Giovanni L. Smedley

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

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 represented LS Power Equity Advisors, LLC in the successful sale of a portfolio of natural gas generation facilities and a commercial and industrial virtual power plant platform to NRG Energy Inc. (NYSE: NRG). LS Power recently announced that it completed the sale of 18 natural gas-fired facilities totaling approximately 13 GW of capacity, and of CPower, a leading commercial and industrial virtual power plant platform, to NRG in a cash and common stock transaction valued at approximately $13 billion. The milestone deal closed shortly after Willkie secured antitrust clearance for the transaction. The Willkie team was led by partner Adam Turteltaub with partners Archie Fallon, Giovanni Smedley and Christian Truman. The team also included partners Robert Lepore, Hannah Frank, Lisa Lind and Antonio Yanez, and counsel Christi Davis.

Feb 4

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 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