| Biography:
Robin A. Painter is co-chair of 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 US and global private equity transactions. She advises private equity fund managers, institutional investors and investment advisors on a broad range of issues, including fund formations, portfolio investments, spin-outs, secondary transactions, internal governance and divestments and distributions.
The majority of Ms. Painter’s practice involves representing sponsors in structuring private investment funds and funds of funds and representing U.S. and global institutional investors and investment advisors in the private equity field. She routinely supervises teams of lawyers that represent sponsors in their fund formations and institutional investors, or their advisors, in their investments across the alternative asset class. Last year alone, Ms. Painter managed teams of lawyers who negotiated and closed over 330 fund formation projects and investments on behalf of institutional investors, representing more than $20 billion in committed capital for clients including:
• Adams Street Partners is one of the oldest and largest investors in the private equity investment category. They currently manage over $14 billion for clients in Australia, Japan, North America, the UK and Europe from their offices in London, Chicago, Palo Alto and Singapore.
• ARCH Venture Partners is a venture capital firm that invests primarily in companies co-founded with leading scientists and entrepreneurs in the life sciences, physical sciences, and information technology industries. They currently manage seven funds totalling nearly $1.5 billion.
• Ares Management is an independent investment management firm with over $11 billion under management. They are headquartered in Los Angeles and specialize in managing assets in both the private equity and the leveraged finance market.
• California State Teachers’ Retirement System (CalSTRS) is based in Sacramento, CA and is the second largest public pension plan and the largest teachers’ retirement fund in the US with assets of approximately $174 billion. Their primary responsibility is to provide retirement related benefits and services to teachers in public schools.
• Cambridge Associates (and certain of their clients) was founded in 1973 to provide investment consulting, independent research, and performance monitoring services to more than 800 institutional and private clients worldwide. The firm has nearly 800 employees serving its client base from Arlington, VA, Boston, Dallas, London, Menlo Park, Singapore, and Sydney.
• Clarus Ventures is a life sciences venture capital firm, headquartered in Cambridge, MA, with an office in and San Francisco. Clarus augments its core expertise of investing in biopharmaceuticals and medical technology companies with expertise in research and development, commercialization, business development and operations management at the global level. They currently have $1.2 billion of assets under management across two funds.
• Conduit Capital Partners is a private investment firm based in New York that focuses exclusively on infrastructure investment and development in Latin America and the Caribbean.
• Capital Dynamics is an independent asset manager exclusively focused on the private equity asset class. They oversee well over $20 billion of private equity capital from their offices in New York, San Francisco, Hong Kong, London, Birmingham, UK and Zug, Switzerland.
• Commonfund Capital is a nonprofit corporation devoted to enhancing the financial resources of educational institutions, foundations and nonprofit healthcare institutions. They provide their clients with the best total solution for private capital investing in US private equity, global private equity outside the US, global venture capital, and natural resources. They have over 1,800 clients and more than $40 billion in assets under management.
• Enterprise Investors is based in Warsaw, Poland, and they manage one of the largest groups of private equity and venture capital funds in Poland and the Central and Eastern European region, with over €1.7 billion in capital under management from major European and US financial institutions.
• Frazier Healthcare and Technology Ventures is comprised of two firms based in Seattle and Palo Alto. Frazier Healthcare Ventures was formed in 1991 to invest exclusively in emerging healthcare companies. Frazier Technology Ventures focuses primarily on software companies in the internet, wireless, and next-generation-enterprise sectors in the Pacific Northwest and California. Together the two fund groups comprise the Pacific Northwest’s largest venture franchise with over $1.3 billion under management.
• Horizon 21 Private Equity is an integrated investment manager, based in Pfaeffikon, Switzerland, that covers a broad range of investments for sophisticated institutional fund private investors. They employ around 150 people in the greater Zurich area, London, Hong Kong, Bratislava and the Cayman Islands.
• LGT Capital Partners is based in Switzerland with offices in New York, Dublin, Hong Kong and Tokyo. LGT is a leading institutional alternative asset and fund of funds manager with over $12 billion in hedge fund and private equity investments on a global basis.
• Meketa Investment Group is an investment consulting firm with offices in Boston and San Diego. Founded in 1978, they now consult for over fifty institutional clients, representing over one hundred funds, with aggregate assets of approximately $40 billion.
• Mesirow Financial is a diversified financial services firm headquartered in Chicago with offices across the US and in London. Founded in 1937, they have over $32 billion under management.
• New Leaf Venture Partners is made up of an experienced team that originated within the Sprout Group, the venture capital affiliate of Credit Suisse First Boston. In 2005, the entire healthcare technology team of the Sprout Group spun out into New Leaf Venture Partners. The team continues to manage the healthcare technology portfolio of the Sprout funds and they have closed on two directly-managed funds totaling over $760 million.
• Oxford University Asset Management is a wholly owned subsidiary of the University of Oxford. It was set up in September 2007 to provide investment management services to the University, its colleges and related entities. It manages the Oxford Endowment Fund, which is a single unitized pool into which investors buy shares.
• Piper Jaffray Private Equity is a leading, international middle-market investment bank and institutional securities firm, serving middle-market corporations, private equity groups, public entities, nonprofit clients and institutional investors. The firm is headquartered in Minneapolis, but has 25 offices across the US and international locations in London, Hong Kong, Shanghai and Beijing.
• The Rockefeller Foundation was formed in New York in 1913 for the well-being of people throughout the world. It is one of America's oldest private foundations, with assets of more than $4 billion.
• SV Life Sciences is one of the largest venture capital investment groups dedicated to the life sciences sector with approximately $1.6 billion under management for start-up, early stage and expansion investment in companies in the US and Europe.
• Thomas Weisel Global Growth Partners is an established fund management practice with over $600 million in capital commitments, providing investors with access to private equity funds. It is also an active buyer of secondary private equity interests, and portfolios of direct interests in venture-backed companies.
• Universities Superannuation Scheme is the second largest pension scheme in the UK by fund size. Its members include academic and academically-related staff in UK universities and certain other institutions engaged in higher education and research. USS has more than 390 participating institutions and in excess of 200,000 members.
• VenCap International plc is an independent investment advisory and management company based in Oxford, UK, and one of the oldest private equity fund of funds providers, operating in both Europe and the US.
• Washington State Investment Board manages about $52 billion in state retirement and public trust funds for public employees, teachers, school employees, law enforcement officers, firefighters and judges, and other public funds that support or benefit industrial insurance, colleges and universities, developmental disabilities, and wildlife protection.
• Weathergage Capital is an investment firm specializing in investments in US early stage venture capital partnerships, augmented with investments in other types of partnerships in adjacent spaces, such as growth capital and non-US funds. They were founded in 2006 and have formed the first in a series of fund of funds vehicles.
• The Wellcome Trust is the world's largest medical research charity funding research into human and animal health. With an endowment of approximately £13 billion, they are one of the UK's largest non-governmental sources of funds for biomedical research.
See below for expanded lists of Ms. Painter’s clients.
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.
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, and is 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, 2008-2009 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, 2008 and 2009.
- 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, 2006, 2007 and 2008 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 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.
Representative List of Additional Investment Fund Clients:
In addition to those listed above, Ms. Painter’s fund formation clients include: .406 Ventures (Boston, MA); Adams Capital Management (Pittsburgh, PA, Austin, TX, Boston, MA and Palo Alto, CA); Atomico (Sherman Oaks, CA); Bessemer Venture Partners (Larchmont, NY, Menlo Park, Wellesley Hills, MA, Bangalore, Mumbai and Shanghai); Charles River Ventures (Waltham, MA); Earlybird Venture Capital (Hamburg and Munich); Eurasia Capital Partners (Istanbul); FA Technology Ventures (Boston); Fairview Capital Partners (Farmington, CT); FIA Timber Partners (Alameda, CA); Fisher Lynch Capital (Boston and San Mateo); Globespan Capital Partners (Boston, Palo Alto and Tokyo); Imperial Capital Group (Toronto); Kepha Partners (Waltham, MA); Lumira Capital (Toronto, Montreal, Cambridge, MA and Mountain View, CA); Madrona Venture Group (Seattle); New Venture Partners (Murray Hill, NJ); Nexit Ventures Oy (Helsinki); OrbiMed Advisors (New York); Prism Venture Partners (Westwood, MA); Seaflower Ventures (Waltham, MA); Seyen Capital (Chicago); Square 1 Ventures (Durham, NC and San Francisco); Sprout Healthcare Ventures (New York); Sunrock Ventures (Tampa and Miami); and Third Rock Ventures (Boston).
Representative List of Additional Institutional Investor Clients:
Fairview Capital Partners (Farmington, CT); Fisher Lynch Capital (Boston and San Mateo, CA); The Knight Foundation (Miami); Lucent Asset Management Corp. (Boston); Mount Holyoke College (Mount Hadley, MA); PensionDanmark (Copenhagen); and the University of Washington (Seattle).
Selected Lectures:
Speaker, “The Impact of the New Administration on Venture Capital & Private Equity,” IVCA/NVCA Luncheon, May 2009
Moderator, “New Horizons for Private Equity: Top GPs and LPs Tackle the New Reality,”, Women’s Private Equity Summit, March 2009
Speaker, "Raising Money From New LPs: What Does It Take," Dow Jones Web Seminar, October 2008
Guest Lecturer, "Private Equity Basics," Venture Capital Lecture Series, Massachusetts Institute of Technology, Sloan School of Management, Cambridge, MA May 2008
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, "Succession Planning Issues for Investors - Ensuring a Brand is Sustained," Super Investor 2007, Private Equity, Venture Capital & Institutional Investment Summit, Paris, France, 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:
The United States section of “Private Equity Fund Structures in Europe” (with Mary Kuusisto and Scott Jones) published by the European Private Equity & Venture Capital Association, September 2008
"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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