Chelsea is a partner in Ropes & Gray’s global asset management group, where she advises leading asset managers on the regulatory, compliance, and transactional aspects of the investment management industry. She represents both registered funds and private funds, as well as their advisers, across the full lifecycle of fund formation, governance, operations, and regulatory engagement.
As co-leader of the firm’s alternative retail working group, Chelsea focuses on structuring, developing, and launching innovative products — including closed-end funds, tender offer funds, and interval funds — for alternative asset managers entering the retail market. She has guided sponsors through complex regulatory negotiations and fund launches, including advising on mergers of multiple funds and the registration of innovative product structures.
Chelsea frequently engages with the Securities and Exchange Commission on behalf of clients, including on exemptive applications, fund registrations, and novel relief. She advises on Investment Company Act of 1940 issues, federal securities law compliance, and SEC filings such as registration statements, shareholder reports, and proxy statements.
Experience
Chelsea represents or has represented:
- PIMCO and its registered closed-end and interval funds in various corporate, regulatory and compliance matters; and advises on private fund offering matters, as well as all aspects of day-to-day operations, including side letter negotiations and service provider arrangements.
- Carlyle AlpInvest tender offer funds investing in private market investments.
- Parnassus Investments and its mutual funds and ETFs, and matters relating to sustainable investing.
- Versus Capital Advisors and its interval funds investing in real estate, infrastructure and real assets.
- Meketa and Primark interval funds and their independent trustees, including on matters relating to co-investment relief.
- The independent trustees of the Schwab Funds and ETFs and the Dodge & Cox Funds, providing guidance on fund governance and board-related matters.
- Optimize Wealth Management, a Canadian wealth manager, in its entrance to the U.S. registered funds market.
- Stone Ridge Asset Management on the launch of its suite of over 40 LifeX funds, which include ETFs with corresponding unlisted closed-end funds.