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Hedge Fund Management 2019

Speaker(s): Caroline Williams, David Nissenbaum, Erin Ross, Kenny Clowers, Kevin Tagami, Mark Polemeni, Mark Renaud, Michael Richardson, Olga Gutman, Ryan R. Toteja, Sarah R. Davidoff, Todd S. Greenbarg
Recorded on: Sep. 10, 2019
PLI Program #: 250325

Caroline Williams is based in Walkers’ Cayman Islands office where she is a partner in the firm’s Global Investment Funds Group and Global Corporate Group. She has a broad private funds practice specialising in both hedge funds and private equity. Caroline has extensive experience advising private equity fund sponsors on the structuring and formation of funds and co-investment and alternative investment vehicles and the completion of transactions undertaken by them.

Caroline has broad experience advising on the sale and purchase of portfolio investments and advising on secondary transactions. Her practice also encompasses advising on initial public offerings, mergers and acquisitions, joint ventures and corporate reorganisations. Caroline acts for leading financial institutions, investment managers, including institutional sponsors of private equity and hedge funds, and also boutique and start up managers.

Caroline trained as a solicitor with Linklaters, London where she remained after qualification in 1996, working in Linklaters’ International Finance Department. Caroline advised there on a wide range of capital markets and structured finance transactions.

Caroline is a member of the Law Society of England and Wales and a frequent speaker at industry events.

Caroline is consistently ranked as a leading lawyer in prominent legal directories, including the Chambers Global Guide, Legal 500, IFLR 1000, International Who’s Who of Private Funds Lawyers and Legal Media Group's Guide to the World's Leading Lawyers. Most recently, Caroline was recognised in the 2019 Chambers Global Guide as a lawyer who clients "choose for big-ticket stuff". She was further described as a "terrific" and a "very dependable lawyer" in the investment funds space and noted as being regarded by fellow practitioners as "very good" and an adviser who is "thoughtful, diligent and careful".  The 2018 Chambers Global Guide noted that "sources describe Caroline Williams as "hugely well respected in the funds market". She has a client-friendly style. She also has plenty of experience and some very considerable relationships with major asset managers".  The 2017 Chambers Global Guide recognizes Caroline as a "seasoned practitioner with expertise in advising on the formation of large private equity funds for investment in numerous sectors". The 2017 International Who's Who of Private Fund Formation Lawyers identified Caroline as a "Thought Leader" and noted that Caroline had been recommended as "one of Cayman's strongest funds lawyers". The 2016 Chambers Global Guide noted that clients "value and respect her advice in relation to complex structuring matters". She was recognised in the 2016 Legal 500 directory as being able to "both advise on complex issues and defuse difficult situations". The 2015 Chambers Global Guide noted that Caroline Williams “has a great personality and is a pleasure to work with – she handles difficult situations very well”. The 2015 edition of the Legal 500 directory recognised Caroline as being "phenomenal" and "incredibly responsive, commercial and knowledgeable" as well as having an "especially strong work ethic".


Honours Degree in Law, University of Cambridge, England

David Nissenbaum is a partner and co-head of the Investment Management Group at Schulte Roth & Zabel LLP. He primarily represents institutional and entrepreneurial investment managers, financial services firms and private investment funds in all aspects of their businesses. He structures investment management and financial services firms along with credit, hedge, private equity, distressed investing, activist and hybrid funds, as well as energy funds, co-investments, funds of funds and scalable platforms for fund sponsors. David also advises on fundraising, management company partnerships, compensation plans, succession plans, seed and strategic investments and spinoffs of investment teams. His work includes counseling clients on finding practical solutions to regulatory and compliance requirements, including the Volcker Rule, and managing conflicts of interest with an emphasis on reducing legal risk to the business.

Clients often seek David’s advice on business matters and strategy. He has been named a “Leader in His Field” by Chambers Global and Chambers USA and has been recognized by The International Who’s Who of Private Funds Lawyers, PLC Cross-border Private Equity Handbook, The Legal 500 US and Expert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers. A past member of the Advisory Board of The Financial Executives Alliance and the Banking Law Committee of the New York City Bar Association, David is a sought-after writer and speaker. Works he has authored or co-authored include the chapter “Management Company Structures and Terms” in Hedge Funds: Formation, Operation and Regulation, published by ALM Law Journal Press; “Just Like Starting Over: A Blueprint for the New Wall Street Firm,” published by The Deal; and “Succession Planning,” published by SRZ. He has spoken at conferences and seminars on a range of topics, including fundraising, merchant bank structures, liquidity events, credit and lending funds and co-investment vehicles. David received his J.D. from Brooklyn Law School and his B.A. from State University of New York at Albany.

Kenny Clowers joined ACA in August 2014.  He currently serves as a Managing Director, co-leader of ACA’s Hedge Fund Practice and head of ACA’s San Francisco office.  In his roles, Kenny coordinates and participates on many complex hedge-fund-related engagements, including forensic testing projects, compliance program reviews, mock SEC inspections, focused reviews, and gap analyses.  He also develops customized policies and procedures for and manages and maintains relationships with ACA’s investment adviser and private fund manager clients.

Before ACA, Kenny worked in the SEC’s Washington, D.C. office for almost 10 years.  During the last two and a half of those years, he supervised teams of examiners that conducted investment adviser compliance examinations involving various asset classes, investment strategies, client types, and investment vehicles. 

Prior to his time as an Examination Manager, Kenny worked as a Securities Compliance Examiner/Staff Accountant.  In this role, he led or participated in examinations, thematic reviews, and risk-targeted sweeps of private funds and retail investment advisers and of investment companies.  These routine and cause-related examinations yielded several referrals to the Division of Enforcement.

Prior to the SEC, Kenny worked for State Street Corporation in Kansas City, Missouri, as a Senior Accountant.  In this role, he both worked with and oversaw a team of fund accountants responsible for processing securities trading, settlement, corporate actions activity, and daily NAV calculations for certain mutual fund clients.

Kenny earned his Bachelor of Arts degree in Accounting from Ottawa University.

Mark Polemeni is Chief Compliance Officer and Chief Regulatory Counsel of Perella Weinberg Partners. In this role, Mr. Polemeni is responsible for overseeing the Firm’s compliance programs globally and is responsible for development, oversight and assessment of PWP’s policies and procedures to ensure compliance with government and industry regulations.

Mr. Polemeni has more than 20 years of compliance experience in the investment industry. Prior to joining PWP in 2017, Mr. Polemeni was Chief Compliance Officer and Associate General Counsel of Citadel, LLC, an SEC-registered investment adviser where he managed its asset management compliance program globally. Prior to joining Citadel in 2011, Mr. Polemeni was the Chief Legal and Chief Compliance Officer for Odyssey Investment Management and earlier for Alexandra Investment Management. Prior to joining Alexandra in 2005, he was a Partner in Epstein Becker & Green, P.C.’s  New York office.

Mr. Polemeni earned a Bachelor of Arts and Juris Doctor from Georgetown University. He is a member of the Speaking Faculty of the Regulatory Compliance Association and serves on the Board of Governors of the Georgetown University Alumni Association. 

Michael Richardson is a partner in Maples Group's Funds & Investment Management team. He advises a wide range of financial institutions and investment managers on all aspects of the establishment and maintenance of offshore hedge funds, private equity funds and investment fund platforms. Michael also has extensive experience advising on ongoing transactional and restructuring issues relating to offshore investment funds.

Michael joined the Maples Group in 2004 from a law firm in London and was elected as a partner in 2009.  He has spoken at a number of industry events in the Cayman Islands and the US on a wide range of topics.  Michael has been recommended in Chambers and Partners, Legal 500 and IFLR1000.

Olga Gutman is a Partner at Simpson Thacher & Bartlett LLP, where she is a member of the Corporate Department. Olga specializes in hedge funds, private equity funds and investment management matters. She regularly represents sponsors of private equity and hedge funds including Apollo Global Management, CIFC Corp., Citigroup Alternative Investments, Coatue Management, CVC Credit Partners, Grosvenor Capital Management, Intermediate Capital Group, MatlinPatterson Global Advisers, New Holland Capital, Palladium Equity Partners, Pomona Capital, Portfolio Advisors, Tiger Management, CBAM Partners. and Westbrook Partners. She additionally advises clients on strategic investments (including secondary transactions) and M&A transactions executed by asset management firms.

Olga is a frequent lecturer before professional groups on private investment funds and is on the faculty of Cornell Law School. She has been recognized as a leading lawyer in Investment Funds: Hedge Funds by Chambers USA: America’s Leading Lawyers for Business. She was also named a recommended lawyer in The Legal 500 United States and The International Who’s Who of Private Funds Lawyers. Olga received her J.D. in 1997 from Cornell Law School, where she was an Olin Scholar, and her LL.M. in International and Comparative Law in 2001, also from Cornell. She received her B.A., magna cum laude, from Yeshiva University in 1994, receiving the Wall Street Journal Award for Excellence in Economics.

Ryan R. Toteja is a Principal and Global Head of Fund Formation at The Carlyle Group. Mr. Toteja is based in Washington, DC.

Mr. Toteja is responsible for the legal aspects of Fund Formation at Carlyle, including overseeing legal negotiations as well as fund governance & structuring for Carlyle’s global fund complex.  Prior to joining Carlyle in 2012, Mr. Toteja practiced law was with the law firm of Cleary Gottlieb Steen & Hamilton LLP where he primarily worked in the Private Equity, Tax and Real Estate groups.

Mr. Toteja received his B.S. from The Wharton School at the University of Pennsylvania, summa cum laude, and his J.D. from Columbia Law School.

Todd B. Greenbarg is responsible for legal matters across the firm’s strategies. Mr. Greenbarg focuses on all areas affecting the firm’s management companies and funds, including structuring new investment products, drafting all constituent documents for the funds and general contract work. Prior to joining Avenue in 2003, Mr. Greenbarg was an Associate in the Investment Funds practice at Paul, Weiss, Rifkind, Wharton & Garrison LLP, where he specialized in the formation, structuring and development of private equity funds, institutional funds, hedge funds and other private investment partnerships. During his time at Paul Weiss, Mr. Greenbarg was responsible for the fund formation work for the Avenue funds.

Mr. Greenbarg received a B.A. in Psychology from the University of Pennsylvania where he graduated Phi Beta Kappa, summa cum laude, with Honors (1997) and a J.D. from New York University School of Law (2000).

A partner in Wiley Rein’s renowned Election Law & Government Ethics practice, D. Mark Renaud advises clients on a wide array of international, federal, state, and local campaign finance, lobbying, ethics, and pay-to-play laws. His clients include many Fortune 100 corporations, hedge funds, REITs, smaller business entities, trade associations, nonprofits, political committees, and Super PACs. As part of his counseling activities, Mark works with legal departments, compliance departments, and government affairs offices to develop, implement, and audit political law compliance programs.

Mark also helps political committees, nonprofits, and corporate entities navigate the campaign finance and tax rules that affect their ability to speak in the public square, including speech that occurs around the time of elections. Mark facilitates the filing of reports to the Federal Election Commission (FEC), Internal Revenue Service (IRS), and the United States Congress. He also helps clients file reports to comply with the Lobbying Disclosure Act (LDA) and the Honest Leadership and Open Government Act of 2007 (HLOGA), as well as state and local campaign finance, lobbying, and ethics laws.

Mark received his B.A., magna cum laude, from Yale University and received his J.D. from the University of Virginia School of Law.

Representative Experience:

  • Has developed and implemented nationwide pay-to-play and lobbying compliance programs for numerous large insurance companies, large financial services entities, technology companies, and other corporations.
  • Has helped cooperatives, corporations, and trade associations receive favorable advisory opinions from the FEC with respect to complex issues of campaign fraud.
  • Advises corporations, nonprofits, trade associations, lobbying firms, political action committees (PACs), candidates, leadership PACs, and 527 organizations with respect to campaign finance, lobbying, and other political law compliance issues.
  • Counsels corporations and trade associations on compliance with all aspects of the HLOGA, the LDA, and federal ethics rules.
  • Develops and helps implement political law compliance programs for corporations, trade associations, and other organizations, including programs related to various and diverse pay-to-play and lobbying laws around the nation.
  • Counsels corporations, hedge funds, private equity funds, and trade associations on procurement lobbying laws and federal, state, and local pay-to-play rules–including Municipal Securities Rulemaking Board (MSRB) Rule G-37 and the U.S. Securities and Exchange Commission’s (SEC) rule for investment advisers.
  • Defends individuals, corporations, candidates, and other political organizations in FEC enforcement actions and other types of campaign finance litigation.
  • Conducts legal compliance audits and internal investigations in connection with PAC and lobbying activity.

With a career spanning more than two decades, Sarah Davidoff is a partner in the asset management group and a co-head of Ropes & Gray’s Client Program. The world’s largest and most prominent US and non-US alternative asset managers turn to Sarah for guidance on issues relating to the formation, fundraising and operation of their private equity funds, growth funds, hybrid funds, credit funds and hedge funds. In Chambers USA, Sarah’s clients have commended her as being “uniquely talented,” praising her ability “to take the legal theory and really put it into practice” and to be “a strategic advisor” that is “incredibly proactive” and able to “mobilize all the capabilities of Ropes & Gray.” As such, Sarah’s clients “very much view her as a critical partner,” recognize that Sarah “universally has the highest regard or her peers” and notice that, “of her competitors, she [is] their top referral.”

Sarah has particular expertise with spinouts, reorganizations, asset management M&A transactions, seed arrangements, high net worth access products, structuring internal compensation programs, designing bespoke and hybrid investment vehicles and launching innovative fund products. Sarah’s esteemed client roster and proven track record of making an impact on fund managers, and, more recently her cutting-edge work in advising on cryptocurrencies, demonstrates she is among the top women in the industry. Sarah regularly advises clients at the forefront of the constantly evolving regulatory and compliance landscape, is a frequent speaker at conferences, forums and other seminars in the private funds industry, and has contributed to a number of well-known legal publications.

Honors & Awards

  • Chambers Global: “Leading practitioner in hedge funds” (2009-2021)
  • Chambers USA: “Leading practitioner in hedge funds” (2008-2020)
  • The Hedge Fund Journal, “50 Leading Women in Hedge Funds” (2019)
  • The National Law Journal, “Crytptocurrency, Blockchain and Fintech Trailblazer” (2018)
  • The Best Lawyers in America (2018-2021)
  • Legal 500 (2015-2020)
  • IFLR1000 (2018-2020)
  • Expert Guides’ Guide to the World’s Leading Women in Business Law (2014-2016)
  • US Legal 500: “Leading lawyer in investment fund formation and management” (2009-2014)
  • Who’s Who Legal (2013, 2016)
  • Euromoney's Guide to the World's Leading Women in Business Law (2013)
  • Guide to the World's Leading Investment Funds Lawyers: “Leading investment funds lawyer” (2010)

Erin Ross is a Partner at Hitchwood Capital Management LP and serves as the firm’s General Counsel and Chief Compliance Officer.  In addition to her legal and compliance responsibilities, Ms. Ross leads the firm’s learning and innovation initiatives and serves on the firm’s clients’ board of directors and advisory committees.  Prior to joining Hitchwood, Ms. Ross served as Managing Director, General Counsel and Chief Compliance Officer at Scout Capital Management, L.L.C. and as General Counsel and Chief Compliance Officer at Watershed Asset Management, L.L.C.  Ms. Ross began her career as a corporate, M&A, and securities attorney at Davis Polk & Wardwell LLP.  She graduated with high honors and high distinction from the University of Michigan, Ann Arbor, with a B.A. in Political Science.  Ms. Ross received her J.D. degree from Columbia University School of Law, where she was named a James Kent Scholar.  She is an active member of the State Bar of California and a registered in-house counsel in the State of New York.

Kevin Tagami is a lawyer and Managing Director of Meritage Group LP.  Previously, Mr. Tagami served as Vice President and Assistant General Counsel at Atticus Capital LP.  Previously Mr. Tagami was also an M&A and Investment Funds counsel at Akin Gump Strauss Hauer & Feld LLP and a corporate associate at Gibson, Dunn & Crutcher LLP.  Mr. Tagami received a B.A. in Political Science from the University of British Columbia and a J.D. from Columbia University School of Law, where he was named a Harlan Fiske Stone Scholar.