Douglas Elsbeck (Doug)

• Representation of Asana Partners in the formation and fundraising for its flagship series of value-add real estate private funds, and other core / core-plus equity and debt vehicles.
• Representation of Black Creek Group and Ares Management open-end industrial real estate fund formed in 2016.
• Representation of Clarion Partners in the formation and fundraising for Clarion Qualified Opportunity Zone platform, a series of closed-end real estate funds focused on investing in qualified opportunity zones.
• Representation of Greystar Real Estate Partners in the formation and fundraising for various investment funds and joint ventures pursuing multifamily, student housing and industrial real estate investments.
• Representation of Berkshire Realty Ventures and Broadview Real Estate Partners in the formation of a series of private investment funds to invest in real estate operating platforms.
• Representation of Clarion Partners’ management in connection with the recapitalization and acquisition of an 83% ownership stake in Clarion Partners by Legg Mason and subsequent related strategic transactions.
• Representation of Clarion Partners in connection with its 2019 acquisition of a majority stake in Gramercy Europe (now known as Clarion Partners Europe)
• Representation of Douglas Emmett in connection with the formation of joint ventures to acquire office buildings in Los Angeles for over $2.0 billion
• Serving as fund counsel to Dream Asset Management Corporation, the private real estate arm of Dream Unlimited Corp., for an open-end fund formed to invest in U.S. industrial real estate
• Representation of GE Capital Real Estate in connection with the ongoing operations of a co-sponsored fund participating in the U.S. Treasury’s Public Private Investment Partnership (PPIP) program
• Representation of Haddington Energy Partners in the formation of a private equity fund focused on mid-stream energy assets
• Representation of Jamestown Premier Property Fund, a flagship core investment fund organized as a private REIT
• Representation of MGPA Limited and BlackRock in connection with the operations of five global real estate private equity funds
• Representation of Prologis in the formation of a $1 billion joint venture between Prologis and Norges Bank Investment Management to invest in industrial real estate in the U.S., and follow-on equity in the joint venture to fund the acquisition of KTR Capital Partners for a purchase price of $5.9 billion
• Representation of Prologis in connection with the formation of a separate account for OPERF to invest in Prologis funds
• Representation of Third Point in the formation of investment funds
• Representation of Virtus Real Estate Capital in the formation and fundraising an open-end fund formed to invest in recession-resistant core and core-plus U.S. properties across sectors including healthcare, senior living, student housing, workforce housing, and self-storage
• Representation of a fund sponsor in establishing a $500 million separate account with a sovereign wealth fund for investment in U.S. real estate
• Representation of a fund sponsor in establishing a closed-end fund with a primary focus on providing mezzanine financing to lower middle-market companies in the United States
• Representation of various private credit investors in connection with preferred equity and other equity investments

Doug Elsbeck advises fund sponsors and investment advisers on the formation of legal and private funds, joint ventures, separate accounts and other investment vehicles, delivering practical solutions that streamline execution, manage legal and regulatory risk, and support growth. He guides clients through complex structuring, compliance matters, and strategic transactions to help launch, scale, and protect their investment platforms.

Doug works closely with established and emerging fund sponsors and other investment advisers to design and launch the vehicles they need to put capital to work. He brings practical, business-oriented counsel to every engagement, helping clients move from strategy to execution.

Doug represents both established and new sponsors across industries and asset classes, including real estate, infrastructure/energy and private credit.

He advises clients in the structuring and formation of fund sponsors, including related co-investment and carried interest vehicles, and provides counsel on compliance matters under the Investment Company Act of 1940 and the Investment Advisers Act of 1940. He also has extensive experience with mergers and acquisitions, strategic investments, and secondary transactions.

Across a wide range of transactions and real-asset sectors, Doug offers hands-on, responsive service focused on helping clients advance their businesses.