Justin Kliger has a wealth of experience working with investment funds during all stages of their lifecycle. He counsels both advisers to and investors in private funds. In addition, Justin advises on the arrangement of separately managed accounts and the structuring of direct investments by private funds and institutional investors.
He regularly works with private fund sponsors in connection with fund formation, compliance matters, special transactions, and internal operational and governance issues. Clients range from recently founded exempt reporting advisers to established managers raising substantial successor funds. He has collaborated on fundraising efforts with buyout funds, credit funds, hedge funds, real estate funds and funds-of-funds.
Justin also frequently represents a broad spectrum of institutional investors in negotiating fund terms and other considerations relating to a diversity of alternative investments, including private equity funds, hedge funds, venture funds, real estate funds, debt and credit funds, funds-of-funds, natural resources and energy funds, and agricultural and timber funds, as well as co investment vehicles and evergreen funds.
Justin joined Ropes & Gray in January 2012. Prior to joining Ropes & Gray, he worked as an intern for the in-house legal department of Cambridge Associates, a registered investment adviser that serves as an independent investment consultant for institutional and other sophisticated investors. While in law school, Justin interned with the Securities and Exchange Commission in Boston.
- Guided middle-market buyout firms through fundraising and closing on an aggregate of over $1 billion in capital in recent years.
- Represented university endowments, foundations, pension plans, family offices, fund-of-funds and foreign investors in negotiating alternative investments across a range of asset classes.
- Crafted various fund-of-one tailored vehicles on behalf of both sponsors and investors, as well as drafting investment management agreements and separately managed accounts.
- Advised sponsor regarding acquisition of a private fund complex.
- Negotiated on behalf of institutions and seed investors in “spinoff” transactions and other first-time funds with anticipated target sizes from $100 million to $1 billion, including with respect to participation rights in management fees and carried interest.
- Counseled sponsors with management team transitions and generational transfers.
- Handled formation and maintenance of co-investment vehicles and alternative investment vehicles, as well as other structural matters relating to new and existing investments by private equity sponsors.
- Partnered with pro bono client in structuring of innovative investment fund designed to promote equity investment in real estate for public good.
- Co-Author, “Private Equity in United States: Market and Regulatory Overview,” Thomson Reuters Westlaw (2017) (Subscription required)