Investment Management and Funds
Cravath serves as a trusted advisor and sophisticated business partner to participants across the global investment management and funds ecosystem as they navigate the most complex investment products, partnerships and transactions across all stages of the asset management life cycle. Our highly diversified practice, representing fund sponsors, institutions, investors and principals, provides our clients with the practical advice and creative problem-solving necessary to design and implement bespoke investment products.
The Investment Management and Funds practice at Cravath builds on our tradition of training and developing lawyers across our private equity and other corporate practice areas, resulting in a uniquely talented group of practitioners who are able to handle our clients’ most intricate and sensitive investment management and funds matters thoughtfully, holistically and practically.
We pursue meaningful, long-term client relationships founded on trust and consistency, to deliver comprehensive, individualized service of the highest quality. Our capabilities include:
Fund Formation
We are experienced advisors to a diverse range of first-time and established funds, investment vehicles and accounts, as well as their sponsors. We are not limited in strategy, industry, geography or structure, and remain nimble to address the commercial objectives of our funds clients in each situation.
Our fund formation capabilities include private equity funds, closed‑end funds, buyout funds, hedge funds, open‑end funds, credit funds (including senior loan, direct lending, opportunistic, dislocation, structured credit, CLO, distressed, mezzanine and other strategies), venture capital funds, digital assets funds, hybrid funds, funds‑of‑funds, separately managed accounts, real assets funds, infrastructure funds, co‑investment funds, continuation funds, secondaries funds, seed capital funds and staking funds.
Our full-service practice includes the structuring, organization and ongoing operations of investment advisers, general partners and management companies.
Investor Representation
All types of institutions, ranging from the most experienced serial investors to first-time capital allocators, rely on us to guide them efficiently as they navigate their fund investment decisions and determine the optimal path to build long-term, successful relationships with managers. Our investor clients come in many different forms, including asset management firms, insurance companies, state and local pension plans, sovereign wealth funds, funds-of-funds, banks, corporations, foundations, endowments, family offices and high net worth individuals.
Seeds, Stakes and Strategic Partnerships
We work collaboratively with fund sponsors, founders and value-add investors to create lasting strategic partnerships that take many forms, including seed deals, anchor LP investments, minority staking and GP stakes transactions, joint ventures and other strategic arrangements.
Emerging Managers
We help first-time and emerging managers navigate every aspect of building and operating an asset management business, including structuring, fundraising, developing internal governance structures and maintaining robust compliance programs, policies and procedures.
Upper-Tier Arrangements and Succession Planning
We are a highly trusted advisor to sponsors seeking to craft or restructure sensitive internal carried interest, compensation and other incentive arrangements among founders and principals. In addition, we help managers design and implement succession planning arrangements that promote business continuity, long-term enterprise value, alignment of incentives and sustained growth.
Investment Management M&A
Our diversified practice provides us with a unique perspective and skill set to tackle bespoke transactions involving investment managers and their products, including asset and team spin-offs, staking deals, acquisitions and dispositions, restructurings, carve-outs, liquidity events, secondaries, joint ventures and the creation of new business lines, among other complex business combinations and strategic transactions.
Regulatory, Compliance and Tax
Our breadth of experience across the investment management and funds industry and related verticals provides us with nuanced insight into the ever-evolving regulatory, compliance and tax landscape affecting asset managers, their products, their investments and investors. We provide proactive and practical guidance in accordance with industry-leading best practices informed by our experience with regulators. This includes work with investment adviser registration and compliance programs, Volcker Rule matters, as well as SEC examinations and enforcement matters.