Kevin White advises private fund sponsors on GP-led secondary transactions, in which a sponsor retains control of portfolio assets while offering its investors an opportunity for liquidity. Few practitioners in this market can handle every part of these deals. Kevin can, and he often fills several roles on a single transaction, from the fund-formation work to the deal side. Because he sees how a decision in one workstream ripples through the others, he helps sponsors design deals that work as a whole: terms that secure the financing they need, stand up to scrutiny from investors and regulators, and protect relationships with the LPs they will raise their next fund from.
Kevin's practice centers on continuation vehicles. He also advises on strip sales, tender offers and fund restructurings, as well as related transactions such as LP-led secondaries. His background is in fund formation.
Kevin has led continuation vehicle transactions ranging from the low nine figures to several billion dollars. His experience covers single-asset and multi-asset deals across a range of asset classes.
Kevin also advises fund managers on fundraising, above-fund structuring of profits and fees, co-investments, and succession planning.
Clients Represented while at Ropes & Gray Include:
- GI Partners
- Hudson Hill
- Parthenon Capital
- Dragoneer Investment Group
- The Vistria Group
- Global Endowment Management
- Tensile Capital Management
Experience
Continuation Vehicles
- GI Partners in its approximately $1 billion single-asset lift-out of Flexential to a single-asset continuation vehicle.
- A buyout fund manager in its approximately $675 million transfer of several assets to a multi-asset continuation vehicle.
- Hudson Hill Capital in its lift-out of InXpress to a single-asset continuation vehicle.
- Parthenon Capital, in multiple continuation vehicle transactions totaling over $2 billion in commitments.
- A growth equity manager in multiple continuation vehicle transactions totaling over $1 billion in commitments.
- A growth equity manager in its lift-out of a portfolio company to a single-asset continuation vehicle.
- Alpine Investors in its $362 million single-asset lift-out of a portfolio company, including $100 million of commitments for follow-on commitments*
- TPG Growth in its GP-led restructuring of $2.04 billion TPG Growth II*
- Accel-KKR in its GP-led restructuring of $1.4 billion Accel-KKR Capital Partners III*
- A buyout manager in its lift-out of two portfolio companies to a continuation vehicle*
- A Chicago-based manager on its single-asset lift-out of a portfolio company to a continuation vehicle*
- Baupost Group in its capacity as lead investor in a continuation vehicle
- Siguler Guff in the negotiation of co-investment terms related to a sale of a portfolio company to a continuation vehicle
- Two well-known secondaries investor firms in their capacities as lead investors in a multi-billion dollar GP-led restructuring
- Advising several syndicate investors in GP-led restructurings and current investors with election opportunities in such transactions
Other Liquidity Transactions and Similar Transactions
- Multiple New York-based managers in stapled tender offer transactions
- Partners Group in its acquisition of a portfolio of fund interests from institutional sellers
- An investment trust in its sale of several underlying fund interests in a secondary sale
- A fund-of-funds manager in its sale of several underlying fund interests in a secondary sale
- A sovereign wealth fund subsidiary in its sale of nearly $600 million of interests in various private equity funds.
- Francisco Partners in a minority investment in the private equity firm by Blackstone’s Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program*
Private Funds
- Numerous co-investment fundraises for GI Partners across investment strategies over the last decade.
- Co-investment fundraises for several other private fund managers.
- Single-asset SPVs for several private fund managers.
- Alpine Investors on its formation of its $2.25 billion Fund VIII and related upper-tier economic structuring*
*Representations prior to joining Ropes & Gray