Legal Business

‘An easy decision’: Sidley London private equity team lands at Goodwin 

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Strategic recruitment Goodwin Procter

Goodwin’s already eye-catching City office has pulled off another coup, attracting the storied Sidley Austin private equity team led by Erik Dahl and Christian Iwasko.

Dahl and Iwasko, who joined Sidley from Kirkland & Ellis in 2016, were most recently co-leaders of Sidley’s private equity practice and co-heads of the European corporate and private equity group respectively.  

A surprise exit in June left the market speculating about where the pair would land next, with rumours of around 15 potential firms on the cards.

Dahl and Iwasko will join next Thursday (1 October), to be followed by three other partners – Sava Savov, Michelle Tong and John Van De North –when they finish their notice periods.

For Goodwin, this is the latest highlight for a City office that has seen consistent double-digit revenue growth in recent years, on the back of a sustained hiring spree.

Last year, the ever-expansive City arm saw turnover lift 11% to $74m, building on a 58% uptick to $66.8m the previous year.

On the back of a sustained hiring spree, London lawyer headcount grew 23% to 86 fee-earners from 69 the previous year, partly thanks to two notable hires for private equity – Carl Bradshaw from Kirkland last November and CMS private equity head James Grimwood in January.

Dahl has spent the past 20 years leading numerous high-profile, cross-border leveraged buyouts and financial restructurings on behalf of private equity clients and had been integral to the strategic build-out of Sidley’s private equity practice, along with Iwasko.

Iwasko acts for European and US funds on complex transactions including leveraged buyouts and restructurings. Savov was previously a principal at Oaktree Capital Management and focuses on life sciences, technology, real estate, financial services and energy, as well as complex restructurings.

Tong advises sponsors and portfolio companies and leads cross-border transactions, including in regulated industries such as healthcare and life sciences. Van De North focuses on private equity sponsors and other fund managers, especially identifying new managers and advising on the establishment of new pools of capital.

Dahl commented: ‘Goodwin’s global reputation as the go-to legal adviser for the private equity industry coupled with the firm’s focus on some of the most innovative and dynamic sectors of the economy made the decision to join an easy one. The momentum created by the firm’s growth and success across Europe and in the private equity sector makes this an extremely exciting proposition for us.’

‘We are thrilled to join a firm with such a strong team culture, a dynamic and ambitious management team, and a focused strategic vision built around private equity and other core practice areas,’ added Iwasko.

The firm now has more than 120 private equity lawyers across its London, Frankfurt, and Paris offices and opened a private investment funds-focused office in Luxembourg in 2019.

Richard Lever, London-based partner in Goodwin’s private equity practice, said: ‘We have worked across from Erik, Christian, Sava, Michelle, and John for many years and closely followed the impressive steps that they have taken in building a premier private equity practice. Their addition to the Goodwin private equity group will continue to build on this special value proposition for our clients in London, across Europe, and around the world.’

nathalie.tidman@legalease.co.uk

For more on Dahl and Iwasko’s time at Sidley, read ‘The Big Long – Inside Sidley’s daring attempt to relaunch as a private equity leader’ (£)

Legal Business

Goodwin’s City arm hikes revenue 11% to $74m on the back of lateral bonanza

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Financial results 2019/20 Goodwin Procter

In another robust year for Boston’s Goodwin, its ever-expansive City arm has seen turnover lift 11% to $74m amid a year of aggressive investment.

The double-digit City turnover growth may not be as pacey as last year’s eye-catching 58% uptick to $66.8m, but it speaks of the benefits of investing heavily and sticking to the strategy in a year characterised by a slower rate of growth for many more mature practices of US firms in London.

Global revenue saw a comparable 11% increase to $1.33bn from $1.2bn in 2018, while profit per equity partner (PEP) rose 6% to $2.61m from $2.46m last year.

On the back of a sustained hiring spree, London lawyer headcount grew 23% to 86 fee-earners from 69 the previous year, outpacing 14% global headcount growth from 955 to 1,091. That growth resulted in a 3% dip in revenue per lawyer (RPL) from $1.255m to $1.219m for 2019.

Notably, the firm’s City lateral tally since the start of 2019 also stood at 11, chiefly in the tech practice, and mainly from rival in the space, Taylor Wessing.

The biggest haul came last summer with the team hire of Taylor Wessing’s head of life sciences Malcolm Bates, along with colleagues David Mardle, Tim Worden and Adrian Rainey.

The team followed the January 2019 addition of Taylor Wessing corporate partner Andrew Davis to its technology and life sciences practice and the March hire of Simon Thomas from Addleshaw Goddard as a partner in the financial restructuring practice.

More recently in August, tax partner Robert Young was hired from Taylor Wessing and Ali Ramadan joined from Orrick. Last November, private equity partner Carl Bradshaw went over from Kirkland & Ellis, while in January, Goodwin enlisted CMS’ private equity head James Grimwood and this month real estate partner Justin Cornelius joined from Bryan Cave Leighton Paisner.

The firm also last year threw its weight behind London, promoting three to partner – private equity lawyer Ravi Chopra, tax lawyer Katie Leah and real estate lawyer Martin Smith – in its 33-strong global round.

A relatively recent entrant into the London market, opening with a solitary partner (in the form of ex-Ashurst corporate real estate veteran and now Goodwin’s European chair, David Evans) in 2011, Goodwin’s success has been driven by a single-mindedness in sticking to and investing in the four core areas of real estate, private equity, life sciences and technology, mirroring the firm’s strongpoints in the US.

Goodwin had an impressive run of mandates during the financial year, acting for Medical Properties Trust on the acquisition of a corporate structure that owns a portfolio of 30 acute care hospital facilities, valued at roughly £1.5bn, with a team led by Evans, James Spence and Bradshaw.

The year also saw two $1bn mandates for Investcorp and a role advising Ares Management on the structuring and establishment of Ares European Real Estate Fund V, which closed last August having raised €1.78bn.

US firms to report more subdued financial performance out of London include Akin Gump Strauss Hauer & Feld, whose revenue remained broadly flat at $125.1m on the heels of a 28% surge in 2018, while Cadwalader, Wickersham & Taft saw its London revenue drop for the second year in a row, falling 4% to $41.3 in 2019, in spite of global revenue growing 9% to $459m.

nathalie.tidman@legalease.co.uk

Legal Business

Goodwin and Eversheds make bold corporate plays amid hopes of increasing City transactional firepower

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Strategic recruitment Eversheds SutherlandGoodwin Procter

Goodwin Procter and Eversheds Sutherland both made significant corporate hires in November, with the pair recruiting Kirkland & Ellis partner Carl Bradshaw and Simmons & Simmons former head of UK corporate Giles Dennison respectively.

For Goodwin, the hire of Bradshaw comes during an expansive period for the firm, particularly in private equity. He brings nine years of experience from Kirkland – four of which were as partner – and a practice that focuses on cross-border private equity deals; leveraged buyouts; carve-outs; public-to-privates; consortium deals; and co-investments.

Legal Business

Revolving doors: City hires aplenty as Goodwin adds Kirkland PE player and Weil makes restructuring lateral

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Strategic recruitment AshfordsClyde & CoGoodwin ProcterPinsent MasonsTaylor WessingWeil, Gotshal & Manges

Leading US firms have continued to ramp up lateral recruitment in London as Goodwin Procter hired a private equity partner from Kirkland & Ellis and Weil, Gotshal & Manges added to its restructuring bench.

Goodwin hired Kirkland partner Carl Bradshaw to its private equity group. Bradshaw focuses on cross-border private equity deals and has worked on deals including leveraged buyouts, carve-outs, public-to-privates, consortium deals and co-investments.

Goodwin private equity partner Richard Lever told Legal Business: ‘The profile and industry-focus of [Bradshaw’s] client base is entirely consistent with our aim to be the premium mid-market private equity practice in the City operating with clients at the intersection of capital and innovation. We are seeing particular activity in the life sciences, tech – particularly fintech – and business services sectors.’

Meanwhile, Weil added restructuring partner Neil Devaney to its business finance & restructuring practice from Akin Gump Strauss Hauer & Feld. He has experience in cross-border finance, restructuring and insolvency and advises clients on complex, high-value debt restructurings.

Weil managing partner Mike Francies commented: ‘Neil will work closely with our highly regarded team in London and other senior business finance & restructuring leaders around the world to continue to build out our platform in Europe and globally.’

Elsewhere, Taylor Wessing has hired partner Liz Wilson to its tax and incentives practice in London. She joined from Squire Patton Boggs where she was a director. She has experience working on cross-border tax issues within corporate transactions, private equity, commercial agreements, real estate and construction transactions, projects and debt finance.

Taylor Wessing managing director Shane Gleghorn commented: ‘Liz’s appointment enhances our capability, providing more focus for clients and the taxation issues that need to be considered across all of their deals and investments.’

Ashfords has appointed partner Jocelyn Ormond from Simmons & Simmons to its corporate team in its Bristol office. Ormond has experience in advising private equity, venture capital and other funds, public and private companies on mergers & acquisitions, joint ventures, minority investments and equity fundraisings. He will be leading the firm’s focus on healthcare and developing a digital health practice.

Ashfords partner and head of the technology sector and Bristol office Chris Dyson told Legal Business: ‘We see digital health as being an increasingly important focus in the years to come so adding Jocelyn’s specialism to our team puts us in a great position to support this and the wider healthcare market.’

Clyde & Co, meanwhile, hired Janis Meyer, Anthony Davis and Rick Supple from Hinshaw & Culbertson to form part of Clydes’ law firm liability, regulatory and investigations group in New York. Meyer and Davis advise on legal ethics, risk management while Supple is a trial defence lawyer. Clydes launched in New York in 2006 and the latest expansion follows the hiring of a 90-member insurance and litigation team from Sedgwick in December 2017.

Clydes head of the law firm liability, regulatory and investigations group Richard Harrison commented: ‘As law firms have globalised, so too have their legal needs, which is why adding this well respected US team, whom we know well and have worked with for a number of years, is a significant move for us and is part of our strategy of expanding our global advisory and defence capabilities for law firms.’

Finally, Pinsent Masons has hired real estate partner Denis Charles from DLA Piper to its Paris office. The hire follows that of tax and real estate partner Eglantine Lioret and her team who joined the firm’s Paris office in February this year.

Head of real estate at Pinsents, James Crookes, told Legal Business: ‘The appointment of Denis and Elodie is another important step in the growth of our international real estate sector, as we respond to increasing client demand for an integrated, innovative and consistent approach to real estate legal services across a number of key jurisdictions in Europe – one of which is France.’

muna.abdi@legalease.co.uk

Legal Business

Goodwin makes good on Taylor Wessing hires with Cambridge office opening

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Strategic recruitment Goodwin Procter

The expansive Goodwin has leveraged its recent four-strong band of life sciences and technology laterals from Taylor Wessing to open a new office in the UK’s innovation hub, Cambridge.

The move follows Goodwin’s hire of a Taylor Wessing team including Malcolm Bates, David Mardle, Tim Worden and Adrian Rainey as part of its strategy to build out its City technology and life sciences bench.

The Cambridge office is led by Mardle, who joined his new shop in mid-June and will spend part of his time in London. Bates, who was previously head of the life sciences practice at Taylor Wessing, Worden and Rainey are currently working out their gardening leave and are expected to move over to Goodwin by the end of this year. The team also includes one counsel and five associates.

Rob Insolia, chairman of Goodwin, said: ‘Cambridge is home to some of the world’s most disruptive life sciences and technology companies. It has become a multi-billion pound innovation powerhouse, and is an obvious location for us to expand as we continue to build Goodwin’s unique capital-meets-innovation platform in Europe.’

More recently in August Goodwin hired for the same practice in London Ali Ramadan from Orrick Herrington & Sutcliffe.

Goodwin has come a long way in London since its beginnings in 2011 with one partner (ex-Ashurst corporate real estate veteran and now Goodwin’s European chair, David Evans), a desk and a phone. Its investment in the core practice areas of real estate, private equity, life sciences and technology saw City revenue grow 58% in 2018, more than three times the pace of the firm globally, hitting $66.8m amid a punchy 16% hike in global turnover to $1.2bn.

Profit per equity partner saw a 14% spike to $2.46m and revenue per lawyer grew 10% to $1.25m, showing the firm has performed to every metric of success. Over the past five years, Goodwin’s European offices have increased from 20 to nearly 200 lawyers, primarily in the technology, life sciences, private equity and real estate industries.

The Cambridge office also follows the recent opening of Goodwin’s private investment funds-focused office in Luxembourg and technology and private equity-focused office in Santa Monica.

nathalie.tidman@legalease.co.uk

Legal Business

Revolving doors: Expansive Goodwin makes another City tech play as Dechert and Quinn hire further afield

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Strategic recruitment DechertGoodwin ProcterQuinn Emanuel Urquhart & Sullivan

Following a string of hires to expand its London office this year, Goodwin Procter has again added to its City technology and life sciences practice with the hire of partner Ali Ramadan from Orrick Herrington & Sutcliffe.

Ramadan has experience in venture capital, cross-border M&A and private equity transactions for technology businesses. He acts for start-ups, high-growth companies and investors operating in the technology, fintech, proptech and digital media industries.

Goodwin has been in full-on expansion mode in the City in recent months, in July adding a significant string to its bow in the form of a four-partner technology and life sciences team from Taylor Wessing.

That team hire of Taylor Wessing’s head of life sciences Malcolm Bates, David Mardle, Tim Worden and Adrian Rainey was another step in Goodwin’s stated ambition to bolster its London bench in this specialist sector.

Ramadan told Legal Business: ‘The attraction to Goodwin was really their technology platform. It’s a great firm with a great reputation in tech, at the cutting edge of all these deals. I’m looking forward to working together with UK and US teams in terms of helping to build out the lifecycle tech practice here in London.’

Co-chair of Goodwin’s technology practice Anthony McCusker told Legal Business: ‘We’ve seen the lifecycle practice in London and Europe develop closely to how we see it in the US.

‘We think we’re well positioned to gain market share and continue to be active. Investors and companies look to the people that are best positioned to help them. Our expectation is that if there’s less work to spread around, they’ll continue to work with a firm like ours. Whether there’s a slowdown in the market or not we think that not being aggressive to build for what the market needs would be a big mistake,’ McCusker added.

Also acquisitive recently has been Dechert, with the Philadelphia-headquartered outfit hiring Philip Dowsett to its private equity, corporate and investment funds practice in Dubai.

Dowsett was previously a partner at Morgan, Lewis & Bockius in Dubai and is a seasoned lawyer in cross-border mergers and acquisitions, joint ventures, private equity investments, disposals, restructuring and takeovers, as well as corporate governance and investment fund structuring.

He has represented and advised numerous private equity groups in the region over the last ten years, with clients including Dubai International Capital, NBK Capital Partners, Abraaj, Amanat Holdings, Greenstone Equity Partners and Sico Trucial.

Dowsett told Legal Business: ‘On the private equity, M&A and funds side, there’s really no better firm on those practices than Dechert in the region. The real estate practice is one of the leading ones in the region.’

Regional managing partner Chris Sioufi told Legal Business: ‘The market has been more difficult for the last two years in the region because of the geopolitical tensions. We have seen a slowdown in foreign money coming into the region but we have positioned ourselves to be able to take advantage of outflows of money and assist our regional clients who are either setting up or investing in funds in other jurisdictions or doing acquisitions out of the region.’

The hire of Dowsett follows those of real estate partners Stephen Kelly and Sarah Mahood last year in Dubai.

Elsewhere, Quinn Emanuel Urquhart & Sullivan has hired international arbitration partner Mark McNeill in New York at the expense of the London office of Shearman & Sterling.

McNeill has experience in advocacy and representing companies and states in numerous commercial and investment treaty arbitrations. He focuses on intellectual property, technology, nuclear construction, pharmaceuticals, business combinations, oil & gas, taxation, mining, insurance, and reinsurance.

McNeill told Legal Business: ‘Quinn Emanuel has some of the best trial lawyers in the world. If you like going to trial then it’s just a great place to be.

‘There’s a remarkable geographic shift to Asia in particular. You have more disputes arising from parties based in Asia. More cases in Africa and a lot of infrastructure projects which inevitably are giving rise to disputes. I see mining claims and still very high oil & gas claims,’ McNeill added.

Shoosmiths also grew its real estate team with the hire of planning and development partner Karen Howard from DLA Piper. She has experience in strategic planning on large regeneration schemes and advises across sectors including residential, offices, industrial, retail, hotels and leisure.

Howard commented: ‘I joined Shoosmiths because what motivates me is the ethos of teamwork here and pulling together with my colleagues across the UK. The people here are super-friendly and it’s inspiring to join Shoosmiths at a time when the firm is growing.’

muna.abdi@legalease.co.uk

Legal Business

Taylor Wessing quartet boosts flourishing Goodwin City office as O’Melveny losses stack up

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Strategic recruitment Goodwin ProcterO'Melveny & Myers

The City offices of progressive US firms continue to set the tone for the London lateral recruitment market – a charge most recently exemplified by Goodwin Procter, which has secured a four-partner technology and life sciences team from Taylor Wessing.

Goodwin hired Malcolm Bates, David Mardle, Tim Worden and Adrian Rainey in a move that makes good on the firm’s promise to build out its City technology and life sciences bench. Mardle started in mid-June, while the remainder will join after completing their respective notice periods. Bates was head of the life sciences practice at Taylor Wessing and advises licensing, collaboration and distribution, manufacturing, outsourcing and R&D projects, as well as contract and patent disputes and regulatory matters.

Legal Business

Dealwatch: US firms enjoy marquee run of deals with Kirkland and Goodwin leading the way

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Corporate Goodwin ProcterKirkland & Ellis
  • Kirkland & Ellis advised investment adviser and repeat customer GLP Investment Services on the $18.7bn sale of its US logistics business to The Blackstone Group. The Chicago-bred juggernaut fielded corporate partners Michael Steele in London and Michael Brueck in New York. Simpson Thacher & Bartlett advised longstanding client Blackstone out of New York with real estate partner Davis Coen leading the team.

    •  

  • Eversheds Sutherland advised Legal & General (L&G) on its £4.6bn buy-in to buy-out with the Rolls-Royce UK Pension Fund, with corporate partner Hugo Laing and pensions specialist Mark Latimour leading the team. The deal is billed as the UK’s largest-ever annuity transfer and saw CMS advise L&G with partner Thomas Lockley at the helm, while Linklaters acted for the trustees with global head of pensions Claire Petheram and derivatives partner Mark Brown advising.
Legal Business

Taylor Wessing beset by Goodwin’s City expansion as four more partners defect

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Strategic recruitment Goodwin Procter

Goodwin Procter has made good on its promise to build out its City technology and life sciences bench having again targeted Taylor Wessing, this time for a four-partner team.

On the back of a pacey 58% revenue growth for the 2018 financial year in London, Goodwin has hired Malcolm Bates, David Mardle, Tim Worden and Adrian Rainey to its life sciences and technology companies practices.

Mardle started at his new firm on Monday (17 June) and will be followed by Bates, Worden and Rainey after they complete their respective notice periods.

Formerly based in Cambridge, Bates was made up to partner in Taylor Wessing’s intellectual property practice in 2003 and headed up its UK life science practice. He advises on transactions including licenses, collaborations and distribution, manufacturing, outsourcing and R&D projects, as well as regulatory matters and contract and patent disputes.

Mardle became a partner in 2002 and advises on private and public financings and M&A transactions in the life sciences and technology sectors.

The hires follow that of Taylor Wessing corporate partner Andrew Davis to Goodwin’s technology and life sciences practice in January this year and are in line with the firm’s stated ambition of emulating its success in the US by focusing on the four core practice areas of real estate, private equity, life sciences and technology to grow out London.

Worden, who joined Taylor Wessing in 2006 and was made up in 2009, was previously co-head of its life sciences and healthcare practice in Cambridge.  His practice is focused on licensing and collaboration transactions, R&D and clinical trial agreements, as well as regulatory matters and IP and regulatory aspects of M&A transactions and public and private financings.

A partner since 2010, Rainey had been head of Taylor Wessing’s UK corporate technology group, representing technology companies and venture capital firms. He advises on private financings and M&A transactions across the software, internet, financial technology and digital media industries, as well as in the life sciences and medical devices industries.

The hire in April 2018 of Dechert corporate partners Graham Defries and Andrew Harrow launched Goodwin’s European life sciences practice, which quickly expanded with the hire last November of partner Sophie McGrath from Brown Rudnick.

Mitchell Bloom, chair of Goodwin’s life sciences practice, said of the latest hires: ‘Adding these premier hires aligns perfectly with our firm-wide strategy of capitalising on the impact of rapid technological change and innovation across our key client industries.’

Goodwin’s City revenue growth of 58% last year was more than three times the pace of the firm globally, hitting $66.8m, while global turnover rose 16% to $1.2bn. Profit per equity partner saw a 14% spike to $2.46m and revenue per lawyer grew 10% to $1.25m, showing the firm has performed to every metric of success both in the City and in its other offices in Boston, New York and San Francisco.

Over the last five years, Goodwin’s European offices have grown from just 20 to more than 160 lawyers, including 15 dedicated to technology and life sciences.

For more on Goodwin’s City growth, read ‘Deal View: Goodwin’s City practice goes beyond the clichés with 58% revenue growth’ (£)

nathalie.tidman@legalease.co.uk

Legal Business

Deal watch: City teams fly on £4.6bn Rolls-Royce pension deal as Kirkland and Goodwin take multi-billion dollar mandates

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Dealwatch CMSEversheds SutherlandGoodwin ProcterKirkland & EllisLinklaters

Big-ticket deals have been fuelling the market in pensions, private equity and fundraising recently with UK top-10 firms and US rivals alike taking the controls on significant mandates.

Legal & General (L&G) handed a joint mandate to CMS and Eversheds Sutherland to advise on its £4.6bn buy-in to buy-out with the Rolls-Royce UK Pension Fund (RRPF), a deal which is billed as the UK’s largest ever bulk annuity and which saw Linklaters act for the trustees.

The pension risk transfer sees the insurer strike its fourth of the five largest deals of this kind in the UK, with the others being British Airways (£4.4bn), ICI (£3bn) and TRW (£2.5bn).

The Eversheds team advising L&G was led by corporate partner Hugo Laing and pensions partner Mark Latimour, alongside CMS partner Thomas Lockley. The Linklaters team was led by global head of pensions Claire Petheram and derivatives partner Mark Brown. The in-house legal team at L&G included Helena Hawthorn, Camilla Curtis and Hannah Kilshaw.

Laing, who also acted for L&G on its £2.4bn buy-out of the Nortel pension scheme and £1.1bn buy-out of the Vickers pension scheme, is optimistic about the market.

‘Volatility in the market can be a good thing for pension deals as it can favourably impact pricing. Insurers buying pension schemes has really boomed in the last few years and the deal values are getting bigger and bigger. The Rolls-Royce deal has shown how big the deals can get and I suspect there will be more of this size to come’, he told Legal Business.

Petheram told Legal Business that the transaction is part of a ‘huge trend’: ‘There is an awful lot of activity in buy-ins where insurers take responsibility for pension liabilities. There has been increased activity in the longevity swap area and that’s only going to ramp up further as corporates look to manage their pension liabilities proactively.’

She added: ‘Insurers represent a gold-standard covenant and there is a willingness on the side of corporates and trustees to lean into these deals. It represents an acceptable position. Trustees have a laser focus on the interests of their members and they can see that deals like this work.’

She expects to see an increase in the number of large-scale transactions over the next 12 months and more innovation in dealing with pension risks.

Kirlkland & Ellis’ City lawyers have also been busy, with the Chicago-bred juggernaut advising investment adviser and repeat customer GLP on the $18.7bn sale of its US logistics business to Blackstone. The firm the same week advised BC Partners-backed United Group on a €220m deal to acquire mobile operator Tele2 Croatia from Tele2 Group.

The GLP deal was co-led by Kirkland corporate partners Michael Steele in London and Michael Brueck in New York, with the team also including real estate partner Kevin Ehrhart in Los Angeles, investment funds partner Kelly Ryan in Chicago and tax partner Mike Beinus in New York.

Simpson Thacher & Bartlett advised long-standing client Blackstone out of New York with a team led by real estate partner Davis Coen.

The sale includes logistics properties owned across 3 separate GLP US funds and totals 179 million square feet of urban logistics assets, claiming to be the largest ever private real estate transaction in the States.

London corporate partner David D’Souza led the Kirkland team advising United Group, supported by David Higgins, debt finance partner Neel Sachdev, capital markets partner Matthew Merkle, technology & intellectual property transactions partner Jenny Wilson and tax partners Tim Lowe and Jan Hobbs. The team was also supported by local law firms Divjak Topic Bahtijarevic, Karanovic Partners and Setterwalls.

Tele2 was advised by Schoenherr through its offices in Austria and Croatia, having acted for Tele2 on a number of other disposals in the region. D’Souza said the acquisition will enable United Group to widen the services that it provides and its coverage across Europe.

Having crept largely unnoticed up Legal Business’ Global London table this year, Goodwin Procter’s City office has been making waves, announcing two major fundraisings in the same week.

The Boston-bred firm advised Glennmont Partners on the €850m closing of its Clean Energy Fund III to invest in clean energy infrastructure projects in Europe. The Goodwin team was led by London partners Michael Halford, Alexandrine Armstrong-Cerfontaine and Laura Charkin.

Although led out of New York by partners David Watson and James Donohue, Goodwin also advised Advent International on its $17.5bn fundraise for its ninth global private equity fund GPE IX Limited Partnership.

The fund surpassed its $16bn target after six months in the market while Advent’s previous global fund, GPE VIII, closed on $13bn 2016.Halford and Charkin also advised on the deal out of London.

Halford told Legal Business the Glennmont transaction was a sign of increased interest in renewable energy investments as indicated by the fund’s diversification of investors into the US and Asia. ‘The market is very active and this is a great time to be raising funds. We are expecting more funds activity over the summer.’

Watson said that Goodwin has acted for Advent since its formation in 1984 and has personally advised the private equity house since 1988. He notes an uptick of interest in the ventures space and a migration from its traditional heartlands of California and Boston over to New York.

nathalie.tidman@legalease.co.uk