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

Her work includes advising private equity funds, growth funds, credit funds, venture capital funds, social impact 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 similar transactions.

She regularly counsels private investment firms, including Sixth Street, KKR, TPG, Sequoia Capital, Concrete Rose, Hillhouse, and Cascade Asset Management Company 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 Experiences

  • Sixth Street on a wide range of credit and special situation funds.

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

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

  • Sequoia Capital in fund formation matters and in a number of investments in private funds.

  • Hillhouse in the formation of its private equity, growth, venture capital, and co-investment funds.

  • Cascade Asset Management Company in its investments in numerous funds.

  • Concrete Rose Capital in the formation of The Concrete Rose Fund and other investment vehicles, which target investments in early-stage businesses founded by underrepresented people of color and/or that address significant social issues impacting minorities.

  • The Nature Conservancy in a number of investment funds targeting conservation and climate, climate-smart forest management, recreation, and restoration strategies.

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Selected Activities

  • Member, Organizing Committee for the 21st Annual International Conference on Private Investment Funds, 2023
  • 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, the Maples Investment Funds Forum, and the Institutional Investor Legal Forum.