Fund Formation

Overview

Choate’s active and sophisticated fund formation practice serves private investment funds around the globe from a single office in Boston, focusing our highly integrated team on delivering world class service to each and every client. We advise and represent sponsors in the formation, structuring, and negotiation of an array of private investment vehicles across the entire spectrum of private equity sectors. Choate provides strategic market and regulatory advice during fundraising and throughout all phases of a fund’s life cycle.

We work closely with clients as true business partners and go beyond fund formation and fund raisings to advise on the entire gamut of legal issues our clients face, including increasing regulation, upper tier structuring and internal compliance, carried interest incentive and co-investment arrangements, reorganizations and fund restructurings, and liquidity solutions.

Choate’s fund formation group is supported by an integrated team of tax, ERISA, employment, general corporate and litigation attorneys who are highly skilled in dealing with private investment fund issues. We represent all types of private investment firms, including:

Buyout and Growth Equity funds
Co-Investment programs
Credit and Debt funds
Crossover investment funds (mixed public and private)

Customized separate account programs
Emerging Markets funds
Funds of funds
Infrastructure funds

Leveraged investment funds
Offshore funds
Secondary funds
Venture capital funds

Served as primary fund formation counsel for TrueBridge Capital Partners’ eighth flagship venture capital fund-of-funds (TrueBridge Capital Partners Fund VIII, L.P.) as well as other entities, including:
- TrueBridge Direct Fund III, L.P. – Served as primary fund formation counsel for TrueBridge’s third venture capital direct investment fund.
- TrueBridge Blockchain I, L.P. – Served as primary fund formation counsel for TrueBridge’s inaugural blockchain/crypto fund.
- TrueBridge Secondaries I, L.P. – Served as fund formation counsel for TrueBridge’s inaugural fund focusing on secondary investments in venture companies and funds.
- TrueBridge Seed & Micro-VC II, L.P. – Served as fund formation counsel for TrueBridge’s second fund-of-funds committed to investments in seed and micro venture capital funds.
Represented LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, in the formation of its fourth fund. The closing of Fund IV coincides with LFM’s 10th anniversary since the closing of Fund I and represents the firm’s largest fund to date. The firm has successfully completed 21 platform acquisitions and 29 add-on acquisitions across its three prior funds.
Served as lead counsel to BY Crypto Management in the formation of BlueYard Crypto 3 L.P., a U.S.-based fund formed to invest in crypto opportunities.
Represented Vidia Equity, a Munich-based investor in industrial decarbonization climate solutions, in the formation of its oversubscribed €415M Vidia Climate Fund I.
Served as lead counsel in the formation of the oversubscribed Sverica Capital Partners VI, L.P., which Sverica will use to continue its strategy of investing in companies that are, or have the potential to be, category leaders within their respective industries, and will remain focused on businesses within the technology, business services, healthcare, and advanced industrial sectors.
Served as lead counsel in the formation of TLV Partners V, L.P., an Israeli technology fund.
Served as U.S. counsel to La Famiglia, a seed-stage venture capital firm based in Berlin, in its combination with General Catalyst, a Cambridge, M.A. and Silicon Valley based venture capital firm, creating one of Europe’s leading venture capital platforms with a focus on early-stage investments.