SJ Berwin and US firm Paul Hastings have joined forces to lead private equity group Patron Capital through the closing of its latest fund.
Clifford Chance, Macfarlanes and a group of US, international and offshore firms also won roles advising on the formation of Patron Capital LP IV, which raised over €880m (£709m). It intends to deploy the funds to target distressed and undervalued investments across western Europe, with a focus on property.
The West End-based company’s fund comprised an innovative Guernsey-Gibraltar structure and included a €100m (£80.5m) dedicated discretionary co-investment pool.
SJ Berwin City funds partners Michael Halford and Patrick Deasy led for Patron on the UK side, with assistance from London associates Guo Sun Lee and Tom Audritt. Partner Gregg Beechey led the regulatory advice.
Patron also instructed a New York-based Paul Hastings team for US advice, turning to based global funds head Larry Hass, Manhattan tax partner Kristen Chang Winckler and corporate associate Jonathan Panek.
Macfarlanes partner Mark Baldwin advised Patron on tax issues alongide senior solicitor James McCredie.
The private equity house also consulted funds head James Lasry at Gibraltar firm Hassans as well as offshore firm Carey Olsen, where Guernsey corporate and finance partner Christopher Anderson took the role.
Patron said 40 per cent of the fund’s new investors were blue-chip investors such as universities, major institutions and high net-worth individuals.
Clifford Chance, DLA Piper and Ropes & Gray were all instructed by limited partners, many of which were based in the US.
Background to this deal:
Patron’s primary advisers on the fundraising process – SJ Berwin, Paul Hastings and Macfarlanes – were all instructed directly by the client, with which they possess existing relationships.
SJ Berwin has now advised Patron on its last three funds, with Clifford Chance structuring the group’s inaugural vehicle, which closed at $152m of investable capital in 2002. Halford is the relationship partner at SJ Berwin.
Patron’s sizeable in-house legal team is led by general counsel and senior partner Kendall Langford, a former finance lawyer at Clifford Chance.