Category: Analysis | Page 4 of 130

‘The industry has changed massively. When we started, we were working with single product mid-cap PE shops, and these have now developed into mega solo funds, handling tens of billions of dollars. We’re now working with listed clients and multi-product funds that not only have a PE business, but a credit and an infrastructure business,’ says Kirkland & Ellis London private equity partner David Higgins, on the huge changes in the private capital market.

As single strategy private equity funds have morphed into huge multi-asset private capital firms and alternative asset managers over the last 10-15 years, the role of the lawyers working with them has also changed beyond recognition. Continue reading “Elite: The rise of the in-house lawyer in private capital”

‘No-one should be under any illusion that the hours are fewer, or the work less demanding. You don’t have the luxury of working on just one thing; you’re juggling multiple deals, multiple fund formations and perhaps litigation,’ says Carlyle partner, chief risk officer, head of EMEA and global general counsel (GC) for Investments Heather Mitchell of the reality of succeeding in the notoriously tough, deal-driven world of private capital.

If anyone should know about juggling, it’s Mitchell, who currently holds not just one role at the $425bn AUM organisation but three – splitting her time between global GC and chief risk officer for the investment business, as well as overall head of Carlyle EMEA. Continue reading “‘I’ve called firms and asked why someone isn’t a partner yet’ – the female GCs shaking up PE”

What does it take to run the legal team in one of the most profitable deal shops in the world? After months of discussions with private equity and leveraged finance partners at the leading law firms in London as well as a host of in-house lawyers, Legal Business has come up with the definitive list of the top London-based private equity GCs, with 24 making the grade.

Continue reading “The Private Equity Elite: the top general counsel in PE”

Susanna Berger – Managing director, general counsel for Europe, KKR & Co

Year of qualification: 2002
University of Chicago Law School, 1997-98
Simpson Thacher & Bartlett, 2000-06
Avenue Capital Management, 2006-08
Gibson, Dunn & Crutcher, 2008
KKR & Co, 2009-present

I joined KKR 15 years ago. At that point the team consisted of about 40 people focused purely on private equity. Fast forward and there’s been a huge shift – today we are an alternative asset manager; we cover multiple asset classes including infrastructure, real estate and credit. Continue reading “‘Private capital is a super creative industry’ – KKR Europe GC Susanna Berger”

Jeremy Dennison – General counsel, Livingbridge

Year of qualification: 2009
Travers Smith, 2007-12
Goodwin Procter, 2012-14
MUSTO, 2014-15
Travers Smith, 2015-18
Livingbridge, 2018-present

Why did you want to become a private equity lawyer?

My first exposure to private equity was during my training contract at Travers Smith, which has one of the leading mid-market private equity practices in the City. I was working with an amazing team of lawyers and loved the buzz of the deal and the elegance of the PE model. I knew early on that this was the area of law I wanted to focus on. Continue reading “‘Creating value and preventing value destruction are two sides of the same coin’ – Livingbridge GC Jeremy Dennison”

Rachel Thompson – Partner and group general counsel, Bridgepoint

Year of qualification: 2007
Clifford Chance, 2005-09
Bridgepoint, 2010-present

It was never really a conscious decision to go in-house; I came on secondment from Clifford Chance two years after qualification, when Bridgepoint had just hired [former Travers Smith private equity head] Charlie Barter as its first GC. It was right back at the start of PE houses getting more sophisticated in terms of their in-house legal functions. Continue reading “‘My time on non-legal is the same as my time on legal’ – Bridgepoint GC Rachel Thompson”

Melanie Sanchez – Global general counsel, investments, Ontario Teachers’ Pension Plan

Clayton Utz, 2005-06
Blake, Cassels & Graydon, 2006-14
Ontario Teachers’ Pension Plan, 2014-present

I ended up working on private equity deals not by design, but rather by chance. I started out my career in Australia as a financing lawyer and when I moved to Canada I transitioned to general corporate work. Over time my practice evolved to support primarily US private equity clients investing into the mid-market in Canada. Since moving in-house I have had the opportunity to support our Ontario Teachers’ private equity team globally, as well as our other asset classes. Continue reading “‘Working in private markets keeps you on your toes’ – Ontario Teachers’ Pension Plan’s Melanie Sanchez”

Leigh Partridge – Managing director, head of legal (Europe), CPP Investments

Year of qualification: 2008
Freshfields Bruckhaus Deringer, 2006-17
CPP Investments | Investissements RPC, 2017-present

I love the diversity of deals that come across my desk as a PE lawyer. The opportunity to learn about different sectors and businesses while still building deep relationships with colleagues. I am also one of those lawyers who likes the adrenaline rush of getting a deal over the line, and PE ticks that box. Continue reading “‘If you like a fast pace, private equity will deliver’ – CPP Investments Europe legal chief Leigh Partridge”

Katherine Brody – General counsel (EMEA), Silver Lake

Skadden, Arps, Slate, Meagher & Flom, 2008-14
Silver Lake, 2014-present

Silver Lake turned me into a private equity lawyer. Before that I was working as an M&A generalist, mostly for large corporate clients, in private practice at Skadden in London. This was a decade ago, and I could see that private equity was having a moment – abundant capital to deploy, the most exciting, complex and high-profile transactions and I wanted to be a part of that. I saw going in-house with Silver Lake as an opportunity to work closely with some of the most sophisticated investors in the market on cutting-edge transactions. Continue reading “‘The PE industry is in a unique position to effect change’ – SilverLake EMEA GC Katherine Brody”

Alexandra Openshaw – General counsel, Montagu

Year of qualification: 2010
Macfarlanes, 2008-15
Winton Group, 2016-23
Montagu, 2023-present

Why did you want to become a private equity lawyer?

I was previously a funds lawyer at a private practice firm and wanted to be client-side from early on. No day is ever the same – there’s so much for a lawyer to be involved in and it’s very fast-paced, which I enjoy.

What has been the most memorable moment or deal of your in-house career?

Not sure I have one moment – I have been very lucky to be involved in many projects ranging from fund launches, spin-outs, and fund mergers with talented colleagues.

What do you think will be the biggest issues in private equity in the coming years?

PE is currently facing a new swathe of regulation (not all of it drafted with PE in mind), particularly in the US and separately in the ESG/D&I space. We’re preparing by using advisers where appropriate, and trying to get on top of issues early.

Across the board in law, there’s likely to be an increase in adopting AI solutions for certain tasks, which creates a big opportunities (particularly in-house where we typically have very small legal teams) but also requires adopting different ways of working.

Why would you recommend a career in private equity?

In private equity, every day is different and the work is incredibly varied – there’s something for every legal specialism. You also get to work with great people.

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