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Experience

Restructuring of Venture Capital Fund

Representation of venture capital fund in connection with the restructuring of 1998-2001 vintage fund, including advice to the general partner on negotiating and then drafting amendments to effect a restructuring pursuant to which management fees were terminated, new hurdle rates were established for general partner carried interest purposes, a secondary transfer was made by one of the larger limited partners, limitations were placed on new investments, and in-kind contributions were made by certain limited partners in discharge of their remaining capital commitments. Representation also included the handling of approximately 30 portfolio company relationships, including various convertible preferred stock investments, bridge financings, recapitalizations and liquidation events.

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