Laurel FitzPatrick is a partner in the asset management group and serves as leader of the firm’s hedge funds and credit funds teams. Laurel has extensive experience structuring and advising a wide range of credit, hedge and other private funds, including domestic and offshore vehicles. Recent credit fund formations include direct lending funds employing a variety of evergreen, treaty and rated notes structures, as well as traditional closed end credit funds, funds focused on tradeable or distressed credit and CLO equity funds compliant with EU risk retention rules. On the hedge fund side, recent fund formations include funds employing alternative multi-year incentive fee arrangements and innovative hybrid vehicles as well as more traditional hedge fund structures. In addition to fund formation, Laurel assists clients in creating profit-sharing and other compensation structures which provide appropriate incentives and succession strategies.
A former partner at Tiger Management, LLC, a registered adviser and hedge fund group, Laurel brings practical in-house experience to bear in her work with clients. Laurel works with clients on a wide range of issues including trade structuring and compliance, meeting with regulators on behalf of clients, assisting with regulatory audits, obtaining exemptive and no-action relief from the SEC and helping develop compliance and internal control procedures. She also assists clients in restructuring their funds when necessary and helps them develop legal and risk management policies with respect to prime brokers and other counterparties.
Laurel’s leadership and expertise in her field have been recognized not only by her clients but through her inclusion in Chambers Band 1, Chambers Global, Legal 500, IFLR and Crain's New York, among others.
Experience
- Laurel represents PIMCO’s private fund platform, assisting them in forming such innovative products as their Specialty Finance fund, Private Credit fund, Quantitative Alpha fund, California Carbon Credit fund, Distressed Opportunities fund, and Tactical Opportunities fund as well as providing continuing advice to their premier Absolute Return funds. In addition to formation work, she works with PIMCO on a variety of compliance issues related to the day-to-day operation of this $50 billion dollar private fund platform.
- Advising a $4.5 trillion asset manager on starting their direct lending business, including raising an Evergreen Private Credit fund. Laurel’s work with the firm includes organizing a Credit Opportunities fund and Real Estate Debt Opportunities fund as well as additional private funds with a variety of equity and convertible arb strategies.
- Laurel represents the $780 billion AUM Investment Management arm of one of the largest global investment banks on a variety of projects including its flagship fund of funds, credit funds, distressed debt funds, and customized multi-manager portfolios across hedge, private equity and multi-asset strategies.
- Advising a $73 billion diversified credit and real estate investing platform on all its direct lending funds, including the launch and ongoing support of a hybrid evergreen fund and several unique “season only” funds. The most recent direct lending fund offering raised in excess of $4B in equity, with a structure which included rated note as well as Luxembourg feeders.
- Representing MFN Partners, a leading U.S.-based hedge fund manager with circa US$3 billion in assets under management on a wide range of hedge fund matters. After having originally advised MFN in connection with the launch of their hedge fund, Laurel offers ongoing fund counsel to MFN Partners and its flagship hedge fund, including regularly advising MFN with respect to a variety of regulatory and compliance issues, trading and investment activities.