Investment Funds

Milbank’s Investment Funds practice advises fund sponsors and institutional investors across the full lifecycle of private investment vehicles, from initial structuring, formation, marketing and sponsor-level considerations through ongoing operations and end-of-life alternatives, including secondaries options.

Milbank represents clients across a broad range of fund types and structures — including private equity, credit, real estate, infrastructure and energy funds, funds-of-funds, hedge funds, co-investment and single-asset vehicles, separately managed accounts and funds-of-one — as well as institutional investors and family offices seeking tailored counsel across private fund or investment advisory strategies and structures.

• For sponsors, we advise on fund formation, structuring and marketing, sponsor compensation and governance arrangements, placement agreements, managed account and advisory agreements, GP-led continuation vehicles, and the full range of ongoing fund and adviser operational matters, together with applicable US securities laws, including the Investment Advisers Act of 1940, the Investment Company Act of 1940 and the Securities Act of 1933.
• For institutional investors, we advise both domestic and global clients on private fund commitments, co-investments and managed accounts, tax structuring, LP-side due diligence and negotiations, side letter terms and LP secondary market transactions across a broad range of funds.
• Family offices further benefit from our practice’s integration with Milbank’s leading Trusts, Estates & Exempt Organizations group.

Milbank’s broad platform offers private fund clients market-leading specialist depth in the asset classes and financial disciplines where alternative investment managers increasingly operate. The firm’s Global Project, Energy and Infrastructure Finance Group is a global leader, its structured credit and securitization capabilities are among the most sophisticated in the market, and its Real Estate, Banking and Leveraged Finance, Aviation and Financial Restructuring groups bring deep transactional knowledge that is directly relevant to how private funds specializing in those areas are structured, financed and managed.