We work with established managers launching sophisticated strategies, emerging managers building their first institutional platform and investors evaluating and negotiating significant fund commitments.

Our lawyers structure private equity, venture capital, hedge, private credit, real estate, impact, commodity and digital-asset funds, as well as separately managed accounts, co-investment vehicles and other bespoke investment arrangements. We advise on fund governance, economic terms, management-company arrangements, carried interest, seed investments, joint ventures, side letters, investor negotiations and relationships among founders, sponsors and strategic partners.

We also counsel investment managers and their principals on the complex regulatory obligations governing their businesses. Our experience includes the Investment Advisers Act, Investment Company Act, Securities Act, Securities Exchange Act and Commodity Exchange Act, as well as SEC, CFTC and NFA registration, exemptions and compliance. We help clients address marketing and fundraising practices, conflicts of interest, fees and expenses, custody, valuation, trading, derivatives, digital assets, disclosure obligations, examinations, investigations and enforcement risk.

Institutional investors, sovereign wealth funds, family offices and high-net-worth individuals turn to Stone Hilton for advice on fund investments, separately managed accounts, co-investments and strategic transactions. We conduct legal and regulatory diligence, negotiate investment terms and side letters, evaluate governance and liquidity rights, and help investors address the regulatory and commercial considerations associated with deploying capital across jurisdictions and asset classes.

Our lawyers understand investment management from the perspective of the fund, the manager, the investor and the regulator. Members of our team have advised global asset managers and institutional investors, structured novel investment products and trading arrangements, and built and operated regulated financial businesses. That breadth of experience allows us to anticipate how a structure will work in practice.