Akin Gump Strauss Hauer & Feld LLP ’s ‘insightful and commercial ’ group has ‘an impeccable reputation ’. It comprises 60 lawyers and is notable for its highly regarded SEC, CFTC and FSA advice to alternative fund managers, as well as its AIFMD and hybrid fund expertise. Stephen Vine led a cross-office team, including lawyers based in its London and Singapore offices, which advised Apollo Global Management on the formation of Apollo Investment Fund VIII. It particularly stands out for its expertise in funds of one matters, and was recently instructed by a major new client targeting investments from state pension plans and other large institutional investors. The practice is also noted for its strength in strategic partnerships, where it recently advising MatlinPatterson Global Advisers on its combination with Allied World, which involved an investment commitment of $500m by Allied World. In hedge fund M&A, Eliot Raffkind acted for Octavian Advisors on the $500m sale of several funds to TPG Special Situations Partners. In another highlight, ‘well-known thought leader ’ Kelli Moll assisted a major sponsor on the establishment of a $120m bonds-focused fund. Other major clients include Blackstone Alternative Asset Management, Carlyle Group, and Angelo, Gordon & Co.

Bingham McCutchen LLP ’s hedge fund practice ‘excels at adapting its legal services to new managers as well as large established firms – such flexibility and experience is a great asset for growing firms continually increasing assets under management ’. It has recently advised several large-scale fund managers, including Goldman Sachs Asset Management and Carlson Capital, on various matters, including Form PF-related issues. On the start-up side, Steven Giordano advised Boston-based North Tide Capital on the launch of its hedge fund business, which raised over $600m in commitments. Boston-based Richard Goldman, who co-heads with New York based Robert Leonard, is ‘very business-savvy, which is an important attribute for in-house counsel ’, and also attracts praise for ‘his ability to leverage the firm’s vast resources as needed to address evolving legal needs ’. Alternative mutual funds expert Toby Serkin, CFTC and commodities/swaps trading specialist Joshua Sterling, and hedge fund M&A expert Floyd Wittlin are ‘excellent attorneys, able to provide highly customized advice in their chosen disciplines ’.

Davis Polk & Wardwell LLP ’s ‘exceptional ’ team leverages the firm’s impressive private equity and registered funds expertise to make it a favored choice for sponsors and sophisticated investors seeking to utilize a wide variety of trading and investment strategies. It is particularly valued for providing a bespoke service to large-cap funds on cutting-edge industry developments, and has recently been assisting several private foundations and state pension plans in their use of the hedge fund structures. Its regulatory capabilities span expertise in CFTC and Dodd-Frank matters for clients such as Bridgewater Associates, Morgan Stanley and Citadel. The key figures include Nora Jordan, who is ‘concise and smart, able to quickly analyze complex issues and render digestible advice ’, and Leor Landa, who is praised by one client as ‘very knowledgeable and a pleasure to work with ’. In transactional highlights, Jordan and Gregory Rowland advised Morgan Stanley on the spinout of its in-house quantitative proprietary trading unit.

Thanks to its highly regarded mutual funds practice, Dechert LLP has extensive experience assisting fund managers in developing retail-based strategies such as alternative mutual funds, exchange-traded funds and European UCITS, and is well positioned to advise on the emerging trend towards alternative fund managers developing registered closed-end funds, open-end mutual funds and business development company (BDC) structures. George Mazin heads the practice and is a noted figure in the industry. Mazin’s recent mandates include advising an expanding fund of funds organization on various matters including customizing investment portfolios for state plan investors using single investor structures; and assisting a group of fund of funds managers in negotiations with the CFTC concerning commodity pool operator (CPO) registration requirements. David Vaughan recently assisted several clients in launching fixed income funds related to collateralized loan obligations (CLOs). Kevin Scanlan is also recommended.

Katten Muchin Rosenman LLP is ‘a standout firm ’ in the alternative funds space, with practice co-head Henry Bregstein singled out by one client as ‘a star ’ among a sizeable five-partner team with substantial hedge funds expertise. It has been expanding nationally as well as globally, with the addition of Barry Breen from Sidley Austin LLP to its London office in December 2013, and the recruitment of New York based Anthony Perricone from Jones Day in November 2013. It advises a broad mix of buy-side, sell-side, and family office clients on a wide range of matters involving commodities hedge funds, funds of funds and clearing OTC derivatives. Highlights included assisting Karya Capital Management on the launch of its $300m Cayman Islands based Karya Futures feeder funds; Bregstein led the team, which included Jill Darrow. who is highly recommended for her tax expertise. Chicago-based co-head Lance Zinman is also recommended, as are Fred Santo and Jack Governale .

Paul, Weiss, Rifkind, Wharton & Garrison LLP fields a number of leaders in the field, including Udi Grofman and Marco Masotti. who have a reputation for advising on the formation of high-end, elite funds for heavy-hitting institutional clients such as Blackstone Alternative Asset Management, Fortress Investment Group and Oak Hill Advisors. In an illustration of the practice’s impeccable fund formation credentials, Grofman recently advised J.P. Morgan Asset Management on the launch of multiple alternative products, and advised KKR on the launch of KKR Credit Relative Value fund. Masotti assisted Reservoir Capital Group on the formation of the Reservoir Strategic Partners Fund, its $1.27bn seed capital hedge fund of funds; and advised ValueAct Capital on the formation of its $900m Value Act Con-Invest Fund. In another highlight, Grofman and Masotti acted alongside Michael Hong to advise GSO Capital on the formation of multiple hedge and single investor funds.

Ropes & Gray LLP ’s deep bench combines regulatory expertise with impressive fund formation and transactional capabilities, and the firm’s well-known mutual and private equity fund practices place it in a strong position to benefit in the current climate of convergence of registered and alternative funds. The team provides ‘pragmatic advice tailored to meet business objectives ’. In a reflection of its ability to cross over the alternative and private funds arenas, Laurel Fitzpatrick led a team which represented Blackstone on the formation of two funds using innovative hybrid private equity and hedge fund models to make seed investments in new hedge fund managers. Fitzpatrick, who co-heads the practice with Leigh Fraser, is also leading a team advising Pacific Investment Management Company (PIMCO) on a number of new hedge fund launches, including a distressed debt fund and an innovative tactical opportunities fund. Sarah Davidoff, has ‘strong knowledge of the alternative/hedge fund market, and a keen sense of business .’ Chicago-based Deborah Monson has ‘cutting-edge expertise with respect to CFTC/NFA registration ’ and is also recommended alongside Joel Wattenbarger for their ‘cogent advice in a quickly changing regulatory environment ’.

Seward & Kissel LLP ’s ‘excellent ’ team has expertise spanning fund formation, regulatory advice, SEC enforcement matters and fund-related transactions. Ten partners in the firm’s New York office oversee a team of over 60 lawyers dedicated to the space, and the firm enjoys an impressive market share in keeping with a team of its size. Alongside longstanding and renowned fund formation expertise, the practice has been involved in unusual and innovative investment strategies for clients such as Nephila Capital (a fund specialising in natural catastrophe and weather risk), which it advised on its strategic partnership with KKR. It is also a leading force in fund-related M&A; recent highlights include advising Alpha4X on its cross-border acquisition of the asset management unit of Banco Latinoamericano de Comercio Exterior. In another example of the firm’s reputation for cutting-edge work, practice co-head Steven Nadel and Meir Grossman have been advising a major hedge fund complex in a first-of-its-kind matter involving the outsourcing of various administrative functions. Other key figures include the highly regarded John Tavss and John Cleary .

Skadden, Arps, Slate, Meagher & Flom LLP ’s 30-year history in the space combined with its global platform makes it a natural choice for clients seeking advice on a range of issues, with its European footprint in particular – which includes offices in Brussels, Frankfurt and London – placing it in a strong position to handle AIFMD issues. In other cross-border highlights, group head Philip Harris and Heather Cruz are providing ongoing advice to Banco PTG Pactual’s flagship hedge fund, the BTG Pactual Global Emerging Markets and Macro fund, and the team advised Fortress Investment Group on ongoing work related to the $1.65bn Fortress Japan Opportunity fund, which is investing primarily in distressed Japanese real estate loans and related assets. It also advised Christofferson, Robb & Company, on the launch of a fund of one for a sovereign wealth fund. Other key clients include BlackRock, Citi Capital Advisors, Silver Creek Capital Management and Tiger Asset Management.

Cadwalader, Wickersham & Taft LLP ’s expertise covers the full investment management life cycle, from formation and structuring funds, to capital raising and investor relations issues. It is particularly active in funds domiciled in offshore and other foreign jurisdictions for recent clients based in Ireland, Jersey and Singapore, as well as having strength in shari’ah-compliant fund vehicles for Middle Eastern investors. Regulatory and derivatives experts Stephen Lofchie and Richard Schetman co-head the group, which includes Gregg Jubin, special counsel Dorothy Mehta, who rejoined the firm in April 2013 from Simpson Thacher & Bartlett LLP. and senior counsel Jonathan Wainwright.

Goodwin Procter LLP ’s ‘excellent ’ alternative funds team is noted for its ‘deep analysis and actionable advice ’. Its robust reputation in the hedge funds and private equity spheres has enabled it to cultivate a client base consisting of a healthy mixture of start-up and established fund managers, which it acts for on a range of regulatory, transactional and structuring issues. Elizabeth Shea Fries’ team was bolstered in 2013 by the addition of Brynn Peltz, who joined from Latham & Watkins LLP. and counsel Carolyn Miller, who has notable previous experience at the SEC and as senior compliance officer for a hedge fund. Shea Fries, who garners praise for her ‘tremendous strength, experience and depth of knowledge in the alternative space ’, has been advising HighVista Strategies on the ongoing expansion of its endowment-style management funds; and Portolan Capital on the restructuring of its long-short fund to create a long-only spinout. Peltz’s recent matters include advising Iroquois Capital Management on the creation of its Iroqoius Energy Advisor subsidiary.

Lowenstein Sandler LLP ’s group provides ‘a fantastic level of service ’, and is ‘very well versed in alternative asset management strategies ’. The firm’s deep regulatory expertise means it is regularly called on to advise managers, broker-dealers and investors on the full range of regulatory issues, including disclosures, customer agreements and SEC-related matters. Group head Robert Minion is advising a leading investment manager on several matters, ranging from development of funds structures to the launch of multi-strategy funds of one targeting investments in European non-performing loans (NPLs). With the growing hybridisation of private equity and hedge funds, the firm’s noted transactional private equity capability makes it well placed to handle the growth in hedge fund M&A. Key figures include Elaine Hughes, Allen Levithan, Marie DeFalco, and Scott Moss, who is ‘fantastic at fund structuring and regulatory compliance ’. Edward Nadel recently joined from Star Mountain Capital in October 2013.

Morgan, Lewis & Bockius, LLP can call on an impressive global network of hedge fund lawyers, which represents a strong mix of hedge fund managers and some of the largest institutional investors. Reflecting its international capabilities, the firm’s recent highlights include advising Unimar Financial Services on the formation of a Malta-based hedge fund feeder platform; and Xin Tian Fund Management on the formation of a new China-focused hedge fund. Group head Jedd Wider assisted the South Carolina Retirement System Investment Commission, which manages $26.8bn in assets, on the formation of ten global captive hedge funds ranging in size from $500m to $1bn. In a further example of its work for large institutional investors, Wider, Craig Bitman and tax expert Richard Zarin are advising California Public Employees’ Retirement System (CaIPERS) on the formation of three captive funds totalling $1.25bn in assets. The group’s regulatory capability has been significantly bolstered by the recruitment of Merri Jo Gillette from the SEC, where she directed its Chicago-based branch.

Paul Hastings LLP ’s impressive workload in 2013 has included advising large institutional hedge fund investors, and sponsors of US and non-US funds in fund formation, as well as advising on regulatory matters for clients such as Franklin Templeton, Passport Capital and Luminous Capital. It advised Luminous Capital on a major Dodd-Frank-driven restructuring involving changes to the form of the investment vehicle and a rebranding of its product line-up. Group head Mitchell Nichter is considered ‘a lawyer’s lawyer ’ and ‘as good as it gets when it comes to securities law and transactional advice ’; he has been assisting Charles Schwab on the development of its high-profile alternative funds platform, and advised global investment manager Post Advisory Group on the sale of a minority stake in the company to Nippon Life Insurance. Art Zwickel is the other key figure and comes highly recommended by clients for his ‘incredible memory with regard to governing documents ’.

Proskauer Rose LLP enjoys a steady flow of fund formation work for new and existing clients including Alpine Associates, Atlantic Investment and UBS Global Asset Management, and its extensive global reach makes it a natural choice for international clients. Highlights included advising UBS Global Asset Management on a new long/short healthcare fund, and advising Gávea Investimentos, one of the largest Brazilian asset managers, on the launch of a new hedge fund. Regulatory work remains a mainstay, with clients calling on its extensive Dodd-Frank, AIFMD and JOBS Act expertise, while the firm’s notable private equity capabilities also make it a strong choice for sophisticated investors seeking returns from the latest crossover and hybrid funds. Team head Christopher Wells is supported by tax expert Amanda Nussbaum .

A market-leading West Coast presence, Shartsis Friese LLP enjoys a longstanding reputation in the hedge funds space. Senior partners John Broadhurst and Douglas Hammer have advised some of the most successful hedge fund managers and the firm has cultivated a sizeable group of partners with notable expertise in the industry, and a long collective team history. Its San Francisco base gives it a strong foothold in the start-up and venture capital space, and leverages its well-known contentious capability to field a dedicated team of lawyers with prior enforcement experience at the SEC, and which exclusively defends against enforcement actions by government agencies. Other key figures include Christopher Rupright, Carolyn Reiser and Neil Koren

Stroock & Stroock & Lavan LLP ’s highly respected registered funds practice makes it a natural choice for structuring registered funds for hedge fund advisers, and its longstanding advice to UBS Alternative and Quantitative Investments, which developed some of the first such structures, is an excellent example of the firm’s impressive ability to straddle the alternative and registered fund arenas. The group acts as regulatory counsel to some of the largest institutional clients, including the asset management arms of Goldman Sachs, J.P. Morgan and Credit Suisse among its impressive roster. Fund of funds work remains a core area of expertise; in 2013, the team advised the independent board members of two proprietary registered funds of hedge funds managed by Lazard Asset Management. It has also developed strong niche expertise in commodity, distressed debt and incubator/seed vehicles. Key names include tax experts Jeffrey Uffner and Jonathan Kusko, and Tram Nguyen.

WilmerHale is ‘an excellent choice for hedge fund matters ’, with Timothy Silva attracting praise from one client as ‘one of the best in the industry ’. Its ability to advise across the full fund lifecycle has attracted a client base that ranges from emerging funds to some of the largest fund managers. In addition to the team’s staple of high-end fund formation work, 2013 saw it advising clients on a range of regulatory matters, management agreement negotiations, and SEC enforcement actions. James Anderson heads the investment fund group, which includes enforcement expert Lori Martin and alternative investment management team head Drew Chapman.

Bracewell & Giuliani LLP ‘ranks among the best ’ for energy-related hedge funds, advising clients such as Riverstone Investment, Lime Rock Partners and Rockland Power Partners. ‘Top-notch ’ team head Cheri Hoff ‘stands out among her peers ’ for her ‘knack for developing creative solutions to complex problems ’, ‘superior knowledge of SEC and CFTC rules ’ and ‘pleasant manner ’. Hoff recently advised Matador Master Fund on a long/short fund targeting Latin American investments, and CRC Liquid Strategies Fund on a variety of compliance, broker-dealer and fund formation matters.

Although Debevoise & Plimpton LLP has historically been viewed as a private equity powerhouse, its hedge funds team is increasingly being viewed as a go-to resource in its own right for clients such as Abu Dhabi Investment Council, Chess Capital and Oaktree Capital Management. Alongside its ability to advise on complex hedge/private equity hybrids, the firm’s experience for sponsor cliens extends to master-feeder vehicles, funds of hedge funds, and joint venture arrangements. On the investor side, the team has expertise in assessing and structuring investment terms for a large variety of sophisticated investors, including sovereign wealth funds and institutional investors in heavily regulated environments such as financial institutions and pension funds. Byungkwon Lim ’s team can call on the esteemed private equity expertise of partners such as Michael Harrell and Erica Berthou on hybrid and crossover private equity matters.

Drinker Biddle & Reath LLP handles fund formation, including the structuring and organization of master-feeder funds, fund of funds and multi-class hedge fund structures. In keeping with its expertise in managed future funds, the group recently advised two major trading houses on enforcement actions by government agencies. In other highlights, David Matteson assisted ClearVest, a joint venture of various hedge fund service providers, on the structuring of its investment platform. In 2013 it recruited Kay Gordon from K&L Gates to bolster its regulatory expertise, and Mary Hansen from the SEC, where she was assistant director of its enforcement division. Joshua Deringer’s practice spans both the registered fund and hedge fund arenas.

Kirkland & Ellis LLP ’s robust credentials include advising Neuberger Berman on several hedge fund formations including Cayman Unit Investment Trusts and single-investor vehicles designed specifically for certain Japanese institutional investors. Its renowned private equity group has historically cast a shadow over its hedge fund cousin, although major clients such as GMAM Absolute Return Strategies Fund, one of the largest registered hedge fund of funds, and BlueBay Asset Management, suggest that it has successfully dispelled that perception. Scott Moehrke and Robert Sutton are the key figures in a team which saw the departure of the highly regarded Nabil Sabki, who joined Latham & Watkins LLP in May 2013.

Latham & Watkins LLP ’s global group of 100 lawyers was bolstered on the hedge fund side with the recruitment of Nabil Sabki from Kirkland & Ellis LLP in May 2013. Sabki, is praised as ‘a creative problem solver ’ and ‘exceptionally well versed in hedge funds ’, and has been advising a variety of clients on a range of regulatory and transactional matters. Group co-chairs Christopher Clark and Stephen Wink are representing a group of funds, including Redwood Capital Management, in a landmark case concerning their enjoinment claim for payment of $1.6bn in eurobonds issued by the Republic of Argentina in 2005 and 2010.

Shearman & Sterling LLP ’s group brings together attorneys across multiple jurisdictions and practices to advise sponsors and investors on the full spectrum of hedge fund matters. It has established itself as a leader in advising Brazilian fund managers on US regulatory questions, as well as structuring their investment fund products for US investors. Its global footprint, which includes offices in London, Brussels and Frankfurt, means it is able to advise its broad range of non-EU clients on issues arising from the AIFMD and European Market Infrastructure Regulation (EMIR). Nathan Greene continues to advise Permal Asset Management on its Permal Multi-Manager funds, as well as on ten other niche fund products; and has acted for high-profile fund of funds SkyBridge Multi-Adviser Hedge Fund Portfolios since its inception, recently assisting it with the launch of a second fund of funds and a $3bn share issuance. Sean Finley heads the team, which includes Azam Aziz and of counsel Paul Schreiber. founder of the firm’s asset management practice.

Simpson Thacher & Bartlett LLP ’s practice focuses on high-end matters, and its exemplary private equity expertise means it can advise on complex hybrid fund structures for a client base that includes Blackstone, Carlyle and KKR. The firm is also able to call on lawyers from its highly rated registered funds team to further add to its strength in this area. Its strength in regulatory matters means it has been active in advising on Volcker Rule, Dodd-Frank, and derivatives related issues. Olga Gutman’s experience includes handling hedge and alternative fund matters for clients such as Citigroup Alternative Investments, SkyBridge Capital and Tiger Management. Glenn Sarno is the other main contact, and provides hedge fund advice to clients such as Blackstone, Credit Suisse and Napier Park.

Sullivan & Cromwell LLP ’s ‘very high-quality ’ team covers transactional, regulatory and fund formation matters for both investor and sponsor clients. The firm’s rich transactional heritage allows it to tap into a client roster which includes Goldman Sachs Asset Management, J.P. Morgan Asset Management and Credit Suisse. Whitney Chatterjee. described by one client as ‘a strong rising partner ’, and heads the alternative investments team alongside Gary Israel. Senior partner Rodgin Cohen and Richard Pollack earn accolades for their transactional expertise.