Adrian Rae Leipsic
Partner
“Adrian is our go-to lawyer for complex, novel, and thorny issues.”
Chambers USA
“Adrian Leipsic is a terrific practitioner and is able to deliver very complex messages in a clear and concise manner.”
Chambers USA
“He is an exceptional lawyer…very commercial, very thoughtful, responsive, and creative.”
Chambers USA
“He is efficient and highly responsive to the needs of the clients.”
Chambers USA
Adrian Rae Leipsic’s practice focuses on the structuring, formation, and operation of private investment funds.
His work covers a wide range of activities in the private alternative investment fund space, including the organization of traditional private investment funds, the establishment of bespoke separately managed accounts and platforms, joint ventures, strategic partnerships and select representation of institutional investors. He has represented sponsors across alternative asset classes, including private equity, credit, real estate, infrastructure, secondaries, fund of funds, and digital assets. Adrian’s recent experience includes representing clients such as Blackstone, Brookfield, Sixth Street, and TPG, among others.
Adrian has extensive experience advising sponsors and investors in the establishment of evergreen and “permanent capital” vehicles across the liquidity spectrum, including private and public business development companies, long-dated funds, hybrid funds, and other funds with novel and complex structures.
He also has deep experience representing sponsors, investors, and LPACs in connection with high stakes controversies and disputes.
Within Cleary, he is responsible for overseeing the firm’s global well-being program. He has chaired the Well-Being Advisory Committee since its inception and has been involved in industry initiatives focused on advancing mental health within the legal profession.
He is currently pursuing a B.A. in guitar performance through Berklee College of Music’s online program and plays lead guitar for Cleary’s band, the Cee Gees.
Adrian joined the firm in 2006 and became partner in 2015.
Notable Experience
Traditional Fund Formation
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Blackstone Multi-Asset Investing (BXMA) in the formation of numerous separately managed accounts and comingled vehicles.
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Brookfield in the formation Brookfield Real Estate Secondaries Partners, its inaugural fund focused on real estate secondaries opportunities, and the establishment of its infrastructure structured solutions platform.
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TPG in a wide range of fund matters, including the formation and operation of a number of its private equity and specialty funds, such as TPG Technologies Adjacencies, TPG Digital Media, TPG Asia, and various separate accounts, co-investment arrangements, and other strategic initiatives.
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Sixth Street in a wide range of fund matters, including the formation of Sixth Street Fundamental Strategies, its inaugural fund focused on thematic opportunities in public markets.
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A prominent activist-oriented investor in fund formation matters.
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Silver Point Capital in a range of fund formation matters.
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Polychain in a range of fund matters.
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Hillhouse in fund formation matters.
BDCs, Evergreen, and Permanent Capital Funds
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Silver Point in the formation of Silver Point Specialty Lending, a private loan origination fund, and its subsequent conversion into a private business development company.
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TCW Direct Lending, a private BDC, in a landmark split-off transaction, exchange offer, and exemptive relief application under the Investment Company Act.
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Anchor investors in connection with cornerstone investments in range of BDCs, including those sponsored by Oak Hill Advisors, Apollo, MidCap Financial, and MSD Capital.
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Sixth Street in the formation of Sixth Street Lending Partners, the first BDC of its kind to adopt a traditional “drawdown” capital commitment structure, and its subsequent IPO and listing.
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Sixth Street in connection with the formation and operation of an evergreen fund complex.
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Blackstone in the formation of Blackstone Horizon Fund, a “hybrid” comingled evergreen vehicle focused on public and private equity investments.
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The lead sponsor in the formation of Breakthrough Energy Ventures, a long-dated fund focused on energy initiatives.
Fund Disputes and Controversies
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The limited partner advisory committee and interim manager of a $1 billion fund on claims arising from serious misconduct by the fund’s manager and the manager’s subsequent insolvency and replacement.
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A prominent sponsor in the negotiation of arrangements with its seed investors through an independent Delaware special committee process.
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A family office in connection with the removal and replacement of a manager following allegations of misconduct.
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The limited partner advisory committee of an Africa-focused health care fund in connection with the retention of successor manager.
Joint Ventures, Strategic Transactions, and Internal Arrangements
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Fund matters in connection with TPG’s agreement to acquire Angelo Gordon in a transaction valued at approximately $2.7 billion.
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Blackstone (BXMA) in its initial investment in Hamilton Insurance Group, as selling stockholder in Hamilton’s IPO, and subsequent repurchase by Hamilton of the entirely of Blackstone’s minority stake.
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Blackstone (BXMA) in the formation of Blackstone NWI Asset Management, a joint venture with NWI Management formed to invest in emerging markets fixed income products.
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Sixth Street in the establishment of an infrastructure platform.
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TPG Angelo Gordon in the establishment of an investment warehousing program to facilitate the launch of a new product.
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Polychain in its arrangements with seed investors.
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Groupe Marc de Lacharriere (GML), the family holding company of Marc Ladreit de Lacharriere, one of Europe’s preeminent business leaders, in its minority investment in Warburg Pincus.
Select Investor Representation
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Starbucks Corporation in its cornerstone investment and strategic partnership with Valor Equity Partners.
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Google in its investment in a COVID-19 relief-focused fund sponsored by Kiva.
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Global Foundries in its venture capital fund investments.
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Cascade Asset Management Company in its investments in numerous funds.
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Prominent Silicon Valley and New York family offices in customized fund arrangements.
Selected Activities
trigger- Guest Lecturer, Harvard Law School
- Member, Private Investment Funds Committee, New York City Bar Association, 2018-2020
Publications
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Where Do We Go From Here? 2024 Predictions for Private Equity in Light of 2023 Trends
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The Future of Fundraising: Private Markets Predictions for 2023 and Beyond
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The SEC’s Proposed “Preferential Treatment Rule”: When Equal Treatment Has an Unequal Effect
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SEC Proposes Overhaul of Advertising and Solicitation Rules for Investment Advisers
Events
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March 11, 2024
IBA’s 22nd Annual International Conference on Private Investment Funds
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February 22, 2023
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May 23, 2022
IBA’s 31st Annual Conference on the Globalisation of Investment Funds
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June 16, 2020
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June 16, 2020
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April 15, 2020
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March 9, 2020
IBA’s 21st Annual International Conference on Private Investment Funds
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March 1, 2019
New York City Bar Association’s Private Equity Structuring: The Basics
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March 11, 2018
19th Annual International Conference on Private Investment Funds
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March 7, 2018
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January 17, 2018
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February 10, 2017
New York City Bar Association’s Private Equity Structuring: The Basics
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December 1, 2015
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September 18, 2015
City Bar Center for CLE - Private Equity Structuring: The Basics
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April 9, 2015
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February 6, 2015
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December 3, 2014