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Our practice draws on integrated capabilities across M&A, leveraged finance, investment funds, emerging companies & venture capital (ECVC), private client and family office, tax, executive compensation and benefits, intellectual property, insurance advisory, regulatory, and litigation.

We offer clients quality senior lawyer involvement and a practical approach to transaction execution. We strive to understand each client’s business and commercial objectives so that our advice is responsive to the issues that matter most and are aligned with the client’s broader strategy.

Our lawyers regularly represent clients in sectors that continue to attract significant private equity investment, including technology, media and telecommunications (TMT), energy and infrastructure, aerospace and defense, manufacturing and distribution, business services, healthcare and life sciences, sports, real estate, consumer and retail, and food and beverage.

Related Practices

 

Mergers & Acquisitions

Pillsbury advises clients on complex U.S. and cross-border transactions, including acquisitions, divestitures and strategic combinations. Our M&A team represents leading public and private companies, private equity firms, and investment bankers, bringing a 360-degree sector perspective across various industries. With experience spanning more than 800 transactions in recent years, the team provides commercially focused guidance on structuring, governance and execution of transformative deals.

Private Investment Funds

Pillsbury advises private equity sponsors across the full lifecycle of their platforms, from fund formation and fundraising through growth, liquidity events, and long-term institutionalization. We bring a sponsor-side perspective combined with deep investor insight to structure scalable, tax-efficient, and governance-focused platforms that meet the demands of sophisticated LPs. Our team partners with emerging managers, spinouts, and established private equity firms to build and evolve durable, multistrategy investment businesses.

Sponsor Finance

Our team advises private equity sponsors and their portfolio companies on the structuring and execution of acquisition and leveraged buyouts financings and credit facilities. Our experience spans syndicated and direct lending, unitranche, mezzanine and asset-based loans, as well as refinancings.

Emerging Companies & Venture Capital

Our practice advises private equity sponsors and their portfolio companies across the full startup lifecycle, combining early-stage company insight with extensive experience in financings and exits. We advise high-growth companies and investors globally, giving clients clear visibility into emerging sectors and venture-backed pipelines. With experience across thousands of venture financings, the team brings deep knowledge of structuring considerations that informs investment decisions and supports portfolio company growth.

Tax

Our Private Equity matters are anchored by deep tax structuring capabilities across acquisitions, dispositions, fund formations and complex cross-border investments. We advise sponsors and portfolio companies on tax-efficient transaction structures, entity planning and exit strategies, coordinating closely with deal teams to manage risk and optimize outcomes. Our tax lawyers bring practical, market-driven insight to transactions at every stage of the investment lifecycle.

Executive Compensation & Benefits

We regularly advise private equity sponsors and portfolio companies on executive compensation and employee incentive arrangements in connection with acquisitions, growth investments, recapitalizations and exits. Our team structures equity and cash-based incentive programs that align management interests with sponsor objectives while addressing tax, securities and compliance considerations. We also support compensation planning through leadership transitions, liquidity events and global expansion.

Insurance Recovery & Advisory

Pillsbury’s Insurance Recovery & Advisory practice works closely with private equity sponsors and their portfolio companies to maximize insurance assets and mitigate risk across the investment lifecycle. The team advises on structuring and diligence of insurance programs in transactions, as well as pursuing coverage for complex claims involving representations and warranties, D&O liability, and operational exposures. They also support sponsors in disputes with insurers and in optimizing recovery strategies to protect portfolio value.

Real Estate

Pillsbury’s Real Estate Business Unit is focused on the intersection of capital flows (including private equity) and real estate investment. We represent global capital—both private and institutional—across the full spectrum of real estate activity, including investments, financings, developments and joint ventures representing, among others, private equity sponsors, institutional investors and portfolio companies. Our work spans every asset class, where we structure, negotiate and execute sophisticated transactions that drive value and advance our clients’ strategic objectives.

Private Client & Family Office

We advise family offices, principals and high-net-worth investors on private equity investments, co-investments and ownership structures alongside institutional sponsors. Our work integrates transaction execution with estate planning, governance, and long-term wealth and succession considerations. This holistic approach allows us to support family capital across direct investments, platform builds and multigenerational strategies.

Representative Experience

  • Everi in its acquisition and simultaneous combination with the gaming businesses of International Game Technology (IGT) by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management for approximately $6.3 billion on a combined basis.
  • NextEra Energy in its $660 million acquisition of GridLiance from affiliates of Blackstone and in its $733 million acquisition of an approximately 400-megawatt portfolio of long-term contracted wind assets from Brookfield Renewable.
  • San Francisco Giants in its strategic partnership with Sixth Street.

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Pillsbury’s attorneys have deep experience advising both private equity sponsors and operating companies on a range of market-leading transactions.

  • Select Sponsor-side Representations
    • The Raine Group in numerous matters, including with respect to its growth equity investments in Voldex, Firebird, Televisa-Univision, Foursquare Labs, DraftKings, Huuuge and Olo.
    • Perpetual Capital in numerous matters, including with respect to its sale of POLITICO to Axel Springer, its acquisition of In-Shape Solutions and its acquisition of Novatech.
    • Apollo Global Management in its investments in Daphne Technologies and Vega Investment Technologies.
    • Blueprint Equity in numerous matters, including with respect to its investments in Axela, Federal Compass, Quativa, Ressio, RocketRez, Spin.ai, SponsorCX and Yogi.
    • Courizon Partners in its acquisition of Air Burners.
    • HealthQuest Capital in numerous matters, including with respect to its investments in OrganOx’s $142 million funding round, Care Connectors and Cellipont Bioservices.
    • Lionhead in its $80 million strategic investment in Kinterra Capital.
    • ACON Investments in numerous matters, including with respect to its acquisition of a controlling stake in True Religion and its sale of RMH Franchise to Apple Sun.
    • CVC DIF in its acquisition of 18 water and wastewater utilities in Arizona from JW Water and Robson Communities.
    • Prima Capital Advisors in its $170 million sale to Blue Owl Capital.
    • MC2 Security Fund, an affiliate of The Chertoff Group, in numerous matters, including with respect to its $205 million acquisition of Trustwave from Singtel, investment in Virtu’s $60 million growth financing and investment in ThayerMahan’s $30 million Series C financing.
    • Verance Capital in its investments in Swag Golf and Acceleration Community of Companies.
    • Atalaya Capital in the facility financing for its acquisition of three B737-800 freighters.
    • Ullico Infrastructure Fund in its acquisition of the Arizona business and operations of Triton Utilities and in its acquisition of Michigan American Water Company.
    • GroundForce Capital in its investment in Bobbie's $70 million Series C financing to acquire Nature’s One.
    • Egis Capital Partners in its investment in Sensera.
    • Phalanx Impact Partners in its investments in ECOR Global and On.Energy.
    • IMB Partners in its strategic investment in eTelligent Group.
    • Boathouse Capital in its acquisition of Compendium Federal Technology.
    • CEECAT Capital in its investment in Telelink Business Services.
    • BroadOak Capital in its acquisition of Particle Dynamics.
    • Bluestone Investment Partners in its acquisition of cBEYONData.
    • A private equity firm in the sale of SpringHill Suites by Marriott Atlanta Buckhead to Blueleaf Capital and 3VP Partners.
    • Eagle Four Partners in its acquisition of the former Fashion Island Hotel in Orange County, California and $146 million loan and equity financing to convert Fashion Island Hotel into Pendry Newport Beach.
    • Blackstone in its $440 million investment in iCapital Network.
    • APG Asset Management in its acquisition of a 49% stake in the $1.2 billion Gemini project from Quinbrook Infrastructure Partners.
    • Berkley Capital in its investment in PacerPro.
    • J.F. Lehman & Company as aviation finance counsel in its $5.2 billion acquisition of Atlas Air Worldwide and as nuclear regulatory counsel in its acquisition of Waste Control Specialists.
    • Brookfield Business Partners as nuclear regulatory counsel in its $4.6 billion acquisition of Westinghouse Electric Company.
  • Select Company-side Representations
    • Kiteworks in its $456 million growth equity investment from Insight Partners and Sixth Street Growth and in its $120 million investment round led by Bregal Sagemount.
    • HEICO in its acquisition of Axillon Aerospace’s Fuel Containment Business from SK Capital Partners.
    • Harbor Compliance co-founder in connection with majority growth investment from Bregal Sagemount.
    • Wilbur-Ellis in numerous matters, including with respect to its sale of Wilbur-Ellis Nutrition to Balmoral Funds and its sale of AgCode to Arcadea Group.
    • Mashura in its $300 million strategic partnership with Warburg Pincus.
    • Horizon Infusions in its sale to Rubicon Founders.
    • Cove in its investment from Lead Edge Capital.
    • Lumenci in its strategic investment from VSS Capital Partners and Century Equity Partners.
    • Certain key unit holders in connection with Avantus’ $1 billion sale of a majority interest to KKR and EIG.
    • C5MI Insight in its strategic investment from DC Capital Partners.
    • Harmonia Holdings in its strategic investment from Madison Dearborn Partners.
    • Reservoir Communications Group in its investment partnership with Periscope Equity.
    • Clairvest in its strategic investment in NexTech Solutions.
    • Ventura Brands in its acquisition of DYMA Brands from Kayne Anderson and in its sale of  Marie’s® dressings and Dean’s Dip® businesses to Brynwood Partners.
    • SeoulSpice in its investment from and sale of a minority interest to The Invus Group.
    • Shin Restaurant Group in its investment from The Invus Group.
    • The subsidiary of The Appointment Group (TAG) in its sale to ECI Partners.
    • Kaseware in its investment from The Riverside Company.
    • Consortium Networks in its strategic investment from M|C Partners.
    • CleanChoice Energy in its sale to True Green Capital Management.
    • Joint Research and Development in its sale to Broadtree Partners.
    • Neovera in its strategic partnership with 424 Capital.
    • Chelsea Football Club in its £4.25 billion sale to a consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group.
    • Keany Produce and Gourmet in its sale to Blue Road Capital.
    • Agile Defense in its sale to Enlightenment Capital.
    • Cartessa Aesthetics in its strategic growth investment from Copley Equity Partners and PennantPark Investment Advisers.
    • Nomura Research Institute in its acquisition of Core BTS from Tailwind Capital.
    • Petvisor in its $100 million strategic investment from Apax Digital, Frontier Growth and PeakSpan Capital.
    • Techmer PM in its strategic partnership with SK Capital.
    • Founders of Digital Edge on the $1 billion establishment of a diversified Asia Pacific data center investment platform and its investment from Stonepeak.
    • Dispatch Track in its $144 million growth transaction led by Spectrum Equity.
    • WestJet Airlines in its $3.7 billion sale to Onex.
    • Hoya as a consortium member in connection with Bain Capital’s $17.8 billion acquisition of Toshiba’s Flash Memory Chip Business.
    • Atlas Air Worldwide as aviation finance counsel in connection with its investment from Bain Capital.

Practice Area Highlights

  • Recognized by The Legal 500 U.S. for Private Equity Buyouts: Middle-Market (Up to $500m) (2022–2025).
  • Recognized by Best Lawyers for Leveraged Buyouts and Private Equity Law (2024–2026).
  • Ranked Top 7 most active law firm in the world for advising companies in all PE stages and Top 8 most active law firm in the world for advising investors in all PE stages by LSEG (2025).

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  • Ranked Top 20 most active law firm in the U.S. for advising companies in PE deals by PitchBook (2025).
  • Ranked Tier 1 for U.S. Middle Market M&A (2022–2025) by The Legal 500 U.S.
  • Ranked Tier 1 for M&A: USA by Best Lawyers (2024–2026).
  • Awarded Latin Lawyer’s 2023 M&A Public Deal of the Year for representing Grupo Televisa, S.A.B., and The Raine Group in the $4.8 combination of Grupo Televisa and Univision Holdings to form TelevisaUnivision, the world’s largest Spanish-language media company.
  • Awarded 2022 Private Equity Deal of the Year by The Deal for our representation of Chelsea Football Club in its sale to a consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group.
  • Awarded 2018 Asia-Pacific Private Equity Deal of the Year by IFLR for our representation of Hoya as a consortium member in connection with Bain Capital’s $17.8 billion acquisition of Toshiba’s Flash Memory Chip Business. Frequently among the top 20 most active M&A legal advisors in league tables published by Bloomberg, FactSet, LSEG and others.