Lauren A. King

Simpson Thacher ranks among the top law firms advising on secondaries matters by total value and by number of transactions, according to Secondaries Investor’s report on law firm activity in the sector. The Firm advised on 79 transactions with an aggregate value of $47.8 billion during the relevant time frame (November 1, 2022-October 31, 2023), placing among the top law firms ranked in the report both by total value and by number of transactions.~~Lauren King, Co-Head of Simpson Thacher’s Fund Transactions Practice, was quoted in the article discussing expectations for the secondaries market in 2024: “With respect to GP-leds, we anticipate a continued shift towards multi-asset deals as well as an increase in NAV/asset-based financing being used for both the transaction (if multi-asset) and the continuation fund,” she said. “With respect to LP portfolio transactions, we expect the continued reliance on deferred purchase price mechanics as well as a continued increase in mosaic transactions.” To read the full article, please click here (subscription required).~~

Jun 21

1 min

Partner Lauren King participated in the Practicing Law Institute’s (“PLI”) Advanced Issues in Private Funds 2024 program on July 16 in New York. She spoke on the “Liquidity Solutions and Exploring Additional Sources of Capital” panel, which explored various techniques and strategies available to fund managers who are interested in finding ways to create liquidity for themselves and their investors. In particular, the panel discussed pros and cons and best practices associated with continuation fund transactions, tender offers, fund-to-fund transactions and preferred equity structures.~~For more information on the program, please click here.

Jul 17

1 min

Simpson Thacher & Bartlett has hired Kirkland & Ellis funds partner Michelle Cheh in Hong Kong. Cheh advises on the forming and structuring of private investment funds across asset classes, including private equity, private credit and real estate. Earlier this year, Cheh represented Multiples Alternate Asset Management on the completion of its inaugural multi-asset continuation fund to continue its partnership with Vastu, APAC and Quantiphi. Last year she acted for GLP Capital Partners Limited on the sale of its international business and certain of its affiliates to Ares Management Corporation for $3.7 billion. “As Asia continues to see rising demand for sophisticated fund structures and increasingly complex fund-related transactions, Michelle’s dual expertise in fund formation and secondary transactions bolsters our ability to meet rising demands from clients in these areas,” said Adam Furber, co-head of Simpson Thacher’s Asia offices and head of the firm’s Asia investment funds practice, in a statement. “I look forward to working closely with her as we continue to scale in Hong Kong and across the globe.” Cheh joined Kirkland in 2015 and made partner in 2019. She was previously a lawyer at Herbert Smith Freehills. She is the second partner to join Simpson Thacher in Hong Kong this year. In May, the firm hired former Dechert restructuring practice partner Daniel Margulies . Last month, however, the firm’s long serving capital markets partner Majory Ding , who has worked at the U.S. firm since 2011, moved on to join Chinese practice Zhong Lun Law Firm. With Cheh on board, Simpson Thacher will now count about 60 lawyers in the city, 15 of whom are partners. Three of those partners including Cheh focus on representing investment fund clients on the formation and structuring of funds. “Asia is central to the future growth of global funds and our continued investment in the region reflects its importance to our clients and our practice,” said Lauren King,co-lead of Simpson Thacher’s fund transactions practice, in a statement. “Michelle’s experience in the secondaries market adds exciting depth to our bench in Asia and enhances our ability to deliver strategic, forward-looking solutions to clients in a rapidly evolving market.” Cheh’s departure from Kirkland has been reported earlier by Law.com International. Kirkland has had almost two dozen partner leave its Asia practice in less than 18 months.

Nov 18

2 min

Lauren King, co-head of the Firm’s Fund Transactions practice, was quoted in a WSJ Pro Private Equity article titled, “Secondary Buyers Seek Greater Control Over Investment Terms,” which detailed how secondary buyers are looking at ways to influence the governance rights in deals. When discussing what may be driving some of these governance efforts, Lauren noted, “Secondary buyers have seen some of the investments they've made linger, because there has not been a market for the sponsor to dispose of them. The lead investors have started seeking to add some protection that gives them a lever to pull as far as getting out or forcing the sponsor to initiate a process to sell the asset."~~To read the full article, please click here (subscription required).

Aug 21

1 min

Simpson Thacher ranked among the top five law firms advising on secondaries transactions by total value, and among the top ten by number of transactions, in Secondaries Investor’s report on law firm activity in the sector. The Firm advised on 69 transactions with an aggregate value of $71 billion during the relevant time frame (1 November 2021-31 October 2022), the fourth-highest by total value and eighth-highest by number of transactions among law firms ranked in the report.~~Lauren King, co-head of Simpson Thacher’s Fund Transactions practice, was quoted in the article discussing the secondaries market in 2022: "Coming off record levels of activity in 2021, last year we saw secondaries transactions volume decline in parallel to deal activity more broadly," she said. “The secondaries market as a whole has been impacted by macroeconomic factors that have led to uncertainty around asset valuations and a denominator effect-related right-sizing of portfolios by institutional investors.”~~To read the full article, please click here (subscription required).

May 25

1 min