Elizabeth (Liz) Dyer’s practice focuses on ERISA matters, and she is a member of the executive compensation, employee benefits, and ERISA practice.

Liz advises clients on ERISA matters relating to the offering and structuring of a wide variety of investment vehicles, including co-investments, private equity funds, fund of funds, real estate funds, opportunity funds, infrastructure funds, hedge funds, group trusts, bank collective trusts, and insurance company separate accounts.

Liz advises plan sponsors, trustees, investment managers, and other service providers with respect to ERISA compliance matters, including reporting obligations and the fiduciary and prohibited transaction rules. Liz also advises clients with respect to ERISA matters in structured finance transactions, including with respect to certificate and note offerings, as well as subscription and asset-backed facilities.

Liz joined the firm as a partner in 2022.

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Notable Experience

Notable Experience

  • Leading sponsors in the formation and operation of fund and co-investment vehicles.

  • A leading asset manager in the formation and operation of ERISA-governed fund vehicles.

  • Leading sponsors in the formation of onshore and offshore conduit funds to permit high net worth investors to invest in investment funds.

  • A large pension plan regarding various ERISA compliance matters and service provider agreements (including investment management agreements) and investment-related matters.

  • Issuers in connection with numerous note offerings and other structured finance transactions.

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Prior to joining Cleary, Liz’s Fund Formations experience included:

  • A leading manager in the formation of numerous private equity funds, credit funds, and co-investment vehicles, including its $17.8 billion flagship fund.

  • A leading manager in the formation of numerous private equity funds, credit funds, and co-investment vehicles, including its $12.5 billion opportunities fund, $1.2 billion direct lending fund, and $1.45 billion infrastructure fund.

  • A leading real estate manager in the formation of numerous funds, including its $1.5 billion flagship real estate fund.

  • A leading real estate manager in the formation of various funds and co-investment vehicles, including its $3.7 billion flagship real estate fund.

  • A leading UK manager in the formation of its €6.5 billion flagship global infrastructure fund.

  • A leading manager in the formation of numerous sustainability and energy funds including a $645 million global renewable energy fund and a $2.3 billion global energy fund.

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Prior to joining Cleary, Liz’s Fund Transactions experience included:

  • Sales by real estate, credit, and private equity managers of minority interests in their businesses.

  • A leading UK manager in connection with the transfer of its vintage fund’s remaining unlisted portfolio companies to a continuation vehicle in a €2.5 billion transaction.

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Prior to joining Cleary, Liz’s other transactions experience included:

  • A company’s offering of $1.4 billion of second lien senior secured notes.

  • A company’s offering of $500 million aggregate principal amount of 5.5% senior notes due 2028.

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Publications

Events