| Biography:
Robin A. Painter is a partner in the Firm’s Corporate Department and co-chair of the Private Investment Funds Group. Ms. Painter has over twenty years of experience in the private equity field. She has a global client base and concentrates on national and international private equity transactions. She advises private equity fund managers, institutional investors and investment advisors on a broad range of issues, including fund formations, secondary transactions, portfolio investments, internal governance and divestments and distributions.
A significant portion of Ms. Painter’s practice is representing general partners in the formation and maintenance of private equity funds and funds of funds. Ms. Painter also represents domestic and foreign institutional investors, including public pension plans and foundations, with respect to their investments across the private equity asset class. Ms. Painter also represents large institutional investors, or their advisors, in connection with the acquisition and sale of secondary partnership interests, and she has been involved in several of the largest bulk purchases of partnership interests in the industry.
Following are a few examples of her recent projects:
- Represented .406 Ventures (Boston, MA), a team with over 65 years of entrepreneurial, senior operating and venture investing experience, in forming their venture capital fund to invest in information technology and services companies.
- Represented Ares Management (Los Angeles, CA), in closing Ares Corporate Opportunities Fund II, L.P. with $2.065 billion in committed capital for a fund focused on injecting flexible, long-term junior capital into undercapitalized middle market companies.
- Represented Clarus Ventures (Boston, MA and Palo Alto, CA) in the formation of their $500 million inaugural fund - Clarus Lifesciences I, L.P.
- Represented Commonfund Capital (Wilton CT), a firm whose mission is to enhance the financial resources of non-profit institutions and to help them improve investment management practices and currently has over $42 billion under management, in structuring funds of funds for investments in U.S. buyout, global venture capital, international private equity and natural resources funds.
- Represented Conduit Capital Partners (New York, NY) in raising $330 million for their third fund, Latin Power III, to invest in the independent electric power industry in Latin America and the Caribbean.
- Represented Enterprise Investors in closing on €660 million for a fund that ranks as the largest fund ever raised to invest in Central and Eastern Europe - Polish Enterprise Fund VI, L.P.
- Represented Fairview Capital Partners (Farmington, CT) in closing its second co-mingled fund of funds. Fairview raised $209 million for Fairview Ventures Fund III, L.P., which is focused on established, top-tier venture capital funds.
- Represented Frazier Healthcare Ventures, a healthcare focused venture capital and growth equity firm, in closing its sixth fund, Frazier Healthcare VI, L.P. with $600 million in commitments.
- Represented Mesirow Financial (Chicago, IL), a diversified financial services frim, in raising $900 million for Mesirow Financial Private Equity Partnership IV, L.P., a private equity fund of funds and direct investment program.
- Represented New Leaf Venture Partners (New York, NY and Menlo Park, CA) in forming, New Leaf Ventures II, a $450 million fund for venture and expansion capital investments primarily in private health care technology companies. The New Leaf team continues the investment strategy of the Sprouts Funds, but operates independently, unaffiliated with Credit Suisse and the Sprout Group.
- Represented OrbiMed Advisors (New York, NY) in closing their third venture fund focused on life sciences – raising $500 million for Caduceus Private Investments III, LP.
- Represented SV Life Sciences (Boston, MA, London, England and San Francisco, CA) in closing SV Life Sciences Fund IV with total commitments of $572 million.
- Represented Third Rock Ventures (Boston, MA), a team with over 65 years of entrepreneurial, senior operating and venture investing experience, in forming their early-stage venture capital fund to invest in information technology and services companies.
- Represented Weathergage Capital (San Francisco, CA) in raising $250 million for its inaugural fund of funds, the first in a series of fund-of-funds vehicles to be established by Weathergage. The fund of funds will be used to invest in information technology and life sciences venture capital funds.
In 2007, Ms. Painter managed teams of attorneys who closed overf 30 fund formation projects, representing more than $12 billion in committed capital.
She routinely supervises teams of attorneys that represent institutional investors in their private equity investments, including Adams Street Partners (Chicago, IL, London, England, Palo Alto, CA and Singapore), California State Teachers’ Retirement System (Sacramento, CA), Horizon 21( Pfaeffikon, Switzerland), Knight Foundation (Miami, FL), LGT Capital Management (Pfaeffikon, Switzerland); Lucent Asset Management Corp. (Boston, MA); Oxford University (Oxford, England); Washington State Investment Board (Olympia, WA), The Rockefeller Foundation (New York, NY), Washington State Investment Board (Olympia, WA) and The Wellcome Trust (London, England). In 2006 she negotiated and closed over 300 private equity fund investments for more than twenty-five clients.
In addition to those mentioned above, Ms. Painter’s fund formation clients include: Adams Capital Management (Pittsburgh, PA, Austin, TX, Boston, MA and Palo Alto, CA); Adams Street Partners (Chicago, IL and London, England); ARCH Venture Partners (Chicago, IL, Seattle, WA and Austin, TX); Bessemer Venture Partners (Larchmont, NY, Menlo Park, CA, Wellesley Hills, MA Bangalore, India, Mumbai, India and Shanghai, PRC); Centennial Funds (Denver, CO); Charles River Ventures (Waltham, MA); Kepha Partners (Waltham, MA); Commonfund Capital (Wilton, CT); FA Technology Ventures (Boston, MA); Fairview Capital Partners (Farmington, CT); Fisher Lynch Capital (Boston, MA and San Mateo, CA); Frazier Healthcare and Technology Ventures (Seattle, WA); Lumira Capital (Toronto and Montreal, Canada, Cambridge, MA and Mountain View, CA); Madrona Venture Group (Seattle, WA); Mesirow Financial (Chicago, IL); New Venture Partners (Murray Hill, NJ); Nexit Ventures Oy (Helsinki, Finland); PensionDanmark (Copenhagen, Denmark); Prism Venture Partners (Westwood, MA); Seaflower Ventures (Waltham, MA); Seyen Capital (Chicago, IL); Sprout Healthcare Ventures (New York, NY); Sunrock Ventures (Tampa and Miami, FL); Thomas Weisel Partners (San Francisco, CA); and VenCap International plc (Oxford, England) and Weathergage Capital (San Francisco, CA).
Ms. Painter also takes an active role in the global private equity community as a frequent lecturer on issues affecting the industry and as a member of industry boards and panels in the United States and Europe. She also regularly contributes to publications in the private equity field, including Private Equity Viewpoint, a publication of her former firm, Testa, Hurwitz & Thibeault, LLP. She has served as an Adjunct Professor or guest lecturer at leading law and business schools, including the Copenhagen Business School, MIT Sloan School and Boston College Law School.
Ms. Painter was named one of the “30 most influential lawyers in global private equity” by Private Equity International in their October 2006 issue. She is also frequently recognized as a leading attorney in the private equity field by national and global publications, including:
- Chambers USA: “America’s Leading Business Lawyers” – 2003-2004, 2004-2005, 2005-2006, 2006-2007, 2007-2008, published by Chambers & Partners Publishing.
- Chambers Global Guide: “The World’s Leading Lawyers” – 2000-2001, 2001-2002, 2002-2003, 2007, published by Chambers & Partners Legal Publishers.
- Listed as a leader in private equity fund formation by US Legal 500 in 2007 and 2008.
- Selected as one of the top 3,000 lawyers in the U.S. by Lawdragon.
- Named one of The Best Lawyers in America in 2006, 2007 and 2008.
- Private Funds: An International Who’s Who of Private Funds Lawyers, published by Law Business Research Ltd. in 2000, 2002, 2003-2004, 2005, 2006 and 2008.
- Massachusetts Super Lawyer 2004, 2005 and 2006, and a Top 50 Female Massachusetts Super Lawyer and Top 100 Massachusetts Super Lawyer.
- New England Super Lawwyer in 2007, and one of the top 50 lawyers in the region
- “DigIn’s Top Picks in Boston: Best VC Lawyers” – Boston Digital Industry, May 2001.
In 1982, Ms. Painter received her B.A., cum laude, from Northwestern University and in 1985, she received her J.D., cum laude, from Boston College Law School, where she also served as Editor for the Boston College International and Comparative Law Review.
Ms. Painter is an Advisory Board Member of the Massachusetts Private Equity CFO Association and a member of the EVCA Tax and Legal Committee, and has been an Advisory Board Member for the Dow Jones publication, Private Equity Partnership Terms and Conditions for many years. She is also a member of the American, Boston, Massachusetts and International Bar Associations.
Ms. Painter was admitted to the Massachusetts Bar in 1985 and the U.S. District Court, District of Massachusetts, in 1986.
Selected Lectures:
Moderator, "The Changing Alternative Investment Landscape: A GP-LP Perspective" and "Trailblazers Set Up Shop," Women's Private Equity Summit, March 2008
Speaker, “Legal’s & Terms: An Update on the Current Terms Being Offered and Limited Returns and their Ability to Influence these Terms,” 5th Annual PEIA/SPS Conferences Joint Seminar, London, England, January 2008
Moderator, "Best Practices for Building Strong LP Relationships," NVCA/IBF Web Seminar, November 2007
Speaker, "Raising Funds in an Increasingly Competitive Marketplace," IIR Private Equity Fund Formation & Management Conference, Boston, MA, November 2007
Speaker, "On Target LP Communications: Best Practices in Investor Relations," Dow Jones Web Seminar, October 2007
Speaker, "Raising a Private Equity Fund," PLI 8th Annual Private Equity Forum, New York, NY, July 2007
Moderator, "Alternative & Niche Funds," IMN 8th Annual US Real Estate Opportunity & Private Fund Investing Forum, New York, NY, May 2007
Guest Lecture, "Private Equity Basics," Venture Capital Lecture Series, Massachusetts Institute of Technology, Sloan School of Management, Cambridge, MA, May 2007
Speaks, "Regulatory Issues Impacting The Fundraising Process," Buyouts Symposium East, New York, April 2007
Speaker, "Private Equity Funds - Current Terms," IBA 8th Annual International Conference on Private Investment Funds, London, England, March 2007
Speaker, “Observations for the Year Ahead” and “Examining the Most Current Issues for Investors in Private Equity Funds,” SuperReturn 2007, 10th Annual European Private Equity & Venture Capital Summit, Frankfurt, Germany, February 2007
Speaker, “Introduction to ERISA’s Plan Asset Regulations,” EVCA Tax & Legal Committee Meeting, Brussels, Belgium, January 2007
Guest Lecturer, “Private Equity Basics,” Venture Capital Lecture Series, Massachusetts Institute of Technology, Sloan School of Management, Cambridge, MA, May 2006
Guest Lecturer, “Private Equity Basics,” Venture Capital Lecture Series, Massachusetts Institute of Technology, Sloan School of Management, Cambridge, MA, November 2005
Speaker, “Dollars & Sense,” Private Equity Analyst Conference, New York, NY, September 2005
Speaker, “Successions and Spin-Outs in the Private Equity Industry” SuperReturn 2005, 8th Annual European Private Equity & Venture Capital Summit, Frankfurt, Germany, February 2005
Panelist, “Fund Pricing Environment: Private Equity Pricing, Terms, Hot Topics,” ACG M&A East - Philadelphia Corporate Growth Conference, Philadelphia, PA, September 2004
Speaker, “Current Issues Affecting Venture Capital and Private Equity Funds,” Private Equity Analyst Conference, New York, NY, September 2004
Session Chairperson, “Return of the Venture Market,” IBF’s 15th Annual Venture Capital Investing Conference, San Francisco, CA, June 2004
Session Chairperson, “Institutional Investors Speak Out on Investing and Managing Risk,” IBF’s 15th Annual Venture Capital Investing Conference, San Francisco, CA, June 2004
Panelist, “Closed Door Limited Partners Roundtable Breakfast,” IBF’s 15th Annual Venture Capital Investing Conference, San Francisco, CA, June 2004
Session Chairperson, “Key Factors for Building a Successful Venture Capital or Private Equity Fund,” CVCA Annual Conference, Calgary, Alberta, Canada, May 2004
Speaker, “Establishing a Private Equity Franchise: Building a Platform for the Future,” Private Equity Succession Workshop, Palo Alto, CA, May 2004
Speaker, “An Overview from the US Perspective: Recent Trends in the US Venture & Private Equity Markets and a Look Ahead to Future Developments,” SuperReturn 2004, 7th Annual European Private Equity & Venture Capital Summit, Munich, Germany, February 2004
Guest Lecturer, “Institutional Private Equity Investing,” Copenhagen Business School, November 2003
Session Chairperson, “Is Private Equity Delivering on Its Promises,” The Private Equity Analyst Conference 2003, New York, NY, September 2003
Session Chairperson, "Is Private Equity Delivering on Its Promises," The Private Equity Analyst Conference 2003, New York, NY, September 2003
Panelist, “The Evolving GP/LP Relationship,” 2003 Venture Capital Institute Graduate Program, National Venture Capital Association, Atlanta, GA, March 2003
Speaker, “The Future of Technology Investing – A Return to the Past,” SuperReturn 2003, 6th Annual European Private Equity & Venture Capital Summit, Munich, Germany, February 2003
Panelist, “An Investor’s Perspective on the Future of the Private Equity Industry,” 2003 Annual Venture Capital & Private Equity Conference, The Harvard Business School Venture Capital & Private Equity Club, Cambridge, MA, February 2003
Adjunct Professor, “Venture Capital: Fund Formation & Investments,” Boston College Law School, Spring 2003
Speaker, “Strengthening GP/LP Relations in a Down Market,” Alternative Investor Virtual Seminar, December 2002
Session Chairperson, “Strategies and Funds That LPs Are Bankrolling in 2002,” Private Equity Analyst Limited Partners Summit 2002, New York, NY, June 2002
Panelist, “Terms and Conditions in the Changing Market,” 2002 Russell Capital Private Equity and Alternative Investments Seminar, Harvard Faculty Club, Cambridge, MA, April 2002
Panelist, “From Bubble to Recession: The Current State of the Venture Capital Industry,” 2002 Annual Venture Capital & Principal Investment Conference, The Harvard Business School Venture Capital and Principal Investment Club, Cambridge, MA, February 2002
Session Chairperson, “How to Craft a Balanced Partnership Agreement in a Changing Market,” The Private Equity Analyst Conference 2001, New York, NY, September 2001
Session Chairperson, “How Institutional Investors View the Role of Funds-of-Funds in a Changing Market,” The Private Equity Analyst Fund-of-Funds Summit 2001, New York, NY, June 2001
Session Chairperson, “Institutions Weigh Secondary Sales as a Way to Free Up Capital for New Fund Investments,” Private Equity Analyst Technology Finance Conference, Palo Alto, CA, May 2001
Panelist, “How to Craft Terms and Conditions of a Well-Balanced Limited Partnership,” The Private Equity Analyst Conference 2000, New York, NY, September 2000
Panelist, “Private Equity Funds Terms and Conditions,” 2000 Russell Capital Private Equity Seminar, St. John’s College, Cambridge, England, April 2000
Session Chairperson, “Why Should Top Performing Private Equity Firms Take Your Money,” The Private Equity Analyst 1999 Conference, New York, NY, September 1999
Panelist, “Terms and Conditions: What the Best LPs Look For,” Frank Russell Capital Private Equity Seminar, Cambridge, MA, November 1998
Session Chairperson, “Seed Investing – Structuring the Deal,” National Association of State Venture Funds, Regional Seminars, September 1997
Session Chairperson, “Hows and Whys of Fund Structure,” Venture Capital Lecture Series, Massachusetts Institute of Technology, Sloan School of Management, Cambridge, MA, March 1996, March 1997
Speaker, “Mastering the Intricacies of Legal Processes and Due Diligence,” Investing in Private Equity, Sixth Annual Industry Forum, Institute for International Research, Boston, MA, May 1996
Speaker, “Preparing For Closure – Effectively Managing the Wrap-Up of a Fund,” Connecticut Venture Forum, Stamford, CT, May 1996
Speaker, “Partnership Terms and Conditions: A Debate of the Most Contentious Issues,” Investing in Private Equity, Institute of International Research, New York, NY, 1995
Speaker, “Professional Solutions to Winding Down Your Fund Before Hitting the Trail in Search of More Money,” Venture Investing 1995, International Business Forum, San Francisco, CA, 1995
Speaker, “Recent Trends in Terms and Conditions,” New England Venture Capital Association Management Seminar, Boston, MA, Spring 1995
Speaker, “Portfolio Management Techniques,” Venture Forum ’94, Venture Economics, San Francisco, 1994
Speaker, “Derivative Securities: The Venture Capitalists’ Perspective,” Robertson, Stephens & Company CFO Conference, San Francisco, 1994
Speaker, “A Plan Sponsor’s Checklist,” Legislative and Legal Concerns Affecting Pension Plan Fiduciaries, The Institute for International Research, New York, NY, 1994
Speaker, “Winding Down the Venture Fund,” Venture Forum ’93, Venture Economics, Boston, 1993
Speaker, “Coping with the New Section 16 Rules – The Venture Capital Perspective,” Seminar – Testa, Hurwitz & Thibeault, LLP, Boston, 1991
Selected Publications:
Speaker, "Succession Planning Issues for Investors - Ensuring a Brand is Sustained" Super Investor 2007, Private Equity, Venture Capital & Institutional Investment Summit, Paris, France, November 2007
"Marketing Private Equity Funds to US Investors: US Securities and Other Regulatory Issues," EVCA Special Paper, October 2007 (with Sascha Rosebush and Kathleen Mierau)
"Marketing Private Equity Funds to US Investors: ERISA Issues," EVCA Special Paper, October 2007 (with Ira Bogner and Jeffrey Ross)
Advisory Board Member, “Private Equity Partnership Terms and Conditions,” Dow Jones, 1999 through 2007
“Advising Fund Managers on Private Equity Fund Economics,” Chapter in Private Equity Laws, Inside the Minds, Aspatore Books, August 2006 (with Jamiel Poindexter and contributions from Sarah Cherry)
Contributor, “The Guide to Private Equity Fund Investment Due Diligence” Private Equity International, May 2005
“Clawbacks Remain a Hot Issue in Private Circles,” Boston Business Journal, October 2004
“The State of the Venture Industry – Where Do We Go From Here?” Testa, Hurwitz & Thibeault, LLP, Venture Update, Summer 2002
“The ‘Branding’ of Private Equity – Can Private Capital be Saved from Becoming a Commodity?” Testa, Hurwitz & Thibeault, LLP, Venture Update, Fall 2000
“Extended Hours for Stock Trading – How Will Private Equity Funds Be Affected?” Testa, Hurwitz & Thibeault, LLP, Venture Update, Fall 1999
“Limited Liability Companies – Separating Fact from Fiction,” Testa, Hurwitz & Thibeault, LLP, Venture Update, Spring 1995
“Stock Distributions – A Guide For Venture Capitalists,” Robertson, Stephens & Company Venture Forum Publication, 1994
“Distributions of Restricted Securities – A Road Map for Distributions of Rule 144 Stock,” Testa, Hurwitz & Thibeault, LLP, Venture Update, Fall 1991
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