M&A Finance
K&L Gates
Full Credential Description
K&L Gates acted as fund counsel for 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. The tailored solution involved K&L Gates leveraging its global platform and industry experience to bring together its Asset Management and Investment Funds (AMIF) and Emerging Growth/Venture Capital teams. The deal team, led by partners Daniel Greenaway and Kane Barnett, addressed complex fund formation issues, including the negotiation of various fund documents and navigating intricate financial regulatory, tax, and employment law matters. This collaborative effort across multiple offices was crucial in meeting the tight timeframe for the fund's establishment. The successful formation of the W23 Global Fund is expected to provide significant benefits to both the investors and the companies, positioning them to capitalize on innovative opportunities in the grocery sector. The fund aims to deploy its capital over the next five years, enhancing the potential for growth and sustainability in the industry.
Measurable Results
Successfully completed $190M transaction