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  Laurel FitzPatrick , Practice Group Leader
Columbia Law School, 1990
800-951-4888 x87-3610
laurel.fitzpatrick@ropesgray.com

How big is our practice group?
Over 80 attorneys spend all or a substantial portion of their time working on hedge fund matters.

What do we do?
We represent hedge funds and their investment advisors. We help these clients comply with the complex federal and state regulations that govern their operations. The types of projects we are involved in include drafting offering documents needed to offer these investments privately to qualified investors, advising clients with respect to rules and restrictions pertaining to securities transactions, negotiating derivatives and other agreements, and organizing new hedge fund advisors.


Charles Humphreville (Georgetown University Law Center '07) helps clients implement their derivatives trading strategies. For Charlie's description of his work for private funds, click here.
brianna Brianna Cox (The George Washington University Law School '07) assists clients with launching new hedge funds as well as operating long-standing funds.  She helps advise on all aspects of hedge fund operation, including setting up management structures and negotiating third party agreements.  For Brianna’s description of her work, click here
aras Chetan Aras (University of Chicago ’09) works on transactions for hedge funds involving the purchase or sale of assets or entire companies.  For Chetan’s description of his work and what he finds most interesting about it, click here
cross Nicole Cross (NYU School of Law ’09) works on hedge fund and derivative matters, drafting and amending agreements so that clients can enter into derivatives transactions. For Nicole’s description of her work, click here.
cheng Shirley Cheng Hambelton (St. John’s University School of Law ’09) works on fund formations, restructurings and ongoing compliance issues for hedge funds.  For Shirley’s description of her work and what she finds most rewarding about working at Ropes & Gray, click here.

 

What have we done lately?
  • We represented The Blackstone Group's Strategic Alliance Fund, LP and Strategic Alliance Offshore Fund, Ltd. in their seed investment in multiple hedge funds and their acquisition of profits interests in the funds (similar to management fees and allocations paid to the fund manager). We also formed Strategic Alliance Fund LP II and Strategic Alliance Offshore Fund Ltd. II, domestic and offshore funds with a hybrid private equity and hedge fund model whose purpose is to make seed investments with new hedge fund managers and share in the profits interests generated by those funds. Blackstone is a publicly traded company with approximately $96.3 billion of AUM. To read more about the associate who worked on this transaction click here.

  • We represented Grantham, Mayo, Van Otterloo & Co., LLC (“GMO”) in connection with the formation of a hedge fund that invests in obligations of issuers experiencing (or expected to experience) financial stress.  We also advise GMO generally with respect to the ongoing offering and operation of its approximately 25 hedge funds, which include U.S. and non-U.S. equity, fixed income, currency and asset allocation funds.  GMO is a preeminent investment advisory firm with more than $94 billion under management. To read more about the associate who worked on this transaction click here.

  • We represented Commonfund Asset Management in connection with the organization and offering of a number of private funds of hedge funds. Commonfund Asset Management is a Connecticut-based investment adviser with approximately $25 billion of AUM that offers nonprofit institutional investors a range of investment funds that use a multi-strategy, multi-manager approach. We also advised Commonfund on issues associated with the expansion of their services to new client segments, including benefit plan investors and non-U.S. investors.

  • We represented Stockbridge Partners LLC, an affiliate of Berkshire Partners LLC, in connection with the establishment and operations of Stockbridge Fund, L.P., a hedge fund applying the investment philosophy developed by Berkshire Partners in its private equity investing to investments in marketable securities.  The fund features economic terms intended to satisfy investors' demand for a compensation scheme that, compared to traditional hedge fund terms, better aligns manager compensation with the long-term performance of the fund.  We also advised Stockbridge on the establishment of several customized fund and separate account arrangements for leading institutional investors.  Berkshire Partners is a Boston-based private equity investment firm with more than $5 billion of AUM.

  • Since early-2010, we have served as lead counsel to PIMCO in connection with the formation of numerous hedge funds, including a series of tail risk funds and several overlay strategy programs, and related documentation for comparable separate account products. In addition we are working with PIMCO on alternative fund structures, including a bank trust fund product. We also regularly advise PIMCO on questions relating to their hedge funds' ongoing operations and administration and their separate account business.  PIMCO is a global investment management firm with over $1 trillion of AUM. To read more about the associate who worked on this transaction click here.

When do we meet?
We meet for lunch every other month.