Private Equity
PreparedFor:MunirDauhajre
April10th,2025
ABOUT SADIS
Sadis&GoldbergLLPisaninternationallyrecognizedlaw firm.Drawingontheexperienceanddepthof ourlawyersinthesedistinctareas,weleverageeach lawyer’sindustry-specificknowledgetohelpourclients succeed.Thiscollaborativeapproachbringscollective insighttothetablethatcontributestosensible,efficient resolutions,andallowingustoremainattentivetothecost andtimesensitivitiesthatmaybeinvolved.Sadisclients includedomesticandinternationalentities,financial institutions,familyoffices,privateequityfunds,venture capitalfunds,hedgefunds,buyoutfunds,commodity pools,specialpurposevehiclesandnumerousbusiness operatinginvariousindustriesaroundtheworld.
INDUSTRY INVOLVEMENT
SadisAnnualPrivateFundsForum–Industryleaders fromlawfirms,accountingfirms,thirdpartyadministrators, primebrokers,directorsandconsultantsfocusedonthe privatefundindustrygathertogetherforseveraldays fromacrosstheglobetoshareideasanddiscussrecent developmentsfacingthefinancialservicesindustry.
SadisBusinessBreakfast–Bringstogetherinvestors, founders,accountants,analysts,capitalproviders,and otherbusinessleaderstodiscusstrendingtopicsand network.
IndependentSponsors–Sadishostsnetworkingevents forcapitalprovidersandindependentsponsors.
Sadis Family Office Lunches – Executives from family offices networking and sharing ideas on market trends acrossvariousindustries.
FOCUSED SOPHISTICATED REPRESENTATION
Sadismaintainsadiverse, business-orientedlegal practicefocusedonprivate investmentfunds,assetand wealthmanagers,family offices,litigation,corporate services,mergers& acquisitions,realestate, regulatoryandcompliance, taxandERISA.
“No law firm is better in the hedge fund space. Sadis doesn’t just know the legal framework; they are on the cutting edge of defining it.”
– JOHN STERLING FOUNDER, STERLING FUND MANAGERS
PRIVATE EQUITY/VENTURE CAPITAL
TheFinancialServicesGroupisexperiencedinallaspectsofstructuringandbringingtomarketa widevarietyofprivateequityandventurecapitalfunds,includingmanyuniqueandinnovative “hybrid”funds. Weroutinelyrepresentmanagersinvestinginabroadarrayofassetclassesand industries,including,withoutlimitation,aerospace,healthcare,media,software,insurance, biotechnology,realestate,cannabis,communications,oilandgas,gaming,leisure,entertainment, renewableenergycredits,fintech,alternativefinanceandwaterrights.Wealsohavediverse internationalexperience,andhaveformedprivateequityfundsand/oradvisedclientsinconnection withprivateequityinvestmentsinUkraine,China,India,Ireland,Greece,Luxembourg,Japan, Switzerland,Austria,Israel,Singapore,Australia,Canada,Jersey,IsleofMan,Mauritius,Central America,BritishVirginIslands,Guernsey,CaymanIslandsandBermuda.
HEDGE FUNDS
The Financial Services Group at Sadis provides legal advice to both domestic and offshore private investment funds in the alternative investment space. We provide counsel on the structure and formation of new funds, as well as the reorganization and restructuringofexistingfunds.Westructureand service a wide variety of funds, such as early stage and/or angel investments, private credit, long/short equity funds, global macro funds, emerging market funds, risk arbitrage funds, convertible arbitrage funds, high yield bond funds, distressed debt funds, bank debt funds, sector-specific funds (e.g. technology, areo space, health care, biotechnology), collectible funds (e.g. car, art, watch), crypto-currency funds, cannabis funds, fund of funds, multi-manager funds and fund platforms. We provide customized drafting of confidential private placement memoranda, limited partnership agreements, operating agreements, subscription documents and other related fund documents.
We also draft and negotiate agreements documenting the relationship with fund managers, principals and employees, subadvisors, consultants and fund counterparties. Sadis currently represents several hundred private investment funds and their managers throughout the world. Our client base is comprised of clientsof all sizes, backgrounds and investment sectors and our clientbaserepresentsasignificantpercentage of the private fund industry’s market share, providing the Firm with an unusual awareness of current market behaviors,favoredcommercialtermsandotherindustry trends. This unique access to current market information allows our team to advise our clients with both experienced legal counsel and timely business intelligence. By virtue of representing several hundred alternative investment vehicles with investment managersdomiciledthroughouttheworld,ourmarket
share gives us a unique perspective on the global investmentfundsindustry.
Additionally, as a result of our unique global footprint, we enjoy very strong relationships with leading legal counsel and other professionals in international centers for finance, such as the Cayman Islands, Bermuda, the British Virgin Islands, Luxembourg, Ireland, Switzerland, Malta, Jersey, Guernsey, Mauritius, Hong Kong and the United Kingdom. In addition, we maintain a specialized cross-border funds practice advising non-US managers seeking to offer products in theUnited States.
Our
clientbaserepresents asignificantpercentageofthe privatefundindustry’smarket share,providingtheFirmwith anunusualawarenessof current marketbehaviors, favoredcommercialtermsand otherindustrytrends.
REGULATORY & COMPLIANCE
OUR REGULATORY AND COMPLIANCE TEAM ADVISES FUNDS AND THEIR MANAGERS ON ALL OF U.S. REGULATORY ASPECTS OF THEIR BUSINESS INCLUDING THE FOLLOWING:
• SecuritiesandExchangeActof1934.Weadviseclientsonbroker-dealerlawsapplicabletotheirsellingactivities andregularlynegotiateprivateplacementanddistributionagentswithsellingagents.Ourregulatoryadvice coversallaspectsofbroker-dealerlaws,includingFINRArulesandregulationsandlicensing.
• SecuritiesActof1933.Weprovideareviewofthebasisfortheprivateofferingtotheinvestorandthatthefund fileaFormDwiththeSECtoavailitselfoftheprivatesecuritiesofferingsafeharborunderRule506(b)orRule 506(c)(noteRule506(c)offerings,whichpermitpublicmarketing,requireadditionalduediligencebythe managerandsoadditionalworkonthesubscriptiondocuments).
• InvestmentAdvisersActof1940.Togetherwithfundmanagementwereviewapplicableexemptionsthatmay beavailabletoitundertheAdvisersAct,includingtheforeignprivateadvisersexemption,venturecapital exemptionandprivatefundadvisersexemption.Inaddition,wehandleallregulatoryfilingswiththeSEC, includingany“exemptreportingadviser”filingsandfullregistrationswiththeSEC,includingthedraftingof CodesofEthicsandComplianceManuals.
• InvestmentCompanyActof1940.IntheeventanyfeederfundsareformedinordertoconductaU.S.offering, wewouldadviseontheregulatoryexemptionsavailabletothefundundertheInvestmentCompanyAct, includingthe3(c)(1),3(c)(5)and3(c)(7)exemptions,aswellasinvestorduediligenceobligationsimposedonthe managertodemonstratecompliance.
• CommodityExchangeActRegulation.Inaddition,weassessanyfilingobligationsundertheCommodity ExchangeAct(applicabletocommodities,currenciesandswaps),includinganycommoditypooloperator (CPO)andcommoditytradingadviser(CTA)filings.Abroadexemptionfromregistrationexistsforlowlevelsof activitiesintheseinstruments,andstandardexemptionsexistforofferingsinprivatefunds.Theexpense associatedwithmakingtherelevantfilingswouldbeminimalforthebroadexemption,andrelativelylow forthestandardprivatefundexemptions,thoughpreviouslyunregisteredCPOsandCTAswouldneedto completenewregistrationswiththeNationalFuturesAssociation.
• EmployeeRetirementIncomeSecurityAct(ERISA).Foroffersofsecuritiestopensionplansorotherinvestors whoseassetsconstituteplanassetsunderU.S.law,wewouldadviseontheobligationsimposedunderERISA andtheguidelineswhichthefundshouldfollowinrespectofERISAinvestorstoensurethatthefunddoesnot becomeafiduciaryofanyERISAplaninvestor.
• MockAudits.WeregularlyconductSEC&FINRAmockauditsandfocusedcompliancereviewsonbehalfofour clients.Thesereviewsandauditsencompassareviewofcompliancepoliciesandproceduresthatarerequired tobemaintainedbyaclientunderfederalandstatesecuritieslaws.Ourteamleveragesitsmultidisciplinary expertisetoprovideinsightintobestpracticesfromacompliance,enforcementandbusinessperspective.
Our Team
OUR TEAM
Ron S. Geffner PARTNER
212.573.6660
rgeffner@sadis.com
Ron S. Geffner is a founding member of the firm’s Executive Committee and also oversees the Financial Services group. He regularly structures, organizes and counsels private investment vehicles, investment advisory organizations, broker-dealers, commodity pool operators and other investment fiduciaries. Ron also routinely counsels clients in connection with regulatory investigations and actions. His broad background with federal and state securities laws, and the rules, regulations and customary practices of the SEC, Financial Industry Regulatory Authority, Commodities Futures Trading Commission and various other regulatory bodies, enables him to provide strategic guidance to a diverse clientele. He provides legal services to hundreds of hedge funds, private equity funds and venture capital funds organized in the United States and offshore.
Ron regularly structures, organizes and counsels private investment vehicles, investment advisory organizations, brokerdealers, commodity pool operators and other investment fiduciaries.
Prior to starting Sadis & Goldberg, Ron was associated with two other New York City-based law firms, where he represented domestic and offshore private investment vehicles, as well as broker-dealers, registered investment advisers and registered investment companies.
OUR TEAM
Paul D. Fasciano PARTNER
212.573.8025
pfasciano@sadis.com
PaulD.Fascianoisapartnerinthefirm’sFinancialServices andCorporategroups.Paulbeganhiscareerasageneral corporateattorney,andnowfocuseshispracticeon representingprivatefundmanagers,bothintheformation phaseandalsoinongoingcorporateandtransactional matters,includingmergersandacquisitions,activistinvestor representation,securitieslawcomplianceandderivatives.
Paulregularlycounselsclientsonstructuringandforming U.S.andnon-U.S.privateinvestmentfunds,including privateequityfunds,venturecapitalfunds,hedgefunds andcustom“hybrid”fundsincorporatingfeaturesofboth. FundsadvisedbyPaulcoverawidevarietyofstrategies andassetclasses,withvaryingliquiditycharacteristics, includingmoretypicalassetclassessuchaspubliclytraded equities,aswellaslesstypicalassetclassessuchasloans, consumerreceivablesandrenewableenergycredits. Paul alsohasextensiveexperienceindraftingandnegotiating agreementsmemorializingtherelationshipbetweenthe principalsofafund.
Paul has advised participants in a variety of public and private merger and acquisition transactions in diverse industries and has brought this practice to focus on transactions involving investment advisers, broker-dealers and other players in the financial services industry.
OUR TEAM
David Fitzgerald PARTNER
212.573.8428
dfitzgerald@sadis.com
DavidFitzgerald’spracticefocusesoninvestmentfunds, securities,jointventures,regulatorycomplianceand investmentadvisers.Heregularlystructuresandorganizes privateequityfunds,venturecapitalfunds,hedgefunds, fundsoffunds,separatelymanagedaccountsandhybrid funds. Additionally,headvisesprivatefundmanagerson structure,compensation,employmentandinvestorissues, andothermattersrelatingtomanagementcompanies.
Drawingonhis16yearsofexperienceasaninstitutional ChiefComplianceOfficerandGeneralCounsel,David providesongoingadvicetoinvestmentadviserson securitieslawissues,includingSECfilings. Hispracticealso involvescounselingclientsinSECregulatorymatters, includingcomplianceissuesrelatedtoregisteredadvisers.
David is a Partner in the Firm’s Financial Services and Corporate Groups
OUR TEAM
Seth Lebowitz PARTNER
212.573.8152
slebowitz@sadis.com
SethLebowitzisapartnerinthefirm’sTaxgroup. Sethadvisesclientsonthetax-efficientplanning andexecutionofabroadrangeoftransactions,witha particularfocusontheformation,operationand investingactivitiesofprivateequityfunds,venture capitalfunds,hedgefunds.Sethhasexperiencewith:
• Domestic and international tax issues relating to fund structuring
• Joint ventures and partnerships
• Corporate and real estate investing
• Lending
• Securities trading
• Distressed investing
• Financial products.
Seth advises clients on the tax-efficient planning and execution of a broad range of transactions, with a particular focus on the formation, operation and investing activities of private equity and hedge funds.
OUR TEAM
Paul Marino PARTNER
212.573.8158
pmarino@sadis.com
PaulMarinoistheheadoftheCorporateandMergers& Acquisitionsgroup,andcochairoftheFinancialServices group.Paulfocuseshispracticeinmattersconcerning financialservices,corporatelawandcorporatefinance. Paulprovidescounselintheareasofprivateequityand ventruecapitalfundsandmergersandacquisitionsfor privateequityfirmsandpublicandprivatecompaniesand venturecapitalandprivateequityfundandhedgefund formation.
PaulworksonavarietyofM&Atransactions,including leveragedacquisitions,divestituresofbusinessdivisions, going-privatetransactions,andotherstrategicacquisitions anddispositions,inthefollowingindustries:manufacturing, telecommunications,consumerproducts,hospitality, healthcare,andtechnology,amongothers.Hispractice alsoincludesjointventuresandgeneralcompany representationmatters.
Paulhasrepresentednationalandmultinational corporations,rangingfromtelecomstotechcompanies,as wellasrealestatesyndicationandfinancialinvestors and investmentadvisors.Hehasalsonegotiatedandstructured anumberofU.S.domesticandcross-bordermergersand acquisitionsandjointventures.
Paul provides counsel in the areas of private equity funds and mergers and acquisitions for private equity firms and public and private companies and private equity fund and hedge fund formation.
OUR TEAM
Yelena Maltser
PARTNER
212.573.8429
ymaltser@sadis.com
YelenaMaltserpracticesinthefirm’sFinancialServices andCorporategroups.Yelenaregularlycounselsclientson structuringandformingU.S.andnon-U.S.private investmentvehicles(including,withoutlimitation,private equityfunds,venturecapitalfunds,hedgefunds,hybrid funds,fundswithnon-traditionalassetclasses,realestate funds,venturecapitalfunds,funds-of-funds,commodity pools,aswellasmanagedaccounts). Yelenaalsoadvises clientsonstructuringthemanagemententitiestosuch funds. Sheregularlypreparesofferingandorganizational documentsforinvestmentfunds;negotiatessideletter agreements,seedcapitalagreements,jointventure agreementsandcompensationarrangements;reviews marketingmaterials;andprovidesongoingadviceto existinginvestmentvehiclesandmanagemententities. In addition,Yelenacounselsinvestmentmanagerson registrationandongoingregulatorycomplianceissues.
PriortojoiningSadis&Goldberg,Yelenawasassociated withtwootherNewYorkCity-basedlawfirms,whereshe wasinvolvedingeneralcorporatework.
Yelena counsels investment managers on registration and ongoing regulatory compliance issues.
OUR TEAM
Vartika Naithani
ASSOCIATE
212.573.8148
vnaithani@sadis.com
VartikaNaithaniisanAssociateinthefirm’sFinancialServices,Corporate,andRegulatory Compliancegroups.Vartikaconcentratesherpracticeonfundformation,regulatory compliances,andgeneralcorporatematters.Vartikaisaforeigntrainedattorneyandhasan LL.M.degreeinBanking,Corporate,andFinanceLawfromFordhamUniversitySchoolofLaw.
Vartikahasmorethan7yearsofworkexperienceinIndiaasin-houselegalcounselwith organizationssuchasBupa,Allianz,andAssurant. Shehasworkedonawidevarietyof insuranceandgeneralcorporatematters.PriortojoiningSadis,VartikainternedwiththeNew JerseyBureauofSecurities,whereinsheassistedtheregulatorswithsecuritiesregistration, investigations,andexaminations.
SamanthaRomanoisanAssociateinthefirm’sFinancialServicesgroup.Samanthaconcentrates herpracticeonprivatefundformationandgeneralcorporatematters.
Beforeattendinglawschool,SamanthawasinWashington,DCworkingasaparalegalina structuredfinancegroup.
OUR TEAM
Mark Strefling PARTNER
212.573.8519
mstrefling@sadis.com
Mark Strefling is recognized as an industry-leading investment management lawyer with over two decades of experience in the alternative investment industry.
Mark’s practice includes the specialized representation of private fund managers in the design and formation of complex and innovative fund structures, the marketing and distribution of fund interests, the design of comprehensive compliance programs, and the representation of managers during critical regulatory examinations and investigations. Mark also partners with managers to deliver compliance training and education, mock examinations, regulatory and compliance gap analysis, and critical CCO regulatory support.
Mark represents private fund managers, investment advisers, and other members of the investment management industry on fund structures, and compliance matters.
OUR TEAM
Erika L. Winkler PARTNER
212.573.8022
ewinkler@sadis.com
ErikaL.Winklerisapartnerinthefirm’sFinancialServices andCorporategroups.Erika’spracticefocusesonthe structuringandformation,capitalraisingandregulatory complianceofU.S.andnon-U.S.privateinvestment vehicles,including,withoutlimitation,privateequityfunds, venturecapitalfunds,hedgefunds,hybridfunds,funds withnon-traditionalassetclasses,realestatefunds, venturecapitalfunds,specialpurposevehicles,funds-offunds,commoditypools,aswellasmanagedaccounts.She alsoregularlyadvisesmanagementcompaniesandfund managersonawidearrayofmatters,including compensationstructures,restructuringsand reorganizations,jointventures,sidelettersandseedcapital transactions,andemploymentandinvestorissues,and negotiatesandpreparesrelatedagreementsand documentation.
Erika’s practice focuses on the structuring and formation, capital raising and regulatory compliance of U.S. and non-U.S. private investment vehicles.
OUR TEAM
Alex Gelinas COUNSEL
212.947.3793
agelinas@sadis.com
AlexGelinasisaSeniorCounselinthefirm’staxgroup.Alex focuseshispracticeonprovidingtaxadvicetoinvestment managersofprivateequityfunds,venturecapitalfunds, hedgefundsandotherinvestmentfundsonallaspectsof theirbusinesses,includingmanagemententityandfund formation,partnershiptaxationissues,compensation arrangementsandongoinginvestmentactivitiesand transactions.AlexalsoprovidestaxadvicetoU.S.pension funds,sovereignwealthfundsandotherU.S.andforeign institutionalinvestorsinconnectionwiththeirinvestments inprivateequityfunds,hedgefundsandU.S.jointventures. Healsohasextensiveexperienceinprovidingtaxplanning advicetohigh-net-worthindividualsandfamilies.
Alex has extensive experience with respect to the “plan assets” and other ERISA regulatory issues applicable to sponsors of, and institutional investors in, onshore and offshore hedge funds, private equity funds and other pooled investment vehicles.
OUR TEAM
Jaywon Choi ASSOCIATE
212.573.8
JaywonChoiisanassociateinSadis’FinancialServicesandCorporategroups,focusingon privatefundformation,corporatetransactions,andregulatorycomplianceforinvestment funds.
JaywonisfluentinKorean.
OUR TEAM
Donald Penn ASSOCIATE
332.330.2362
dpenn@sadis.com
DonaldPennisanAssociateinthefirm’sFinancialServicesgroup.Donaldconcentrateshis practiceonthestructuringandformation,capitalraisingandregulatorycomplianceofU.S.and non-U.S.privateinvestmentvehicles,including,withoutlimitation,privateequityfunds, venturecapitalfunds,hedgefunds,hybridfunds,fundswithnon-traditionalassetclasses, venturecapitalfunds,realestatefunds,specialpurposevehicles,funds-of-funds,commodity pools,aswellasmanagedaccounts.PriortojoiningSadis,DonaldwasanassociateataNew Yorkcitybasedlawfirm.
OUR TEAM
Cameron Posillico ASSOCIATE
212.573.8151
cposillico@sadis. com
CameronPosillicoisanassociateintheFinancialServicesandCorporategroups,focusingon fundformation,generalcorporatematters,andregulatorycomplianceforinvestmentfunds.
OUR TEAM
Jacob Shiffer ASSOCIATE
212.573.8027
shiffer@sadis.com
JacobShifferisanassociateinthefirm’sFinancialServicesandCorporategroups.Jacob concentrateshispracticesonprivatefundformation,mergersandacquisitions,andgeneral corporatematters.
PriortojoiningSadis,JacobservedintheUnitedStatesAirForceforeightyears,wherehe workedasanAnalyst.