Private funds
Continuation vehicles are no longer exceptional. Stop drafting them that way.
Sponsor-led secondaries are now routine, but the conflicts process around them is still assembled in the final fortnight. Investors have noticed.
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Partner
Fund formation, continuation vehicles, and the secondary transactions that reshape existing portfolios.
Rowan Ellsworth advises sponsors and institutional investors on fund formation and on the increasingly complicated transactions used to extend, restructure, or exit existing portfolios. Roughly half of their practice is now continuation vehicles and other sponsor-led secondaries.
They are known among clients for having a settled view on conflict disclosure in these transactions and for insisting on it early, on the grounds that a limited partner advisory committee asked to approve something in the final week will ask harder questions than one consulted in the first.
They joined the firm in 2011 and became a partner in 2018. They co-author the firm's annual note on terms observed in the private funds market, which is circulated to clients each January.
Representative Matters
A sponsor-led secondary in which the conflicts process was settled before the transaction was announced rather than defended after it.
Eleven assets, a maturing facility, and a lender that wanted participation in the upside rather than a higher margin.
Also in New York
Contact Rowan Ellsworth
Write to rowan.ellsworth@marloweandsterling.com or call +1 (212) 555-0147. Please describe the matter in general terms and name the parties involved so we can run a conflicts check before discussing anything substantive.