Ex-Theodore partners wrap up Pantheon job

EX-Theodore Goddard partners Simon Goodworth and Simon Currie have completed their first deal at their new firm Covington & Burling for Pantheon, a major Theodore Goddard corporate client.
Pantheon is one of the largest global private equity fund investors, responsible for more than $5bn (£3.27bn) of funds. Theodore Goddard was Pantheon's main adviser before Goodworth and Currie left the firm in March this year. A Pantheon spokesperson confirmed that the company was now giving Covington & Burling all of its UK legal work.
Goodworth and Currie have just acted for Pantheon International Participations (PIP), a division of Pantheon, which raised approximately £20m through a private placement of participating loan notes (PLNs).
Collins Stewart was the broker, advised by Jones Day Reavis & Pogue partner John Clark – another former Theodore Goddard partner.
PIP got its £20m last week when the notes were issued from institutions that had subscribed to buy the notes. The notes are now listed on the stock exchange. Their value tracks the net asset value of the company. PIP will pay interest on the notes to noteholders in the same way that shareholders are paid dividends.
At Theodore Goddard, Goodworth acted for merchant bank Brown Shipley, which set up PIP in 1987. He said he was then asked to become the main legal adviser to Pantheon Group.
“I had an expectation that Pantheon would move with me. All the clients that I was working for at Theodore Goddard at the time moved with me,” he said.
Goodworth was head of private equity and investment trusts and funds at Theodore Goddard and was with the firm for more than 20 years. He and Currie departed at the same time as corporate and former managing partner Peter Kavanagh, who left for US firm Hunton & Williams.
Since Goodworth's and Currie's exit, Theodore Goddard has shored up its private equity practice. Landwell partner and private equity specialist Simon Walker was appointed last week. In May, the firm hired former Buchanan Ingersoll managing partner and private equity lawyer Keir Barrie, who brought the private equity and venture capital arms of the Royal Bank of Scotland to the firm.