Hills Stern represents clients on both the buy-side and the sell-side of equity deals in the venture capital and mid-cap space, in direct investment transactions as well as co-investments alongside fund sponsors. Hills Stern attorneys are available to assist buyers and sellers on all aspects of private acquisitions.
Representative Matters
Illustrative transactions on which members of the Hills Stern equity team have acted include:
- Representing founder shareholders, including CEO, in sale of East African restaurant chain to private equity fund and related employment and earn out arrangements
- Representing cable and media group in multiple rounds of debt and equity investment totaling more than $100 million by strategic, financial, and development investors
- Representing Central America bank in buy-back of preferred shares, issuance of common shares, and corporate restructuring
- Representing a Japanese multinational investment holding company as lead investor on multiple preferred stock investments into tech startups based in India and Asia
- Representing venture capital fund focused on technology companies that serve the real estate industry on multiple early-stage investments
- Representing semiconductor manufacturer on implementation of its investment program including various Series A and Series B investments into startups identified as potential strategic partners
- Representing multinational software company on acquisition of security analytics company and separate purchase of cybersecurity business
- Representing dozens of startups in the fintech, health-tech, and cybersecurity fields, including advising as the lead partner on their SAFE, convertible note, and preferred stock financing rounds
- Representing investor on $100 million co-investment into digital infrastructure assets in Asia and Latin America through Delaware limited partnership
- Representing investor on $15 million co-investment into MENA discount retail chain through SPV formed as a Guernsey limited partnership
- Representing investor on $20 million co-investment into multiple assets in the global EM education tech space through a side car formed as a Delaware limited partnership
- Representing investor in $10 million co-investment into SE Asia agricultural tech entity through a Cayman Islands segregated portfolio SPV
- Representing investor on $8 million co-investment into Indian footwear company through a Mauritian limited company SPV
- Representing investors on $10 million investment into Eastern European education tech company through a Delaware limited partnership
Co-investments
We represent institutional clients on co-investment matters ranging from single asset co-investments to “funds of one” set up to co-invest in multiple assets from several related funds. Drawing on private acquisition as well as investment management expertise, these transactions often close under significant time pressure. In addition to review and negotiation of acquisition vehicle documentation, Hills Stern typically conducts a “fatal flaw” review of the underlying investment documentation. Our co-investment experience ranges from early-stage venture capital to growth private equity and infrastructure investments.
Impact Investment
With our background in cross-border investment and development finance, Hills Stern represents a wide range of for profit and not for profit companies pursuing triple bottom-line returns in emerging markets. We have advised on a wide range of social impact investment projects including fund creation, structured finance, and subordinated loan facilities. We also provide program advice and guidance to impact investors to help them streamline their programs and extend their reach and impact.
