Paul Hastings, a US-based law firm, has announced that it has hired John Budetti as partner to lead its global investment funds and private capital practice. Budetti, who was formerly with rival firm Kirkland & Ellis, will be bringing along with him five additional partners, whose names have not been disclosed, to handle funds, private capital transactions, tax, and regulatory matters. The move by Paul Hastings aims to support its goal of representing asset management clients in their most important matters.
Budetti was a partner at Kirkland & Ellis, where he advised private equity firms such as Summit Partners and Arlington Capital Partners and investment firms such as Audax Group and Kinderhook Industries. In October 2021, Budetti led a Kirkland team that advised Summit Partners on its eleventh US growth equity fund, which raised $8.35 billion. Summit Partners currently manages over $35 billion in capital.
Paul Hastings said that Budetti’s clients include private equity fund sponsors with assets of $30 billion or more across all classes. The addition of Budetti and his team will strengthen Paul Hastings’ position in the investment funds market, the firm’s chair, Frank Lopez, said in a statement. Lopez added that Budetti’s reputation and position in the investment funds market cannot be overstated, and the firm is thrilled to have him on board.
Kirkland & Ellis, Budetti’s former firm, declined to comment on his departure.
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The move by Paul Hastings is part of a larger trend in the legal industry, where firms increasingly focus on providing specialized services to clients in the asset management industry. As the industry continues to grow, so does the demand for legal services that can help clients navigate complex regulations and transactions.
Paul Hastings is a global law firm with offices in the Americas, Asia, Europe, and the Middle East. The firm’s practice areas include corporate, finance, litigation, and intellectual property, among others. The addition of Budetti and his team is expected to further strengthen the firm’s investment funds and private capital space capabilities.
Paul Hastings’ hiring of John Budetti and his team from Kirkland & Ellis underscores the growing importance of the asset management industry and the demand for specialized legal services in this space. The move is part of a larger trend in the legal industry, where firms are increasingly focusing on providing tailored services to clients in specific industries. Paul Hastings’ investment in the investment funds and private capital practice is expected to pay off as the industry grows and evolves.