Peter Laybourn is a partner in Ropes & Gray’s asset management group and co-leader of the firm’s buyout and growth equity funds team. Focusing on fundraising for private equity and other private funds, Peter has helped steer clients through complex fundraisings and transactions ranging in size from a hundred million to many billion dollars.
Drawing on his extensive experience in the formation of growth and buyout funds, credit funds, funds of funds, co-investment funds, energy funds and secondary funds for both emerging and well-established firms, Peter brings deep insight and creativity to the fundraising process. Peter regularly helps clients navigate critical operational and governance matters as well as complex fund level transactions. Moreover, Peter also works with private fund sponsors as well as other institutional clients in the negotiation and execution of domestic and international transactions, GP-led fund restructurings, “spinoffs,” succession planning, joint ventures and general investment management matters.
Some of Peter’s clients include Antares Capital, Audax Group, Bain Capital, Baupost Group, Breakthrough Energy Ventures, Constitution Capital Partners, Hamilton Lane, Neuberger Berman, Shoreline Equity Partners and Thomas H. Lee Partners.
- Represented a long-standing buyout fund sponsor in its domestic and international offering of its recent flagship, multi-billion dollar buyout funds.
- Represented a mid-market sponsor in its domestic and international offering of a $600 million health care focused buyout fund.
- Represented a first-time private equity fund sponsor in its formation of a $300 million buyout fund.
- Represented a growth fund sponsor in its formation of a $300 million growth fund.
- Represented a venture capital fund sponsor in the formation of a $1 billion+ venture capital fund.
- Represented one of the most active mid-market credit fund managers in its formation of a $2 billion direct lending fund.
- Represented credit fund manager with approximately $11 billion in AUM in organizing several separately managed accounts totaling over $1.25 billion, as well as general compliance and internal matters.
- Represented a publicly traded institutional investor in the formation of multiple credit funds.
- Represented a large New York-based investment bank in its domestic and international offering of several multi-billion dollar funds of funds.
- Represented a large alternative asset management firm in implementing arrangements for internal carry allocation mechanics and co-investment arrangements.
- Represented a large New York-based financial institution in the launch of a credit fund platform, spanning both junior and senior lending products.
- Represented a large New York-based financial institution in its domestic and international offering of a $2 billion co-investment fund.
- Represented a publicly traded private equity firm in its formation of a multi-billion dollar secondary fund.
- Represented a private equity sponsor with a fund restructuring in a stapled secondary transaction.
- Represented a private investment fund sponsor with an extensive internal reorganization of its firm and business relationships.
- Represented a private equity platform with its spinoff from a larger financial institution.
- Represented both retiring founders and successors in several succession arrangements.
- Represented a large sponsor in connection with several multi-national investment joint ventures.
- Represented a new venture capital firm in raising its first venture capital fund.
- Represented an asset management firm in multiple domestic and international offerings of collateralized loan obligation funds totaling several billion dollars.
- Quoted, “The Difficulties Of PE Fundraising In A Post COVID-19 World,” Law360 (April 24, 2020)
- Quoted, “How Fund Managers Can Withstand the Coronavirus Pandemic: Marketing Disruptions, Key Person Clauses and Cybersecurity Concerns (Part Two of Three),” The Hedge Fund Law Report (April 9, 2020)
- Quoted, “Withstanding the Coronavirus Pandemic: Key Person Clauses, Fundraising Disruptions and Deal Flow Issues (Part Two of Three),” The Private Equity Law Report (March 31, 2020)
- Quoted, “Withstanding the Coronavirus Pandemic: Form ADV Filing Relief, Investor Communications and Liquidity Risks (Part One of Three),” The Private Equity Law Report (March 24, 2020)
- Quoted, “ILPA Model LPA Faces Sizable GP Skepticism En Route to Becoming a Fixture in PE Fund LPA Negotiations (Part Three of Three),” The Private Equity Law Report (January 7, 2020)
- Quoted, “ILPA Model LPA Attempts to Redistribute Economic Risk From LPs to GPs (Part Two of Three),” The Private Equity Law Report (December 17, 2019)
- Quoted, “ILPA Model LPA Seeks to Empower LPACs and Increase GP Accountability for Fiduciary Duties (Part One of Three),” The Private Equity Law Report (December 10, 2019)
- Quoted, “A Look Inside The Largest PE Funds That Closed In Q3,” Law360 (October 11, 2019)
- Quoted, “SEC Push to Boost Alts Access May Spark 401(k) Reforms,” FundFire (August 7, 2019)
- Quoted, “US small cap buyout funds outperform mega vehicles, study finds,” S&P Global Market Intelligence (June 24, 2019)
- Quoted, “The changing face of the LPA,” Private Equity International (May 2019)
- Quoted, “The Secrets to Succession Planning,” Private Equity International (November 29, 2017)
- Quoted, “Shouldering the burden of legal fees,” Private Funds Management (October 3, 2016)
- Quoted, House votes to expand ‘accredited investor’ definition,” Private Equity International / Private Funds Management (February 4, 2016)
- Speaker, “The Road Ahead for Buyout Funds: Fundraising, Valuation & Liquidity Updates” Ropes & Gray Teleconference (April 23 & 30, 2020)
- Panelist, “Continued momentum of the closed-end fund market,” Maples Investment Funds Forum 2020 (February 13, 2020)
- Speaker, “Key Trends in Private Equity,” International Bar Association’s 20th Annual International Conference on Private Investment Funds (March 2019)
- Speaker, "Fund Formation Legal Update," Fund Finance Summer Update (September 7, 2017)
- Speaker, “International Offerings of U.S. Private Investment Funds,” Luxembourg Private Equity and Venture Capital Association (June 8, 2017)
- Speaker, “Waterfall Discussion: Variations in Structuring Carried Interest Waterfall Models,” Wells Fargo Global Fund Services and RSM US LLP Private Equity Asset Manager Summit (May 18, 2016)
DisclaimerRopes & Gray International LLP is a limited liability partnership registered in Delaware, United States of America and is a recognised body regulated by the Solicitors Regulation Authority (with registered number 521000).
- JD, Duke University School of Law, 2004
- Visiting Student, Harvard Law School, 2004
- LLM, University of Copenhagen Faculty of Law - Denmark, 2002
- BA Juris (LLB equivalent), University of Copenhagen Faculty of Law - Denmark, 2000
Admissions / Qualifications
- Massachusetts, 2004
- Legal 500 (2017-2019); Next Generation Lawyer (2017-2019)
- IFLR1000: The Guide to the World’s Leading Financial Law Firms, Rising Star (2016-2020)