Private Investment Funds & Institutional Investors

Sullivan’s Private Investment Funds & Institutional Investors Group focuses on the needs of private investment fund sponsors and investors at every stage: formation, operation and liquidation. Our attorneys collaborate with other attorneys with deep experience in investment transactions for our fund clients.

Our attorneys have formed funds ranging in size from several million dollars to several billion dollars with a variety of fundraising strategies and investment focuses. Our representation of fund sponsors includes structuring to meet client investment strategies and goals and helping to navigate the complex domestic and cross-border regulatory and tax issues involved in fund formation and operation relevant to U.S. and non-U.S. investors. We understand that sponsors need efficient fund structures that adapt to a variety of investments, as well as the importance of maintaining long-term relationships with fund investors.

Representative Client Work

 Recent Sponsor Representations

• Negotiated structuring of an investment advisory relationship (with approximately $389 million of transactions closed to date) focused on U.S. commercial and residential real estate acquisitions between an Irish bank and a domestic advisor and represented this fund in all of its significant U.S. commercial real estate acquisitions
• Formed a $200+ million Boston real estate fund and represented partnership in more than 15 U.S. acquisitions
• Structured four private timber REITs, a timber fund and a commercial farmland fund for a combined equity capital raise of approximately $2 billion
• Representing a bio-pharma early-stage venture fund in its formation
• Represented a global institutional investor in a joint venture involving an investment of $100 million to develop and manage an agricultural project in Australia

Recent Investor Representations

• Negotiated commitments by multiple investors (government and private pension funds, non-U.S. persons, fund of funds, foundation) in a multi-billion dollar growth equity and mezzanine fund
• Advised on more than 90 investments in venture, private equity, and debt funds during past three years, aggregating in excess of $2.5 billion in commitments
• Liquidated exchange fund through liquidating trust

Recent Investor Representations—Secondary Transactions

• Represented an offshore secondary fund buyer of a portfolio of over 100 interests
• Represented a joint venture in the negotiation of a joint venture agreement with another secondary fund for the acquisition of 40 limited partnership interests; negotiation of related credit agreement and assignment agreements for all transfers
• Representation of a buyer of a portfolio of 15 limited partnership interests from an educational institution
• Representation of a buyer of a portfolio of 24 limited partnership interests from an offshore trust
• Representation of three offshore fund of funds (Cayman Islands and Luxembourg) in the purchase of a single commitment from a defaulting investor involved in bankruptcy proceedings
• Acted as lead counsel for a financial services group in over $1 billion of joint ventures with offshore investors to acquire commercial office properties in the United States through a series of private REITs