Phillip Isom

On November 13, Willkie client PAI Partners announced the final close of its latest Flagship Fund, PAI Partners VIII. Fund VIII surpassed its fundraising target, securing €7.1 billion in total capital commitments and is 40% larger in size compared to its prior flagship fund which closed at €5.1 billion in 2018. The Fund received support from its existing investors with a re-up rate of c. 90% including leading public and private pension funds, sovereign wealth funds, financial institutions and family offices, with growth in commitments from every region. Fund VIII was also sourced with over €2 billion of capital from new investors. The successful closing reflects the investor confidence in PAI’s investment strategy of transforming businesses into high performing strategic global assets in Europe and North America. Willkie’s fund formation team in Paris previously advised PAI Partners on fundraisings including Fund PAI Europe III, PAI Europe IV, PAI Europe V, PAI Europe VI and PAI Europe VII. Fund VIII has already deployed approximately 35% of its total capital with seven investments to date, including ECG / Vacanceselect, NovaTaste, the Looping Group, ECF Group, Azets Group, Infra Group and Alphia, Inc. PAI Partners is a preeminent private equity firm investing in market-leading companies across the globe. PAI has c. €26 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised c. €23 billion in proceeds from 58 exits. The Willkie team was led by partner Nathalie Duguay, and included partners Phillip Isom, Giovanni Smedley, Isaac Silverstein, and Henrietta de Salis. The team also included associates Anthony Civico, Matthew A. Pei, Tatyana Lozé, Gianluca Darena, Marie-Charlotte Inedjian and Alice Menetrier.

Nov 15

1 min

On July 21, Willkie client Gainline Capital Partners LP announced that it reached $400 million for the final closing of its second private equity fund, Gainline Equity Fund II LP. The fund invests in the U.S. lower middle-market, with a particular focus on seeking to opportunistically make investments with the primary purpose of obtaining control or influence in its portfolio companies. Gainline has already completed two platform investments and is actively evaluating opportunities across the business services, niche consumer and niche manufacturing sectors. The firm targets high-quality, fundamentally sound businesses that have proven business models, stable and mature revenue bases, prospects for substantial returns and which stand to benefit from Gainline's hands-on management approach to creating value. Gainline specializes in first institutional capital opportunities and businesses where the quality of the financial sponsor partnership is the primary motivation for owners to transact. Willkie previously advised Gainline Capital Partners in the closing of its debut fund in 2019, and represents the firm in connection with its portfolio company acquisitions and other strategic matters. The Willkie team was led by partners John Knapke and Phillip Isom, and included partners Russell Pinilis, Alexander Ryan and Anne Choe, and associates Matthew Pei and Melissa Peach.

Aug 3

1 min

Willkie advised Enlightened Hospitality Investments in the formation of Enlightened Hospitality Investments II, LP. On January 10, Enlightened Hospitality Investments, a strategic investment manager affiliated with Danny Meyer's Union Square Hospitality Group, announced the close of its second fund, Enlightened Hospitality Investments II, LP. The fund secured $332 million in capital commitments, exceeding its $300 million fundraising target. Similar to its predecessor fund, Enlightened Hospitality Investments II will primarily seek to make minority growth equity investments of $10 million to $30 million in high-growth, category-leading companies, with a particular focus on fine casual restaurants and technology companies that fuel hospitality. Enlightened Hospitality Investments is a strategic investment manager formed to leverage the brands, businesses and team of Union Square Hospitality Group. Founded by CEO Danny Meyer in 1985, Union Square Hospitality Group is a leading hospitality company that has created some of New York's favorite restaurants, cafes and bars. The Willkie team was led by partners Phillip Isom, Justin Browder, Russell Pinilis and Giovanni Smedley, and associates Caitlin Link and Gabrielle Schwartz.

Jan 13

1 min

Willkie advised Alliance Consumer Growth on the closing of Alliance Consumer Growth Fund V, L.P. (ACG V), with $160 million in commitments. With the close of this latest fund, Alliance Consumer Growth has raised over $1 billion in aggregate capital commitments since the firm's founding in 2011. ACG V will follow the same investment strategy of the firm’s prior funds, focusing on fast-growing, "rising star" brands in the food, beverage, personal care, beauty, pet and apparel categories. ACG V has already made investments in skincare brand iNNBEAUTY Project and David Chang's Momofuku Goods. The Willkie team was led by partners Phillip Isom and Giovanni Smedley and included partner Russell Pinilis and associates Marissa Khayat, Caitlin Link, Devin Ralston and Jimin Lee.

Jul 15

1 min

Willkie advised Ariel Alternatives, the private equity subsidiary of Ariel Investments, on its acquisition of majority stake in Sorenson. On April 4, Willkie client Ariel Alternatives, LLC, the private equity subsidiary of global asset manager Ariel Investments, LLC, announced its acquisition of a majority stake in Sorenson Communications, the leading U.S. communications provider for people who are Deaf and hard-of-hearing. Ariel Alternatives acquired 52.5% of Sorenson’s common equity from existing shareholders, including Blackstone Credit, a fund managed by Franklin Mutual Advisers, and private credit accounts managed by KKR at an enterprise value of $1.3 billion. Ariel Alternatives is the private equity subsidiary of global asset manager Ariel Investments, LLC, the first Black-owned investment firm in the U.S. The acquisition of Sorenson is the first transaction under “Project Black,” Ariel Alternatives’ strategic initiative to scale sustainable minority-owned businesses. Through this effort, Ariel Alternatives seeks to transform portfolio companies like Sorenson into minority business enterprises and position them as leading suppliers to Fortune 500 companies, supporting business diversity. Sorenson has been the leader for over 20 years in delivering accessible communications, technology and services to the Deaf and hard-of-hearing communities in the U.S. and, more recently, in the United Kingdom. The Willkie team was led by partner A. Mark Getachew and included partners Daniel Durschlag, Phillip Isom and Russell Pinilis and associates Charise Patterson and Melissa Doura.

Apr 5

1 min