Alexander P. Ryan

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 acted as deal counsel advising Bridge Street Re and QBE Insurance Group Limited and its subsidiaries ("QBE") in connection with the successful completion of its second cat bond using the Bridge Street platform and the first indemnity trigger cat bond for QBE since 2013. The transaction provides QBE with $400 million of collateralised reinsurance protection for 3 years for U.S. Named Storm, U.S. Earthquakes, Australia Earthquakes and New Zealand Earthquakes on an indemnity per occurrence basis. Both this transaction and the prior index cat bond issuance showcase and QBE’s deal-making ability and QBE's strengthening position in the ILS market, offering both significant protection for the upcoming risk periods and also highlighting the flexibility of cat bonds to provide different forms of coverage for (re)insurance groups. The index transaction provided coverage principally to the QBE reinsurance business, whilst the most recent transaction, on an indemnity basis, provides coverage mainly for QBE’s direct insurance business. The Willkie team was led by partners Jennifer Tait and David Griffiths with associate Zeena Sa’di, law clerk Panos Maniatis and trainee solicitor Wiktoria Szymanska. The team also included partners Arthur Lynch, Isaac Silverstein, Cindy Chernuchin, Nan-I Chen, Henrietta de Salis and Alexander Ryan.

Jan 7

1 min

Willkie advised Novacap, a leading North American private equity firm, on its close of Novacap Tech Fund VII, with nearly $3.8 billion in capital commitments, including affiliated vehicles. On February 25, Novacap announced the final close of Novacap Tech Fund VII Fund with nearly $3.8 billion in capital commitments. The fund was raised in under a year, quickly exceeding its target of $2.75 billion, highlighting Novacap’s longstanding focus on disciplined, value-added technology buyouts. With the close of Tech VII – the latest fund in Novacap’s Technologies strategy, Novacap now manages more than $12 billion in assets. In 2025, Willkie advised Novacap on a number of high profile M&A transactions, including its $1.9 billion take-private of Integral Ad Science. The Willkie team was led by partners Larissa Marcellino, Giovanni Smedley and Walter Turturro and included partners Caitlin Link, Henrietta de Salis, Alexander Ryan and Sarah Kessler.

Feb 27

1 min

Willkie advised client Monarch Alternative Capital LP (Monarch) on the formation of Monarch Capital Partners VI (MCP VI), the sixth iteration of Monarch’s flagship closed-end fund. On September 30, Monarch, a leading opportunistic credit and real estate investment firm, held the final closing of MCP VI. Monarch raised over $4.7 billion of capital for MCP VI, significantly exceeding its target of $3.5 billion and surpassing the size of its 2020 predecessor fund, with strong backing from both existing and new investors across geographies and channels. The fund’s global and flexible strategy is designed to capitalize on complexity and dislocation across various areas of opportunistic credit and real estate, including corporate loans and bonds, capital solution investments, real estate lending, structured credit, and other areas. Monarch is a global investment firm founded in 2002 with over $15 billion in assets under management across its closed-end funds, open-ended fund, and customized solutions. Monarch focuses primarily on opportunistic credit and real estate across various market segments and instrument types. Willkie previously advised Monarch on MCP VI's predecessor funds, including MCP V for which Monarch raised $3 billion in 2020. The Willkie team was led by fund formation partners John Knapke and Lior Ohayon, and included partners Russell Pinilis and Alexander Ryan, and associates Matthew Pei, Dana Wellesly-Stein, Mary Trujillo, Siyuan Fang, Caitlin Link and Joshua Baskin.

Oct 9

1 min

Willkie represented Fidelis Insurance Holdings Limited (Fidelis Insurance Group) and Herbie Re Ltd. in connection with a $375 million catastrophe bond offering. On December 27, Fidelis Insurance Group, a global specialty insurer, announced that Fidelis Insurance Bermuda Limited successfully closed a new catastrophe bond through the issuance of the Series 2024-2 Class A Principal-at-Risk Variable Rate Notes, the Series 2024-2 Class B Principal-at-Risk Variable Rate Notes, and the Series 2024-2 Class C Principal-at-Risk Variable Rate Notes by its Herbie Re Ltd. program. This is the sixth series of notes issued by Herbie Re and will provide the Fidelis Insurance Group with $375 million of collateralized reinsurance protection. Fidelis Insurance Holdings Limited (NYSE:FIHL) is a global specialty insurer, leveraging strategic partnerships to offer innovative and tailored insurance solutions. The Willkie team was led by partners Joseph Ferraro and David Griffiths, and included partners Arthur Lynch, Alexander Ryan, Henrietta de Salis, Nan-I Chen and Cindy Chernuchin, and associate Andrew Bottomley.

Dec 31

1 min