Elizabeth Lenas’ practice focuses on forming and advising private investment funds.

Her work includes private equity funds, growth funds, credit funds, venture capital funds, co-investment funds and other alternative asset investment vehicles, on fund formation, co-investments, spin-offs, joint ventures, shareholding arrangements, managed accounts and other transactions.

She regularly counsels private investment firms, including TPG, KKR, The Raine Group, Hillhouse Capital, and BMGI in their fund formation and management activities. In addition, she has acted as counsel on consortium and co-invest arrangements in numerous large acquisitions. Liza’s practice also includes representing certain limited partners in connection with their investments in funds.

Liza joined the firm in 1999 and became a partner in 2013.

Notable Experience

  • TPG in the formation of its private equity, special situations, growth, social impact, and other specialty funds, and in numerous significant co-investment arrangements.

  • KKR in the formation of its Asia, growth, and health care funds.

  • The Raine Group in the formation of its growth and venture funds.

  • Hillhouse Capital in the formation of its private equity funds.

  • Cascade Investment, the investment manager of Bill Gates and related entities, investing in numerous funds.

See More

Selected Activities

  • Co-Chair (2020-2021), Member, Private Investment Fund Forum
  • Member, Committee on Private Investment Funds, Bar Association of the City of New York, 2011-2013



Regularly speaks on private investment related topics, including at the IBA/ABA International Conference on Investment Funds, the Practicing Law Institute, the Bar Association of the City of New York and the Maples Investment Funds Forum.