Tax issues on stake sales and investment into managers: structuring, pitfalls and steps to take now
About
Stephen Ross is head of the firm's private funds and investment management group. He practices private investment fund formation and related corporate, investment management and regulatory work.
Stephen is recognised for his significant experience advising on funds supporting illiquid strategies (including private credit, equity, venture, real assets and food technology). He has led on some of Europe’s largest multi-billion dollar fundraisings and has been a key player in private capital for some thirty years.
Prior to joining Macfarlanes, Stephen led private investment funds teams at both US and Magic Circle firms. He also spent nine years as Group General Counsel at Europe’s largest alternative investment manager, where he also sat on the Executive Board, before returning to private practice. Thanks to this breadth of experience, Stephen has a deep understanding of the legal and business issues affecting our private capital clients.
Stephen is recognised in all the leading legal directories, including Chambers and Partners, The Legal 500 and IFLR1000.
Experience
- Advising Polus Capital Management on the launch of Polus Special Situations Fund, which has raised commitments of €890m.
- Advising one of Europe’s leading private credit managers in closing a multi-vintage “Evergreen” direct lending fund allowing for periodic subscriptions.
- Advising one of Europe’s leading private credit managers closing a large single managed account in direct lending with one of the major US pension funds.
- Advising one of Europe’s most successful special situations lenders in connection with its flagship fund, carry schemes and stake sale.
- Advising various clients in connection with litigation funding structures and related private credit offerings.
- Advising one of the world’s leading private capital allocators with respect to its private equity allocations to related funds and managed accounts mainly in the US.
- Advising a major family office seeding and taking stakes in private capital managers, with attendant fund establishment work.