US law firm Simpson Thacher adds two funds partners Ed Ford and Sacha Gofton-Salmond in London
US law firm Simpson Thacher adds two funds partners Ed Ford and Sacha Gofton-Salmond in London
Simpson Thacher & Bartlett, a prominent law firm based in New York, has recruited two funds partners from the well-regarded UK independent firm Travers Smith in London. This move is part of Simpson Thacher & Bartlett's strategy to take advantage of the growing profitability of secondary deals in the market.
Ed Ford and Sacha Gofton-Salmond, who were recently promoted to partnership positions at Travers Smith, have joined the London investment funds team at Simpson Thacher & Bartlett. Their addition brings specialised knowledge in secondary transactions to the team, which is already a major player in high-value buyouts and represents some of the largest US and European private equity firms.
On the other hand, Travers Smith will feel the impact of losing Ed Ford and Sacha Gofton-Salmond, particularly following the recent departure of two other key leaders to American competitors. Ian Shawyer, who was previously in charge of the private equity and financial sponsors group, left to join Cleary Gottlieb Steen & Hamilton, while Jessica Kemp, the former head of M&A tax, signed on with White & Case.
As specialists in their field, Ed Ford and Sacha Gofton-Salmond have extensive experience advising clients on the negotiation and structuring of secondary market deals. Their expertise covers a wide range of transactions, including GP-and LP-led secondary transactions, as well as net asset value financings, preferred equity financings, and other structured secondary transactions.
Ford and Gofton-Salmond started their legal careers at Travers Smith over a decade ago. Ford was promoted to partnership in 2021, while Gofton-Salmond became a partner last summer as part of Travers Smith's largest promotion round to date, which saw a total of 11 promotions.
Secondary transactions hit a record high of $57 billion in the first half of 2022. Although the second half of the year was relatively quiet, it's anticipated that secondary transactions will rebound in 2023, as investors continue to look for alternative sources of liquidity in the face of challenging financial markets.
According to Alden Millard, the chair of Simpson Thacher's executive committee, the addition of Ford and Gofton-Salmond to the team will enhance the law firm's private funds and fund transactions practices. They will bring additional expertise to advise both sponsors and investors on liquidity solutions that provide more flexibility to tackle the ever-changing market.
"Simpson Thacher has developed a robust presence in the fund transactional space, which was strengthened by the addition of Lauren King in New York in 2021. With the addition of Ed and Sacha, the firm is augmenting its capabilities to provide sponsor clients and other industry participants with multidisciplinary secondary solutions around the globe," Michael Wolitzer, head of Simpson Thacher's investment funds practice, said.
