Leonora M. Shalet

Partner | New York

lshalet@mofo.com | (212) 336-4452

lshalet@mofo.com
(212) 336-4452

Leonora Shalet, partner in the firm’s Private Funds Group, advises on fund formation, structuring, and ongoing operational needs, including general securities law matters and regulatory and compliance issues.

Leonora has over a decade of experience in investment management matters, with a particular focus on institutional managers and their private credit or private equity funds.

Leonora also represents managers in connection with the launch and operation of funds of funds, hybrid funds and hedge funds covering different strategies.

Leonora has in-depth experience counseling on the structure, establishment, offering and distribution of U.S. and offshore funds; advising on the establishment and operation of management entities; and advising on general securities laws and regulatory and compliance matters.

Prior to joining Morrison & Foerster, Leonora advised investment funds at another international firm focused on fund formation. She also offers deep international credentials, having started her practice in London before relocating to New York in 2006.

Recent Representative Experience

  • Launching closed-ended credit funds, including the following commingled funds in 2019:
    • For an institutional manager focused on credit, with a $10 billion AUM and a global presence:
      • a credit aviation fund focused on leased commercial aircrafts and aviation-related securities;
      • an emerging credit fund; and
      • a fund focused on its flagship credit strategy.
      • The above credit funds are expected to raise in excess of $5 billion in aggregate.
    • For an institutional manager with a global reach and in excess of $30 billion AUM, a distressed credit fund which had its first closing in 2019 with in excess of $2 billion in commitments and over 100 investors.
    • For a niche, credit-focused manager, a $750 million commingled fund.
  • Drafting the employment agreements for portfolio managers joining the platform of an alternative asset manager with over $540 billion in AUM.
  • Launching private equity-style funds, including:
    • For a global asset manager with $300 billion AUM, a private equity fund-of-funds targeting $1 billion; and
    • For an investment manager with $110 billion AUM, a closed-ended fund-of-funds platform.
  • Negotiating documentation for proposed investments by certain funds managed by a financial services firm, including co-investments and secondary transactions.
  • Drafting and negotiating documentation for a $45 million seed investment in a new manager and in its proposed initial vehicle, on behalf of the new manager.
  • Establishing carry participation agreements with respect to all vehicles launched in 2019 for two managers focused on credit.
  • Onboarding two separate quant managers at the asset management arm of a large financial services firm and the launch (or relaunch, as applicable) of their hedge funds on the firm’s platform.
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