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Practice Overview

Private Equity

Cravath advises private equity firms and their portfolio companies on all aspects of a fund’s life cycle. Our experience includes fund formation, mergers, acquisitions, dispositions, joint ventures and strategic investments, public and private equity and debt offerings, bank financing, tax planning and structuring, as well as general corporate matters. The Firm also represents companies in connection with private equity transactions. We believe the depth and breadth of our interdisciplinary team provides clients a tangible and significant advantage in capitalizing on market opportunities and strategically navigating this rapidly evolving sector.

Cravath’s global private equity practice draws upon the deep experience of the Firm’s premier mergers and acquisitions, banking and credit and capital markets practices. Clients further benefit from the Firm’s unparalleled expertise in antitrust, intellectual property, tax and regulatory enforcement and compliance matters. The combined knowledge and experience of our mergers and acquisitions partners, together with the exceptional expertise of the Firm’s finance partners, provide a significant advantage to our private equity clients, whose business transactions often traverse several of these areas.

Cravath is renowned for its top‑tier mergers and acquisitions practice, which advises on a broad array of U.S., cross‑border and international transactions, ranging from strategic and minority equity investments to large precedent‑setting combinations. Approximately 20% of our mergers and acquisitions representations involve private equity firms, independently or as part of a consortium, which enables us to provide unique insight into the perspective of a corporate target.

Our market‑leading finance practice devises efficient and business‑oriented financing structures to meet clients’ most important capital‑raising needs. While not every matter requires complex, multi‑currency, multi‑jurisdictional financings, our private equity clients benefit from our lawyers’ deep expertise with the latest market trends and innovative financing techniques. Over the years, we have represented various types of private equity clients, including traditional leveraged buy‑out funds, real estate funds and hedge funds, as well as new entrants in the private equity space.

Cravath has been at the forefront of legal innovation in the private equity sphere. The Firm successfully pioneered the process of creating publicly listed funds for the established U.S. private equity community. Cravath represented RHJ International, the successor to the private equity fund managed by Ripplewood Holdings in Japan, in its reorganization from a private equity fund into a public company and its US$904 million 144A/Reg. S global offering and listing on the Eurolist by Euronext Brussels. We also participated in two historically significant public offerings for U.S. private equity firms: KKR Private Equity Investors and AP Alternative Assets, affiliates of Kohlberg, Kravis, Roberts & Co. and Apollo Management, respectively. Today, Cravath continues to be an active player in this space, representing leading private equity firms, such as BDT Capital, Brookfield Asset Management, Eurazeo, Fortress Investment Group, Lindsay Goldberg, MSD Capital, Temasek and Westbrook Partners, among others.