Peter Laybourn co-heads Ropes & Gray’s global asset management group. Focusing on private equity and other private funds, Peter steers clients through complex fundraisings and transactions ranging in size from a hundred million to many billions of dollars.
Drawing on his extensive experience in the formation of a wide variety of funds, including buyout funds, credit funds, energy funds, funds of funds, co-investment funds, venture capital and growth funds and secondary funds for both emerging and well-established firms, Peter brings deep insight and creativity to the fundraising process, as well as a practical and commercial approach.
In addition, Peter regularly helps clients navigate critical operational and governance matters and complex fund level transactions, including continuation funds and he provides strategic advice to fund sponsors as they navigate ever changing commercial and market realities. Throughout his career, he has worked closely with private fund sponsors on domestic and international fund formations, GP-led fund restructurings, spinoffs, succession planning, joint ventures, and general investment management matters.
In his recent role as co-leader of the firm’s buyout and equity funds team, Peter, together with his co-leader, spearheaded the development of a proprietary database of buyout fund formation terms. The database has become a market-leading tool for helping clients understand market trends and key fund terms.
Experience
Peter works with the following clients, among others:
- ArcLight Capital
- Audax Group
- Bain Capital
- Balance Point Capital
- Baupost Group
- Breakthrough Energy Ventures
- Constitution Capital Partners
- First Eagle Alternative Credit
- Hamilton Lane
- Neuberger Berman
- Providence Strategic Growth
- QHP Capital Partners
- Shoreline Equity Partners
- Thomas H. Lee Partners
- Weatherford Capital
Peter’s experience includes advising on a range of funds and other transactions, including representing:
Buyout and Growth Funds
- A buyout fund sponsor in the offering of a $6 billion dollar buyout fund.
- A buyout fund sponsor in its offering of a $2.25 billion tech focused buyout fund.
- A long-standing buyout fund sponsor in its domestic and international offering of its flagship, $3.5 billion dollar buyout fund.
- A buyout fund sponsor in its offering of a $1.5 billion buyout fund.
- A long-standing buyout fund sponsor in its offering of a geography-focused $1.5 billion dollar buyout fund.
- A mid-market sponsor in its domestic and international offering of a $600 million health care focused buyout fund.
- Buyout fund sponsors in GP-led secondary transactions with multiple and single assets, ranging in size from a few hundred million to over $1 billion.
- A first-time private equity fund sponsor in its formation of a $300 million buyout fund and its successor fund and its $400 million successor fund.
- A growth fund sponsor in its formation of a $300 million growth fund and its $600 million successor fund.
Credit Funds
- One of the most active mid-market credit fund sponsors in its formation of a $2 billion direct lending fund.
- A large credit fund sponsor in the formation of its Asia and global special situations funds, totaling $5 billion.
- A mid-market credit fund sponsor in the formation of its 3.5 billion direct lending fund.
- A large credit fund sponsor in the formation of several credit funds, including mezzanine, direct lending and unitranche focused funds.
- A credit fund sponsor in organizing several separately managed accounts totaling over $1.25 billion.
- A publicly traded institutional investor in the formation of multiple credit funds.
- A large New York-based financial institution in the launch of a credit fund platform, spanning both junior and senior lending products.
- A long-standing buyout and credit fund sponsor in its formation of a $1.5 billion dollar special situations fund.
Funds of Funds, Co-Investment Funds, Secondaries Funds
- A large New York-based financial institution in its domestic and international offering of several multi-billion dollar funds of funds.
- A large alternative asset management firm in implementing arrangements for internal carry allocation mechanics and co-investment arrangements.
- A large New York-based financial institution in its domestic and international offering of several co-investment funds, including its recent $2+ billion co-investment fund.
- A publicly traded private equity fund sponsor in the formation of a $3.9 billion secondaries fund.
Venture Capital Funds
- A venture capital fund sponsor in the formation of a $2 billion venture capital fund.
Restructurings, Spinoffs and JVs
- A private equity sponsor with a fund restructuring in a stapled secondary transaction.
- A private equity platform with its spinoff from a larger financial institution.
- A large sponsor in connection with several multi-national investment joint ventures.
Succession Arrangements and Reorganizations
- Both retiring founders and successors in several succession arrangements.
- A private equity fund sponsor with an extensive internal reorganization of its firm and business relationships, including divestiture of minority ownership.