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Corporate

Private Equity

Private Equity

Cravath’s global private equity practice advises private equity firms and their portfolio companies on all aspects of private equity investing. Our private equity clients encompass traditional leveraged buyout funds, real estate, credit and hedge funds, as well as new and non‑traditional participants in the private equity space, including pension plans, family offices, insurance companies and sovereign wealth funds. We also advise on transactions involving special purpose acquisition companies (SPACs) and private investments in public equity (PIPEs).

Cravath’s culture of training and developing our lawyers across our core corporate practice areas produces uniquely skilled practitioners who approach private equity transactions holistically and with a depth of knowledge across all aspects of private equity investing. We combine the knowledge and experience of our mergers and acquisitions partners, together with the exceptional expertise of our finance and investment management and funds partners, to provide a significant advantage to our private equity clients, whose transactions often traverse several of these areas.

Our renowned mergers and acquisitions practice 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. Our mergers and acquisitions representations often 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, multicurrency, multijurisdictional financings, our private equity clients benefit from our lawyers’ deep expertise with the latest market trends and innovative financing techniques.

Cravath has also 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. Clients further benefit from the Firm’s unparalleled expertise in antitrust, intellectual property, tax and regulatory enforcement and compliance matters.

Cravath is recognized as a leading firm for private equity by third‑party publications and has been named a Private Equity Practice Group of the Year by Law360.

Cravath’s culture of training and developing our lawyers across our core corporate practice areas produces uniquely skilled practitioners who approach private equity transactions holistically and with a depth of knowledge across all aspects of private equity investing. We combine the knowledge and experience of our mergers and acquisitions partners, together with the exceptional expertise of our finance and investment management and funds partners, to provide a significant advantage to our private equity clients, whose transactions often traverse several of these areas.

Our renowned mergers and acquisitions practice 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. Our mergers and acquisitions representations often 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, multicurrency, multijurisdictional financings, our private equity clients benefit from our lawyers’ deep expertise with the latest market trends and innovative financing techniques.

Cravath has also 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. Clients further benefit from the Firm’s unparalleled expertise in antitrust, intellectual property, tax and regulatory enforcement and compliance matters.

Cravath is recognized as a leading firm for private equity by third‑party publications and has been named a Private Equity Practice Group of the Year by Law360.

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

October 03, 2025

White Mountains’ $1.75 Billion Sale of Bamboo to CVC

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

Deals & Cases

September 30, 2025

Future Standard’s Acquisition of Post Road Group’s Digital Infrastructure Platform

On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

Deals & Cases

September 29, 2025

Artivion's Private Capital Credit Facilities

Cravath represented Artivion, Inc. in connection with $400 million of credit facilities obtained from Ares Management Credit funds. Artivion is a leader in the manufacturing, processing and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. The transaction closed on September 12, 2025.

Deals & Cases

September 22, 2025

Premier’s $2.6 Billion Acquisition by Patient Square

On September 22, 2025, Premier, Inc. (“Premier”), a leading technology‑driven health care improvement company, announced that it has entered into a definitive agreement to be acquired by an affiliate of Patient Square Capital (“Patient Square”) in a transaction valued at $2.6 billion. Under the terms of the agreement, which has been unanimously approved by Premier’s Board of Directors, Premier stockholders will receive $28.25 in cash per share. Cravath is representing the Transaction Committee of Premier’s Board of Directors in connection with the transaction.

Deals & Cases

August 28, 2025

TPG Operating Group II, L.P.’s Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of TPG Operating Group II, L.P. TPG Operating Group II, L.P. is a subsidiary of TPG Inc., a leading global alternative asset manager. The transaction closed on August 14, 2025.

Activities

October 06, 2025

Ben Joseloff Delivers Guest Lecture on CFIUS and U.S. Investment Security Policy at New York University School of Law

On September 30, 2025, Cravath partner Benjamin G. Joseloff delivered a guest lecture at New York University School of Law on the Committee on Foreign Investment in the United States (“CFIUS”) and U.S. investment security policy during a course entitled “Sovereign Finance, Capital Markets and Global Regulatory Challenges Seminar,” which provides a comprehensive overview of sovereign wealth funds, their role as long-term investors after the 2008 financial crisis and the intersection of sovereign finance with global politics and economic integration. The course also examines the growing influence of these funds in alternative investments and the legal, regulatory and geopolitical challenges that arise from their expanding presence in the global market.

Publications

September 29, 2025

Bloomberg Tax Publishes Tax Management Portfolio on U.S. Private Equity Fund Taxation by Chris Fargo, Arvind Ravichandran and Andrew Davis 

On September 15, 2025, Bloomberg Tax published “Private Equity Funds,” a Tax Management Portfolio by Cravath partners Christopher K. Fargo, Arvind Ravichandran and Andrew T. Davis that addresses material tax issues faced by private equity funds. The flagship treatise provides in‑depth, clear and commercial guidance on a variety of topics, including fund formation, private equity M&A, structuring of special investments and addressing the needs of special cases of investors, such as tax‑exempts, sovereign wealth funds and foreign investors.

Activities

September 19, 2025

Financial Times Recognizes Cravath with “Innovative Lawyers in Dealmaking” Award at Innovative Lawyer Europe Awards 2025

On September 18, 2025, the Financial Times recognized Cravath at the publication’s Innovative Lawyer Europe Awards 2025, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Dealmaking” category in recognition of the Firm’s representation of the lead arrangers and initial purchasers in the €1.9 billion financing supporting TDR Capital and I Squared Capital’s public-to-private acquisition of Applus+.

Activities

July 02, 2025

Financial News Names Korey Fevzi to its 2025 List of Fifty Most Influential Lawyers

On June 30, 2025, Cravath partner Korey Fevzi was named to Financial News’ “Fifty Most Influential Lawyers” list for 2025, which recognizes “senior lawyers in private practice in M&A, capital markets, financial regulation, and private markets across Europe, including the UK.” Honorees were selected through “extensive research,” considering candidates’ “influence in their respective fields, leadership within the sector, performance over the past year, and their potential to shape their businesses and/or the industry in the years ahead.”

Publications

May 13, 2025

Cravath Publishes Quarterly Review on Q1 2025 Trends in M&A, Activism and Corporate Governance

On May 12, 2025, Cravath published the latest edition of its Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

Deals & Cases

October 03, 2025

White Mountains’ $1.75 Billion Sale of Bamboo to CVC

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

Deals & Cases

September 30, 2025

Future Standard’s Acquisition of Post Road Group’s Digital Infrastructure Platform

On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

Deals & Cases

September 29, 2025

Artivion's Private Capital Credit Facilities

Cravath represented Artivion, Inc. in connection with $400 million of credit facilities obtained from Ares Management Credit funds. Artivion is a leader in the manufacturing, processing and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. The transaction closed on September 12, 2025.

Deals & Cases

September 22, 2025

Premier’s $2.6 Billion Acquisition by Patient Square

On September 22, 2025, Premier, Inc. (“Premier”), a leading technology‑driven health care improvement company, announced that it has entered into a definitive agreement to be acquired by an affiliate of Patient Square Capital (“Patient Square”) in a transaction valued at $2.6 billion. Under the terms of the agreement, which has been unanimously approved by Premier’s Board of Directors, Premier stockholders will receive $28.25 in cash per share. Cravath is representing the Transaction Committee of Premier’s Board of Directors in connection with the transaction.

Deals & Cases

August 28, 2025

TPG Operating Group II, L.P.’s Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of TPG Operating Group II, L.P. TPG Operating Group II, L.P. is a subsidiary of TPG Inc., a leading global alternative asset manager. The transaction closed on August 14, 2025.

Activities

October 06, 2025

Ben Joseloff Delivers Guest Lecture on CFIUS and U.S. Investment Security Policy at New York University School of Law

On September 30, 2025, Cravath partner Benjamin G. Joseloff delivered a guest lecture at New York University School of Law on the Committee on Foreign Investment in the United States (“CFIUS”) and U.S. investment security policy during a course entitled “Sovereign Finance, Capital Markets and Global Regulatory Challenges Seminar,” which provides a comprehensive overview of sovereign wealth funds, their role as long-term investors after the 2008 financial crisis and the intersection of sovereign finance with global politics and economic integration. The course also examines the growing influence of these funds in alternative investments and the legal, regulatory and geopolitical challenges that arise from their expanding presence in the global market.

Publications

September 29, 2025

Bloomberg Tax Publishes Tax Management Portfolio on U.S. Private Equity Fund Taxation by Chris Fargo, Arvind Ravichandran and Andrew Davis 

On September 15, 2025, Bloomberg Tax published “Private Equity Funds,” a Tax Management Portfolio by Cravath partners Christopher K. Fargo, Arvind Ravichandran and Andrew T. Davis that addresses material tax issues faced by private equity funds. The flagship treatise provides in‑depth, clear and commercial guidance on a variety of topics, including fund formation, private equity M&A, structuring of special investments and addressing the needs of special cases of investors, such as tax‑exempts, sovereign wealth funds and foreign investors.

Activities

September 19, 2025

Financial Times Recognizes Cravath with “Innovative Lawyers in Dealmaking” Award at Innovative Lawyer Europe Awards 2025

On September 18, 2025, the Financial Times recognized Cravath at the publication’s Innovative Lawyer Europe Awards 2025, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Dealmaking” category in recognition of the Firm’s representation of the lead arrangers and initial purchasers in the €1.9 billion financing supporting TDR Capital and I Squared Capital’s public-to-private acquisition of Applus+.

Activities

July 02, 2025

Financial News Names Korey Fevzi to its 2025 List of Fifty Most Influential Lawyers

On June 30, 2025, Cravath partner Korey Fevzi was named to Financial News’ “Fifty Most Influential Lawyers” list for 2025, which recognizes “senior lawyers in private practice in M&A, capital markets, financial regulation, and private markets across Europe, including the UK.” Honorees were selected through “extensive research,” considering candidates’ “influence in their respective fields, leadership within the sector, performance over the past year, and their potential to shape their businesses and/or the industry in the years ahead.”

Publications

May 13, 2025

Cravath Publishes Quarterly Review on Q1 2025 Trends in M&A, Activism and Corporate Governance

On May 12, 2025, Cravath published the latest edition of its Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

Key Contact

  • Peter Feist

    Partner

    pfeist@cravath.com

    +1-212-474-1250

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Cravath Bicentennial

Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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