ELIZABETH SHEA FRIES is the global leader of the firm’s market-leading Investment Funds practice, managing partner of Sidley’s Boston office, and a member of the firm’s Executive Committee. Liz provides clients strategic advice on a broad range of transactions, business and investment structures, and regulatory matters. She has particular experience in creating, structuring, and investing in asset management and other financial businesses, and in helping clients develop and offer innovative investment funds and services.
Liz maintains a diverse practice covering all aspects of the asset management business, working with investment managers, funds, broker-dealers, pension consultants, banks, insurance companies, sovereign wealth funds, and other firms. Liz has guided both financial and strategic buyers, as well as sellers through mergers, acquisitions, GP stakes deals, seed transactions, debt and equity financing, and other complex deals. Her investment funds work spans multiple sectors including hedge funds, credit funds, real estate, endowment strategies, and funds of funds. Liz provides strategic compliance advice in these sectors, as well as in private equity, venture capital, energy, and infrastructure.
Liz is experienced in the public and private offering of interests in open-end, hybrid, and closed-end investment companies and other collective investment vehicles or pools, such as offshore investment funds, investment limited partnerships, private/non-traded Real Estate Investment Trusts (REITs), group trusts, common and collective funds, and business or other investment trusts. Liz also counsels investment advisers, investment companies, banks, insurance companies, brokers, and other providers of financial services regarding complex compliance issues resulting from the operation and integration of a variety of investment businesses. Working with multiple areas of law, including securities laws, Employee Retirement Income Security Act (ERISA), banking laws, commodities laws, tax laws, and others, she is experienced in analyzing complex issues and managing multi-faceted challenges toward practical resolutions.
Liz has been recognized by both 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.” Liz was named “Investment Funds Lawyer of the Year” at both the 2023 and 2024 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, The International Who’s Who of Private Fund Lawyers, and the Women in Business Law Expert Guide, among others.