Bradley E. PhippsPartner
Brad Phipps's practice focuses on the establishment and operation of domestic and international private investment funds, co-investment and other related investment vehicles and separate account arrangements. This practice covers assets classes such as real estate, venture capital and private equity, private credit, hedge and commodities. He advises clients on fund structure, drafting disclosure and fund documents and negotiations with investors, placement agents and other service providers.
In addition to his sponsor-side work, Brad has extensive experience representing institutional investors, including public retirement systems, funds of funds, insurance companies, sovereign wealth funds and family offices in connection with investments in private funds, bespoke investment vehicles, co-investments, secondaries transactions, various kinds of separate accounts and seed and other strategic investments.
Brad represents US and international asset managers in connection with acquisitions, lift-outs, joint ventures, management company restructurings and other transactions.
In addition to his transactional work, Brad represents investment advisers, commodity pool operators, commodity trading advisors and other financial services firms in connection with a broad range of regulatory matters under the Investment Advisers Act and the Commodity Exchange Act, including registration (or exemption therefrom), ongoing operational and compliance matters, the establishment of a US presence by non-US firms and examination by the SEC, NFA and state securities regulators.
Brad has also represented financial institutions, funds and public and private companies with respect to the negotiation of a variety of brokerage, custodial, trading relationship documentation and collateral arrangements covering securities, forwards and exchange-traded and over-the-counter derivatives.
Brad is a frequent author on topics pertaining to investment funds and investment managers and the financial markets in general. Prior to becoming a lawyer, Brad worked as a compliance officer in the investment management divisions of two global investment banks.
Recent representative examples of Mr. Phipps's representations include:
Fund Formation/Managed Accounts
- Represented a venture capital firm in connection with formation of its first India-focused venture capital fund
- Represented a leading global credit manager in connection with bespoke separate account mandate
- Represent numerous hedge fund managers in the formation of long-short equity funds, global macro funds, managed futures funds, funds using quantitative strategies, value-oriented funds, distressed debt funds, and funds employing various other strategies
- Represented a US financial institution in connection with the restructuring of a legacy long-short equity fund and the formation of a parallel fund
- Represented a leading real estate fund sponsor in connection with the launch of public markets open-end fund
- Represented an Non-US banking institution in connection with private equity fund investing in private companies globally
- Represented an established manager-of-managers in connection with the formation of a fund of hedge funds
Management Company Structuring and M&A
- Represented a global financial services firm in connection with the acquisition of a number of independent investment advisers
- Represented a US financial institution in connection with the acquisition of a hedge fund manager and related management company restructuring
- Represented a leading real estate fund sponsor in connection with buy-out of minority management company interest holders and related restructuring
- Represented a seed investor in connection with various seed investments in private funds and in negotiating management company stakes, capacity and other rights
- Represented a global macro investment team in connection with its lift-out from a proprietary trading firm
Representation of fund managers, intermediaries and others in connection with regulatory examinations and contested matters in front of the SEC, the NFA and various state regulatory authorities.
- J.D., Loyola University Chicago School of Law 2010
magna cum laude
- B.S., Finance, University of Delaware 2000
- Co-author, "Real Estate Fund Sponsors Under the Advisers Act: To Register or Not? That Is the Question," Private Equity Law Report (March 2023)
- Co-author, "Life on the margin: US margin rules finalized at last," Journal of Investment Compliance, Vol. 17, No. 2, 2016
- "Real Estate Fund Managers Take Note: The SEC's New Form PF May Apply to You," DLA Piper Real Estate Gazette (Summer 2012)
- Co-Presenter, "Advising Family Office Clients on Recurring Legal, Tax, and Business Issues," Strafford Publications Webinar, August 4, 2022
- Interviewed for "Procedural Shortcomings and Unexpected Interpretative Issues That Complicate Sponsors’ Form ADV Filings," Private Equity Law Report (March 8, 2022)
Earlier in his career, Bradley was as a compliance officer for two major investment management firms in New York. During that time, Bradley focused on compliance issues under the Investment Advisers Act of 1940 and the Commodity Exchange Act as well as compliance issues relating to hedge funds, hedge fund of funds, private equity funds and CDOs.
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Real Estate Fund Sponsors Under the Advisers Act: To Register or Not? That Is the Question
9 March 2023 .1 minute read