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A member of the firm’s tax practice, Aaron’s practice focuses on transactional tax matters for institutional investors, with an emphasis on secondary, co-investment, and fund recapitalization transactions. Aaron also regularly advises fund sponsors and investors on tax matters relating to the formation and operation of private equity funds, and in connection with the acquisition and sale of private equity portfolio companies.
Aaron works very closely with the firm’s secondary buyer practice group, which represents 10 of the top 15 secondary buyers globally. In recent years, Aaron has advised lead investors in some of the most complex continuation vehicle transactions in the market.
Experience
- Represented the lead investor, co-lead investors or lead investor syndicates in GP-led continuation vehicles with transaction values ranging from several hundred million to multiple billion dollars, including:
- Lead buyer in a €2.5 billion multi-asset continuation fund transaction.
- Three-lead buyer syndicate in a $2.2 billion multi-asset continuation fund transaction.
- Co-lead buyer in a $2.3 billion multi-asset continuation fund transaction.
- Lead buyer in a $1.5 billion multi-asset continuation fund transaction.
- Lead buyers in a $1.3 billion multi-asset continuation fund transaction.
- Lead buyer in a $1.2 billion multi-asset continuation fund transaction.
- Regularly represents secondary buyers and sellers in LP-led secondary purchases and sales, including a secondary buyer in its purchase of a $1.3 billion portfolio of 90+ fund interests from an Asian insurance company.
- Regularly represents sovereign investors, pension funds and other institutional investors in co-investment transactions. In 2024, the Ropes & Gray team closed over 400 co-investment transactions.
- Represented Advent International in its acquisition of PatientPoint, a leading digital healthcare company.
- Represented EQT and CPP Investments in their acquisition of Neogov, a human capital management and public safety solutions provider.
- Represented American Industrial Partners in its strategic investment in Austin Powder, a leading provider of industrial explosives and engineered blasting solutions.
- Represented Benefit Street Partners, a credit-focused alternative asset manager, on the close of its fifth flagship direct lending fund, BSP Debt Fund V.
- Represented NaviMed Capital, a healthcare industry-focused private equity firm, on the close of its third fund, NaviMed Partners III.