North America - United States • Investment fund formation and management
Debevoise & Plimpton LLP
Debevoise & Plimpton LLP is well placed to act for a diversity of investment management businesses, ranging from newly established firms and boutiques to leading multi-strategy alternative asset firms and large financial institutions. The investment management group is made up of a fund formation practice and an investor side team that continues to be a popular choice on the structuring and expansion of businesses, regulatory and compliance matters as well as on fund related transactions. Rebecca Silberstein co-leads the team, and her key strengths lie in advising on the formation and ongoing administration of buyout funds, among others. Fellow co-head Lorna Bowen advises some of the firms’ landmark clients and their funds, including Global Atlantic Financial Group and KKR, and they are both based in New York. The deep bench also includes Andrew Ahern, who is based in both the New York and San Francisco offices and advises on secondaries transactions on both the sponsor and investor side, while New York based Jonathan Adler works on establishing private equity funds in the US and across Europe and Asia. Justin Storms and Jason Auerbach are further key names in New York, while Marc Ponchione and Sheena Paul bolster the Washington DC location, frequently acting for financial services companies on transactional and regulatory mandates. Among the recent team changes were the promotions of Joe Binder in San Francisco and Luke Eldridge in New York to partner in July 2023.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘Debevoise provides an exceptional, joined-up service offering. Their insight on market trends is impressive and market-leading across multiple practices and geographies.’
‘The team is sophisticated, incisive and innovative. I am particularly impressed with the full breadth of their service offering. The tax team is very knowledgeable on fund matters and provides invaluable insights on fund structure solutions.'
- 'Rebecca Silberstein is superb. Jon Adler is extremely astute and commercial. Andrew Ahern is very knowledgeable on venture capital fund formation and operational matters. He is technically astute, business oriented and a very effective operator. Joe Binder is brilliant. He is a very insightful and trusted counsel on venture capital fund formation matters. Luke Eldridge is a superb transactional lawyer.’
‘This group features a lot of women at all levels of seniority, which is a refreshing change. They have been a market leader in fund formation for decades and it seems know just about every structure and investor's demand. They offer negotiation positions that meets the investor's need while protecting the GP. Their tax team is also extraordinary and fundamental to putting fund structures together.’
‘On the corporate side, Lorna Bowen is exceptional.’
Key clients
- Ara Advisers
- Avanath Capital Management
- B Capital Group
- Bain Capital
- Blackstone Alternative Asset Management
- Breakthrough Properties
- The Carlyle Group
- Carmel Partners Group
- Clayton, Dubilier & Rice
- Crescent Capital Group
- EIG Global Energy Partners
- FS Investments
- Global Infrastructure Partners
- Goodwater Capital
- Gramercy Funds Management
- Grupo Romero Asset Management
- Hamilton Lane Advisors
- HarbourVest Partners
- Investcorp
- J. F. Lehman & Company
- J.P. Morgan
- Kelso & Company
- KKR & Co.
- KKR Credit Advisors
- Lightspeed Venture Partners
- Maycomb Outcomes
- Morgan Stanley
- Oak HC/FT
- Odyssey Investment Partners
- One Rock Capital Partners
- Paradigm
- Providence Equity Partners
- Prudential Financial
- PSG Equity
- Sequoia Capital
- Silver Lake
- Stone Point Capital
- SVB Financial Group
- Symbiotic Capital
- Tishman Speyer Properties
- Varagon Capital Partners
- Vinci Partners
- VWH Capital Management
- Citigroup (as limited partner of various funds)
- The Ford Foundation (as limited partner of various funds)
- Liberty Mutual Insurance (as limited partner of various funds)
- Lowy Family Group (as limited partner of various funds)
- The Nature Conservancy (as limited partner of various funds)
Work highlights
- Advised Clayton, Dubilier & Rice in the formation of Clayton, Dubilier & Rice Fund XII, an approximately $26 billion buyout fund, CD&R’s largest fund to date.
- Advised Crescent Capital Group in the formation of Crescent Credit Solutions, an $8 billion private credit solutions fund.
- Advised KKR in the formation of its KKR European Fund VI, an $8 billion fund focused on private equity investments primarily in the developed economies of Western Europe.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Leading lawyers
Debevoise & Plimpton LLP
Jonathan Adler is a corporate partner based in Debevoise's New York office and a member of the firm’s Investment Management Group. His practice focuses on advising sponsors of private investment funds, including buyout, growth capital, energy, infrastructure and credit funds. In addition to his work with U.S. and European funds, Mr. Adler has also advised clients in establishing private equity funds, offices and joint ventures in various emerging markets, including Africa, India and South America. Mr. Adler’s recent experience includes acting for clients such as The Carlyle Group, Carmel Partners, Clayton, Dubilier & Rice, Crescent Capital Group, Global Infrastructure Partners, JP Morgan, KKR, Prudential Capital Group, Trimaran Capital Partners and Vinci Partners. Mr. Adler is ranked as a leading lawyer for private equity funds by Chambers Global (2023) and Chambers USA (2023), where clients note that he is “a very smart practitioner who has a strong knowledge of the market” and he has “an incredible ability to synthesize complex information.” Sources have also said that “he cuts to the heart of a problem quickly and he’s quick thinker.” They have described him as “a supremely talented fund formation lawyer providing thoughtful and commercial advice; he is very creative.” Clients have also noted that he has a “fine combination of really good technical skills and a really good sense of the commercial and practical realities” and that he is “an extraordinary lawyer; he's very thoughtful and brings a commercial, get-things-resolved attitude.” He was named to Private Funds Management’s “30 Under 40”, which recognizes the top private equity funds lawyers under the age of 40. He was also named a Rising Star by Law360 (2017) and is recommended by IFLR1000 (2022). Mr. Adler joined the firm in 2005. He received a J.D. magna cum laude from New York University in 2005, where he was a member of the Order of the Coif, and a B.S. from Cornell University in 2002. Mr. Adler is admitted to the bar in New York.
Next Generation Partners
Debevoise & Plimpton LLP
Justin Storms is a corporate partner based in Debevoise's New York office and a member of the firm’s Investment Management Group. Mr. Storms represents clients in a wide range of activities in the private alternative investment space, including the organization of traditional private investment funds and co-investment structures, the establishment of bespoke separately managed accounts and platforms, the development of “house” governance and compensation structures, and select representations of institutional investors. Mr. Storms’ recent experience includes acting for clients such as Carlyle, HarbourVest Partners and KKR, among others. Recognized as a leading individual for private equity funds by Chambers Global (2023) and Chambers USA (2023), sources highlight Mr. Storms’ ability to provide “practical and insightful advice for challenging issues.” They say “he understands his clients’ needs and cuts through issues to find a solution.” He is also said to be “a thoughtful adviser,” “a resourceful and hands-on partner,” and “a sophisticated, savvy, commercial lawyer who works tirelessly to deliver high-quality work.” The guides have also described him as “detail-orientated,” “a premier negotiator,” “technically very strong,” “incredibly insightful” and as a “fount of knowledge in fund formation matters.” He receives further praise from clients for his “incredibly deep understanding of the issues at hand” and for being “an extremely commercial and practical lawyer” who is “able to come up with smart and creative solutions.” Mr. Storms joined the firm in 2019. He received his B.A. summa cum laude from The University of Texas in 2000 and a J.D. magna cum laude from New York University School of Law in 2003. He is admitted to practice in New York.
Practice head
The lawyer(s) leading their teams.
Rebecca Silberstein, Lorna Bowen