Reinhart’s Private Equity attorneys are adept at facilitating transactions with a variety of capital structures. Our team has extensive experience with buyouts, mezzanine financing, growth financing, classic senior debt and complex secured transactions, with particular prominence in middle market private equity, venture capital and corporate finance.
We have broad experience with a wide range of investment and exit structures, including traditional leveraged buyouts, dividend recapitalizations, minority investments, multi-sponsor “club” deals, management buyouts and initial public offerings. We represent a variety of clients, including leading Midwest institutional mezzanine sponsors, SBIC funds, mezzanine lenders, buyout and venture capital funds, sophisticated fundless sponsors and angel investors.
The Private Equity practice is transactional, but our approach is not. Our relationships with clients don’t end when contracts are delivered or deals are closed. We work collaboratively with clients long after the funding is complete, advising on corporate strategy, transitioning existing management teams and ensuring our clients’ goals are realized. We know the mindset, motivation and cultures that our private equity clients operate in, and we make it a goal to be a truly strategic partner.
Reinhart’s Private Equity team structures, negotiates and documents debt, equity and governance instruments for corporations, limited partnerships and limited liability companies. We are adept at identifying and resolving complicated tax issues arising in connection with management roll-over investments, section 338(h)(10) elections and the use of pass-through entities such as limited liability companies, S corporations and limited partnerships. We effectively design management equity programs, resolving issues under tax and benefits laws while achieving the investment and incentive objectives of ownership and management.
Our frequent representation of institutional and nontraditional investors provides our clients with a valuable resource. We often access this network for our corporate clients seeking financing alternatives for succession planning, recapitalizations, acquisitions or growth finance. Our familiarity with the objectives and concerns of the providers of capital is a significant advantage in building relationships and closing deals that work for our corporate clients.
We also represent private equity fund sponsors in connection with the formation of investment partnerships and other pooled investment vehicles, and in the ongoing tax and governance issues that arise in connection with the management of these funds. Additionally, we evaluate and negotiate the terms and conditions of private equity fund offerings on behalf of pension plans, institutional investors and wealthy individuals.
This article identifies two common issues with fee transparency in the private equity industry and examines the Institutional Limited Partners Association’s (“ILPA”) Fee Reporting Template as one way to improve fee transparency.
The Bipartisan Budget Act of 2015 includes revamped partnership audit rules that may have a significant effect on private funds, including private equity and hedge funds. The new rules are effective for tax returns filed for the 2017 tax year, but this legislation is already driving changes to funds’ governing documents. This article provides an overview of the new rules and what changes investors should expect in fund agreements.
Learn how Reinhart attorneys worked with four generations of a family to provide an orderly and coordinated multigenerational transfer.