Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

common-default.jpeg

Terms / Notices

Cookies

Privacy Policy

Reporting Hotline

Attorney Advertising

Alumni

  Linkedin

MoFo LinkedIN

  Facebook

MoFo Facebook

YouTube

MoFo Youtube

Morrison Foerster - Footer

Why Do I Need a Management Rights Letter?

You have not solved the recaptcha challenge yet or session expired, try again.

Email Disclaimer

Disclaimer

Unsolicited e-mails and information sent to Morrison Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison Foerster. If you are not already a client of Morrison Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Culture

Offices

Careers

Stay Connected

We will walk through key terms in fund agreements that impact deal terms and timing, including:



We will walk through key terms in fund agreements that impact deal terms and timing, including:<ul><li>Investment limitations and conflicts of interest</li><li>Duration of the fund’s investment period and term</li><li>LP relations and side letters</li><li>Regulatory aspects such as CFIUS and ERISA</li></ul><hr>

Why Do I Need a Management Rights Letter?

Sign Up

Lee Shepard is a partner in the Palo Alto office of Morrison Foerster, where he focuses on fund formation and transactions, as well as corporate and securities law matters, including mergers and acquisitions, private financings, public offerings and general corporate matters.Mr. Shepard represents venture capital and private equity sponsors and institutional investors in connection with the formation of, investments in, and investments by private funds and alternative investment vehicles, including funds focused on life sciences, pharmaceutical development, and alternative energy power generation. He advises institutional investors on co-investments in private equity-sponsored acquisitions and leveraged recapitalization transactions. Mr. Shepard also advises clients general corporate and securities law matters, including mergers and acquisitions, private financings, public offerings and general corporate matters.Mr. Shepard received his B.S. in Applied Mathematics and Managerial Economics in 1985 and in 1988 received his M.B.A. from Carnegie Mellon University. In 2006, he received his J.D., cum laude, Order of the Coif, from U.C. Hastings College of the Law, where he was a senior production editor of the Hastings Law Journal, articles editor and senior articles review chair of the Hastings Business Law Journal, and a member of the Thurston Society. He served as a judicial extern for the Honorable Dennis Montali, U.S. Bankruptcy Court, Northern District of California. Prior to receiving his J.D., Mr. Shepard was a senior officer of a major investment bank.

Lee Shepard

Partner

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

Why Do I Need a Management Rights Letter?

14 Oct 2021 12:00 AM - 12:00 AM PDT