Whether you are an investor, an intermediary or a fund manager, at Travers Smith our private funds practice has a unique 360° perspective on your market and its challenges. Our team of experts is adept at advising on the full range of alternative investment fund structures for private equity, real estate, infrastructure and debt (including alternative credit) funds, and can implement innovative and commercial solutions tailored to your specific strategic requirements.
Fund formation and structuring
We advise our clients on all aspects of the structuring and formation of a new fund, including:
- considering suitable jurisdiction options for the fund
- determining the most appropriate structure that will best fit the investment strategy
- investor base and the requirements of the management team
- the regulatory authorisation process for managers or investment advisers
- focusing on the tax efficiency of the fund structure and appropriate carried interest and co-investment arrangements
- global marketing requirements
- ongoing operational requirements for the fund and the manager/adviser.
We understand that fundraising imposes different requirements on each client and what is required to successfully launch a fund. We seek to contribute to the fundraising process in a manner that allows the manager to focus on the most important aspect of the transaction – raising the capital from investors. Project management is a key strength and we will ensure the process is smooth, efficient and co-ordinated. We also understand the 'market' position on fund terms and side letter requests, taking both a data-driven approach (based on our extensive internal database of key fund terms) but also being prepared to analyse a situation on its own merits to determine what is appropriate for any given set of circumstances.
As we act for GPS and managers on the fundraising of new funds, we have extensive experience advising large institutional investors, such as pension funds, funds of funds and family offices, on their alternative investment programmes. We will carry out a due diligence exercise on the fund terms and negotiate on behalf of the investor, either to amend the fund documents or to put in place an appropriate side letter. Co-investment opportunities are increasingly important for investors and we regularly assist on co-investment structures and terms.
We have extensive experience advising on both buy-side and sell-side transactions, from single assets to large multi-jurisdiction portfolios. Where more complex liquidity events, reorganisations or fund raisings with secondary transaction elements require complementary advice, our market leading team is available to implement innovative strategies and structures.
Everyday matters post-launch
We have specialist strength beyond the formation of a new fund. We advise on executive co-investment and carry arrangements, acting for secondary funds and funds of funds, acting on secondary direct transactions and advising on direct co-investments for LPs. We position ourselves to be your trusted adviser, building long-term relationships, assisting with day-to-day issues, advising on large-scale projects as well as standing alongside you through crisis management.