Elliot J. Gluck

A recent panel hosted by Willkie on the merits of interval funds for private fund managers has been covered in depth in a two-article series in Private Equity Law Report. The panel titled “How Interval Funds Can Help Private Fund Managers Expand Their Fundraising Options” included Elliot Gluck and Mark Proctor, partners in Willkie’s Asset Management Department. They provided insight into the benefits of interval fund structures and the key considerations for private fund managers when bringing an interval fund to market. This first Private Equity Law Report article on the panel discussion addresses the rising popularity of interval funds and details the notable features of the vehicles relative to tender offer funds, as well as the regulatory requirements fund managers must navigate. The second article highlights the fundraising and logistical benefits of interval funds as well as the operational challenges involved compared to traditional private funds. Read “Rising Popularity of Interval Funds and How Fund Managers Manage Attendant Regulatory Requirements (Part One of Two)” here (subscription may be required). Read “Attaining Fundraising Benefits From Interval Funds While Overcoming Operational Challenges (Part Two of Two)” here (subscription may be required).

Apr 5

1 min

Willkie advised Cerity Partners, a leading independent wealth management firm in the U.S., in its combination with Agility, a provider of outsourced chief investment officer (OCIO) solutions for endowments, foundations, family offices, corporations, healthcare organizations, and other clientele. On April 8, Cerity Partners announced that it is combining with Denver-based Agility to form Cerity Partners OCIO. The addition of Agility will expand Cerity Partners' capabilities through outsourced chief investment officer services to non-profit organizations, ultra-high-net-worth individuals, and family offices. Cerity Partners will manage approximately $100 billion in client assets. Founded in 2009, Cerity Partners is a nationally recognized financial and wealth advisory firm serving high-net-worth individuals and their families, businesses and their leadership teams, and nonprofit organizations. The Willkie team was led by partners Jeffrey Poss and Manuel Miranda and associate Augustine Donati, and included partners Jordan Messinger, Elliot Gluck and Bissie Bonner.

Apr 9

1 min

Willkie is advising WMS Partners, a $6.4 billion multi-family office and registered investment adviser based in Towson, Maryland, in connection with its acquisition by Homrich Berg Wealth Management, a leading Atlanta-based fee-only wealth advisor with offices across the Southeast. On December 11, Homrich Berg Wealth Management announced that it entered into a definitive agreement to acquire WMS Partners. The acquisition will bring Homrich Berg’s total assets under management to over $24 billion and expand its footprint to include 10 offices across five states. Since 1993, WMS Partners has provided a suite of wealth management and family office solutions for high- and ultra-high-net-worth individuals and families, including robust trust and estate planning capabilities and a sophisticated private investments platform. The Willkie team is led by partner Manuel Miranda and includes partners Bissie Bonner and Elliot Gluck and associate Erin Kaufman.

Dec 11

1 min

Willkie recently advised Arch Capital Group Ltd. (Nasdaq: ACGL) as the lead of a syndicated group of investors that acquired a 10% GP stake in Pershing Square Capital Management, L.P. for an aggregate purchase price of $1.05 billion. On June 3, Pershing Square Capital Management announced the sale of a 10% common equity interest in Pershing Square Holdco, L.P. – a newly formed limited partnership that owns 100% of Pershing Square Capital Management – for a purchase price of $1.05 billion to a consortium of strategic investors including Arch Capital Group Ltd. The Willkie team was led by partners David Hong and Giovanni Smedley and included partners Russell Leaf, Sean Ewen, Elizabeth Buckley Lewis, Justin Browder, Elliot Gluck and Allison Tam and associate Edward Kocis. For more details on the transaction, read Pershing Square Capital Management’s press release here.

Jun 10

1 min

Willkie represented Pickering Energy Partners in the transaction, which expands PEP’s current investment platform. On February 25, Willkie client Pickering Energy Partners (PEP) announced that PEP is merging with SailingStone Capital Partners. The new partnership expands PEP’s current investment platform to include SailingStone’s energy transition, global natural resources, and Environmental, Social, Governance (ESG) investment experience and strategies. Together, PEP and SailingStone have one of the most tenured resource-investing teams in the market, uniquely qualified to identify, assess, and execute on current trends and opportunities across the global natural resources sectors, including the energy transition and ESG. Based in Houston, Pickering Energy Partners takes an entrepreneurial approach to a global natural resources-focused financial services platform with customized asset management strategies and a high impact consulting capabilities. The Willkie deal team was led partner Bradley Friedman and included partners Mark Proctor, Elliot Gluck and Hillel Jacobson.

Mar 9

1 min