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Private Investment Funds

Contact

Semma G. Arzapalo
Partner, Los Angeles
T: +1.213.488.7340
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Areas of Focus

Pillsbury’s Investment Funds practice advises clients with aggregate assets under management (AUM) exceeding $1 trillion. As one of the industry’s most experienced private funds law practices, we deliver strategic, cross-disciplinary counsel to fund sponsors, institutional investors, asset managers, hedge funds and broker-dealers across the full private capital spectrum, including private equity, venture capital, real estate, infrastructure, credit and hybrid strategies.

What sets Pillsbury apart is our dual perspective. We represent both fund sponsors and investors, giving us insight into market dynamics and negotiation points across the global private capital ecosystem. Our integrated regulatory, tax and compliance capabilities, combined with a presence in key financial hubs including San Francisco, New York, London and Tokyo, ensure seamless, business-savvy support wherever opportunities arise.

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  • Fund Formation & Structuring
    • Advising sponsors and managers on private equity, venture capital, hedge, real estate, credit and hybrid funds, including governance, economics and tax-efficient vehicles for private equity, credit and derivatives-linked investment strategies.
  • Investor Representation
    • Counseling public pension funds, sovereign wealth funds, insurers and family offices on commitments, co-investments, funds-of-one and bespoke managed accounts.
  • Secondaries & Co-Investments
    • Guiding GPs, LPs and asset managers through portfolio acquisitions, continuation funds, restructurings and direct secondaries.
  • Strategic Advisory & Growth
    • Supporting GP stakes, spinouts, anchor investor negotiations, succession planning and novel investment platforms. We also advise fintech and quantitative asset managers on technology-enabled strategies, AI-based compliance models and governance frameworks.
  • Regulatory & Compliance
    • Navigating SEC, CFTC, ERISA, FCA, AIFMD and global regimes, including compliance with derivatives, commodities and trading regulations. We assist advisers and broker-dealers with registration, compliance policies, cross-border fundraising and examinations. Our team regularly represents clients before regulatory bodies in inquiries and proceedings.

Representative Experience

Fund Formation & Structuring

  • Represented family office in its transformation into an institutional investment adviser, closing a $250 million inaugural venture fund.
  • Guided launch of impact-focused funds, including one of the largest BIPOC-led vehicles with commitments exceeding $170 million.
  • Serve as outside counsel to a leading Asia-based financial institution on fund investment matters, including investment in venture capital funds and advice on SAFE conversions for investments into emerging companies.

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  • Fund Formation & Structuring (cont’d)
    • Advise global innovation-focused investment platform on the formation of multiple VC-funds, fund of funds, and CVCs of $2 billion AUM, as well as on investment advisor registration.
    • Formation and closing $100+ million VC fund, focusing on early-stage AI and technology investments in Japan.
    • Advise early-stage technology-focused venture capital firm on formation of multiple VC-funds and SPVs with $300 million AUM.
  • Investor Representation
    • Counseled CalPERS in its commitments across private equity, real estate and credit funds, often exceeding $1 billion.
    • Negotiated bespoke funds-of-one and SMAs for sovereign wealth funds and global institutional investors.
    • Structured co-investment arrangements for public pension funds and family offices across infrastructure and opportunistic credit strategies.
  • Secondaries & Co-Investments
    • Advised CalPERS in its historic $6 billion secondary sale, the largest in private equity to date.
    • Represented a large financial services corporation in rolling up equity interests in low-income housing tax credit properties into a multibillion-dollar master equity fund.
    • Structured GP-led continuation funds across AI, climate, healthcare, blockchain and real assets portfolios.
  • Regulatory & Compliance
    • Counseled automated (robo) advisers and fintech platforms on structuring and compliance with the Investment Advisers Act, Investment Company Act, Securities Act, Exchange Actand ERISA.
    • Represented asset managers in SEC and CFTC compliance examinations, preparing policies on marketing, recordkeeping, cybersecurity and off-channel communications.
    • Advised broker-dealers on SEC and FINRA membership, registration requirements and cross-border business.

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