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Nineteenth Annual Private Equity Forum

Speaker(s): Adi Herzberg, Amanda N. Persaud, Andrea J. Schwartzman, Andrew P. Varney, Beau Brashares, Christopher Mulligan, Edward D. Sopher, Glenn R. Sarno, Jonathon Soler, Laura S. Friedrich, Marco V. Masotti, Michael S. Hong, Rebecca F. Silberstein, Sean J. Ward
Recorded on: Jul. 16, 2018
PLI Program #: 219229

Andrea Schwartzman is a partner in the New York office of Latham & Watkins and Global Co-Chair of the Investment Funds Practice. Ms. Schwartzman advises private fund sponsors, institutional investors, and investment advisors on a broad range of issues, including the structuring of investment funds, portfolio investments, internal operations, and regulatory compliance.

Ms. Schwartzman’s practice focuses on representing sponsors in the structuring and formation of private investment funds. She has significant experience advising on cross-border transactions involving private funds and investors throughout the world, including Europe, the Middle East, Asia, and Latin America. Ms. Schwartzman also advises on a wide variety of corporate matters involving private funds, including internal economic arrangements, portfolio company investments and exits, joint ventures, and strategic transactions, including the acquisition of investment managers.

Ms. Schwartzman represents fund sponsors in connection with the organization and operation of both US and global funds, including:

  • Buyout funds
  • Infrastructure funds
  • Power and energy funds
  • Credit opportunity and other debt funds
  • Co-investment funds
  • Real estate funds
  • Venture and growth capital funds
  • Funds-of-funds

As part of her practice, Ms. Schwartzman also advises sponsors with operation and regulatory compliance matters under the Investment Advisers Act of 1940 and the Investment Company Act of 1940.

Ms. Schwartzman regularly represents a broad range of clients, including:

  • Global Infrastructure Partners
  • Searchlight Capital Partners
  • Great Hill Partners
  • Consonance Capital Partners
  • Linzor Capital Partners

Ms. Schwartzman is recommended by The Legal 500 US 2013-2018 and praised by clients for her "smart, commercial and responsive service."

Michael S. Hong is a partner in Davis Polk’s Corporate Department, practicing in the Investment Management Group. He advises sophisticated private fund managers across all asset classes in their most complex, high-value transactions. Mr. Hong’s advice encompasses fund formation, M&A-related transactions (with a special expertise around co-investments), and ongoing investment-related advice on behalf of private equity, growth capital, credit, hedge, energy, real estate, co-investment and fund of funds managers.

Mr. Hong also has extensive experience advising clients on secondary transaction matters, including GP-led secondary transactions. He also regularly advises clients in connection with GP-stake sales, as well as purchases, spin-outs and joint ventures involving alternative asset managers. Mr. Hong also regularly represents investment professionals in connection with their employment arrangements with fund sponsors, as well as emerging, “first-time” fund sponsors.

His clients include Harvest Partners, Trilantic Capital Management, Lightyear Capital, Tailwind Capital Management, Glendower Capital, Cornell Capital, Cowen Investment Management, BeaconLight Capital and BBAM. Prior to joining Davis Polk, Mr. Hong also advised Apollo Global Management and GSO/Blackstone on the formation of numerous private funds, managed accounts and related matters. 

Mr. Hong is featured regularly in various industry publications. See “Private-Equity Firms Begin to Wrestle With Coronavirus Risk,” The Wall Street Journal, February 27, 2020; "PLI Panel Explores Approaches to GP Succession Planning," Private Equity Law Report, October 8, 2019; "Elizabeth Warren’s Attack on Private Equity Could Have a Surprising Group of Backers: Investors in Private Equity," Business Insider, July 30, 2019; "Kainos Co-Founder Says Colleagues Illegally Took Her Ownership Stake," The Wall Street Journal, January 29, 2019; “Fundraising Cooled in 2018 as Megafunds Took a Bigger Slice of the Pie,” The Wall Street Journal, January 7, 2019; and “Davis Polk Hires Michael Hong in New York,” Hedge Fund Law Report, May 31, 2018. 


  • Private Funds Management Magazine: One of the “30 Most Influential Private Equity Lawyers Under the Age of 40” stating, “[w]hen a    big fund is being marketed, don't be shocked to find Michael Hong as part of the process.”
  • Chambers USA: Clients comment: "He has a lot of market knowledge, is very practical and has a lot of experience" and provides “great service to his clients.”
  • The Legal 500 U.S.: One of a select few “Next Generation Lawyers”: Investment Fund Formation and Management
  • IFLR1000: "Highly Regarded," Private Equity, Private Equity Funds and Investment Management
  • Who’s Who Legal: Described as “a much-respected and energetic lawyer”


  • Partnership for New York City, David Rockefeller Fellow, 2018-19
  • Member, Committee on Private Investment Funds, New York City Bar

Professional History

  • Partner, Davis Polk since 2018
  • Partner, Paul, Weiss, 2013-2018
  • Associate, Paul, Weiss, 2004-2013

Adi Herzberg is Director and Co-Head of Product and Business Development for Credit Suisse Asset Management (“CSAM”) in the Americas. She was previously CSAM’s Head of Legal for Fund Structuring for the U.S. and Latin America.  

Adi is active in the responsible investing field as a member of the CS Impact Investing Advisory Council and works closely with the Bank’s Impact Advisory and Finance department. She was nominated by Credit Suisse to the Board of the UN Principles for Responsible Investment (PRI), guest lectures on the subject at The Wharton School of the University of Pennsylvania and contributes her expertise to various panels and publications.  

Prior to joining Credit Suisse, Adi was a senior attorney with the law firm of Gibson Dunn. She received her J.D. from the University of Virginia School of Law and her B.A. from Dartmouth College.  She is a member of the state bars of New York, New Jersey and California.

Amanda N. Persaud is a Partner at Ropes & Gray. Her practice focuses on the organization, fund raising and operation of private investment funds, including private equity funds, real estate funds, hedge funds, credit funds and other asset classes such as special situations, secondary and hybrid funds.

Ms. Persaud has led numerous fund raises for prominent U.S. and international sponsors.  She has significant experience advising sponsors in structuring and reorganizing private investment funds as well as advising sponsors with their internal governance and economic arrangements.  Ms. Persaud regularly advises on strategic investments in, and sales of, alternative asset management businesses, including purchasing minority stakes in asset managers.

Ms. Persaud is listed as a leading private funds lawyer in The Legal 500 U.S, Law Business Research’s International Who’s Who of Private Funds Lawyers and Who’s Who of Business Lawyers and Legal Media Group’s Expert Guide to the World’s Leading Banking Finance and Transactional Lawyers and Expert Guide to Women in Business and The Legal 500 U.S.

Ms. Persaud has written numerous publications and speaks regularly at industry and professional conferences on a wide-range of topics affecting private investment funds.

Christopher Mulligan is a Senior Special Counsel and Co-Coordinator of the Private Funds Specialized Working Group at the SEC where he advises and trains exam staff on Advisers Act and Investment Company Act issues, conducts exams, drafts risk alerts and develops exam initiatives and priorities related to private fund advisers. Before joining the SEC in 2012, Chris spent seven years in private practice counseling private equity advisers with respect to fund formation, the purchase and sale of portfolio companies and regulatory issues. Chris received his J.D. from Georgetown.

Laura Friedrich is a partner in the Asset Management Group. Ms. Friedrich has extensive experience in the fund formation area, representing US domestic and international private investment fund sponsors, distributors and investors on formation, investment and regulatory matters. She advises US and international private equity, venture capital and hedge funds and their sponsors, with investments in the United States, Latin America, Europe, Africa, the Middle East and Asia, working with both fund sponsors and investors in fundraising efforts for multibillion-dollar funds, as well as middle market, regional and sector-specific funds. She has represented sponsors across a variety of asset categories, including buyout, real estate, funds of funds, debt, energy, infrastructure, transportation and media.

Ms. Friedrich also counsels funds and their sponsors on a broad range of business and transactional matters (including co-investments), internal management, and regulatory and compliance issues.

Prior to joining Willkie in 2020, Ms. Friedrich was a partner at Shearman & Sterling, where she served as global head of the Investment Funds team.

Ms. Friedrich is a Member of the Emerging Markets Private Equity Association (EMPEA) Legal & Regulatory Council, the Private Investment Funds Forum, and the New York City Bar Association Private Investment Funds Committee.

Ms. Friedrich received a JD from the University of Pennsylvania Law School in 1996 and an AB from the University of California, Berkeley in 1993.

Awards and Recognition

  • Ranked as Leading Individual by Who's Who Legal for Private Funds - Formation (2020)
  • Ranked in the area of Investment Funds: Private Equity: Fund Formation in Chambers USA (2020)
  • Named a Leading Lawyer in The Legal 500 (2019) for Private Equity Funds (Including Venture Capital)
  • Listed in Legal Media Group's Women in Business Law Expert Guide (2019)
  • Recognized for Investment Funds in Legal Media Group's Expert Guides (2019)
  • Named as one of the Top 100 Female Lawyers in Latin America by Latinvex (2018 & 2017)
  • Recognized in the 25th edition of Best Lawyers for Private Funds/Hedge Funds Law (2018)

Rebecca Silberstein is Co-Head of the firm’s Private Equity Group and has built a leading fund formation practice over her 25 years at the firm. She focuses on advising private equity firms and financial sponsors of private investment funds, including global private equity, leveraged buyout, energy and infrastructure, banking and financial services, mezzanine, credit and distressed debt funds, as well as bespoke funds and separate accounts. She also advises on carry plans, employee investment programs and acquisitions and dispositions of interests in private equity firms, as well as joint ventures and strategic partnerships, management team spin-outs and the establishment of new private equity firms. Ms. Silberstein’s clients include Allianz, Clayton, Dubilier & Rice, Credit Suisse, Global Infrastructure Partners, Kelso & Company, KKR, Morgan Stanley, Odyssey Investment Partners, One Rock Capital, Stone Point Capital and WeWork.

Ms. Silberstein was named to The American Lawyer’s “45 Under 45” list of the top women lawyers, where she is applauded for building a high-profile practice with “a unique mix of tenacity and grace.” Ms. Silberstein is ranked in the top band for private equity fund formation by Chambers USA, where she is described by sources as “a fount of knowledge,” and “a market leader.” She is recognized as a leading lawyer in Chambers Global (2019), and in previous editions of the guide, sources say she “always understands the issues, is very commercial in her approach and understands our business and sensitivities well.”

Ms. Silberstein is the New York City Bar Association’s 2018-2021 Chair of the Private Investment Funds Committee and has been a leader of the International Bar Association’s Investment Funds Committee for over a decade, serving as 2017-2018 Co-Chair of the Committee. She was the 2014 Chair and is a leading member of the Private Investment Funds Forum and is an Advisory Board Member of the Private Equity CFO Association. Ms. Silberstein is also a frequent speaker at seminars and conferences. She is on the Organizing Committee of the IBA’s Private Investment Funds Conference and is Chair of the 2019 IBA Annual Conference on the Globalisation of Investment Funds.

Ms. Silberstein joined Debevoise in 1993 and became a partner in 2001. She received her B.A. magna cum laude from Yeshiva University in 1990 and her J.D. summa cum laude from the Benjamin N. Cardozo School of Law in 1993, where she was a Supervising Editor of the Law Review.

Andrew P. Varney is a corporate partner resident in Fried Frank’s Washington, DC office. He joined the Firm in 1989, was resident in the Firm’s London office in 1992-1993 and became a partner in 1995.

Mr. Varney represents clients in a broad range of transactions, with a focus on representing private equity fund investors in secondaries, co-investments, restructurings and other transactions. He also has extensive experience in mergers and acquisitions, joint ventures, and corporate governance counseling.

Mr. Varney is consistently recognized by Chambers Global:  The World’s Leading Lawyers for Business as a leading individual in Private Equity: Buyouts and Chambers USA:  America’s Leading Lawyers for Business as a leading individual in Corporate/M&A & Private Equity.

Mr. Varney received his JD from Harvard Law School and his BA from Middlebury College. He is admitted to the bar in the District of Columbia, Massachusetts, New York and Virginia.

Edward D. Sopher is a corporate partner in the New York office of Gibson, Dunn & Crutcher.  Mr. Sopher is Co-Chair of Gibson Dunn’s Investment Funds Practice Group.

Mr. Sopher’s practice focuses on the establishment and operation of private investment funds, including private equity funds, funds of funds, hedge funds, distressed investment funds and real estate funds.  He has extensive experience representing the investment managers and sponsors of these funds, as well as institutional investors, seed investors, placement agents and joint venture partners.  His clients include AE Industrial Partners, Argonaut, Credit Suisse, GoldPoint Partners, GCM Grosvenor, Hamilton Lane, Investcorp, Neuberger Berman, Ottawa Avenue, Sheridan Production Partners, StepStone Group, Strategic Partners Fund Solutions and Third Point, among others.

Representing his investment fund clients in their investment activities, he has been involved in a wide variety of investment, private equity and financing transactions.  He regularly represents secondary investment funds in their investment activities.  His experience also extends to transactions involving investment management firms, including spin-outs, acquisitions, financings and joint ventures.

Mr. Sopher also represents financial institutions in connection with their partnership and employee profit participation arrangements.  In addition to fund servicing and transactional work, he also advises his clients on SEC regulatory compliance and other general corporate matters.

Mr. Sopher is consistently featured in various publications as a leading lawyer in the area of private fund formation, including The International Who’s Who of Private Funds Lawyers, The Best Lawyers in America©, The International Who’s Who of Business Lawyers, The International Financial Law Review, The Legal 500 United States, Chambers USA:  America’s Leading Lawyers for Business, Chambers Global:  The World’s Leading Lawyers for Business, the Guide to the World’s Leading Private Equity Lawyers, the Guide to the World’s Leading Investment Funds Lawyers and the PLC Cross-border Private Equity Handbook.  Chambers notes that Mr. Sopher is “an outstanding expert in his field” and that he “provides fantastic cross-border support.”

Mr. Sopher is a member of several bar committees and a frequent speaker on matters relating to private investment funds.

Mr. Sopher was born in London, England, and received his Bachelor of Arts degree in 1982 and his Master of Arts in 1985 from Cambridge University.  He is a member of the New York Bar and is also a solicitor in England and Wales.

Jonathon Soler is head of Weil’s U.S. Private Funds practice and co-head of the U.S. Private Equity practice. Mr. Soler regularly represents sponsors of private investment funds in connection with the organization and operation of such funds, as well as providing sophisticated advice regarding carried interest sharing and other economic and governance issues. He also has counseled investment firms in connection with the sale of significant minority interests in their businesses to institutional investors. In addition, Mr. Soler represents certain institutional investors in connection with their investments in a variety of private investment funds.

Mr. Soler’s representative clients include Altas Partners, American Securities, Aquiline Capital Partners, Brookfield Asset Management, Crow Holdings, Genstar Capital, Lindsay Goldberg, OMERS Private Equity, Perella Weinberg Partners, Snow Phipps Group and Trive Capital.

Mr. Soler is a member of the Private Investment Funds Forum and has been named a leading lawyer for Investment Funds: Private Equity: Fund Formation by Chambers USA and Chambers Global since 2008. In Chambers USA, clients note “he's really a thought partner and is right there with us in terms of being progressive and thoughtful around fund-raising terms and negotiation tactics.” He is recognized as a “Market Leader” for Investment Funds in the U.S. by IFLR1000 and is also consistently recognized by Legal 500 US, where clients note his “excellent strategic advice – he is very plugged in with all the big players.” Mr. Soler has regularly written and spoken on issues relating to private investment funds.

Marco V. Masotti is a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP. For over two decades, Marco has led and built the firm’s private funds group into one of the elite practices in the marketplace. He has also served as a member of the firm’s Management Committee. Marco’s clients include a “who’s who” of alternative asset managers, including Apollo, Avenue, Blackstone/GSO, General Atlantic, Kohlberg Kravis Roberts & Co., KPS, Oak Hill, Reservoir, Roark, Silver Point and Värde. He also counsels many founders and partners of private equity and hedge fund businesses on their strategic initiatives. Marco represented former Treasury Secretary Timothy Geithner in connection with his joining a major private equity firm.

Over his career, he has assisted with numerous multi-billion dollar fundraises and last year led Apollo’s record-breaking fundraise of $24.7 billion for its flagship buyout fund. Ranked Band 1 in Chambers, Marco is described as a “spectacular private funds practitioner who brings deep industry insight to the mega capital-raising mandates” and clients “trust his judgment completely.” In 2016, he was named one of four lawyers in the nation as an Asset Management MVP by Law360. Marco has been featured by The Deal as one of the ‘Movers & Shakers’ in the industry named by Crain’s New York Business to its annual “40 Under 40” list, and profiled by the New York Observer as one of New York’s top corporate lawyers. Private Equity International named Marco one of “The 100 Most Influential of the Decade.”

Marco was awarded a Fulbright Placement Award upon graduating from the University of Natal Faculty of Law.


  • LL.M., University of Virginia School of Law, 1992
  • LL.B., University of Natal Faculty of Law, 1991 cum laude
  • B.A., University of Natal, 1988


  • Hon. Albie Sachs, Constitutional Court of South Africa

Sean Ward is a Managing Director of Neuberger Berman and a founding member of the Dyal Capital Partners Investment Team. Previously a Vice President at Lehman Brothers, Sean held several roles at Neuberger Berman after it became an independent firm, including Senior Counsel for NB Alternatives. Prior to joining the firm, he was an associate at Covington & Burling LLP, where his practice focused on mergers and acquisitions, public and private securities offerings and credit transactions. Prior to Covington & Burling LLP, Sean worked at Davis Polk & Wardwell LLP in New York and London. Sean received his J.D., magna cum laude, from the Duke University School of Law and holds a B.A., magna cum laude, in Diplomatic History and Political Science from the University of Pennsylvania.

William (“Beau”) Brashares is a partner in the Investment Funds Group at Kirkland & Ellis LLP, where he concentrates his practice on representing fund sponsors in the formation and management of private investment funds, including buyout, mezzanine, venture, senior debt, distressed debt, sector-specific, real estate and funds-of-funds, as well as the structuring, operation and regulatory compliance of their management companies.

He also advises clients in the formation and management of hedge funds, “hybrid” funds and other private investment vehicles.

In addition, Beau counsels funds-of-funds and prominent institutional investors in connection with their investments in leading private equity, venture, real estate, and hedge funds.


  • Harvard Law School, J.D., 2000
  • University of California, Berkeley B.A., 1991

Admissions & Qualifications

  • 2001, New York

Glenn practices in the Corporate Department of Simpson Thacher & Bartlett, focusing on private investment funds and other facets of “alternative asset management.” He has represented some of the largest and most well-known private fund sponsors on a global basis, in many different asset categories, including traditional private equity, real estate, energy, infrastructure, debt, RMBS, CMBS, CDOs, food and agriculture, healthcare, education, manager stakes, seed capital, co-investment and secondaries.

Glenn also has extensive experience with fund-of-funds, feeder funds, separately managed accounts, employee securities companies, minority stake investments in firms, and listed fund products. He has represented numerous hedge fund sponsors as well. Glenn has represented sponsors in global “house-team” arrangements and has also worked on minority stake sales, “spin-outs” of private equity and hedge fund businesses and the creation and expansion of numerous boutique firms as well as the creation of alternatives platforms within larger institutions.

Glenn practiced in the Firm’s London office for two years, where he lead international fund formation matters, including country-focused funds investing in Italy, Eastern Europe, Russia and Hungary as well as those with a pan-European or Asian regional focus.

Glenn served for three years as the Chair of the New York City Bar Association Committee on Private Investment Funds, a 43-member committee comprised of leading in-house and external counsel practicing in the alternatives industry. He is also a member of the Private Investment Fund Forum, a group comprising New York City attorneys practicing extensively in the private funds area.  Glenn serves as a member of the Corporate and M&A Advisory Boards of Practical Law, a service of Thomson Reuters, and was for several years a member of the Advisory Board of the Private Equity CFO Association. He has lectured extensively and published on alternative asset management topics in the United States and abroad.

Glenn is listed as a leading lawyer in Chambers’ Global and USA Guides to the World’s Leading Business Lawyers, The International Who’s Who of Private Fund Lawyers and other similar publications.

Glenn received his B.A., summa cum laude, from the University of Connecticut in 1989, where he was a University Scholar and a member of Phi Beta Kappa. He received his J.D., with honors, from the Duke University School of Law in 1992, where he was the winner of the Hardt Cup moot court competition and the Best Judge award in the Dean’s Cup competition. Prior to joining Simpson Thacher in 1993, Glenn clerked for the Senior Justice of the Supreme Court of the State of New Jersey.