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Institutional Investors

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Semma G. Arzapalo
Partner, Los Angeles
T: +1.213.488.7340
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Areas of Focus

For more than 30 years, Pillsbury has been a trusted legal advisor to many of the world’s leading institutional investors, including public pension systems, sovereign wealth funds, insurance companies, funds-of-funds, endowments, foundations and family offices. Collectively, our clients manage more than $1 trillion in assets, and we have guided them through billions of dollars in private fund commitments, secondary transactions and co-investments across asset classes and geographies.

Our Investment Funds team combines deep knowledge of fiduciary law, market terms and regulatory frameworks with a sophisticated understanding of how large investment programs operate. We work closely with investment boards, committees and staff to deliver pragmatic, efficient counsel aligned with fiduciary duties, governance standards and long-term investment objectives.

Recognized by Chambers Global and other leading publications for excellence in investment funds, Pillsbury offers the reach and sophistication of a global platform with the responsiveness and attentiveness of a boutique. Our cross-disciplinary strength spans fund formation, regulatory compliance, tax and investigations, enabling us to serve as a one-stop resource for institutional investors worldwide. With three decades of focused experience and longstanding client partnerships, we provide counsel that balances innovation and prudence, helping clients achieve return maximization with accountability and transparency.

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Decades of Experience with Public Pension Systems
Pillsbury has represented public pension systems for more than three decades, maintaining longstanding relationships. We serve as outside general counsel to multiple large plans and have structured and negotiated commingled investments, fund-of-one arrangements and co-investment vehicles across private equity, real estate, infrastructure, hedge and opportunistic credit strategies.

Building on this experience, we also counsel clients through complex secondary transactions and portfolio restructurings.

Secondary and Complex Transactions
Pillsbury advises institutional investors throughout the entire lifecycle of an investment, including secondary market dispositions. As one of the first law firms to represent public pension plans in large-scale, multi-party LP secondary sales, Pillsbury has led historic divestitures exceeding $3 billion in real estate and $6 billion in private equity portfolios.

We also advise on continuation funds, cross-border restructurings and recapitalizations involving hundreds of LP interests and multijurisdictional regulatory overlays.

Institutional Scale, Boutique Service
Pillsbury delivers institutional-grade capability with boutique-level service. We are equipped to support investments ranging from $5 million to $3 billion while maintaining a hands-on, client-focused approach. Our attorneys coordinate across asset classes, time zones and disciplines to meet the demands of sophisticated institutional investors.

We understand the dual imperative of institutional investment programs: maximizing returns while ensuring public accountability. We partner with clients to balance innovation and prudence in every investment mandate.

Comprehensive Capabilities

  • Fund Investments
    • Advise institutional investors in private equity, venture capital, real estate, infrastructure, hedge and credit fund commitments.
  • Managed Accounts & Co-Investments
    • Design customized vehicles, including SMAs, funds-of-one, evergreen funds, joint ventures and side-by-side co-investment programs.
  • Secondaries & Liquidity Solutions
    • Guide buy-side and sell-side secondary transactions, continuation funds, portfolio sales, and restructurings, including some of the largest secondary divestitures ever completed.
  • Governance & Fiduciary Counsel
    • Advise boards and investment staff on fiduciary and policy matters, including ERISA, tax-exempt and public-plan governance frameworks.
  • Regulatory & Tax
    • Navigates complex U.S. and global regulatory regimes, including SEC, CFTC, DOL, AIFMD, FCA, and derivatives and trading compliance considerations, as well as cross-border tax issues.
  • Regulatory Investigations & Compliance
    • Represent institutional investors before regulatory agencies in inquiries and proceedings involving conflicts of interest, the Outbound Investment Rule, CFIUS, and tax-exempt status issues.

Representative Experience

  • Advised CalPERS in multiple landmark secondary sales, including a $6 billion divestiture of private equity stakes and a $3 billion real estate portfolio sale, among the largest in industry history.
  • Serves as ongoing outside investment counsel to major public pension systems, sovereign wealth funds and global institutional investors on private fund investments, managed accounts and co-investment programs.
  • Structured multiseries evergreen funds-of-one and emerging-manager programs for institutional clients, allocating several billion dollars across real estate, private equity and opportunistic credit strategies.

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  • Advised leading institutional investors on anchor commitments, co-investments and joint ventures across global private equity, infrastructure and real asset funds.
  • Represented institutional investors and funds-of-funds in cross-border continuation fund transactions, portfolio restructurings and direct secondaries involving hundreds of LP interests.