Yasho Lahiri

Advised an investment manager specializing in employee ownership transitions on the formation of its first two private credit funds, each of which exceeded fundraising targets. The funds financed the transition of businesses with low-income workforces to employee ownership to address the growing income inequality gap in the United States while providing investors with attractive market-rate returns.

Advised a provider of debt and equity capital solutions on the formation of its first private credit fund. The fund focuses on financing lower-middle market companies, with a focus on women- and minority-owned businesses.

Advised a credit-focused asset manager on the formation of numerous open- and closed-end funds, including funds to finance renewable energy assets, invest in U.S. and non-U.S. real estate assets, invest in structured credit assets, etc.

Advised on the formation of an over-subscribed $1.1 billion term asset-backed securities loan facility (TALF) fund.

Advised on the formation of a $500 million TALF fund that was more than two times oversubscribed.

Formation of a TALF fund for the asset management arm of a leading bank.

Formation of a short-duration credit fund providing substantial investor liquidity.

Advised on the formation of a credit opportunity fund to finance U.S. real estate assets.

Formation of a fund for a middle-market credit manager to provide flexible credit to “bricks and mortar” U.S. businesses.

Advised a credit manager in its acquisition of the investment management agreement for a public business development company (BDC).

Advised a leading U.S. student loan and solar servicer in the formation and launch of its first investment fund, an evergreen credit fund that invests in U.S. consumer loan portfolios.

Represented the sponsor of over a dozen private equity funds established to own “names” in the Lloyd’s market. To date, these are the only funds to have been permitted to engage in such activities.

For a large non-US insurer and its asset management subsidiary, leading the team launching a specialty credit fund which was 1.5x oversubscribed for its $1 billion hard cap at its first, and only, closing.  Also represented the client in the formation of their flagship private credit fund, which offered “one stop” exposure to the full range of fixed income strategies offered by its various investment management subsidiaries, largely to insurance company investors.

For a large insurance company, overseeing bespoke projects such as designing a long-duration vehicle to deploy over $1 billion in premium for “evergreen” exposure across market cycles and geographies to the global private equity, private credit and real estate activities of a leading fund sponsor.

For a large US insurance company, overseeing the creation of new documentation for the entirety of its investment vehicle and managed account portfolio in connection with its reorganization to a “49/1” dual company structure.

Yasho has represented fund sponsors in the creation of principal-protected and other net capital-efficient note structures for investment by insurers and reinsurers, from the late ‘90s onwards.

Advised an investment manager specializing in employee ownership transitions on the formation of its first two private credit funds, each of which exceeded fundraising targets. The funds financed the transition of businesses with low-income workforces to employee ownership to address the growing income inequality gap in the United States while providing investors with attractive market-rate returns.

Advised a provider of debt and equity capital solutions on the formation of its first private credit fund. The fund focuses on financing lower-middle market companies, with a focus on women- and minority-owned businesses.

Advised on the formation of an evergreen credit fund financing energy transition, "green" construction and historic preservation projects. 

Advised a U.S. multi-strategy asset manager in connection with the establishment of a joint venture to sponsor a timber fund and in the formation of that fund.

Advised the sponsor of a fund investing in ground leases.

Advised the sponsor of a fund investing in real estate related to renewable energy projects.

Advised the sponsor of a fund investing in European real estate debt.

Advised a US real estate manager in its strategic relationship with a college endowment.

Advised the sponsor of a fund financing real estate development projects.

Advised a U.S. captive venture capital arm of a non-U.S. conglomerate on the entire range of its global activities, with particular focus on energy transition, “green” construction and other renewable energy- and climate change-related areas.

Advised on the creation of AirShares, the first publicly offered investment vehicles in the U.S. that allowed retail investors to participate in the returns from the EU’s “cap and trade” emissions reduction scheme, which required the creation of a new listing rule for the New York Stock Exchange (NYSE) and the grant of substantial no-action relief from the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).

Advised a global vertically integrated renewable energy firm in connection with the establishment of a U.S. investment subsidiary to sponsor a renewable energy fund.

Advised the former management team of a U.S. renewable energy arm of a non-U.S. energy company in the establishment of an asset management business and the formation of a “fund of one” for a leading global diversified infrastructure investor.

Advised on the establishment of a middle-market private equity fund focused on “bricks and mortar” businesses.

Advised on the establishment of a middle-market private equity fund focused on national security-related businesses, particularly those in software.

Advised on the establishment of a middle-market private equity fund focused on the defense contractor sector.

Advised on the establishment of a private equity fund focused on data centers and related businesses.

Led teams forming funds making a wide range of unusual investments including:

• Particular tax credits, including Section 45Z federal credits, state movie production credits, etc.
• Racehorses
• Through ownership of a soccer team, participation in returns from soccer player contracts
• Exposure to upward movements in gold prices through the ownership of various geological claims to gold lodes
• Water rights, through ownership of desalinization plants in the Middle East and ranch land in the American West

Advised a non-U.S. conglomerate in the establishment of its captive U.S. venture capital investment arm.

Advised a leading Asian conglomerate in the establishment of its captive U.S. venture capital investment arm.

Advised a leading venture capital firm in connection with the launch of its fourth fund.

Advised an emerging market venture capital sponsor in connection with the establishment of its first fund.

Advised a leading investment management firm in the formation of a cryptocurrency fund.

Advised U.S. virtual asset managers in the formation of cryptocurrency and other virtual asset funds.

Advised non-U.S. financial institutions on the formation of cryptocurrency funds.

Advised a U.S. venture capital sponsor in the formation of a virtual VC fund to invest in simple agreements for future tokens (SAFTs).

Advised on the formation of numerous hedge funds in strategies including global macro, quantitative, long-short equity, statistical arbitrage, event-driven, special situations, fixed-income, emerging markets and funds of funds.

Appointed by a state legislature as special counsel to its state and local government pension plans; designed and implemented a hedge “fund of one” platform; advised on numerous “fund of one” and commingled fund investments; advised on participation in the PPIP established during the Financial Crisis; advised on several opportunistic fund recapitalizations.

Advised a leading U.S. asset management firm on numerous joint ventures and seeding arrangements with U.S. and non-U.S. fund sponsors, as well as on the acquisition of private fund and other portfolios.

Advised a non-U.S. financial institution on the establishment of a $2 billion captive U.S. manager, on the creation and subsequent dissolution of its joint venture with a U.S. collateralized loan obligation (CLO) and hedge fund sponsor, on the acquisition of a new U.S. investment team, and on numerous investments and joint ventures with private fund sponsors.

Advised a state pension plan on the establishment of its “fund of one” platforms for hedge funds and venture capital and on numerous commingled fund investments, and coordinated the provision of advice on non-U.S. tax and regulatory issues.

Advised a sovereign wealth fund on numerous issues, including the creation of a “form” investment management agreement for investments in unusual asset classes, coordination of cross-border advice on issues resulting from the bankruptcy of a leading global investment bank and negotiation of relationships with asset management firms.

Advised a large U.S. family office in its investment in an active exchange-traded fund (ETF) sponsor.