Erica Berthou, P.C.
Overview
Erica is a force of nature. In baseball they talk about the five-tool athlete and she’s the five-tool athlete — all the skills in abundance that it takes to be a leading private equity fund formation lawyer. - Lawdragon Insights: Private Funds
Erica Berthou is a partner in the Investment Funds Group at Kirkland & Ellis LLP and serves on the Firm’s global Executive Committee. She has counseled U.S. and international investment fund sponsors on hundreds of billions of dollars of private fund formations across a wide variety of strategies. In addition to U.S.- and European-focused funds, Erica has significant experience with emerging markets fund formation, covering all major emerging markets, and the establishment of offices and other firm infrastructure in such markets. Erica has advised both sponsors and institutional buyers in connection with strategic investments in private investment firms and on structuring aspects in preparation of liquidity events for a firm’s owners. Erica regularly gives strategic advice to senior management of private equity firms.
Year after year, Erica is widely recognized as one of the country’s leading attorneys in the field of private investment fund formation. She is ranked Band 1 in both Chambers Global (2024) and Chambers USA (2024). In Chambers Global she is described by clients as “one of the premier fund formation lawyers.” In Chambers USA, one source described her as “very smart, hard-working, very commercial and willing to go the extra mile for client service,” and a client remarked “I’m told she has other clients, but I find it hard to believe because she’s so dedicated to us! It’s like we’re her only client.” Erica was named to Crain’s New York list of Notable Woman in Law for 2021 and was selected as a “2018 Distinguished Leader” by the New York Law Journal as part of their Professional Excellence Awards—Erica was the only fund formation attorney to be so recognized. In 2017, Erica was named a “Dealmaker of the Year” by The American Lawyer for her role in advising Blackstone Alternative Credit Advisors (fka GSO Capital Partners) in connection with the formation of its third mezzanine fund, one of the world’s largest funds of its type. In addition, Erica is recognized as a Hall of Fame Lawyer (2021 & 2023–2024) and as a Leading Lawyer (2009–2022) by The Legal 500 US, which describes her as a “true star.” Erica was also was named a “2016 MVP” in asset management by Law360 and is featured in IFLR1000’s Women Leaders 2018, 2019, 2020, 2021, 2022 and 2023 issues, a directory of the 300 most highly-regarded female attorneys in financial law.
Select Representative Clients
Antin Infrastructure, ArcLight, Bain, BayPine, Blackstone, Bridgepoint, Carlyle, Centerbridge, Dynasty Equity, EQT, FFL, Glendon, GreyLion, H.I.G., Hunter Point, I Squared, JP Morgan, KPS, Macquarie, NewVest, Oaktree, Orix, Quantum, Permira, TPG
Experience
Representative Matters
Matters with an asterisk were completed at a firm prior to Kirkland; certain other matters are ongoing raises:
- Antin Infrastructure Partners in the formation of Antin Infrastructure Partners V, a target €12 billion infrastructure fund, and Antin Infrastructure Partners IV, a €6.5 billion global infrastructure fund.
- Blackstone in multiple strategic minority investments, including in BC Partners, New Mountain Capital and Rockpoint Group.
- Blackstone in the formation of Blackstone Energy Transition Partners IV L.P., a target $5.5 billion global energy fund.
- Blackstone Alternative Credit Advisors in raising over $37 billion for multiple funds and accounts, including:
- Blackstone Green Private Credit Fund III (BGREEN III), a $7.1 billion energy transition credit fund.
- Blackstone Capital Opportunities Fund IV, a $8.75 billion global mezzanine fund, and Blackstone COF IV Co-Investment Fund, a $3 billion vehicle that invests alongside Blackstone Capital Opportunities Fund IV.
- Blackstone Capital Opportunities Fund III, a $6.5 billion global mezzanine fund,* and Blackstone COF III Co-Investment Fund, a $3 billion vehicle that invests alongside Blackstone Capital Opportunities Fund III.*
- Blackstone Energy Select Opportunities Fund II, a $4.5 billion energy focused credit fund, and its predecessor fund Blackstone Energy Select Opportunities Fund, a $3 billion fund.*
- Blackstone Credit Alpha Fund II, a $1 billion credit opportunities fund, and its predecessor fund Blackstone Credit Alpha Fund, a $1 billion North America and Western Europe credit opportunities fund.*
- Blackstone Credit Alpha Annex Fund, a $960 million North America and Western Europe credit opportunities fund.*
- Blackstone Credit & Insurance in its inaugural open-ended, evergreen multi-asset credit fund.
- Bridgepoint in the formation of Bridgepoint Credit Opportunities IV, a target €1.5 billion credit fund, and Bridgepoint Direct Lending III, a European direct lending fund with €3.4 billion of investable capital (including associated separately managed accounts).
- The Carlyle Group in raising over $22 billion for multiple buyout and growth funds and in various joint ventures and separate accounts, including:
- Carlyle Renewable and Sustainable Energy Fund, a $645 million global renewable energy fund.
- Carlyle International Energy Partners II, a $2.3 billion global energy fund.
- Carlyle Europe Partners IV, a €3.75 billion Europe buyout fund,* and its predecessor fund Carlyle Europe Partners III, a €5.4 billion fund.*
- Carlyle Asia Growth Partners IV, a $1 billion Asia growth capital fund.*
- Carlyle Europe Technology Partners III, a €656 million Europe growth capital/technology fund,* and its predecessor fund Carlyle Europe Technology Partners II, a €530 million fund.*
- Carlyle MENA Partners, a $500 million Middle East and North Africa buyout fund.*
- Carlyle Peru Fund, a $308 million Peru buyout/venture fund.*
- Carlyle South America Buyout Fund, a $1 billion fund,* including Fundo Brasil de Internacionalizacäo de Empresas Fundo de Investimento em Participagoes, together with Banco do Brasil, a R$400 million vehicle to invest in Brazil.*
- Carlyle Sub-Saharan Africa Fund, a $698 million Sub-Saharan Africa fund.*
- Carlyle Cardinal Ireland Fund, a €300 million Ireland-focused growth capital fund.*
- EQT on (i) its c. $1.8 billion combination with Exeter Property Group, a leading global real estate investment manager, (ii) its €6.8 billion combination with Baring Private Equity Asia, a leading private markets investment firm, and (iii) the sale of its Credit business to Bridgepoint.
- EQT in raising over €17 billion for multiple funds and accounts, including:
- EQT Future, a €3 billion impact fund.
- EQT Growth, a €2.2 billion Europe growth fund.
- EQT Mid-Market Credit Fund II, a €2.3 billion Europe credit fund.
- EQT Credit Opportunities III, a €1.3 billion Europe credit opportunities fund.
- EQT Credit Fund II, an €874 million Europe credit opportunities fund.*
- EQT Real Estate II, a €1 billion Europe real estate fund, and its predecessor fund, EQT Real Estate I, a €420 million fund.*
- EQT Ventures III, a €900 million venture fund, and its predecessor funds EQT Ventures II, a €660 million fund, and EQT Ventures, a €566 million fund.*
- FFL Partners in the formation of FFL Capital Partners V, a $917 million middle market buyout fund, and its predecessor fund FFL Capital Partners IV, a $2 billion fund.*
- Glendon Capital Management in the formation of Glendon Opportunities Fund III, a $1.7 billion global credit opportunities fund, and its predecessor fund Glendon Opportunities Fund II, a $2.5 billion fund.*
- GreyLion in its spinout from Perella Weinberg Partners and the formation of GreyLion Fund III LP.
- H.I.G. Capital in the formation of H.I.G. Infrastructure Partners, L.P., a $1.2 billion infrastructure fund.
- Hunter Point Capital in its fundraising activities and strategic minority investments including the formation of Hunter Point Capital Investors, a $3.3 billion GP stakes fund.
- I Squared Capital in the formation of ISQ Global Infrastructure Fund III, a $15 billion infrastructure fund, and ISQ Growth Markets Infrastructure Fund, a $1.7 billion infrastructure fund.
- JP Morgan Private Capital in the formation of its inaugural biotechnology venture capital fund, 270 Life Sciences Private Capital Fund I, a $500 million fund.
- KPS Capital Partners in the formation of:
- KPS Special Situations Fund VI, a $8 billion fund, and its predecessor KPS Special Situations Fund V, a $6 billion fund.
- KPS Special Situations Mid-Cap Fund II, a $1.7 billion fund, and its predecessor KPS Mid-Cap Fund, a $1 billion fund.
- Macquarie in the formation of Macquarie Infrastructure Partners VI, a target $7 billion infrastructure fund.
- Oaktree Capital Management in raising more than $145 billion for multiple debt focused funds and accounts, including:
- Oaktree Opportunities Fund XII, a target $18 billion fund, and its predecessor funds Oaktree Opportunities Fund XI, a $15.9 billion fund known as the largest distressed debt fund ever raised in the market and Oaktree’s largest fund in history, Oaktree Opportunities Fund X/Xb, a $12.5 billion fund,* Oaktree Opportunities Fund IX, a $5.1 billion fund,* and Oaktree Opportunities Fund VIII/VIIIb, a $7.2 billion fund.*
- Oaktree Lending Partners, a target $10 billion large cap direct lending fund.
- Oaktree Special Situations Fund III, a $3 billion fund, and its predecessor fund, Oaktree Special Situations Fund II a $2 billion fund.
- Oaktree Transportation Infrastructure Capital Partners and its predecessor fund Oaktree Transportation Infrastructure Fund, a $1.5 billion fund.
- Oaktree Middle-Market Direct Lending, a $1.2 billion direct lending strategy.
- Oaktree Emerging Markets Opportunities Fund II, a $344 million emerging markets distressed fund.
- Oaktree Power Fund VI, a $1.4 billion U.S. energy and infrastructure fund, and its predecessor funds Oaktree Power Fund V, a $1.45 billion fund, Oaktree Power Opportunities Fund IV, a $1.1 billion fund,* and Oaktree Power Opportunities Fund III, a $1.0 billion fund.*
- Oaktree European Capital Solutions Fund, a €703 million European credit fund.*
- Oaktree European Principal Fund V, a $773 million Europe distressed fund, and its predecessor funds Oaktree European Principal Fund IV, a €1 billion fund,* and Oaktree European Principal Fund III, a €3.16 billion fund.*
- Oaktree Mezzanine Fund V, a $1.25 billion mezzanine fund, and its predecessor funds Oaktree Mezzanine Fund IV, an $852 million fund,* and Oaktree Mezzanine Fund III, a $1.6 billion fund.*
- Oaktree PPIP Fund, a $4.6 billion fund making investments in CMBS under the U.S. Treasury Department’s Public-Private Investment Program.*
- Oaktree Principal Fund VI, a $1.2 billion global distressed fund,* and its predecessor fund Oaktree Principal Fund V, a $2.8 billion fund.*
- Oaktree Real Estate Opportunities Fund VIII, a $4.7 billion fund, Oaktree Real Estate Opportunities Fund VII, a $2.9 billion fund,* Oaktree Real Estate Opportunities Fund VI, a $2.7 billion fund,* and Oaktree Real Estate Opportunities Fund V, a $1.3 billion fund.*
- Quantum Capital Group in raising more than $10 billion across its energy-focused private equity, structured capital and private credit platforms, including:
- Quantum Energy Partners VIII, a $5.25 billion energy fund.
- Quantum Capital Solutions II, a $2.8 billion structured capital fund.
- TPG in the formation of:
- TPG Rise Climate, a $7.3 billion global climate-focused fund.
- TPG Rise Climate II, a target $8–10 billion global climate-focused private equity fund
- TPG Rise Climate Transition Infrastructure, a target $4-6 billion global climate-focused infrastructure fund
- TPG Global South Initiative Fund, a target $1 billion climate-focused emerging markets fund
- TPG GP Solutions, TPG’s inaugural secondaries fund focused on GP-led transactions
- TPG Life Sciences Innovation, a target $600 million fund
- Global Infrastructure Partners in raising over $25 billion for multiple funds and accounts in the infrastructure sector.*
- OEP Capital Advisors in its spinout from J.P. Morgan Chase, investment management arrangements with J.P. Morgan Chase and certain related matters, and various funds and accounts.*
Prior Experience
Debevoise & Plimpton LLP
Mannheimer Swartling
Advokatfirman Vinge KB
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Recognition
“Hall of Fame” by The Legal 500 US (2021 & 2023–2024)
Crain’s New York Notable Women in Law (2021)
“Market Leader” by IFLR1000, (2019–2023)
Chambers USA, Band 1 (2009–2024)
Chambers Global, Band 1 (2011–2024)
“Leading Lawyer” by The Legal 500 US (2009–2022)
IFLR1000 Women Leaders (2018–2023)
Super Lawyers, New York Metro Super Lawyers (2020)
Who's Who Legal, Private Funds (2020)
One to World Fulbright Award for Global Citizenship (2019)
“Distinguished Leader” by the New York Law Journal (2018)
“Dealmaker of the Year” by The American Lawyer (2017)
“MVP” in asset management by Law360 (2016)
“Foreign Expert” for fund formation in Latin America by Chambers Global (2015)
“Best in Investment Funds” by Euromoney as part of its Americas Women in Business Law Awards (2015)
Recognized in Profiles in Diversity Journal’s “Women Worth Watching” issue (2014)
“Rising Star” in private equity by Law360 (2014)
Crain’s “40 Under 40” (2012)
Investment Dealers’ Digest’s “40 Under 40” (2012)
“Rising Star” by the New York Law Journal (2013)
“Rising Star” at Euromoney’s Americas Women in Business Law Awards (2013)
Financial Times’ “US Innovative Lawyers” (2011)
Memberships & Affiliations
Fellow, Seventh Class of the Finance Leaders Fellowship
Member, Aspen Global Leadership Network
Member, Private Investment Funds Forum
Board of Directors, USA Cycling Foundation
Credentials
Admissions & Qualifications
- New York
Education
- New York University School of LawLL.M.
- King's College London
- Stockholm UniversityM.Sc.
- Uppsala University Faculty of LawLL.M.