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MoFo Advises WovenEarth on Final Close of $155 Million Fund II

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Morrison Foerster advised WovenEarth on the final close of its $155 million WovenEarth Fund II. WovenEarth Fund II will offer...

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Morrison Foerster advised WovenEarth on the final close of its $155 million WovenEarth Fund II. WovenEarth Fund II will offer exposure to 250+ companies by investing in a select group of US early-stage cleantech funds and reserving roughly one-third of investable capital to co-invest alongside them. WovenEarth now manages over $330M in total AUM with the objective of delivering strategic exposure to early-stage cleantech companies with outsized return potential in energy, industry, and resilience.The MoFo team was led by private funds partner Stephanie Thomas and associate Mingqian Li.Read the <a href="https://www.prnewswire.com/news-releases/wovenearth-ventures-closes-155m-fund-ii-to-deliver-strategic-exposure-to-cleantech-2-0--302848957.html" target="_blank">press release</a>.

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Stephanie, Chair of the firm’s global Private Funds Group, has over 20 years of experience advising on private fund formation and operations, as well as on regulatory compliance matters. She represents U.S. domestic and global fund sponsors and institutional investors in connection with the formation of, and investments in, buyout funds, venture capital funds, secondary funds, debt funds, infrastructure funds, fund–of–funds, social impact funds and other private funds with a broad range of investment strategies. She has been described by a client as “extremely knowledgeable in the fund formation space, very good to work with and thoughtful about the needs of her clients.”Private Fund Sponsors. Stephanie represents fund sponsors and the management teams of private funds in the formation of their private funds, as well as in ongoing fund operations, including upper–tier planning, parallel and feeder fund structures, alternative and offshore vehicles, securities law matters, ERISA compliance, transfers or sales of partnership interests, including secondary transactions, and other tax and regulatory matters.She has considerable experience negotiating anchor investor arrangements, navigating cross–border fund matters, structuring co–investment and overage programs, representing firms and individual partners at the time of hire or departure (including involuntary removal), and the formation of feeder vehicles, parallel funds and special purpose vehicles. She also advises U.S. and international companies in the structuring of their corporate venture capital programs.Institutional Investors. Stephanie has advised institutional investors in hundreds of private fund formations, involving foreign and domestic funds ranging in size from $40 million to $21 billion. These investors, including state and corporate pension funds, sovereign wealth funds, universities, fund-of-funds, insurance companies, and other institutional investors, have commitments ranging from $5 million - $1 billion on a per-deal basis. Her experience includes representing significant limited partner investors in some of the largest private market funds ever raised.Investment Advisers. Stephanie advises fund sponsors and other investment advisers on the principal aspects of the Investment Advisers Act and the Dodd–Frank Act. She assists her clients in navigating the regulatory landscape, including new state and federal registration requirements, exemption eligibility, compliance programs and ongoing compliance matters.Stephanie works in the firm’s Palo Alto office and is active in the business community. Prior to joining the firm in 2005, she was a member of the fund formation group in the Palo Alto office of Cooley LLP.

Stephanie Thomas

Chair of Global Private Funds Group

Mingqian Li is a senior associate in Morrison Foerster’s Private Funds and Social Enterprise & Impact Investing practices. She advises clients on the structuring, formation, and operation of private investment funds, including venture capital, private equity, and growth equity vehicles. A significant portion of her practice focuses on innovative fund structures, particularly social impact funds with hybrid arrangements involving nonprofit anchor investors or incubation agreements. Mission-driven funds regularly seek her counsel for aligning investment strategies with social impact objectives.Mingqian guides clients through all aspects of fund formation and operations, including non-U.S. jurisdiction analysis, negotiation of fund documents and side letters, coordination of regulatory and tax considerations, and post-closing obligations. She also advises on ongoing funds’ general corporate matters, including governance, reporting requirements, transfer procedures, and effective LP meeting management.Beyond formation work, Mingqian provides transaction support for her fund clients, offering seamless guidance across both fund and deal matters. Clients value her collaborative, practical approach and her ability to guide them through the operational and strategic challenges of building and managing investment funds.