Private Funds

Whether we’re working with you on creating liquid or less liquid investment products, Alston & Bird’s attorneys apply the same principles: Using critical insights we’ve developed over decades representing both institutional and entrepreneurial fund managers, we approach your needs—no matter if you’re structuring and forming a fund, raising capital, or seeking regulatory or operational support—with an eye peeled for current market practices, emerging trends, and pragmatic innovation. 

This approach allows us to comb through the complexities of fund documents, identifying critical legal issues and delivering solutions that align with the priorities of both sponsors and investors. It’s bolstered by our in-house teams with extensive experience in corporate, tax, ERISA, private equity, private credit, structured finance, venture, futures, derivatives, digital asses, real estate, and other types of financial services, along with our attorneys in white collar defense, government investigations, data privacy, and cybersecurity. It crosses all industries, and it’s asset-class agnostic, with solutions adjusted for both institutional and retail investors. We have worked with funds that invest in life settlements, mortgage servicing rights, data centers, collectible automobiles, and music rights to name just a few examples of the variety of alternative investment strategies employed by funds we have structured.

If your goals require a liquid investment structure, we’ll work with you to identify such options as hedge funds, commodity pools, and credit strategies tailored to periodic liquidity. If you’re able to tolerate a less liquid, long-term vehicle, we can help you form and manage private equity, venture capital, or real estate funds. And we can enhance the structural flexibility of your investment by helping you explore the secondaries marketplace. Our wealth of experience in the ’40 Act allows us to also work with fund managers that employ an alternative investment strategy but are interested in more public and retail distribution options.

• Establishing a privately offered feeder fund that was designed to invest in a business development company registered under the Investment Company Act of 1940.
• Establishing privately offered feeder funds that invest in prominent single-manager private equity funds.
• Advising investment adviser clients with respect to commodity trading advisers and commodity pool operator registration in connection with structuring "commodity mutual funds," which are registered investment companies that invest in futures.
• Structuring of an electronic marketplace that lists alternative investment funds and connects them with qualified investors.
• Structuring of a multiseries partnership composed of at least 10 different funds for a family office.
• Representation of a fund manager selling an interest to a publicly offered fund.
• Counsel to the managed futures group of a major investment bank in connection with the formation of multi-tiered commodity pools.
• Represent a commodity pool operator in connection with the public offering of interests in a commodity pool.
• Counsel to the asset management group of a major investment bank in connection with the formation of a global, macro, master-feeder fund.