Elizabeth Shea Fries

ELIZABETH SHEA FRIES is the global leader of Sidley’s market-leading Investment Funds practice, managing partner of the firm’s Boston office, and a member of the Executive Committee. She provides clients with strategic advice across the full spectrum of private capital—from fund formation and innovative structuring to regulatory strategy and market evolution.

Liz has deep experience guiding sponsors, managers, and investors through the creation and growth of asset management and financial businesses. She is at the forefront of industry trends, including the retailization of private funds and the quest for permanent capital through strategic partnerships and joint ventures, where she helps clients design and launch structures that expand investor access to private markets while navigating complex regulatory and operational challenges. Her practice spans hedge, credit, private equity, venture capital, real estate, endowment, energy, and infrastructure strategies as well as hybrid and registered products bridging the institutional and retail investor base.

She advises on transformative transactions, including mergers and acquisitions, GP stakes, seed deals, and debt and equity financings, and counsels financial institutions, sovereign wealth funds, and other market participants on compliance, governance, and product development. With extensive knowledge of securities, ERISA, banking, commodities, and tax laws, Liz is known for developing pragmatic solutions to multifaceted legal and business challenges.

Recognized by Chambers USA and Chambers Global as a leading lawyer for Hedge Funds (USA, 2009–2016, 2019–2025) and Investment Funds: Regulatory & Compliance (USA, 2023–2025) and by Chambers USA for Hedge & Mutual Funds (Massachusetts, 2008–2025). Chambers USA 2025 noted that clients say, “Her knowledge and service is simply outstanding,” and she “is one of the best lawyers I’ve encountered for getting to the root of a problem and providing commercially reasonable solutions to legal conundrums.” She has twice been named Investment Funds Lawyer of the Year (2023 and 2024) at the Women in Business Law Americas Awards. She was recommended by Legal 500 U.S., for Alternative/Hedge Funds (2025), with clients stating, “She is commercially savvy, offers practical pro-con analysis, and is direct and thoughtful in her advice to our firm.” Liz was named to The Hedge Fund Journal’s 2022 “50 Leading Women in Hedge Funds” list and as a 2019 “Lawyer of the Year Private Funds/Hedge Funds Law (Boston)” by The Best Lawyers in America. Liz has been selected for inclusion in U.S. News – Best Lawyers (Mutual Funds Law and Private Funds/Hedge Funds Law), The International Who’s Who of Private Fund Lawyers, and the Women in Business Law Expert Guide, among others.

2023–2025 representative matters include representing:

• Citigroup in the sale of Citi Global Alternatives, LLC to iCapital.
• Apollo (NYSE: APO) and its independently managed affiliate, Redding Ridge Asset Management (RRAM), in RRAM’s acquisition of Irradiant Partners.
• Ariel Investments, LLC in the ongoing formation and launch of Project Level, a new private investment fund built to “level the playing field” through investment in women’s sports.
• Pretium Partners in (1) its strategic partnership with and minority GP stakes investment from Hunter Point Capital, (2) a preferred stock financing, and (3) the acquisition of BH Management Services.
• A sovereign wealth fund in a US$1.5 billion investment in an insurance and asset management business.
• Eldridge in the launch of Eldridge Acre Partners, a real estate asset management platform.
• Anthelion Capital Holdings (formerly known as Cowen Sustainable Investments), in its spin-off from Cowen, and subsequent matters including the acquisition by its funds of the Energy business unit of Proterra Inc.
• HighVista Strategies in the acquisition of the US$4 billion U.S. private markets business of Abrdn Inc.
• American Century in its expansion into private investments with the addition of 3x5 Partners’ venture capital team.
• Funds managed by Stone Point Capital in their investment in IEQ Capital.
• WhiteHawk Capital Partners in the restructuring of its management company, formation of a closed-end credit fund, and an evergreen credit fund.
• U.S. and UK investment managers launching hedge funds with varying strategies.
• Institutional banking clients in the launch and expansion of platforms offering private investment funds to high-net-worth investors through wealth managers and similar intermediaries.
• Multiple registered investment advisers in responding to SEC examination requests and successfully addressing issues raised in deficiency letters.

Liz serves, or has served, as a member of the Board of Directors of:

• Artists for Humanity (a Boston-based non-profit that bridges economic, racial, and social divisions by providing teens with the keys to self-sufficiency through paid employment in art and design) (2024–present);
• MFA (the trade association for the global alternative asset management industry) (2023–present);
• Greater Boston Legal Services (which provides free non-criminal legal assistance to low-income individuals and families in Greater Boston) (2014–present); 
• Health Advocacy Innovations (which aims to address neglected and under-resourced global health issues, from a social justice and health equity standpoint) (2015–2017);
• Boston Bar Association (Council), the oldest bar association in the United States and the hub of Greater Boston’s legal community (2008–2011); and
• Common Impact (which creates talent and skills-building programs to develop and engage corporate employees, while partnering with successful nonprofits to use this talent to advance their missions) (2001–2011).