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Emily Stephens concentrates her practice on fund formation and investment management. She has a deep institutional knowledge of virtually all aspects of the investment management business from serving for 14 years at Oaktree Capital Management, L.P., a leading global alternative investment management firm, both as a lawyer and as a member of Oaktree’s distressed debt investment team. She regularly advises both established and first-time managers with private equity, credit, venture/growth, real estate and oil and gas/energy transition funds, as well as carry and equity arrangements, governance, and subscription or other fund-level credit facilities. Given the breadth of her transactional experience from her time as an investor, including serving on over 10 public and private boards, she also often assists her fund clients with their investments, including private credit issuances, seed equity transactions, M&A and restructurings.

By a 3-2 party-line vote, on Aug. 23, 2023, the Securities and Exchange Commission adopted some of the most significant new rules under the Investment Advisers Act of 1940, as

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