Semma Arzapalo | Lawyer

An experienced attorney who is great at working through difficult negotiations.

—client quote, Chambers USA 2023

Semma Arzapalo, global leader of Pillsbury’s Funds practice, represents large institutional investors in numerous private equity transactions ranging from initial due diligence to investing in complex limited partnerships.

As a part of her private equity practice, Semma also represents institutional investors in negotiating investment terms in private equity, hedge fund and real estate investments, in restructuring private equity investments and real estate investments, and in portfolio transactions. Her corporate and transactional practice includes advising clients on general corporate matters, including mergers and acquisitions and joint ventures.

Representative Experience

Represented CalPERS in the largest secondary sale transaction ever, which was a divestiture of $6 billion in private equity stakes from the fund’s $50 billion private equity portfolio.

Professional Highlights

Recognized by Chambers USA, Investment Funds: Investor Representation (2023–2025).
Recognized by Chambers Global, Investment Funds: Investor Representation (2024–2026).
Named one of the “Most Influential Minority Attorneys” by the Los Angeles Business Journal, 2017.

Investment Roundtable-Side Letters, Panel Presentation, National Association of Public Pension Attorneys, June 2013.

Member of the National Association of Public Pension Attorneys.

Speaking Engagements
- “Remedies: Make Sure You’re Protected Against Downside Risk in Your Partnership Agreement,” Institutional Limited Partners Association’s Private Equity Legal Conference (April 3, 2019).
- “PE Market Trends and GP-led Secondaries,” Coller Capital and Institutional Limited Partners Association Workshop (January 15, 2019).
- “Fiduciary Duties: Why They Matter,” Institutional Limited Partners Association Workshop (October 9, 2018).
- Spoke on “Current Terms and Trends for Limited Partners in Limited Partnership Agreements” at the Institutional Limited Partner Association’s AMEXCAP LP Workshop in Mexico City, March 2018.
- Frequent speaker at NAPPA conferences.

Associations
- Member of the Los Angeles County Bar Association

Education

J.D., University of Michigan Law School, 2005
Associate Editor, Michigan Journal of Law and Reform

B.A., University of California, Los Angeles, 2001

Admissions