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Private Equity
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January 14, 2025
Apollo, Standard Chartered Form $3B Strategic Partnership
Private equity giant Apollo and international banking group Standard Chartered PLC on Tuesday announced that they have formed a long-term strategic partnership under which the two will contribute up to a combined $3 billion to go towards clean energy and transition financing.
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January 14, 2025
DOJ Accuses PE Giant KKR Of Dropping Merger Disclosures
The Justice Department filed an extraordinary lawsuit Tuesday accusing private equity giant KKR & Co. Inc. of repeatedly flouting its merger notification requirements, "altering" or "systematically omitting" documents on some deals and failing entirely to notify enforcers of at least two, including a $6.9 billion transaction, only for KKR to file its own suit in response.
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January 13, 2025
Fund Managers To Pay SEC $2M For Overcharging Expenses
The U.S. Securities and Exchange Commission announced two Colorado-based fund managers and their sole owner will pay over $2 million to settle allegations they breached their fiduciary duties by failing to disclose conflicts of interest regarding certain expenses charged to two private funds.
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January 13, 2025
Insurer Drops Dispute Over Private Equity Firm's Deals
An excess insurer agreed Monday to drop its Massachusetts federal suit seeking to avoid coverage of two settlements made by its insured, the private equity firm Advent International, over supposed wrongful acts the company committed related to the sale of two portfolio companies to two different buyers.
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January 13, 2025
Justices Seek SG Input On Private Investor Fight
The U.S. Supreme Court on Monday asked for the U.S. solicitor general's input on whether securities laws governing investment funds allow for a private right of action, as the high court considered weighing in on a fight between private capital investors and investment funds.
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January 13, 2025
Truth Social SPAC Ex-CEO Seeks Del. Suit Toss Or Freeze
The former manager of the blank check company that sponsored a deal to take now President-elect Donald Trump's social media platform public heads into a pivotal Delaware Court of Chancery hearing Wednesday, seeking to freeze or scuttle a suit claiming that he and others secretly diverted millions of shares from co-investors.
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January 13, 2025
SEC To Collect $63M In Latest Recordkeeping Sweep
The U.S. Securities and Exchange Commission announced Monday that subsidiaries of Blackstone Inc. and Charles Schwab Corp. were among those swept up in the latest round of recordkeeping fines, promising to collect over $63 million from 12 firms whose employees are accused of discussing business through their personal devices.
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January 13, 2025
Blank Rome Adds Longtime Arnold & Porter Private Equity Pro
Blank Rome LLP has grown its corporate and private equity offerings in New York with the addition of the former co-head of Arnold & Porter Kaye Scholer LLP's global private equity practice.
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January 13, 2025
Natural Gas Exporter Venture Global Gears Up For $2.2B IPO
Liquefied natural gas producer Venture Global Inc. on Monday launched plans for an estimated $2.2 billion initial public offering, potentially marking the year's first billion-dollar-plus listing, represented by Davis Polk & Wardwell LLP and underwriters counsel Skadden Arps Slate Meagher & Flom LLP.
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January 13, 2025
76ers Drop Controversial Plan For New Center City Arena
The Philadelphia 76ers are going to stay in South Philly rather than pursuing a plan to move into a new stadium by Chinatown, according to announcements Monday from the City of Brotherly Love's mayor and the 76ers' owner.
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January 13, 2025
Latham-Led StepStone Tops $1B For Infrastructure Fund
Private markets investment firm StepStone Group Inc., advised by Latham & Watkins LLP, on Monday announced it had clinched its inaugural infrastructure co-investment fund and related separate accounts after securing more than $1.4 billion in capital commitments.
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January 13, 2025
3 Firms Build Clearwater's $1.5B Buy Of Enfusion
Software company Clearwater Analytics on Monday unveiled plans to buy investment management and hedge fund industry-focused software company Enfusion in a $1.5 billion deal built by three law firms.
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January 10, 2025
Feds Back Musk's Microsoft-OpenAI Board Overlap Concerns
The U.S. Department of Justice and Federal Trade Commission weighed in Friday on Elon Musk's California federal lawsuit against OpenAI, arguing that the artificial intelligence research organization and its co-defendant Microsoft can't fight claims of improper board overlap just by saying the overlap has ended.
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January 10, 2025
4 Trends That Will Shape Venture Capital Funding In 2025
Venture capital funding appears primed to improve in 2025 as market participants shake off the effects of a post-pandemic crash, with surging demand for artificial intelligence, expectations of friendlier government policies, and more exits through public listings and acquisitions.
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January 10, 2025
KKR, PSP Buy $2.8B Stake In American Electric Power Units
Private equity giant KKR and Canada-based Public Sector Pension Investment Board, both advised by Simpson Thacher & Bartlett LLP, have agreed to take a minority stake in Morgan Lewis & Bockius LLP-led American Electric Power's transmission companies in Ohio, Indiana and Michigan, in a $2.82 billion deal.
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January 10, 2025
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.
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January 10, 2025
Weil Leads EQT Buy Of US Energy Biz Scale Microgrids
Swedish investment giant EQT has agreed to acquire North America-focused energy company Scale Microgrids from U.S. private equity firm Warburg Pincus for an undisclosed amount in a deal guided by Weil Gotshal & Manges LLP and Latham & Watkins LLP.
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January 10, 2025
DOJ Sues To Block Amex GBT's $570M Deal For Rival CWT
The U.S. Department of Justice filed a lawsuit Friday seeking to block American Express Global Business Travel Inc.'s planned $570 million acquisition of corporate travel management rival CWT Holdings LLC.
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January 10, 2025
Constellation Energy Buying Calpine In $26.6B Megadeal
Constellation has agreed to acquire Calpine at a net purchase price of $26.6 billion, in a deal that will merge two of the largest power generation companies in the U.S., the companies announced Friday.
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January 09, 2025
Ropes & Gray Reps Valspring Capital On Debut $255M Fund
Ropes & Gray LLP-advised healthcare-focused growth equity firm Valspring Capital on Thursday announced that it closed its debut fund, Valspring Capital Fund I, above target after securing $255 million in investor commitments.
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January 09, 2025
AI Startup Anthropic Seeks $60B Valuation, Plus More Rumors
Artificial-intelligence startup Anthropic is seeking $2 billion in a new funding round that would value the company at $60 billion, while fashion giant Shein is now eyeing a mid-2025 initial public offering in London and Constellation Energy is lining up a $30 billion bid to acquire electricity provider Calpine. Here, Law360 breaks down the notable deal rumors from the past week.
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January 09, 2025
MoFo Investment Funds Ace Jumps To DLA Piper In Palo Alto
DLA Piper is boosting its California investment team, announcing Thursday that it is bringing in a Morrison Foerster LLP fund formation expert as a partner in its Silicon Valley office.
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January 09, 2025
MoFo Taps Goodwin Duo To Grow Exec Comp, Benefits Team
Morrison Foerster announced Wednesday that it has tapped two former Goodwin Procter LLP partners to expand its executive compensation and benefits group.
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January 09, 2025
Hochul Floats Curbing Tax Breaks For PE Home Investments
New York Gov. Kathy Hochul said Thursday that she is seeking to curtail certain tax breaks for private equity firms that invest in certain residential properties, saying the policy would make more of the state's housing stock available to individual homebuyers.
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January 09, 2025
Ropes & Gray-Led Vistria Wraps Largest-Ever Fund At $3B
Middle-market private equity shop The Vistria Group LP, advised by Ropes & Gray LLP, on Thursday said it clinched its largest-ever private equity fund after securing $3 billion of total investor commitments.
Expert Analysis
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Pay-To-Play Deal Shows Need For Strong Compliance Policies
The U.S. Securities and Exchange Commission, through its recent settlement with Wayzata, has indicated that it will continue stringent enforcement of the pay-to-play rule, so investment advisers should ensure strong compliance policies are in place to promptly address potential violations as the November elections approach, say attorneys at WilmerHale.
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7 Effects Of DOL Retirement Asset Manager Exemption Rule
The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.
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Standardizing Early Case Appraisal In Securities Class Actions
While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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8 Legal Issues Influencing Investors In The Creator Economy
The rapidly expanding digital creator economy — funding for which more than doubled in the U.S. in the first quarter — comes with its own set of unique legal issues investors must carefully consider before diving in, say Louis Lehot and Alan Pate at Foley & Lardner.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Dual-Track IPO-M&A Exit Strategies For Life Science Cos.
A dual-track process for life sciences companies offers a proven path to securing favorable deal terms for an exit, and strategic moves can include running a crossover financing round in the lead-up, say attorneys at McDermott.
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PE In The Crosshairs Of Public And Private Antitrust Enforcers
A series of decisions from a California federal court in the recently settled Packaged Seafood Products Antitrust Litigation, as well as heightened scrutiny from federal agencies, serve as a reminder that private equity firms may be exposed to liability for alleged anti-competitive conduct by their portfolio companies, say attorneys at Axinn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Mid-2024 FCA Enforcement And Litigation Trends To Watch
Reviewing notable False Claims Act trends and enforcement efforts in the last year and a half reveals that healthcare is a key enforcement priority for the U.S. Department of Justice, and the road ahead may bring clarification on Anti-Kickback Statute causation and willfulness standards, along with increased focus on private equity, cybersecurity and self-disclosure, say attorneys at Epstein Becker.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.