Matthew Bobrow

/My focus

As part of the Private Equity & Investment Funds team, I represent investors and sponsors throughout all stages of a fundraise including fund formation, the offering process, side letter negotiations, placement arrangements, secondary transactions, and regulatory and governance matters. In addition, I represent investment managers including U.S. registered investment advisers and exempt advisers.

Before joining the firm, I practiced as a corporate associate, counseling emerging growth companies and small startups on how to raise private capital; complete an acquisition, merger, restructuring, or sale; and conduct a de-SPAC or an initial public offering, including completing related public filings. In addition, I have advised a number of well-known sponsors and investors, including one of the world’s largest investment fund sponsors and several of the nation’s largest and most active institutional investors.

/Looking ahead

Fund managers are currently grappling with a pronounced lack of liquidity, which poses challenges for investors seeking regular cash flow. While some funds may boast high internal rates of return (IRR), these figures often do not translate into timely distributions, leaving investors with impressive paper gains but limited access to actual capital. This disconnect is prompting a shift in focus from headline returns to the reliability and timing of cash flows. Compounding these liquidity concerns is a backdrop of heightened geopolitical uncertainty, particularly due to potential United States tariffs as well as ongoing tensions in the Middle East and Russia. Such instability increases market volatility and complicates both capital deployment and exit strategies. In this environment, fund managers are prioritizing flexibility and risk management, often delaying major moves until there is greater clarity. As a result, both fund managers and investors must remain vigilant, balancing the pursuit of returns with the need for liquidity and resilience amid global uncertainty.

/Insights

• “Navigating Post-Election Impacts on Asset Managers,” Grant Thornton: Taxmageddon & SEC Regulatory Outlook, December 11, 2024