Experience
Richards Layton represents sponsors and investors in the formation and capitalization of all types of investment funds. We routinely assist in the formation of funds for a broad range of clients, from multibillion-dollar structures to middle-market vehicles and emerging markets fund families. Our practice in this area also regularly involves rendering legal opinions under Delaware law to fund sponsors and investors.
Our attorneys are experienced in all aspects of Delaware law relating to forming both closed-end and open-end funds with a range of sizes, strategies, and geographic focus, as well as special situations funds with unique investment goals and liquidity arrangements.
We utilize a team approach that ensures our clients benefit from the expertise of the highly skilled attorneys in our LLC & Partnership, Corporate Trust, and Structured Finance practices, working together to provide sophisticated market intelligence and cutting-edge solutions to investment funds and their counsel, sponsors, and investors.
We handle all aspects of Delaware law involved with launching funds in the buyout, growth equity, middle market, infrastructure, real estate, debt, funds-of-funds, secondaries, and hedge funds space. In addition, we
- review investor side letters and render closing opinions under Delaware law;
- advise on the acquisition and sale of minority and majority stakes in fund sponsors as well as spinouts of fund businesses and management teams;
- represent buyers and sellers of portfolios of private fund interests or assets;
- represent sponsors engaging in secondary transactions;
- counsel sponsor clients who are considering “public capital” alternatives, including the creation of publicly listed investment funds and management companies;
- render advice concerning the fiduciary duties of persons managing investment funds formed under Delaware law, as well as advice concerning the interpretation of provisions of the agreements governing such investment funds; and
- assist with the Delaware law aspects of transactions involving investment funds and with the dissolution and winding up of such funds.
Attorneys
Related Practices
Publications
Financial Modernization in the First State
Delaware Banker | Summer 2026
In the first half of 2026, the Delaware General Assembly passed a series of bills to begin to modernize Delaware’s financial services industry for the 21st century, based in part on the recommendations of a small task force convened by Governor Matt Meyer to consider ideas for financial innovation. This financial modernization package is comprised of…
Private Equity 2026: USA – Delaware
Chambers and Partners | September 28, 2026
Addressing End-of-Life Issues in Delaware FundsA record amount of private equity capital currently sits in funds that many investors expected to have fully wound up years ago. As of the end of 2025, the net asset value (NAV) of US private equity assets held in funds at least a decade old was USD348.5 billion, about three…
2026 Amendments to Delaware’s LLC and LP Acts
July 22, 2026
Delaware has recently adopted legislation amending the Delaware Limited Liability Company Act (LLC Act) and the Delaware Revised Uniform Limited Partnership Act (LP Act) (jointly, the LLC and LP Acts). The following is a brief summary of some of the more significant amendments that affect Delaware limited liability companies (Delaware LLCs) and Delaware limited partnerships (Delaware…
Delaware Establishes Blockchain and Digital Innovation Task Force
May 12, 2026
Mark Purpura of Richards, Layton & Finger Appointed to Industry Seat The Delaware General Assembly has established the Blockchain and Digital Innovation Task Force, a body charged with examining how Delaware can maintain and enhance its position as a leader in blockchain and digital asset innovation. Senate Concurrent Resolution 143 (SCR 143), sponsored by Senator…
Recent Developments in Delaware Corporate Law
Spring 2026
Helping Clients Navigate the Intricacies of Delaware Corporate Law Richards, Layton & Finger has been defining Delaware law since 1899. Continuing our long tradition of providing insight into the evolution of our state’s influential laws, this publication highlights recent Delaware corporate and alternative entity cases as well as statutory developments in our state. Our corporate and…
Trade Name Registration Changes Further Delayed
May 28, 2025
Legislation providing that modifications to the trade name registration process in Delaware will be further delayed until February 2, 2026 was adopted by the Delaware General Assembly and signed by the Governor of the State of Delaware on May 27, 2025. Effective February 2, 2026, trade names must be registered with the Delaware Division of Revenue…
May 12, 2025
In Khan, et al. v. Warburg Pincus, LLC, et al., C.A. No. 2024-0523-LWW (Del. Ch. April 30, 2025), the Delaware Court of Chancery held, on a motion to dismiss, that an amendment provision in a limited liability company agreement (an “LLC Agreement”) left no gap to fill with the implied covenant of good faith and fair…
Proposed Amendments to Delaware’s LLC and Partnership Acts
May 7, 2025
Legislation proposing to amend the Delaware Limited Liability Company Act (LLC Act), the Delaware Revised Uniform Limited Partnership Act (LP Act) and the Delaware Revised Uniform Partnership Act (GP Act) (collectively, the LLC and Partnership Acts) has been introduced to the Delaware General Assembly. The following is a brief summary of some of the more significant…