Private Equity

  • February 08, 2024

    Fund Formation Group Of The Year: Kirkland & Ellis

    Kirkland & Ellis LLP has lent its expertise to clients on the formation of some of the largest and most complex capital funds ever, earning the firm recognition as one of Law360's 2023 Fund Formation Groups of the Year.

  • February 08, 2024

    Paul Hastings, Covington Guide Kyverna's Upsized $319M IPO

    Cell therapy firm Kyverna Therapeutics Inc. soared 36% in debut trading Thursday after completing an upsized $319 million initial public offering above its price range, guided by Paul Hastings LLP and underwriters counsel Covington & Burling LLP, marking the latest life sciences company to go public.

  • February 08, 2024

    4 Firms Construct Cybersecurity Merger Creating $7B Biz

    Artificial intelligence-powered data security and management company Cohesity announced plans Thursday to merge with cybersecurity company Veritas' data protection business to create a combined company valued at $7 billion in a deal built by four firms.

  • February 08, 2024

    McDermott Hires Venable's Growth Companies Leader In DC

    McDermott Will & Emery LLP has hired the former head of Venable LLP's growth companies practice as a partner in its transactions practice group.

  • February 07, 2024

    Skadden, Wilson Sonsini Steer Disney's $1.5B Epic Investment

    The Walt Disney Co., represented by Skadden Arps Slate Meagher & Flom LLP, and Epic Games, guided by Wilson Sonsini Goodrich & Rosati PC, announced Wednesday that they will collaborate on an "all-new games and entertainment universe," with Disney investing $1.5 billion to acquire an equity stake in the "Fortnite" maker.

  • February 07, 2024

    Athens Airport's $845M IPO Takes Flight, Steered By 8 Firms

    Shares of Athens International Airport SA rose in debut trading Wednesday following an $845 million initial public offering that priced at the top of its range, a landmark IPO for the Greek government that was guided by eight law firms.

  • February 07, 2024

    Matterport Stockholders Say Officials Wrongly Cashed $225M

    Shareholders of 3D model maker Matterport Inc. accused top company officials in Delaware Chancery Court of self-dealing by paying themselves performance rewards following a 2021 merger, even though the company hadn't met benchmarks to allow them to cash out $225 million in shares.

  • February 07, 2024

    Aera Energy Valued At $2.1B In California Resources Merger

    California Resources Corp. on Wednesday agreed to buy oil and gas producer company Aera Energy at a $2.1 billion valuation, in a deal the companies say will create California's top oil and gas producer, led by Sullivan & Cromwell LLP and Latham & Watkins LLP, respectively.

  • February 07, 2024

    With PE Exits Set To Surge, Buyers Must Act Quickly, Wisely

    Private equity exits are expected to rebound this year after a decade low in 2023, as investment time horizons expire and investors demand returns, but strategic buyers will need to act quickly and keep a finger on the market's pulse as competition heats up.

  • February 07, 2024

    4 Private Equity Firms Wrap Funds Totaling $1.45B

    Four private equity funds announced Wednesday that they have held final closings for investment vehicles that in total raised around $1.45 billion, the largest of which was a $900 million debut fund from Latham & Watkins LLP-led Coalesce Capital.

  • February 07, 2024

    REIT Raises $672M IPO At Low End While Insurer Pulls Plans

    Senior housing real estate investment trust American Healthcare REIT Inc. rose in debut trading Wednesday after pricing a $672 million initial public offering at the bottom of its range, while insurer The Fortegra Group Inc. canceled its offering given market conditions, revealing mixed signals about the nascent IPO recovery.

  • February 07, 2024

    Fund Formation Group Of The Year: Fried Frank

    Fried Frank Harris Shriver & Jacobson LLP attorneys counseled on the formation of multibillion-dollar funds, including five totaling $37 billion for Goldman Sachs, a €16.7 billion ($18 billion) fund for Permira and a $17 billion fund for Brookfield Asset Management, landing the firm among Law360's 2023 Fund Formation Groups of the Year.

  • February 06, 2024

    2nd Circ. Won't Nix Award In Telecom Shareholder Fight

    The Second Circuit affirmed an arbitration award ordering the sale of a Latin American telecommunications tower after telling the contesting shareholders during oral argument it sounded like they had "buyer's remorse" about choosing arbitration.

  • February 06, 2024

    Real Estate Rumors: Valley National, Carlyle, Peachtree

    Valley National Bank is said to have loaned $21.3 million for a self-storage project in Florida, a Carlyle Group venture has reportedly paid $265 million for a Manhattan luxury rental tower and Peachtree Group has reportedly loaned $34.5 million for a student housing complex in Florida.

  • February 06, 2024

    McDermott-Led 3 Boomerang Nabs $375M For Debut Fund

    Healthcare-focused private equity firm 3 Boomerang said Tuesday that it had wrapped fundraising for its inaugural investment vehicle, 3 Boomerang Capital I LP, with over $375 million in capital commitments, led by McDermott Will & Emery LLP.

  • February 06, 2024

    Davis Malm Guides Clean Harbors On $400M Hepaco Buy

    Davis Malm & D'Agostine PC-advised Clean Harbors Inc. said Tuesday it has struck an agreement with private equity firm Gryphon Investors to acquire its majority-owned portfolio company Hepaco, a provider of environmental and emergency response services, for $400 million in cash.

  • February 06, 2024

    SEC Expands Dealer Rule To Proprietary Traders, Private Funds

    A divided U.S. Securities and Exchange Commission passed a pair of rules Tuesday that now include proprietary trading firms and some hedge funds in its definition of securities dealers, expanding the agency's oversight authority that one dissenting commissioner called "another salvo in the commission's war on private funds."

  • February 06, 2024

    AI Operating System Built For Healthcare Lands $70M

    San Francisco-based Ambience Healthcare, a generative AI technology startup targeting the medical world, has raised $70 million in Series B funding, the company announced Tuesday.

  • February 06, 2024

    SAS Gets Clearance For Ch. 11 Plan Vote

    A New York bankruptcy judge on Tuesday congratulated SAS, the Stockholm-based owner of Scandinavian Airlines, for avoiding turbulence in its Chapter 11 case and granted the debtor permission at a hearing to send its reorganization plan out for a creditor vote.

  • February 06, 2024

    Cybersecurity Biz To Go Private Following $350M Merger

    External cybersecurity provider ZeroFox Holdings Inc., advised by Venable LLP, will no longer be a public company following its all-cash $350 million acquisition by private equity firm Haveli Investments, led by Ropes & Gray LLP, according to a Tuesday statement.

  • February 06, 2024

    Fund Formation Group Of The Year: Debevoise

    Debevoise & Plimpton LLP worked with Clayton Dubilier & Rice LLC on its largest-ever fundraise and advised KKR & Co. Inc. in the formation of its $8 billion European fund, among other achievements, earning the firm a spot among Law360's 2023 Fund Formation Groups of the Year.

  • February 06, 2024

    Blackwells Starts Disney Proxy Fight, Blasts Fellow Activist

    Activist investor Blackwells Capital officially launched its proxy fight with Disney on Tuesday, urging the entertainment behemoth's shareholders to vote for its three board nominees and opposing the two offered up by fellow activist Trian Fund Management.

  • February 06, 2024

    Kirkland-Led Trinity Hunt Partners Raises $700M For 7th Fund

    Growth-oriented private equity shop Trinity Hunt Partners, advised by Kirkland & Ellis LLP, on Tuesday announced that it closed its seventh fund at its hard cap of $700 million, which will be used to invest in and build small-cap companies.

  • February 05, 2024

    5th Circ. Casts Doubt On SEC's New Private Fund Rules

    The Fifth Circuit on Monday questioned the U.S. Securities and Exchange Commission's authority to pass recent regulations governing private fund advisers that have drawn sharp criticism from the industry, although one judge suggested the court could stop short of nixing the rules in their entirety.

  • February 05, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's chancellor gave us 55 billion reasons to keep an eye on the First State in a case involving Tesla CEO Elon Musk's pay package, while the court of equity also took on cryptocurrency, artificial intelligence, space flight and country music.

Expert Analysis

  • How 'As Such' Changes LPs' Self-Employment Tax Exposure

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    In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.

  • The SEC's Cooled Down But Still Spicy Private Fund Rules

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    Timothy Spangler and Lindsay Trapp at Dechert consider recently finalized U.S. Securities and Exchange Commission rules, which significantly alter the scope of obligations private fund advisers must meet under the Investment Advisers Act, noting the absence of several contentious proposals and litigation that could result in implementation delays.

  • Breaking Down High Court's New Code Of Conduct

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    The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.

  • Opinion

    Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • Opinion

    Activist Short-Sellers Are The Dark Knights Of Wall Street

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    While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • A Breakdown Of The OCC's New Venture Lending Pointers

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    In light of the Office of the Comptroller of the Currency's recent bulletin outlining venture lending risks for banks, Matt Schwartz and Jeffrey Hare at DLA Piper highlight key considerations for both lenders and venture-backed companies seeking or maintaining loans from OCC-regulated national banks and federal thrifts.

  • Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23

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    Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combating cryptocurrency-related scams and enforcing recordkeeping compliance.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • Series

    ESG Around The World: Mexico

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    ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • SEC Whistleblower Action Spotlights Risks For Private Cos.

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    The U.S. Securities and Exchange Commission’s recent whistleblower action against Monolith Resources holds important implications for private companies, who could face unprecedented regulatory scrutiny amid the agency's efforts to beef up environmental, social and governance reporting and enforcement, say attorneys at Wiley.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

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