M&A Finance
K&L Gates
Full Credential Description
K&L Gates acted as fund counsel in the establishment of the W23 Global Fund, LP, a global grocery retail venture capital fund with capital commitments totaling AU$190 million (US$125 million). The fund is backed by major global grocery retailers including Woolworths Group, Tesco, Empire Company Limited/Sobeys Inc., Shoprite Group, and Ahold Delhaize, each serving as equal partners. The primary challenge was to create a fund that would facilitate investments in innovative start-ups and scale-ups, providing them with faster pathways to global scale while also delivering transformative innovation in grocery and sustainability to the investors. To address these niche issues, K&L Gates leveraged its global platform and industry experience, bringing together its Asset Management and Investment Funds (AMIF) and Emerging Growth/Venture Capital teams. The firm provided tailored solutions by advising on fund formation issues, negotiating various fund documents among the investors, and addressing complex financial regulatory, tax, and employment law matters. The multi-office team, led by partners Daniel Greenaway and Kane Barnett, worked collaboratively to ensure the fund was established within a tight timeframe. The successful establishment of the W23 Global Fund is expected to provide significant benefits, including enhanced access to innovative solutions in the grocery sector and sustainability for its investors. The fund aims to deploy its capital over the next five years, positioning itself as a potentially game-changing international venture capital fund.
Measurable Results
Successfully completed $190M transaction