Spearheaded by Rebecca Silberstein and Lorna Bowen, Debevoise & Plimpton LLP‘s funds and investment management group fields a deep bench of practitioners, whilst also offering clients access to an experienced European regulatory team at the firm. The group itself represents sponsors and investors alike in the formation of various private funds across the globe, with sponsor side lawyers and investor side lawyers often collaborating on matters. The group counts large financial institutions including banks as important clients, as well as any array of investment management companies. On the investor side, the team is adept in the structuring and expansion of businesses, regulatory and compliance matters and fund related transactions. Silberstein is a versatile practitioner whose practice covers the formation and ongoing administration of buyout funds and venture capital funds, while Jonathan Adler is key on the sponsor side, and handles work for private equity funds including real estate funds. Justin Storms and Jason Auerbach are also key team members. Ali Nierenberg is a key name. All team members named are located in New York.

Clients turning to Fried, Frank, Harris, Shriver & Jacobson LLP include large banks and asset management firms, notably global asset managers, as well as private equity sponsors and investment funds, with work spanning asset classes from infrastructure funds to credit funds and real estate funds, among many others. The group, which has a ‘strong focus on client relationships’, has seen an increase in activity across the board, but in 2024 has begun to delve more into the formation of funds investing in cryptocurrency. At the helm is firm chairman Kenneth Rosh, head of the firm’s private equity funds group who counts large sponsors among his varied client roster, as well as Lawrence Barshay, who heads up the firm’s asset management practice, both of whom are based in New York. Barshay, along with Jeremy Berry also in New York, are strong in corporate transactions including corporate securities transactions. Jeffrey Schatz and Arinze Onugha are a pair who are equally adept at advising on both offshore and national private investment funds, while real estate funds are an area of proficiency for Audra Cohen in New York. Rebecca Zelenka in Washington DC is a versatile funds practitioner who is often active in large scale fund launches.

Kirkland & Ellis LLP runs an extremely active, high-volume fund formation practice which is turned to by a varied client base of flagship funds across middle-market and smaller businesses, as well as leading private equity firms and international investors. The group offers a comprehensive fund formation and investment management practice within which the group’s work on GP-led secondaries and continuation funds is a point of distinction, having represented several sponsors on closings of continuation vehicles in 2024. This is an area of strength for Daniel Lavon-Krein, who is co-head of the firm’s strategic GP practice and leads the overall team alongside Erica Berthou. As well as European-focused funds, Berthou has significant experience with emerging markets fund formation, covering all major emerging markets. Lavon-Krein focuses on complex minority investments in existing firms, a strength of the wider group, as well as being heavily involved in control and strategic transactions. Elsewhere, Katrina Rowe‘s fund formation practice is notably broad, encompassing compliance and regulatory work, so she is key team member in this regard. Sean Malone is key on the transactional side, often advising private equity sponsors on minority investment transactions. Andrew Wright is a veteran when it comes to assisting fund sponsors and a range of industry sector related funds, while Katie St. Peters in Chicago is trusted by leading global asset managers. Susan Burkhardt joined the firm from Clifford Chance in April 2025. All named lawyers are based in New York unless stated otherwise.

Handling matters involving some of the largest investment funds in the US, Simpson Thacher & Bartlett LLP advises private equity firms and asset managers, including alternative asset managers,. While demonstrating strength in fund transactions, the group particularly stands out for its fund formation within secondaries and its management of secondaries transactions, for which Lauren King is well reputed as well as practice head Michael Wolitzer, whose strength also lies in secondary transactions as well as private investing. Jordan Cross, who is described as ‘commercial and solutions focused’ is another key figure in the team. Other core areas of expertise for the group are the formation of infrastructure and real estate funds, for which Barrie Covit and Jonathan Karen stand out, but work also extends to venture capital funds and other private funds. This versatility of knowledge of different asset classes is encapsulated by Jason Herman, whose expertise spans credits credit and real estate funds. All team members mentioned are located in New York.

Cleary Gottlieb Steen & Hamilton advises a range of private funds, covering credit, real estate, infrastructure, real estate funds, social impact private funds and buyout funds. The group has a particular strength in life sciences and healthcare funds, as well as sustainable environmental funds. Such funds are among the workload often handled by Elizabeth Lenas  who leads the team. Lenas works on key fundraises for the group’s largest clients such as fundraising for TAO Additional Commitments. The group’s deep bench also includes managing partner Michael Gerstenzang, a practitioner who is key for the group’s work on secondary transactions. Additionally, Adrian Leipsic‘s practice covers an array of private fund strategies. Jamal Fulton is key for the group’s feeder fund practice with large clients. Maurice Gindi has large alternative asset managers such as Blackstone among his varied client base, reflective of the wider group’s fund clients who include large global investors who invest in a number of jurisdictions globally. All named practitioners are based in New York.

Davis Polk & Wardwell LLP‘s investment management practice is adept in complex fund formations, advising some of the biggest and most sophisticated funds in the private equity space and also well-established private equity firms. Michael Hong stands out for such work on complex fund formations. Additionally, Leor Landa is heavily involved in the operation of a range of private investment funds, heading up a group which has been bolstered by several additions to the team in August 2024 from Debevoise & Plimpton LLP. Notable within these is Andrew Ahern, a lawyer who is equally adept in advising sponsors and investors on complex secondary transactions. Elsewhere, Sijia Cai is key for transactions within private equity, including secondaries transactions, but notably M&A related aspect of fund management, such as structuring and co-investment arrangements. June Han is a standout team member. All team members are based in New York,

Praised for an ‘ability to provide commercial advice and offer creative solutions’ as well as in-depth knowledge of the market, Gibson, Dunn & Crutcher LLP has a strong foundation in fund formation for traditional funds and co-investment vehicles. Notably, lawyers in the group are often sought after by real estate investment funds, a strong area of focus for the team. Practice head and experienced funds lawyer Shukie Grossman, who is global chair of the firm’s investment funds practice working out of the firm’s New York office, is a versatile practitioner in the funds space. New-York based Roger Singer also has a variety of private equity funds experience, with addition experience within real estate assets. Edward Sopher, also in New York, is a go-to lawyer in the group for secondary transactions, is also a strong transactional lawyer. This also applies to Los Angeles-based Jennifer Bellah Maguire, who concentrates her practice on investor and sponsor side asset manager transactions.

Latham & Watkins LLP, whose multifaceted practice is predominantly based in New York, advises a range of clients from emerging and middle-market sponsors and funds to high-profile global asset managers and investment managers. Among the team’s varied workload is forming and structuring both traditional private equity funds and alternative investments throughout their lifecycle, but work also encompasses GP led secondaries and liquidity solutions. The group has a fund regulatory strategy team, headed up by Matthew Chase, which combined with the tax and global securities leaves the practice well placed to be able to handle a variety of fund transactions including secondary transactions. Chase, who leads the team alongside group chair Paul Kukish, has vast experience representing new and emerging managers, and Alex Kelly. Edward Nelson has strong leveraged buyout and venture capital experience. Oliver Prakash-Jenkins and Andrea Schwartzman are other important names to note in New York, while Barton Clark is a key team member in the group’s Washington DC office. All practitioners are based in New York unless stated otherwise.

Referred to as ‘world class regarding the innovation of new products, strategies and investment vehicles’,  Paul, Weiss, Rifkind, Wharton & Garrison LLP‘s investment funds group has a history of assisting large funds clients who are active in both the European and US markets, as well as assisting leading alternative investment management firms such as Apollo Global Management. The group has substantial expertise in the formation and structuring of private equity, credit, growth capital and real estate funds, as well as ESG funds. Located in New York, Marco Masotti, who is global co-head of firm’s the investment funds group, was instrumental in building the firm’s private funds practice, and excels in large scale fund raises. Meanwhile, Udi Grofman is a significant member of the team, described as ‘extremely responsive and commercially minded’, and Conrad van Loggerenberg is key for the formation of establishing customized private investment funds. Matthew B. Goldstein is another significant name in the funds group, as is Lindsey L. Wiersma, whose practice encompasses regulatory issues and management company arrangements. All practitioners mentioned are located in New York.

Ropes & Gray LLP is a practice equipped to handle a range of venture capital work that includes capital raising and fund formation, assisting both investor and sponsor side clients of private funds matters, and assisting with management issues for funds. On the transactional side, the group can be highlighted for its ability to deal with bespoke fund transactions for portfolio investments. On the regulatory side, the group advises an array of private fund managers on their evolving impact and commercial applications. Melissa Bender in San Francisco who works with funds using novel hybrid structures and Marc Biamonte in New York head up the team. Boston-based Peter Laybourn advises on domestic and international fund formations, fundraising, and transactions. Morri Weinberg in New York is also a key name to note.

At Akin, practitioners are go-to contacts for emerging market funds, but the group has core expertise in real estate, venture capital, energy and credit funds. Barbara Niederkofler in New York, who ‘excels across all aspects of structuring complex fund products and advising on compliance matters’ heads up the team, and is well supported by Blayne Grady in Washington DC whose practice is geared towards credit funds, with particular nous in credit fund structuring. New York-based Dennis P. Pereira, described as ‘knowledgeable, very pragmatic, and an excellent communicator’ is a stand out practitioner in the team, and regularly advises Apollo Global Management. Wendy Dodson Gallegos joined the team in May 2025.

As well as GP-led restructurings and secondary transactions, and a strength in ongoing fundraises for credit funds and large asset managers, Clifford Chance has a strong real estate funds offering. This, in addition to the group’s strength in credit funds matters, such as acquisitions and strategic advice, leaves the group well placed to offer real estate debt funds advice, not only domestically but also globally due to a strong cross-border offering. Secondaries transactions are another area of strength for the firm. Michael Sabin and Clifford Cone head up the team and are also key team members who are well supported by Daniel Drabkin, who is key for the group’s secondary transactions mandates. The group is also proficient in advising on complex multi-strategy funds. Richard Kruger is another key name in the team. All named practitioners are New-York based.

Goodwin‘s growing team has core strength in fundraising for industrial properties, and real estate more generally. John Ferguson in Boston, co-chairs the firm’s real estate industry group, and is key for real estate investment fund matters. The group more broadly often represents high net worth individuals and alternative investment firms. Mandee Gruen and Michael Halford, both based in New York, head up the team, and the former is particularly reputed for advising fund managers and sponsors on establishing compensation structures as well as fundraising. Practitioners are commended for a variety of funds expertise, whether ‘closing your first fund or negotiating a complex managed account with a large sovereign wealth fund’. Ian O’Donnell in San Francisco is noted for his capability in drafting fundraising documents.

A team commended for its ‘exceptional private equity funds expertise and deep understanding of complex transactional matters’, Schulte Roth & Zabel LLP stands out for its work in the rapidly emerging area of litigation finance. Other funds include credit funds, special opportunity funds, real assets as well as new developments in the area such as hybrid funds which are focused on blockchain and cryptocurrencies. Jason Kaplan, Joseph Smith, and Stephanie Breslow in New York lead the group. Breslow’s client base encompasses some of most prominent asset management companies in the US, who often call upon her for regulatory assistance connected to fund launches. Smith has a broad practice and is increasingly involved in the group’s secondary transactions and continuation vehicle matters. Daniel Blumenthal is instrumental on the fund structuring and negotiating seed and strategic investments side.

Weil, Gotshal & Manges LLP‘s private funds practice contains within it a dedicated US private funds regulatory team which, particularly since the addition of former SEC employee Chris Mulligan in Washington DC to the group, is well positioned to handle SEC examinations as well as registration and compliance. Group head Jonathon Soler boasts deep asset management experience, emblematic of the wider group’s expertise advising clients across the spectrum of the asset management transactions, and the wider group often assists buyout and growth equity funds. Among Andrew Chizzik‘s varied client roster are US-based sponsors in Europe and Europe-based sponsors in the US who the overall group also frequently advises. All practitioners mentioned are located in New York unless stated.

Willkie Farr & Gallagher LLP heads up a ‘highly skilled, knowledgeable, and a well-resourced team’ and asset management team which is equally skilled in traditional private equity and bespoke liquidity and capital solutions matters . Phillip Isom, Margery Neale, and Lior Ohayon in New York head up the team. Nathaniel Marrs has particular expertise assisting funds in the real estate, infrastructure and energy sectors in funds transactions. Elsewhere, Matthew Block in New York focuses on secondaries and other liquidity solutions focused transactions. Terence Rozier-Byrd, also in New York was added to the team from Akin in September 2024. Arash Farhadieh is key for investment strategies related to fund formation, such as fund restructurings, and counts private fund managers as significant clients.

Cooley LLP, whose team is predominantly based in California, but offers a nationwide practice reaching the firm’s Boston office, has a practice which is strongly geared towards the field of venture capital fund formation. The team has clients including some of Silicon Valley’s original venture firms, as well as high-growth emerging companies and investing in early-stage funds, but also is involved in fund deals relating to the US, China, and other jurisdictions. Located in Palo Alto, John Dado spearheads the team, with a client base of early-stage venture capital firms and top venture capital firms, and centers his practice around the formation of venture capital or buyout funds. John Clendenin, also in Palo Alto. In San Francisco, Eric Doherty advises some of the group’s largest funds.

Dechert LLP advises a variety of fund clients ranging from sovereign wealth funds to small-cap and emerging funds, as well as private credit funds and different private investment companies. The group stands out for its fund formation work on the sponsor side is highly active in fund formation. Team leader Omoz Osayimwese in New York stands out for these sponsor side fund formation matters, primarily with private equity and credit funds clients on fund formations and their ongoing management, as well as in transactions such as joint ventures. Based in Austin Tricia Lee is well known for her work in for large-cap funds with valuations in the billions. Gerald Brown joined the team in New York  from Fried, Frank, Harris, Shriver & Jacobson LLP and has bolstered the group the formation of closed-end funds.

DLA Piper LLP (US) is especially active on the investor side often assisting global institutional investors as clients, and counts large pension funds as key clients. Funds across infrastructure, energy and real estate fund, often advising on fund agreements. Nicole Brennig and David Parrish in Austin, as well as Jesse Criz and John Cusack in Chicago, lead the group, with a wealth of experience in the full gamut of private equity investment. Parrish and Brennig are especially key for alternative investments, while Criz stands out for real estate investment fund formation assistance, another point of distinction for the group. Finally, Allen Ashley in Chicago is key for tax issues related to the operation of funds such as REITs.

Drawing upon its national reach, K&L Gates has a nationwide presence of lawyers who have an in-depth knowledge of a variety of private equity fund formations and launches including bespoke fund-of-fund arrangements and OCIO platforms, as well as investment advisers which have just started up. Mark Amorosi and Ndenisarya Meekins in Washington DC and Michael Caccese, and Clair Pagnano in Boston head up a group which is also able to advise on senior loan investments and major transactions. Other key lawyers include Edward Dartley in New York, who has experience in alternative investment asset classes. Elsewhere, Sasha Burstein in San Francisco is key in the private credit space.

Seward & Kissel LLP in New York has a core strength in the launch of closed-end private credit funds, but is equally able to assist throughout the fund lifecycle. The group is praised for its ‘responsiveness and willingness & ability to engage with novel and complex vehicle structures sets their private funds practice apart from competing groups.’ Patricia Poglinco and Kevin Neubauer  leads the team, the latter of whose varied workload spans private equity funds, private credit funds, venture capital funds and hedge funds, benefitting from the wider firm’s ‘overlap among the hedge fund and PE practice groups.’ Daniel Bresler is another key support to clients, particularly investment firms of all sizes. Joseph Morrissey is a key contact for regulatory matters.

Hogan Lovells US LLP mostly represents fund sponsors, but has a growing secondaries practice on both the investor and sponsor side. David Winter in Washington DC heads up a team whose workload spans private equity, venture capital, real estate matters, and is often involved in infrastructure, commodities, derivatives, and energy transactions. Richard Madris in New York is a well-established within the infrastructure fund space. Madris focuses on real estate investment, as does Brayton Dresser, also in New York, among whose key clients are real estate investment firms, emblematic of the wider group’s counting leading real estate managers in the US such as JP Morgan Asset Management as key clients. David Olstein in New York is active on the investment of pension plan assets.

Linklaters LLP is skilled in portfolio investment acquisitions and sales, as well as portfolio restructuring, working in a multidisciplinary manner with colleagues from the regulatory, tax, employment and corporate teams at the firm on the full range of fund formation, management and transactions. On both the sponsor and investor side, funds expertise also extends to private equity, real estate, credit, and infrastructure, with matters involving funds which are domiciled in the US as well as a range of European countries. The group also assists with buyers and sellers on their secondary market transactions. Jason Behrens leads the team alongside David Miller, both based in New York.

Leveraging coverage of investment into the US, Asia-Pacific, and European fund markets, Mayer Brown LLP is noted for its ability to combine commercial, regulatory and tax advice with expertise on fund matters such as fundraising and fund launches, and fund strategies. The team handles matters funds on the sponsor side in particular. Its deep bench includes Tram Nguyen who operates between Washington DC and New York and is engaged in regulatory matters relating to the SEC. Timothy Clark oversees the group. Clark is key for secondaries transactions. Tax partner Jeffrey Bruns in Chicago is a key team member.

McDermott Will & Emery LLP‘s ‘practical and business-minded’ team represents European funds and sovereign wealth funds, from fundraises to fund closures, and often acting in complex negotiations with a range of institutional international investors. Lauren Nevidomsky and David Nestler, who are ‘major experts in their fields of private equity fundraising’ head up the team, and Nestler in particular has been a significant part of the group’s increasing activity for middle-market funds. Practice head Ian Schwartz has been instrumental in building the fund formation practice, often acting as go-to advisor for boutique sponsors and institutional investors which require complex strategies. Luc Jansen, who is renowned for his broad private equity client base, is another key name to note. All named practitioners are located in New York.

Catering mainly to venture capital funds infrastructure domestically and internationally, Orrick, Herrington & Sutcliffe LLP ‘stands out for its ability to seamlessly blend deep technical knowledge with a practical, business-oriented approach’. Sector wise, the group has a strong focus across the finance, technology, energy and infrastructure sectors for a global client base. Dolph Hellman in San Francisco is at the helm, and particularly specialises in investor side fund launches and operations, with a varied client roster of large public pension plans. Additional standout team members include Washington DC-based Mary Wallace, an of counsel whose transactional expertise is notable, and also has a strong track record of investor side of fund formation, operational and regulatory issues. Indeed Kenneth Rasamny in Orange County is often called upon by venture capital funds, private equity funds and debt funds for regulatory matters.

Seyfarth Shaw LLP is especially strong in assisting funds investing into the healthcare and the public sector, and is noted for being ‘very good at focusing on the key risks in any given contract’. Robert Bodansky in Washington DC is chair, Steven Richman in Atlanta is vice chair, and the duo oversee the practice. Bodansky is proficient in investment transactions, while Richman represents a range of institutional investors. Trevor Tullius in Washington DC has experience in both developed and emerging markets. Chicago-based Evan Sarosi leverages his former employment as senior counsel for a large Fortune 100 insurance company and in the words of one client, has ‘essentially has the same credentials as a professional investor.’

Adopting a multidisciplinary approach, Winston & Strawn LLP integrates a strong financial services and tax team to work on investments across corporate credit, private equity, and alternative asset classes, assisting with funds ranging from small-cap to those with AUM of billions of dollars. The group also incorporates members for the firm’s M&A team sponsor clients on fund restructurings, tenders offer and other GP-led liquidity transactions. On the regulatory side, practitioners are especially knowledgeable and up-to-date with regulatory developments, so is often engaged by clients for such matters, particularly SBIC licensing and SIBC regulation, areas of strength for Megan Devaney and Alan Roth. Margaret Frey and Scott Naidech lead the practice.

Offering representation on a full range of investor and sponsor side private equity matters, including ongoing regulatory and compliance advice, Curtis, Mallet-Prevost, Colt & Mosle LLP has a history of advising several longstanding US-based and international investment management clients in the public and private sector. Carl Ruggiero, the firm’s investment management chair in New York, heads up the team. Randy DeSmyter, also in New York, has strong corporate expertise and often assists with structuring and drafting offering documents. On the public sector side, public pension funds are among the group’s clients, and on the private wealth side, sovereign wealth funds form a core part of the client base. Shaun Reader in New York is the standout team member for sovereign wealth fund matters.

Holland & Knight is adept at advising venture capital clients on fund terms as well as advising natural resources managers on the tax-efficient structuring of their general partner vehicles. These clients range from start-ups to large cap funds. Bradley Van Buren, who has a strong track record of advising emerging fund managers and Olesya Bakar, who is head of the firm’s real estate fund Formation practice and is described as ‘responsive and creative with real estate fund issues’, head up the team. The pair work out of Boston and Washington DC respectively.

Offering particular expertise in the formation of open-end and closed-end funds for investment in real estate, King & Spalding advises a number of asset classes and industries as clients, from fund formation until the end of the fund’s existence. The group also often assists sponsors with international regulatory requirements, including REITS and flagship private investment funds. Overseeing the group are Jennifer Morgan and John Wilson in New York. The former is often active in private real estate investment trusts and other structured investments, whereas the latter is instrumental assisting sponsors and open-end real estate funds with real estate investment.

Vedder Price is well placed to deal with all aspects of private fund formation across a variety of asset classes, including multiple investment vehicles and strategies, and is ‘clearly knowledgeable in domestic equity and fixed income multi class funds‘. Joseph Mannon heads up the group out of Chicago, and is important for regulatory matters handled by the group, as well as the foration of fund-of-one structures. Cody J Vitello, also in Chicago, is also a strong regulatory lawyer whose diverse client base includes a range of institutional investors and private funds.