Private Equity Fund Restructuring: Negotiating Terms, Avoiding Conflicts of Interest and Avoiding Regulatory Scrutiny

Mr. Belsley's practice involves structuring, negotiating and documenting complex business transactions, including strategic and leveraged acquisitions, recapitalizations and divestitures, formation and governance of private equity funds (including primary investments in and secondary market sales of private equity fund interests), venture capital investments, mezzanine debt financings, equity financings and corporate governance matters. He regularly represents buyers and sellers, as well as market intermediaries, in their secondary market activities. His secondary market experience includes traditional portfolio sales, structured secondaries, synthetic secondaries, captive fund spin-outs, stapled secondary offerings, fund recapitalizations and restructurings, follow-on funding secondaries and orphaned asset sales in a variety of asset classes, including the venture capital, leveraged buy-out, special situations and real estate sectors. He also frequently represents both private equity fund sponsors and investors in private equity fund formations, fund-level restructurings and governance matters.

Mr. Schlaphoff’s practice focuses on complex regulatory, compliance and structuring matters for sponsors of a wide range of investment vehicles, including both private funds and registered funds. Prior to joining Kirkland, Mr. Schlaphoff was most recently an attorney fellow in the Division of Investment Management at the U.S. Securities and Exchange Commission. At the SEC, Mr. Schlaphoff advised various SEC divisions and offices, including OCIE and Enforcement, on interpretive matters under the Advisers Act, as well as on market practice in the private equity and hedge fund industries. In addition, he contributed to a diverse range of policy and legal matters relating to investment advisers and investment vehicles subject to SEC regulation, including liquid alternative mutual funds, closed-end funds and ETFs.