Lawyers are working around the clock to close complex private capital deals, as demonstrated by the $3.7bn acquisition of Coller Capital by Swedish buyout firm EQT. The deal, completed after intense negotiations, required speed and secrecy due to EQT's listing risks and talent retention concerns. Legal counsel from Ropes & Gray, including partners Shona Ha and Paul Dali, spent Christmas working non-stop, highlighting the demanding nature of modern private capital transactions.

As institutional investors seek faster access to their capital following market crises and lending scandals, secondaries markets are emerging as a key solution to liquidity problems. These transactions allow investors to sell fund stakes, often at a discount, addressing the urgent need for cash access. The Coller deal, structured mostly in shares with cross-border tax considerations and hundreds of regulatory approvals, exemplifies the complexity facing legal teams.

With higher-liquidity products like evergreen funds growing from 0.5-to-1 per cent to 1.5-to-2 per cent of the $24tn private capital industry between 2020 and 2025, lawyers must innovate rapidly to meet investor demands.