Cleary Gottlieb’s Private Funds Alternative and Liquidity Transactions practice is a multidisciplinary practice that integrates the expertise of our private funds, private equity M&A, structured finance, real estate, regulatory, tax, executive compensation and employee benefits groups.

We represent a range of investment managers and institutional investors seeking counsel on private fund liquidity solutions, and we work seamlessly across Cleary’s 16 offices around the globe to help our clients navigate their most complex legal issues in this growing and robust market.

We regularly advise on a range of private fund liquidity solutions matters including:

  • GP-led secondaries and continuation fund transactions, including portfolio transactions, single asset transactions and strip sales
  • Real estate and real asset secondaries transactions 
  • GP stakes investments, including seed investments, growth capital and succession planning transactions
  • Private fund preferred equity structures
  • Collateralized fund obligation transactions and other fund-related securitizations
  • Net asset value credit facilities and other fund-level financings
  • Complex secondaries transfers, including tender offers and stapled secondary commitments
  • Fund restructurings, GP replacements and private fund special situations
  • Management team spin outs and related asset transfers 

Notable Experience

GP-led secondaries and continuation fund transactions

  • TPG in the single asset GP-led secondary of Creative Artist Agency and the organization of related continuation/rollover vehicle.

  • Coller Capital as lead investor in a single asset GP-led restructuring of Upstream Rehabilitation, a portfolio company of a Revelstoke Capital Partners 2015-vintage fund.

  • Coller Capital as lead investor in the GP-led restructuring of a portfolio of companies managed by Irving Place Capital into a new $1.5 billion continuation vehicle.

  • A syndicate of secondary investors and sovereign wealth fund investors in a GP-led restructuring of a $800 million portfolio of a 2006-vintage fund managed by a U.S. private equity sponsor.

  • Coller Capital in its single asset GP-led restructuring of Foundation Partners Group, a portfolio company of Access Holdings.

  • MBK Partners in the single asset GP-led secondary of BHC and the organization of a related continuation/rollover vehicle.

  • A prominent Asia-based private equity firm in the single-asset GP-led restructuring of a portfolio company.

  • A significant secondary investor in its commitment to a fund managed by a new sponsor spinning out of an established global private equity firm for the secondary acquisition of six portfolio companies and uncalled capital commitments.

  • Coller Capital in its commitment to a Revelstoke Capital Partners single asset fund investing in a preferred equity fundraise by the Revelstoke portfolio company, Fast Pace Health.

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Real estate and real asset secondaries transactions

  • Cascade in its minority investment in StorageMart.

  • Brookfield in the buyout of its partner in a portfolio of five significant multi-family and mixed-use properties, and previously, in its acquisition of a non-majority stake in the portfolio.

  • Wafra in the formation of a joint venture with Welltower for the $550 million acquisition of a portfolio of medical office buildings.

  • A leading sovereign wealth fund in its investment in a major investor, developer and manager of container terminals globally.

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GP stakes investments

  • Sequoia and Paradigm in their $1.15 billion minority investment in Citadel Securities.

  • A global asset manager in its acquisition of a minority investment and subsequent acquisition of a majority interest in a significant secondaries private equity platform based in Asia.

  • A global asset manager in a variety of minority investments in a number of other asset managers and the establishment of new investment platforms.

  • A sovereign wealth fund in its investment in a major American investment management firm.

  • Schroders in connection with its acquisition of Adveq, a European PE manager.

  • Groupe Marc de Lacharrière, the family holding company of Marc Ladreit de Lacharrière, in its investment resulting in a 5% stake in leading private equity firm Warburg Pincus.

  • TPG Holdings in its investments in LandSpire, VamosVentures, and Harlem Capital Partners as part of the TPG Next platform.

  • A global asset manager in a number of investments in the firm by various investors, including sovereign wealth funds.

  • A significant private equity firm based in Asia in connection with the sale of a GP stake.

  • A global asset manager in the sale of its stake in a significant broad-based credit platform to a leading GP stakes manager.

  • The founder of a major investment management firm in connection with effecting succession to the next generation of management, including through a complex recapitalization and reorganization of governance.

  • The founder of a leading mid-market private equity firm in negotiating his transition and interests in successor businesses.

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Collateralized fund obligation transactions and other fund-related securitizations

  • Leading investment managers in collateralized fund obligation transactions and other financings of pooled fund interests.

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Net asset value credit facilities and other fund-level financings

  • TPG in subscription credit facilities for many of its recent private equity funds and in other sponsor-level financings.

  • Sixth Street in financings for many of its recent private equity funds, other sponsor-level financings, and various BDC and SPV level credit facilities.

  • Silver Point Capital in various subscription credit facilities.

  • Owl Rock Capital Corporation in connection with various subscription credit facilities and BDC and SPV level credit facilities.

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Complex secondaries transfers, including tender offers and stapled secondary commitments

  • Coller Capital in its acquisition of LP positions in Avista Capital Partners Funds I, II, and III through a tender offer process.

  • Coller Capital in an acquisition of over $250 million of LP interests in several funds managed by J.C. Flowers through a complex tender offer and fund restructuring process and a stapled primary commitment.

  • Coller Capital in its acquisition of LP interests in a variety of blue chip funds from a major financial institution.

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Publications

Events