Samuel Francis
The Grace Building
1114 Avenue of the Americas
32nd Floor
New York, New York 10036
Samuel Francis is a partner in the Investment Management practice, leveraging his extensive legal experience and financial background in a wide array of corporate and transactional matters across the spectrum of private investment fund strategies as well as investment adviser, broker-dealer and related regulatory issues. He is recognized for delivering commercial and innovative solutions in consideration of applicable securities laws and industry best practices, with a business-oriented approach aligned with client objectives.
Samuel represents U.S. and international private investment fund sponsors on all aspects of the formation and operation of private equity, energy, infrastructure, real estate, credit and hedge funds, as well as the organization of parallel and feeder funds, alternative investment vehicles, separately managed accounts and co-investment programs. In addition, he provides tailored regulatory guidance and support with respect to investment adviser registration and ongoing compliance requirements, implementing policies and procedures, completing government filings, distributing marketing materials and preparing investor reports.
Samuel’s practice also focuses on advising asset managers on mergers and acquisitions, spanning seed and stake deals to change of control transactions, as well as structuring and negotiating their funds’ portfolio investments, including secondaries and continuation vehicles. He regularly offers strategic counsel on a diverse range of management company matters related to governance and compensation arrangements, succession planning, organizational restructurings, foreign affiliates, family offices and the establishment of banking, brokerage, administration, placement agent and other counterparty relationships.
Samuel has published articles on a variety of investment management topics, including in Private Equity Law Report, Lexis Practice Advisor, The Investment Lawyer, Journal of Investment Compliance and Journal of Derivatives & Hedge Funds, and he participates in panel discussions regarding trends and developments impacting private investment fund managers. Samuel received his J.D., magna cum laude, from Fordham University School of Law in 2010, where he was a member of the Fordham Law Review. He earned his B.S., summa cum laude, from Brooklyn College of the City University of New York in 2006.
Private Fund Formation & Operation
Oaktree Capital Management – Formation and operation of Oaktree Opportunities Fund XII and its related vehicles (Opps XII), a $16 billion opportunistic credit fund organized in 2023 that focuses on distressed liquid credit, rescue financings, debtor-in-possession financings, bankruptcy exit financings, loan portfolios, platforms and opportunistic capital solutions
Macquarie Asset Management – Formation of Macquarie Infrastructure Partners VI and its related vehicles (MIP VI), an $8 billion infrastructure fund organized in 2022 that makes equity and equity-related investments in a diversified portfolio of infrastructure assets and businesses predominantly in the United States and Canada
Energy Capital Partners – Formation of Energy Capital Partners VI (ECP VI), an infrastructure fund organized in 2025 seeking capital commitments of $5 billion with an investment strategy that targets assets across renewable and conventional power generation, storage and environmental infrastructure sectors, as well as a smaller allocation to biofuels and carbon capture
I Squared Capital – Formation and operation of ISQ Global Infrastructure Fund III (GIF III), a $15 billion infrastructure fund organized in 2022, and ISQ Growth Markets Infrastructure Fund (GMF), a $1.7 billion companion fund to GIF III organized in 2023, and their related commingled, investor-dedicated and deal-specific co-investment vehicles
Glendon Capital Management – Formation and operation of Glendon Opportunities Fund III (GOF III), a $1.7 billion credit fund organized in 2024 that focuses on distressed credit and special situations opportunities
Castlelake – Formation and operation of Castlelake Income Opportunities II (CIO II), a $782 million asset based private credit product organized in 2022 that pursues investment opportunities spanning real assets, specialty finance and aviation; formation and operation of Castlelake Opportunistic Asset Solutions VI (CL VI), a $730 million credit fund organized in 2023 designed to capitalize on a combination of uncorrelated distressed and dislocated industries
Bayou City Energy – Operation of Bayou City Energy III (BCE III), which invests in partnership with lower middle-market companies in the upstream energy sector, structured capital opportunities in non-core basins, strategic asset carve-outs / drilling joint ventures, and upstream infrastructure projects
Blackstone
- Private Equity — Formation and operation of Blackstone Energy Partners III (BEP III), a $4.5 billion private equity fund organized in 2018 that invests in the energy and natural resources sectors
- Tactical Opportunities — Formation and operation of Blackstone Tactical Opportunities Fund III (BTO III), a $4.1 billion fund organized in 2017, and its related managed account program, that pursue an opportunistic investment strategy across asset classes, industries and geographies; formation of Blackstone PTI fund (PTI), a $1.4 billion continuation fund organized in 2019 that invests in an owner and operator of communications infrastructure
- Strategic Partners — Formation and operation of Strategic Partners VIII (SP VIII), an $11 billion global private equity secondary fund organized in 2018, and related comparable and overage vehicles
Apollo Credit – Operation of Apollo Credit Strategies Fund (ACSF), an actively managed long/short event driven credit hedge fund organized in 2015, and related separately managed accounts
KKR Credit – Operation of KKR Mezzanine Partners I (Mezz I), a $1 billion fund organized in 2012, and KKR Private Credit Opportunities Partners II (PCOP II), a $2.2 billion fund organized in 2015, that invest in private corporate debt and mezzanine lending, financial assets, hard assets and structured credit
Carlyle Group – Operation of Carlyle Realty Partners VIII (CRP VIII), a $5.5 billion fund organized in 2017 that makes opportunistic real estate investments; operation of Carlyle Global Infrastructure Opportunity Fund (CGI), a $2.2 billion fund organized in 2019 that invests in infrastructure and related assets
Morgan Stanley Infrastructure – Formation of North Haven Infrastructure Partners III (NHIP III), a $5.5 billion global infrastructure fund organized in 2018, and its related sidecar co-investment vehicles, that invest in private infrastructure assets and companies with the potential to be transformed into core infrastructure assets
Tiger Infrastructure – Formation and operation of Tiger Infrastructure Partners Fund II (TIP II), a $300 million fund organized in 2016, and its related co-investment and managed account vehicles, that make growth-oriented middle-market infrastructure investments
Fortress Investment Group
- Private Equity — Formation and operation of Fortress Transportation and Infrastructure Investors (FTAI), a global company that owns and acquires high quality transportation equipment and infrastructure organized in 2011 that raised $340 million in an initial public offering in 2015; operation of Fortress Private Equity Funds I-V (FPEF I-V) that made control-oriented investments in cash flow generating, asset-based businesses
- Credit — Formation and operation of Fortress Credit Opportunities Funds III (FCO III), a $4.3 billion private equity style fund organized in 2011 that makes opportunistic investments in distressed and undervalued credits and assets; formation in 2014 of Fortress Japan Income Fund (FJIF), an open ended fund that invests in long-term, stable, income- generating assets in Japan, and Fortress Japan Opportunity Fund (FJOF), a private equity style fund that invests in distressed real estate loans and related assets in Japan
- Liquid Markets — Operation of Fortress Macro Funds (FMF), Fortress’ flagship macro hedge fund organized in 2002 that invested based on economic trends; formation of Fortress Convex Asia Fund (FCAF), a liquid hedge fund organized in 2012 that invested based on elevated price swings in Asia
H/2 Capital Partners – Formation of H/2 Special Opportunities II (H/2 SO II), a $2.2 billion hedge fund organized in 2011, by an institutional investment manager dedicated to commercial real estate credit
Peppertree Capital Management, a leading specialized digital infrastructure investment firm with a focus on wireless communications towers, on its sale in 2025 to TPG in a cash and equity transaction
Blue Owl on its acquisition in 2025 of the business of IPI Partners, LLC, a middle-market investment fund manager focused on the digital infrastructure sector
Macquarie in its preferred equity investment in 2023 in Pavlov Media, Inc., one of the largest independent providers of fiber-based internet connectivity to off-campus student housing in the United States
Castlelake in 2023 on the creation of a Bermuda-licensed reinsurance company, Itasca Re Limited, to offer insurance financing solutions to buyers and owners of commercial aircraft assets
Patria on its announced business combination in 2021 with Moneda Asset Management, a Latin American asset manager headquartered in Chile
KKR on its $4.4 billion acquisition in 2020 of Global Atlantic Financial Group Limited, a leading retirement and life insurance company
Blackstone on its acquisition in 2017 of Harvest Fund Advisors LLC, an investment management firm with over $10 billion in assets under management, which invests capital raised from institutional investors in public MLPs holding U.S. midstream energy assets
Credit Suisse on the sale in 2013 of its Customized Fund Investment Group (CFIG), a global private equity, infrastructure and real estate investment management company, to Grosvenor Capital Management
Massachusetts Mutual on its acquisition in 2012 of the retirement plans business of The Hartford Financial Services Group for $400 million
Credentials
- Fordham University School of Law, J.D., magna cum laude, 2010 (Order of the Coif, Fordham Law Review, Evening Student of the Year, Adele L. Monoco Memorial Award, Joseph R. Crowley Award, Fordham Law Alumni Association Award in Constitutional Law)
- City University of New York – Brooklyn College, B.S., Accounting, summa cum laude, 2006 (New York Lottery Leaders of Tomorrow Scholarship)
- First Place Award, Association of Securities and Exchange Commission Alumni, Inc. (ASECA) Writing Competition, 2009
- Private Investment Funds Committee, New York State Bar Association
- New York
- Press ReleaseJune 23, 2025
Speaking Engagements
- Panelist, “Evolving Regulatory Issues Shaping Asset Management,” Weaver’s Financial Services Symposium, 2024
Publications
- “Considerations for Advisers to Properly Classify Single Investor Funds Under the Custody Rule and Form ADV,” Private Equity Law Report and Hedge Fund Law Report, 2020
- “Investment Adviser Change of Control Transactions: Obtaining Client Consent,” Lexis Practice Advisor, Private Equity & Investment Management, 2017
- “The Assignment of Investment Advisory Contracts in M&A Transactions,” The Investment Lawyer, Vol. 20, No. 12, 2013
- “May Foreign Benefits Plans Invest in New Issues Under FINRA Rules 5130 and 5131,” Journal of Investment Compliance, Vol. 13, No. 3, 2012
- “How to ‘Mark-To-Market’ When There is No Market,” Journal of Derivatives & Hedge Funds, Vol. 17, No. 2, 2011
- “Meet Two-Face: The Dualistic Rule 10b-5 and the Quandary of Offsetting Losses by Gains,” Fordham Law Review, Vol. 77, No. 6, 2009