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Bracewell provides sophisticated counsel to sponsors, principals, general and limited partners, investors, institutions and other participants in the formation of a broad range of private equity, venture capital, real estate, and hedge funds. We represent accredited individuals and private, public and tax-exempt institutional investors in these funds, from assisting with due diligence and manager evaluation, monitoring performance and compliance with fund strategy during the operating and investment phase, and enforcing redemption rights under periods of fund stress – including initiating and defending litigation on behalf of investors and fund managers.

Our experienced attorneys conduct a thorough analysis of our clients’ needs and design appropriate structures that will best meet their short- and long-term investment objectives. We have organized the full range of investment and pooled capital funds, including leveraged buyout funds, venture capital funds, hedge funds, mezzanine funds, international funds, venture funds, CDO funds, and funds of funds. We have assisted in the formation of a range of industry-focused funds in sectors such as energy, oil & gas/natural resources, renewables/greentech, real estate, and technology. Our attorneys also provide guidance in the creation of limited partnerships, limited liability companies, group trusts, corporations and offshore vehicles, as well as pooled vehicles that may be exempt from registration and other regulations that apply to traditional investment companies. We counsel clients on start-ups and early-stage capital investments, sourcing of growth capital, asset acquisitions, DIP financings and corporate recapitalizations.

We advise open-end funds, closed-end funds, interval funds and registered funds of hedge funds on all aspects of fund registration and compliance with securities laws. In addition to developing and filing all necessary documentation — including private placement memoranda, limited and general partnership agreements, subscription booklets and other obligatory communications — we work closely with attorneys from our corporate, tax, employee benefits, banking and financial institutions, and white-collar criminal defense practices to ensure compliance with all applicable SEC and CFTC regulations, as well as ERISA, anti-money laundering, antitrust, proxy solicitation, insider trading and tax laws. We regularly perform independent audits to identify potential compliance risks and create internal oversight programs to resolve outstanding issues.

We advise executives and fund managers in all areas relating to the structuring, management and ongoing operations of investment funds. We help negotiate and establish management fees, performance allocations and other compensation elements, including carried interest and other incentive structures that provide preferential capital gains treatment. We work with funds to develop and document investor qualifications, contribution and liquidity guidelines, allocation of investment opportunities, and policies designed to meet fiduciary and contractual requirements.