Mark Boyagi, P.C.
Overview
Mark Boyagi is a partner in the Investment Funds Group at Kirkland & Ellis LLP and is a leader in the Firm’s Liquidity Solutions team. Mark's practice focuses on advising sponsors and lead investors in connection with complex business transactions in the private funds secondary market, including continuation fund transactions, portfolio sales, structured secondaries, stapled secondaries, fund recapitalizations, strip-sales, tender offers and other liquidity solutions. He also frequently advises sponsors of, and institutional investors in, open-ended and closed-ended private investment funds, co-investment programs, strategic partnerships and separately managed accounts, covering all major alternative investment strategies. Mark also has extensive experience advising sponsors on the development and implementation of capital efficient structures for insurance company investors. He was most recently recognized in 2022 & 2023 by The Legal 500 U.S. for Private Equity Funds (Including Venture Capital).
Mark has represented, among others, Alpine Investors, Atlantic Street, Blackstone, Centerbridge Partners, HarbourVest Partners, Harvest Partners, JMI Management, JP Morgan Asset Management, KKR, L Catterton, Landmark Equity Advisors, Macquarie Asset Management, Onex Partners, Sentinel Capital Partners, TPG, Trilantic Capital Partners, Vance Street, Warburg Pincus and Wind Point Partners.
Experience
Representative Matters
Select Secondaries and Other Transactions
- Hildred Capital on a $750 million multi-asset continuation fund transaction acquiring two of its consumer-healthcare portfolio companies
- JMI Management on a $722 million multi-fund continuation fund transaction involving the acquisition of stakes in seven high-quality portfolio companies
- Vance Street Capital on a $418 million alternative liquidity transaction involving the formation of a continuation fund to acquire its portfolio company Jet Parts Engineering
- Alpine Investors on the formation of a $3.4 billion single-asset continuation fund to acquire its portfolio company Apex Partners, in the largest-announced continuation fund transaction of 2023
- Sentinel Capital Partners in an approximately $400 million liquidity transaction involving the sale of interests in its portfolio company Mobile Communications America among Sentinel-managed funds, and simultaneous formation of a continuation fund
- A leading private equity firm in the formation of a $550 million single-asset continuation fund to acquire its portfolio company, a provider of customized electrical power solutions and services
- L Catterton on the formation of a $391.6 million single-asset continuation fund to acquire its portfolio company PatientPoint Health Technologies
- Onex Partners on the formation of a $640 million single-asset continuation fund to acquire its portfolio company Ryan LLC
- JMI Management on the sale of a minority interest in its portfolio company Unanet to Onex Corporation and subsequent formation of a continuation fund
- Atlantic Street Capital on the formation of a $1.1 billion single-asset continuation fund to acquire its portfolio company Zips Car Wash
- Wind Point Partners on the recapitalization of its Fund VIII portfolio company STG Logistics and formation of a continuation fund
- Centerbridge on a $1.17 billion liquidity transaction involving a sale of a minority stake in Sevita Health to a third party buyer, and the simultaneous acquisition of the remaining interests in Sevita by a Centerbridge continuation fund
- Warburg Pincus on the formation of a $1.6 billion single-asset continuation fund to acquire an interest in portfolio company Duravant LLC from its fund, Warburg Pincus Private Equity XII LP
- Vance Street Capital on the formation of its first and second single-asset continuation funds closing only three months apart with a total transaction value of $273 million, including:
- VSC Extended Value (EV) 2, LP (EV2) — backing its portfolio company Motion Dynamics Corporation (Motion Dynamics)
- VSC Extended Value (EV) 1, LP — backing its portfolio company Micronics Engineered Filtration Group’s acquisition of National Filter Media
- Harvest Partners on the formation of a single-asset continuation fund to acquire interests in its Fund VIII portfolio company, Pro Unlimited, alongside a third party buyer
- Harvest Partners on the formation of a single-asset continuation fund to acquire interests in its Fund VIII portfolio company, Neighborly, alongside a third party buyer
- Wind Point Partners on the formation of a single-asset continuation fund to acquire its Wind Point Partners CV1 portfolio company, Ascensus Specialities, alongside a third party buyer
- Sterling Partners on the formation of a single-asset continuation fund to acquire its Sterling Venture Partners II LP portfolio company, School of Rock LLC
- Access Holdings on the formation of a single-asset continuation fund to acquire Foundation Partners Group
- Baring Private Equity Asia on the formation of a single-asset continuation fund to acquire EduCo
- Prospect Partners on the formation of a multi-asset continuation fund to acquire the multiple portfolio companies from Prospect Partners II
- A leading international private equity firm on the creation of a novel structured finance product that raised $700 million from various investors in the form of rated notes and equity
- HarbourVest Partners as lead investor in Lime Rock Partners IV AF, L.P., a $1.9 billion acquisition fund which acquired the remaining assets of Lime Rock Partners IV, L.P.
- HarbourVest Partners on its $130 million investment in a CLO portfolio managed by CIFC Asset Management
- HarbourVest Partners as lead investor in various LP tender processes
- StepStone Group on its acquisition of the sole limited partner interest in Acre Venture Partners, and the subsequent restructuring and syndication of certain portfolio assets
- StepStone Group as lead investor in the strip sale of the Qumra Capital I portfolio
- Macquarie Asset Management on its acquisition of an LP portfolio
- Fairview Capital Partners in a number of LP portfolio sales
Select Fund Formations
- KKR on the formation of KKR Core Investments Partnership SCSp, a $626 million fund organized to make co-investments in “Core” private equity transactions
- KKR on the formation of a €1.5 billion fund of one organized to make co-investments in “Core” private equity transactions
- KKR on the formation of a €900 million fund of one organized to make co-investments in “Core” private equity transactions
- A leading international asset manager on the fundraising and ongoing administration of its multi-billion dollar open-ended infrastructure fund, including the design and launch of the fund’s revolving currency hedging program
- Global Infrastructure Partners on the formation of GIP Capital Solutions Fund II, a $1.4 billion infrastructure credit fund
- Global Infrastructure Partners on the establishment of GIP Spectrum, a $1.5 billion infrastructure credit platform
- A leading international hedge fund manager on the formation of a $2 billion private equity platform
- A leading international private equity firm on the formation and ongoing administration of a rated open-ended credit fund designed to address risk-based capital charges of insurance company investors
More
Thought Leadership
Speaking Engagements
Moderator, “Are continuation funds on the path to continual growth?” PEI Nexus, March 2024
Moderator, “A Sponsor’s Perspective on GP-Leds,” Kirkland & Ellis Liquidity Solutions Summit, October 2023
Publications
Quoted, “Private Equity’s ‘Fourth Exit’ Crimped by SEC Plan, Lawyers Say,” Bloomberg Law, May 2023
Quoted, “Multi-fund, multi-asset GP-leds see growing interest,” Secondaries Investor, March 2023
Quoted, “In It for the Long Haul: Continuation Funds on the Rise,” Middle Market Growth, January 2023
Recognition
Credentials
Admissions & Qualifications
- New York
Education
- University of New South Wales Faculty of LawBachelor of Lawswith Honors
- University of New South WalesB.Com.with Distinction