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Practice Area
Secondaries & Liquidity Solutions
Winston & Strawn’s Secondaries and Liquidity Solutions group delivers market-leading counsel to clients navigating the evolving landscape of private fund liquidity, secondaries transactions, and bespoke capital solutions. Our multidisciplinary team advises private fund sponsors, institutional investors, and asset managers on the full spectrum of private investment fund secondary market activity, from traditional LP portfolio sales to complex GP-led transactions and innovative liquidity structures. Our attorneys are consistently recognized by leading private equity corporate publications, including Chambers, Legal 500, and others.
Practice Area
Winston & Strawn represents both private investment fund managers and institutional investors in the full range of legal and market practice issues involved in establishing, managing, and investing in private investment vehicles. By representing both managers and institutional investors, our attorneys have a unique perspective on the market drawing from in-depth experience and state-of-the-art knowledge of legal issues, deal terms, and market trends.
Practice Area
Experience 6 results
Experience
|December 15, 2025
A team led by Alex Roggio, Brad Mandel, and Marianna Wonder represented Apogem Capital as lead investor in connection with Encore Consumer Capital’s single-asset continuation vehicle for Lion Beverages, LLC, a premier full-service contract manufacturer of specialty beverages. The transaction builds on Apogem’s growing track record of anchoring GP-led secondary transactions for high-conviction middle market companies. The continuation vehicle closed with over $150 million in commitments, providing liquidity to Encore Fund III limited partners while supporting Lion’s continued expansion.
Experience
|June 12, 2025
Winston Serves as Lead Counsel to GCP Capital Partners in New Continuation Vehicle
Winston & Strawn served as legal counsel to GCP Capital Partners (GCP) in connection with the formation and closing of a single-asset continuation vehicle involving ALKEME Insurance. Led by the PE and Funds Group practices, the team advised GCP throughout the transaction which included substantial newly committed capital to fund portfolio company ALKEME’s continued growth (the single asset). The fund raise was backed by a syndicate of institutional investors where Apollo S3 served as the lead investor. The deal signals a growing trend: the strategic use of continuation vehicles to extend sponsors’ ownership in high-performing portfolio companies. This deal also reflects a broader narrative in middle-market private equity: firms that started small are now scaling rapidly, and they’re turning to sophisticated liquidity solutions to fuel that growth.
Experience
|November 13, 2023
A Winston team led by Justin Levy represented Atlanta-based Precision Aviation Group (PAG), a leading provider of products and value-added services to the aerospace and defense industries worldwide, in a US$400M single-asset secondary market transaction with New York-based GenNx360 Capital Partners, a private equity firm. The secondary market transaction establishes a continuation fund, GenNx360 Aerospace Fund, L.P., with new and follow-on capital to support PAG’s accelerated organic growth and acquisition strategy.
Insights & News 151 results
Client Alert
|April 30, 2026
|4 Min Read
SEC and CFTC Propose Changes to Reduce Form PF Reporting Burdens
On April 20, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) (collectively, the Commissions) jointly proposed amendments to Form PF (the Proposal) that, if adopted, would significantly reduce reporting burdens for private fund advisers. The Proposal would largely unwind the comprehensive amendments to Form PF adopted in February 2024 (the 2024 Amendments) before the October 1, 2026 compliance date, primarily by increasing filing thresholds and eliminating or streamlining a number of reporting requirements.
In the Media
|April 10, 2026
|1 Min Read
Ross Greenspan Discusses Private Equity Continuation Vehicles with Cash and Carried
Winston & Strawn’s Ross Greenspan was quoted in a Cash and Carried article examining the rapid growth of continuation vehicles (CVs) and their evolving role in private equity liquidity and GP‑LP alignment. Most CV transactions allow existing LPs to choose from several options, including a full sale for liquidity, a reinvestment into the CV, or a combination of the two through a partial option. A subset of deals extend a “status quo option,” permitting LPs to stay in the existing vehicle or roll into the CV on the same economic terms of the existing vehicle.
Capital Markets & Securities Law Watch
|March 26, 2026
|5 Min Read
SEC Clarifies the Application of Federal Securities Laws to Crypto Assets
On March 17, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint interpretation clarifying in large part how the federal securities laws apply to certain crypto assets and related market participants.
Other Results 9 results
Location
Launched in 2013, Winston & Strawn’s Silicon Valley office is home to nationally recognized attorneys that draw clients from Fortune 500 companies, startups, and everything in between. Led by Kelly Hunsaker—who has deep roots in Silicon Valley spanning nearly three decades—the office draws from the firm’s deep bench strength and global network of resources to serve clients in a variety of industries, including the semiconductor, computer hardware and software, telecommunications, life sciences, and pharmaceutical sectors. The office’s intellectual property attorneys have litigated extensively in all the top national patent litigation venues, as well as before the International Trade Commission and the Patent Trial and Appeals Board of the USPTO.
Location
Founded in 1853, Winston & Strawn is one of the largest and oldest law firms in Chicago. The office is home to 290+ lawyers distributed across 20 practice areas. Our Chicago lawyers represent 90 companies in the Fortune 500 and are recognized in all the major directories and award competitions. They also are heavily invested in pro bono causes, having dedicated 19,000+ hours in 2024 to various pro bono organizations. Representing a wide range of backgrounds, experiences, and perspectives, they are hardworking, compassionate, and collaborative. Our Chicago office also takes immense pride in fostering a collegial atmosphere that influences every aspect of our culture. From weekly Starbucks Socials, where colleagues gather to connect over coffee and conversation, to ping pong tournaments that ignite friendly competition, to volunteer opportunities around the city, we celebrate the camaraderie and sense of community that unite us. This not only enhances collaboration and teamwork but creates a supportive environment that inspires us to excel in our professional pursuits.
Location
Winston & Strawn’s New York office opened in 1989 and has since grown to become the firm’s second-largest location, with 225+ lawyers distributed across 16 practice areas. Based in the iconic MetLife Building above Grand Central Station in Midtown Manhattan, our New York lawyers represent 80+ Fortune 500 companies from the city’s business epicenter. Our New York attorneys are tenacious and insightful, and they reflect the rich tapestry of New York City, with lawyers from all backgrounds, experiences, and perspectives working closely to support each other's success and achieve their clients' goals. Several of our firmwide employee networks are chaired by New York attorneys. Our New York office’s welcoming and collaborative atmosphere can be seen through numerous office-wide events, including volunteer opportunities, gatherings to connect over food and drinks, wellness event pop-ups, and annual entry in the NYC Lawyers Basketball League. Creating a connected and supportive setting for attorneys and business professionals fosters camaraderie and encourages all of us to work harder for one another and our clients.