Investment Funds

Latham & Watkins has one of the most active and highly regarded Investment Funds practices serving fund sponsors around the globe.

Why Latham

Latham regularly advises sponsors in the formation, structuring, and negotiation of a wide variety of private investment vehicles, as well as on the full spectrum of securities, tax, and regulatory issues typically associated with such transactions. These vehicles run the gamut from traditional “blind pool” private investment funds to single-investment special purpose co-investment vehicles and “pledge” or “club” funds. 

Key Practice Areas

The firm assists in the formation and ongoing operations of:

  • Debt funds (including mezzanine and distressed)
  • Emerging markets funds
  • Energy and infrastructure funds
  • Global/international funds
  • Leveraged buyout funds
  • Real estate funds
  • Venture capital funds
  • Other industry/sector funds

Latham’s Investment Funds Practice regularly represents a range of leading institutional investors (including large pension plans, sovereign wealth funds, funds of funds, university endowments, and charitable organizations) in connection with their investments in private funds. Some of the largest and most active strategic and financial dealmakers, as well as private equity sponsors and their portfolio companies, come to Latham for advice in connection with all aspects of investment, including:

  • Initial acquisition of portfolio companies
  • Satisfaction of ancillary regulatory requirements
  • Spin-outs
  • Strategic and tax-efficient deal structuring and financing
  • Structuring and execution of exit transactions

In connection with a fund's investment and acquisition activity, Latham typically provides ongoing general representation of both the fund and its portfolio companies in all aspects of their operations, including accessing the public and/or private financial markets.  

As part of the firm’s comprehensive representation of fund sponsors, Latham's lawyers advise clients on maintaining compliance with the increasingly complex regulatory regimes that apply to unregistered and registered investment funds, and financial services firms in multiple jurisdictions. Latham also assists clients with a variety of regulatory and compliance needs, including:

  • Ongoing operations and compliance for registered investment advisers and exempt reporting advisers
  • Representing both regulated persons and exempt persons under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 
  • Registration of investment advisers
  • US Securities and Exchange Commission (SEC) examinations and inspections

Awards & Rankings

  • Three New York Partners Named Notable Women in Law by Crain’s - December 17, 2019
  • Five Partners Receive 2019 MVP Honors - November 11, 2019
  • Partners Honored Among Chicago's Notable Minority Lawyers - November 18, 2018
  • Hong Kong Partner Selected for Prestigious Private Equity “Thirty Under 40” List - October 24, 2017
  • “Influential Women” Report Features Two San Diego Partners - February 27, 2017

Latham “routinely acts for leading fund managers and global private equity houses” and “offers in-depth expertise in all aspects of formation and structuring.” Latham “also advises on administration and regulatory issues, with clients benefiting from the team’s considerable in-house exposure."

Chambers Global 2020

Media Coverage

The Co-Investment Continuum: Direct and Indirect Structures that Empower LPsThe Co-Investment Continuum: Structures That Give GPs More Control and Discretion Fund Formation MVP: Andrea J. Schwartzman


Firm Advises ECP on US$1.2 Billion Continuation Fund for Renewables Platform Terra-Gen Firm Advises Vacasa, a Portfolio Company of Silver Lake and Other Investors, in its Acquisition of Turnkey Vacation RentalsLatham & Watkins Advises Initial Purchasers in Citadel Finance LLC’s US$600 Million Senior Notes Offering

Thought Leadership

Department of Labor: Plan Fiduciaries Can Include Private Equity Investment Options for Defined Contribution Retirement Plans SEC Proposal: Will You Still Be a 13F Filer?CONSOB Extends Reporting Requirements of Relevant Shareholdings in Certain Italian-listed Issuers

Webcasts & Podcasts

Starting a Private Equity Fund