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Private Capital Sponsors

Contact

Eunice E. Choi
Partner, San Francisco
T: +1.415.983.1195
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Areas of Focus

Pillsbury represents the next generation of private capital sponsors, including emerging managers, spinouts and established institutions, helping them build enduring investment platforms designed for long-term success.

We combine sponsor-side insight with deep investor experience to guide clients through fund launches, growth and institutional maturity. Our team advises on every facet of fund formation and management, from structuring sponsor and management entities to designing economic terms, governance frameworks and tax-efficient structures across jurisdictions.

We have helped dozens of new platforms transition from concept to institutionalization, partnering with first-time managers, family offices evolving into registered investment advisers and established sponsors expanding into multistrategy, global platforms.

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Full Lifecycle Support

  • Strategy & Formation 
    • Defining investment theses and sponsor structures; forming entities and management companies; and designing governance, economics and carried interest arrangements.
  • Fundraising & Closings
    • Drafting offering materials, managing securities compliance, coordinating with placement agents, and negotiating anchor and institutional investor commitments.
  • Growth & Succession
    • Structuring co-investments, continuation funds and GP-stake transactions; advising on spinouts, platform expansion and long-term succession planning.
  • Operations & Compliance
    • Advising on management compensation, ERISA and tax structuring, service-provider relationships, credit facilities, and regulatory compliance.

Across Fund Types
We counsel sponsors on a wide spectrum of vehicles, including private equity, venture capital, hedge, credit, infrastructure, renewables, real estate, hybrid, blockchain, secondaries, CVCs and fund-of-funds.

Global & Regulatory Perspective
With decades of experience and strong regulatory insight across the U.S., U.K. and EU, Pillsbury helps sponsors navigate complex fundraising and compliance requirements. Our team advises on:

  • U.S. securities and commodities regulations (SEC, CFTC and marketing rules)
  • ERISA and tax structuring for fund managers and investors
  • U.K. & EU regimes, including FCA, AIFMD and investor taxation considerations
  • Cross-border formation and distribution, including offshore and master-feeder structures

We also guide broker-dealer affiliates and placement agents on fund marketing and solicitation issues.

Representative Experience

  • Formation of venture funds ranging from $18 million to over $4 billion.
  • Launch of inaugural institutional vehicles for emerging managers evolving from family offices.
  • Formation of impact funds, including one of the largest BIPOC-led investment vehicles with commitments exceeding $170 million.

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  • Specialized fund formations across AI, fintech, gaming, entertainment, consumer innovation and ocean technology.
  • Representation of spinout sponsors and management teams establishing new platforms with institutional investor backing.
  • Structuring of continuation and co-investment vehicles for established sponsors across technology, healthcare and real assets portfolios.

Practice Area Highlights

  • Launched inaugural funds from $200 million to $1+ billion.
  • Structured GP-led continuation funds across AI, climate, healthcare, blockchain and real assets.
  • Guided spinouts with blue-chip institutional backing.

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  • Negotiated anchor LP investments with pensions, endowments and family offices.

Resources

Pillsbury Propel

Set Your Startup in Motion

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