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

  • Blackstone Multi-Asset Investing (BXMA) in the formation of numerous separately managed accounts and comingled vehicles.

  • 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.

  • 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.

  • 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.

  • A prominent activist-oriented investor in fund formation matters.

  • Silver Point Capital in a range of fund formation matters.

  • Polychain in a range of fund matters.

  • Hillhouse in fund formation matters.

See More

BDCs, Evergreen, and Permanent Capital Funds

  • 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.

  • TCW Direct Lending, a private BDC, in a landmark split-off transaction, exchange offer, and exemptive relief application under the Investment Company Act.

  • Anchor investors in connection with cornerstone investments in range of BDCs, including those sponsored by Oak Hill Advisors, Apollo, MidCap Financial, and MSD Capital.

  • 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.

  • Sixth Street in connection with the formation and operation of an evergreen fund complex.

  • Blackstone in the formation of Blackstone Horizon Fund, a “hybrid” comingled evergreen vehicle focused on public and private equity investments.

  • The lead sponsor in the formation of Breakthrough Energy Ventures, a long-dated fund focused on energy initiatives.

See More

Fund Disputes and Controversies

  • 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.

  • A prominent sponsor in the negotiation of arrangements with its seed investors through an independent Delaware special committee process.

  • A family office in connection with the removal and replacement of a manager following allegations of misconduct.

  • The limited partner advisory committee of an Africa-focused health care fund in connection with the retention of successor manager.

See More

Joint Ventures, Strategic Transactions, and Internal Arrangements

  • Fund matters in connection with TPG’s agreement to acquire Angelo Gordon in a transaction valued at approximately $2.7 billion.

  • 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.

  • 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.

  • Sixth Street in the establishment of an infrastructure platform.

  • TPG Angelo Gordon in the establishment of an investment warehousing program to facilitate the launch of a new product.

  • Polychain in its arrangements with seed investors.

  • 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.

See More

Select Investor Representation

  • Starbucks Corporation in its cornerstone investment and strategic partnership with Valor Equity Partners.

  • Google in its investment in a COVID-19 relief-focused fund sponsored by Kiva.

  • Global Foundries in its venture capital fund investments.

  • Cascade Asset Management Company in its investments in numerous funds.

  • Prominent Silicon Valley and New York family offices in customized fund arrangements.

See More

Selected Activities

trigger
  • Guest Lecturer, Harvard Law School
  • Member, Private Investment Funds Committee, New York City Bar Association, 2018-2020

Publications

Events