Private Investment Funds

Overview of Private Fund Practice
HRO has a vibrant private investment fund practice, ranging from traditional private equity, venture capital and hedge funds to more esoteric investment vehicles. We advise on fund structuring issues and prepare fund formation documents such as offering memoranda, limited partnership or limited liability company agreements and subscription documents. Our advice also extends to operational matters such as general partner performance-based compensation, partner admission and withdrawal standards, partnership allocations (including “new” issues and other special allocations). We also guide clients through regulatory matters impacting private fund operations including laws and regulations governing investment companies, investment advisers and broker-dealers, and ERISA regulations governing pension plans, IRAs, non-profit organizations and other tax-exempt investors. 
Private Equity Funds
Our private equity fund work runs in tandem with the firm’s sizeable private equity M&A practice. We work with our PE and family office clients to structure special purpose investment vehicles used to raise equity and debt financing for business acquisitions. Private equity firms also rely on our counsel for formation of their primary fund vehicles. Many of the private equity firms we represent are active in middle market transactions (typically $25,000,000 to $500,000,000) in a broad array of industries, including real estate and hospitality, consumer products, aviation, insurance, financial services, technology, and energy and natural resources.
Hedge Funds
HRO’s team has helped structure, form and advise well over 150 domestic and offshore hedge funds involving a wide variety of investment strategies, asset classes and industry sectors. 
Common investment strategies include traditional long/short equity with options, funds of funds, equity and index options strategies, event driven and activist investments, complex derivative instruments such as basket options, swaps and other structured products, quantum-based models, and dividend-yield equities. 
Typical asset classes in which our hedge fund clients invest include domestic and foreign equities, fixed income securities including high-yield debt, credit instruments, asset-backed securities, ETFs and other open- and closed-end stock funds, distressed securities, various forms of arbitrage, emerging and other global markets and private investments that include PIPEs and securities of non-public companies. 
Our sector-oriented funds include those concentrated in technology and telecommunications, energy and natural resources, real estate, banking and financial institutions, healthcare and precious metals.
Venture Capital and Angel Funds
We assist sponsors of venture capital and angel funds in their fund formation structuring and documentation as well as portfolio company investments. Our venture fund clients participate in a variety of investments, including software, hardware and other technologies, life science, Web-based applications and traditional industries.