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Alternative Investments

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Overview

Bates White consultants provide expertise in highly complex matters relating to the alternative investment management industry, including hedge funds, private equity, venture capital, and related service providers. Our consultants leverage decades of substantive, real-world experience, in combination with deep expertise in finance, business and securities valuation, accounting, data analysis, and fraud investigations, to provide exemplary consulting and testifying services.  

Our clients include hedge funds, private equity and venture capital firms, investors, financial institutions, service providers, fiduciaries, and regulators. Both prosecution and defense clients have retained us to address a wide array of topics, including industry custom and practice, market manipulation, fiduciary obligations, the valuation of illiquid and bespoke investments, related party transactions, disclosures, seed capital arrangements, employment compensation disputes, damages determination, and fraud investigations.

Our areas of focus include:

  • Industry custom and practice and fiduciary duty
  • Investment strategy
  • Valuation of firms, businesses, investments, and unconventional assets
  • Cryptocurrency, securitized products, and derivatives
  • Markets and trading
  • Fees and expenses, including carried interest waterfall calculations
  • Fraud, misappropriation of assets and Ponzi-like schemes
  • Performance attribution and employment/compensation disputes

SELECTED WORK

  • In re WeWork Litigation—Expert retained on behalf of Softbank Vision Fund in relation to a dispute over certain reasonable best efforts undertakings in connection with Softbank’s proposed offer for WeWork stock. Issues included opining on the financial elements of the transaction as well as on industry custom and practice for investment advisers and transaction participants.    
  • Public Sector Pension Investment Board v. Saba Capital Management, L.P.On behalf of defendant Saba Capital, expert retained in litigation brought by a former investor to address industry custom and practice with respect to marketing illiquid investments held for sale, including the use of bids-wanted-in-competition, industry custom and practice with respect to valuing illiquid investment positions, hedge fund ecosystems, and fair value measurements.
  • In re Lynn Tilton, Patriarch Partners, LLC et. al.Retained as expert for the defendant in an SEC administrative proceeding involving three structured credit products that invested in distressed companies.
  • In the Matter of Clean Energy Capital, LLC and Scott A, BrittenhamThe SEC retained the expert in a seminal administrative proceeding brought against a private equity fund relating to fees and expenses charged to investors. Issues also included the valuation of portfolio investments, and the calculation of carried interest.
  • Ramius Private Select Ltd, et al. v Sacha Lainovic, et al.Expert retained for defendants in a dispute between redeeming investors in a hedge fund focused on the for-profit education sector. Issues included valuation, solvency, fraudulent conveyance, Ponzi schemes, and industry custom and practice in the investment management industry.
  • SPCP Group, LLC v. UBS AG—Retained expert in litigation over a failed trade of distressed bank debt to provide written and deposition testimony. Issues included industry custom and practice in the distressed debt trading market and analysis of mitigation strategies, including damages calculations.
  • Deephaven Distressed Opportunities Trading, et al. v. Imperial Capital, LLC—Expert testified at FINRA arbitration on behalf of Imperial Capital, LLC over liability for damages related to a failed trade of a distressed trade claim against a bankrupt company.
  • Kentucky Retirement Systems v. BHEP GP I, LLC, et al.—Expert retained litigation relating to a dispute between the manager of a private equity fund-of-funds and a public retirement system that sought remedies related to alleged mismanagement of the funds.

Team

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