Proskauer Rose Announces 2008 Private Equity Fundraising Statistics

Leading International Practice Represented Over $30 Billion in Committed Capital

BOSTON Proskauer Rose LLP, a global law firm with more than 750 lawyers, announced that its Private Investment Funds Group represented sponsors in closing more than 125 funds with over $30 billion in committed capital, and closed more than 450 investments in all types of funds in 2008, representing well over $19 billion.

A sample of fund formations Proskauer’s Private Investment Funds Group structured and negotiated includes:

• Adams Street Partners, one of the oldest and largest investors in the private equity investment category with offices in London, Chicago, Palo Alto and Singapore, in raising over $2 billion for their 2008 partnership program which included two fund of funds (U.S. and non-U.S.) and a venture capital fund.
• AGF Private Equity, one of the most active venture capital investors in France and Europe, in structuring FCPR Ariane Private Debt Fund I a €300 million fund of funds.
• Ares Management, an independent Los Angeles based investment management firm, most recently in structuring several credit-related funds totaling over $3 billion in commitments.
• CMEA Capital, a venture capital fund based in San Francisco, in forming their $400 million seventh fund to invest in both early and late-stage life sciences, high technology, and energy and materials companies.
• Citi Alternative Investments (CAI), most recently in structuring and organizing several fund of funds and feeder fund products. CAI is an alternative investments platform that manages a wide range of products across five asset classes including private equity, hedge funds, real estate, global fixed income and infrastructure.
• Enterprise Investors, the oldest, and one of the largest, private equity firms in Central and Eastern Europe, on closing its €100 million Enterprise Venture Fund I, its first venture capital fund.
• Intervale Capital, in forming their debut buyout fund with $280 million in commitments, one of a small number of private equity firms around the world focused on investments in the upstream energy sector, with a particular focus on middle-market manufacturing and service businesses.
• Mesirow Financial Private Equity (MFPE), has raised over $2.5 billion in private equity partnership and direct PE funds from institutional investors around the world since inception. MFPE is a division of Mesirow Financial, a privately-held and diversified financial services firm based in Chicago.
• Montauk TriGuard, a firm based in CA that specializes in niche secondary investments such as small transactions, specialty funds, seasoned tail-ends, consortia carveouts and strips, tertiary liquidity and fund manager liquidity, in raising $336 million for Montauk TriGuard Fund IV.
• MTI Partners Limited, one of the longest established venture capital houses in the UK, on the establishment of The UMIP Premier Fund L.P., a fund set up to invest in spin-outs from the University of Manchester.
• Newbury Partners, a niche secondary firm based in Connecticut that specializes in acquiring buyout and venture capital partnership interests in the secondary market, in closing on $702 million for Newbury Equity Partners.
• Newgate Capital, a London-based investment business focused exclusively on private equity, in forming CSP Secondary Opportunities II Unit Trust and also CSP Charles VI, a feeder fund for investment in TA Atlantic and Pacific VI.
• Sofinnova Partners, an independent venture capital firm based in Paris that invests in early stage companies, corporate spin-offs and turnaround situations in the technology and life sciences sectors, in structuring FCPR Sofinnova Capital VI, a €205 million capital risk fund.
• Universities Superannuation Scheme, the second largest pension fund in the UK by size, in their $750 million commitment to Constitution Capital Partners LLC, a newly-formed private equity firm based in MA.
• W Capital Partners, a New York-based private equity firm that acquires portfolios of direct private equity and venture capital investments in the secondary market, in structuring a $700 million secondary directs fund.

Our team has also advised clients in numerous fund restructurings in the last year, and negotiated and closed well over 100 secondary transactions, ranging from the sale of a single partnership interest to bulk portfolio purchases and sales with aggregate transaction values in excess of $1 billion.

The firm’s private investment fund and private equity transactional practices experienced a number of important milestones and developments in 2008, including: the opening of a Hong Kong office in September with the addition of partner Ying Li, one of Asia’s preeminent corporate lawyers, and partner Joseph Cha, who are leading the firm’s Asian expansion through its corporate and transactional practices, with a particular focus on private investment funds; and the expansion of its private equity capabilities in London and Paris, which continue to enhance the firm’s global client service capabilities.

According to Ronald R. Papa, chair of Proskauer’s Corporate Department, the continued activity of the firm’s practice is an encouraging indicator of the industry and the firm’s capabilities in the market.

“Despite the obvious challenges in the current investment environment, our private investment fund formation and transactional practices continue to serve some of the industry’s preeminent players and be a magnet for some of its best talent. We look forward to the year ahead,” he said.

About Proskauer Rose

Proskauer Rose, founded in 1875, is an international law firm providing a wide variety of legal services to clients worldwide from offices in Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Newark, Paris, São Paulo and Washington, D.C. The firm, which has wide experience in all areas of practice important to businesses, not-for-profit institutions and individuals, can be found online at www.proskauer.com.

Source: Proskauer Rose LLP