DAVID KREISLER is a nationally recognized private funds lawyer and head of Sidley’s global Private Equity Fund Formation practice.
David represents private fund sponsors in all aspects of their business, in the U.S. and abroad, including fund formation and operations, internal structuring and compliance. He counsels both large well-known sponsors and emerging managers focused on buyout, energy, growth equity, private credit, infrastructure, real estate and secondary funds sectors. David also regularly provides strategic counsel to fund managers and institutional investors throughout the life cycle of a private fund and has advised clients on a broad range of secondary fund transactions, including fund restructurings, continuation funds and other GP-led transactions.
David is a sought-after speaker and writer on a variety of timely topics relating to developments impacting the private fund industry. Most recently, David co-authored the Chambers Global Practice Guide on U.S. investment funds, and was a speaker at the 2022 Sidley Private Funds Conference, discussing the State of the Private Equity Funds Industry.
David has been recognized by Chambers Global as a leading lawyer for Private Equity: Fund Formation (USA, 2015–2016; 2021–2023) and by Chambers USA as a leading lawyer for Private Equity: Fund Formation (USA – Nationwide, 2021-2023) and Private Equity: Fund Formation (Massachusetts, 2009–2023). Chambers USA describes David as “commended for his understanding of private equity funds, including sector-focused vehicles and credit funds. He is also experienced in secondary transactions and the formation of co-investment vehicles” (2023). Clients note that David “does a good job of mixing business insight with legal insight” (2022), “is practical and very knowledgeable” (2016), and “one of the top fund lawyers” (2017). David’s other industry recognition includes top rankings in The Best of the Best USA, The Legal 500, IFLR 1000, Euromoney Expert Guide, International Financial Law Review, Who’s Who Legal, and The Best Lawyers in America.
David's clients include Quantum Energy Partners, Shoreview Industries, Ellington Capital, Orion Resource Partners, The Gores Group, Sequoia Capital Heritage Fund, Z Capital, Warwick Energy Group, PineBridge Investments, and Jasper Ridge Partners, among others.
David’s representative matters include:
- Represented Orion Resource Partners in the formation of Orion Mine Finance Fund III, a mine finance fund focused on precious and base metals investments with US$2.3 billion in commitments.
- Represented Athene Holding Ltd. in the formation of joint ventures with two sponsors in connection with significant investments (US$325 million each) in the single-family rental home market.
- Represented Quantum Energy Partners in the formation of QL Capital Partners, LP, a credit investment fund focused on the energy industry, together with its co-investment vehicles with US$825 million in commitments.
- Represented Dauntless Capital in the formation of Dauntless Capital Partners Fund I, LP, a fund focused on investments in U.S.-based hospitality assets with US$200 million in commitments.
- Represented Folium Capital LP in the formation of a fund of one pursuant to which a Swiss family office will invest US$75 million in agricultural investment opportunities.
- Represented Alberta Investment Management Co (AIMCo) as an investor in several large investment vehicles, including real estate fund Almanac IX (US$2.25 billion) as well as growth equity funds Insight XI (US$9 billion), Insight XII (US$11.5 billion) and TPG Growth V (US$4 billion).
- Represented ShoreView Industries in raising ShoreView Capital Partners IV, LP, a private equity fund with US$425 million in commitments, which will focus on investments in acquisition, recapitalization and build-up transactions with family or entrepreneurial-owned companies across many sectors.
- Represented Ellington Management Group, LLC in the formation of a US-focused real estate credit fund with US$250 million in commitments and a new US-focused real estate securities and debt fund with US$400 million in commitments.
- Represented Quantum Energy in raising Quantum Energy Partners VII, LP, a fund and a companion co-investment fund complex with US$5.5 billion in commitments which will continue Quantum’s focus on investments in the exploration and production of oil and gas assets. David has worked with Quantum for over 20 years.
- Represented Aquiline Capital in the formation of a coinvestment vehicle (with approximately US$500 million in commitments) to fund the acquisition of Armour Group Limited, a Bermuda-based insurance company.
- Represented Kimmeridge Energy in the formation of Kimmeridge Mineral Fund LP, a US$350 million vehicle focused on the mineral sector, including working through unique tax and structuring issues due to the nature of the mineral assets.
- Represented Kimmeridge Energy in the formation of Kimmeridge Energy Exploration Fund V, LP, together with its companion fund for tax sensitive investors Kimmeridge Energy Net Profits Exploration Fund V, LP, an oil and gas exploration and production fund with US$800 million in commitments. David also assisted Kimmeridge Energy with Fund IV.
- Represented Warwick Energy Investment Group in the formation of Warwick Partners IV, L.P., a blind pool investment vehicle with approximately US$350 million in limited partner commitments to invest in non-operated oil and gas assets. David also represented Warwick in connection with the formation of Warwick Partners III, L.P., their first blind pool investment vehicle with US$650 in capital commitments.
- Represented Echo Energy in raising approximately US$300 million in commitments from investors to invest in oil and gas assets.
- Represented IFM Investors Limited in the sale of portfolio of interests in various private equity funds.
- Representative matters prior to joining Sidley include:
- Led the legal aspects of fundraising for Berkshire Fund IX, L.P., a US$4.5 billion buyout fund.
- Led the legal aspects of fundraising for Gores Capital Partners III, L.P., a US$2 billion buyout fund, and Gores Small Capitalization Partners, L.P., a US$300 million buyout fund focused on smaller portfolio companies.
- Led the legal aspects of fundraising for several funds for Tailwater Capital, including Tailwater Energy Fund II LP and Tailwater EP Opportunity Fund II LP, together with several co-investment vehicles.