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Ropes & Gray’s new funds team has received an early boost, with the firm snatching the role for Nordic Capital on its latest €4.3bn fundraising from White & Case mid-matter.
Funds partner Matthew Judd, who joined Ropes from White & Case on 14 February, has transferred the crucial UK role on Nordic’s fund VIII with the fundraising process still in progress.
Judd advised on the fundraising while at White & Case, which he resigned from last month (13 February 2012). He acted alongside White & Case funds associates Joshua Cronin and Anand Damodaran, both of whom are leaving to join Ropes and will continue to work on the fund with Judd.
Damodaran is joining as a partner, Cronin as an associate, meaning Ropes’ City funds team will comprise two partners and four associates.
Judd commented: “As the fundraising was already in progress, everyone recognised that it made sense to continue with the same team.”
As well as advising on fund VIII, which has not yet launched, Judd advised on Nordic’s €4.3bn fund VII after joining White & Case from Clifford Chance (8 December 2006).
Judd took on the fund formation role for Nordic after White & Case partner Paul Marchand - who advised the client before Judd joined - moved in-house to Meridian Capital in 2005.
White & Case partner Ulf Johansson in Stockholm will continue to advise on the Swedish aspects of the fund VIII fundraising, but the key work is understood to be the London role, which is transferring to Ropes.
White & Case will also hold on to the role for Nordic on transactions, for which Stockholm partner Claes Zettermarck is the relationship partner.
In another exit from the White & Case team, The Lawyer reported yesterday that London funds and securitisation partner Richard Reilly was set to join DLA Piper in New York (12 March 2012).
A White & Case spokesperson said: “Generally, it’s not our policy to comment on client affairs. We have a very broad and strong relationship with Nordic Capital. UK fund formation is work that we’ve done for Nordic in the past. We do other work for Nordic, and they will remain for us an important client. White & Case remains committed to funds globally as a practice area.”