Colby regularly advises fund sponsors on the tax aspects of private investment fund formation as well as the tax planning and structuring of domestic and cross border investments, including real estate-related transactions, joint ventures, acquisitions and dispositions, co-investments, and restructurings. He advises investors, including U.S. and non-U.S. tax-exempt, government and other institutional investors, on the tax aspects of private fund investments, co-investments, and joint ventures. Prior to joining the Ropes & Gray tax department, Colby was a corporate transactional lawyer within the firm, and before joining Ropes & Gray, Colby practiced as a Certified Public Accountant within the Alternative Asset Management Group of PricewaterhouseCoopers LLP (PwC), where he provided audit and assurance services to hedge funds and private equity funds.


  • Regularly represents private investment fund sponsors on fund formation matters including the formation of an open-ended U.S. industrial real estate fund, a global special situations fund, a multifamily housing credit fund, an affordable housing fund, a royalty fund, a value-add opportunity fund and other leveraged buy-out funds.
  • Regularly represents university endowments, funds of funds, institutional investors, foreign pension funds and sovereign wealth funds in connection with real estate, private equity and co-investment transactions.
  • Advised a university endowment in a global multi-jurisdictional spin-off of an investment portfolio. 

Areas of Practice