Liquidity Options for Private Equity Funds in the Current Market

Mr. Block is a partner in Willkie’s Asset Management Department. He is based in the Firm's New York office. Mr. Block focuses his practice on advising clients on complex GP-led and LP-led secondary transactions and other liquidity solutions, as well as traditional private equity fund formation. He regularly advises fund sponsors on the formation and operation of continuation funds, private equity funds, real estate funds, credit funds, distressed funds and seed capital funds. Mr. block has advised on fund raises ranging in size from under $100 million to over $30 billion and has advised clients in connection with the entire fundraise lifecycle, including end of term GP-led portfolio company restructurings. In addition, he has advised clients in GP-stakes transactions and seeding arrangements, including minority investments, seed capital transactions, and strategic partnership arrangements. Mr. Block has also advised institutional limited partners and family offices in connection with investments in the alternative investment space. He has been recognized by the Legal 500 for secondaries and other liquidation solutions focused transactions, as well as private equity fund formation.

Mr. Durschlag is a partner in the Corporate & Financial Services Department and a member of the firm’s Finance Department. He advises lenders, private equity sponsors, corporate borrowers and asset managers in a wide variety of domestic and cross-border transactions, including leveraged acquisition financings, debt restructurings, fund-level credit facilities and general working capital facilities. Working throughout the capital structure, Mr. Durschlag's practice also includes fund finance and investment-backed finance, such as capital call and NAV financings.

Mr. Farhadieh is a partner in the Asset Management Group. He has extensive experience in advising private fund managers on all aspects of the structuring and formation of a wide range of domestic and international investment funds, managed accounts, investment management arrangements, incentivization plans, management company arrangements, co-investment arrangements, and related regulatory compliance across a broad range of investment strategies, and geographic areas including U.S., Europe and Emerging Markets. Mr. Farhadieh routinely advises sponsors on a broad range of strategic transactions, including continuation funds, fund recapitalizations and restructurings, strip sales, GP-level preferred equity investments, NAV facilities, GP stake sales, joint ventures and spin-out transactions.

Mr. Greene is a partner in the Asset Management Group. He regularly advises domestic and foreign sponsors and investors of private investment funds in connection with formation, offering, investment and regulatory matters, with a particular focus on the representation of bank-affiliated sponsors and distributors of private equity, credit, infrastructure, real assets and secondaries funds. Mr. Greene is recognized in Chambers USA 2025 in the area of Private Equity: Fund Formation and has also recently been recognized as a Rising Star by both IFLR1000 and Super Lawyers.

Mr. Stone’s practice focuses on advising sponsors and lead investors in connection with complex business transactions in the private funds secondary market, including continuation fund transactions, portfolio sales, structured secondaries, stapled secondaries, preferred equity arrangements, fund recapitalizations, strip-sales, tender offers and other liquidity solutions. He also frequently advises sponsors on the formation of private investment funds, co-investment programs, strategic partnerships and separately managed accounts, covering all major alternative investment strategies, as well as firm-level arrangements, succession planning and regulatory matters. Mr. Stone has extensive experience advising investment firms and private equity sponsors on all aspects of their business including the formation, marketing and management of investment products, the launching of new business lines, GP stakes transactions and other strategic investments and transactions, as well as operational issues.