Craig Lilly's practice focuses on private equity, fund services, mergers and acquisitions, and corporate finance. Craig has wide-ranging experience in structuring, negotiating and advising clients on a wide variety of acquisition transactions and related matters, including stock and asset acquisitions, divestitures, recapitalizations, venture financing, consolidations, auctions, leveraged buyouts and joint ventures. His practice includes a variety of business and transactional matters, including public offerings and investments, private placements, corporate governance, venture capital, mezzanine/debt investments, partnerships, limited liability companies, stock options, family offices, cross-border transactions, executive compensation and shareholder agreements.
Craig also represents private equity firms in connection with all aspects of their business, including structuring and organizing fund sponsors and their investment funds, parallel investment vehicles, offshore funds, co-investment/side-by-side partnerships, side pocket equity investments and sponsor operating agreements; executing acquisition, commitment line/bridge financing, deal financing, exit transactions and secondary sales of limited partner interests; and providing transactional and general corporate advice to portfolio companies, and with respect to follow-on investments.
Craig is the California reporter for the American Bar Association Committee on State Regulation of Securities (2006 to 2012). He is listed in Who's Who Among American Lawyers and is a frequent author and lecturer on legal and business issues regarding equity funds, private equity investments and corporate finance. He has been quoted in, or contributed to, articles and features in Bloomberg, The Wall Street Journal, The Deal Magazine, The Daily Deal, Hedge Fund Law Report, VentureOne Summit/Dow Jones events, Hedge World, Reuters, The Venture Capital - Private Equity Roundtable, TheStreet.com, CFO.com, The Value Examiner, PrivateEquityCentral.net, EuroMoney Magazine, Environmental Risk Magazine and The Recorder.
Areas of Concentration
· Private equity / investment management
· Information technology
· Life sciences
Professional & Community Involvement
· Member, American Bar Association
· Member, American Bar Association's Committees on Business Law, Negotiated Acquisitions, Private Equity and Venture Capital, M&A Trends, Corporate Governance, Institutional Investors and Technology
· Member, International Bar Association
· Member, Business Law Sections of the State Bar of California and the State Bar of Texas
· Member and Advisor, The Venture Capital - Private Equity Roundtable
· Co-Chair, CEO Forum, The Venture Capital - Private Equity Roundtable
· California Reporter, American Bar Association Committee on State Regulation of Securities (2006-2012)
· Member, Bloomberg BNA Social Media/Internet Panel
· Member and Advisor, Family Film Angels
· Co-Founder, The Tech Angels Group
· Former Member, Texas Business Law Foundation and Former Legal Advisor, Amendment and Restatement of the Texas Partnership and Limited Liability Company Acts
Awards & Recognition
· Team Member, Corporate Board Member magazine and FTI Consulting Inc., one of "America's Best Corporate Law Firms," 13th Annual Legal Industry Study, 2013
· Advised on the acquisition and disposition of multiple private companies by private equity funds and other strategic buyers.
· Advised in the negotiation, formation and offerings of numerous private equity funds, including funds focusing on leveraged buyouts, venture capital, distress debt, real estate opportunities, fund of funds and hedge funds; and advised funds with respect to regulatory compliance and secondary market transactions.
· Advised private equity funds with respect to parallel investment vehicles, co-investment vehicles and alternative equity structures.
· Represented an emerging software company in connection with numerous series of private equity financing and related corporate matters.
· Provided corporate and finance representation of an alternative power company in the United States.
· Represented venture capital fund in numerous venture/growth equity investments in investment technology, cloud, digital media, big data, data analytics, mobile, enterprise software and gaming companies.
· Handled numerous mezzanine loan investments on behalf of a private equity fund.
· Represented a hedge fund sponsor with respect to fund formation, private placement, and multiple debt and equity investments.
· Represented a distressed debt/assets fund with respect to the formation and offering of private equity fund, and the negotiation and execution of investments.
· Advised in the cash tender offer of a life sciences company.
· Represented a venture capital fund with respect to investments in medical supply and medical device companies.
· Advised in numerous joint venture and investment transactions in the hospitality, wine, real estate and technology industries.
· Represented the purchaser of a multimillion-dollar loan portfolio, an institutional investor.
· Advised in the negotiation and execution of numerous leveraged buyout transactions in numerous industries, including the software, information technology, health care, media, financial services and hospitality industries.
· Represented an underwriter in an initial public offering of a financial services company.
· Advised in the negotiation of a joint venture and acquisition of a privately held hospitality company.
· Advised in the negotiation and formation of a co-investment vehicle of a private equity fund and an asset pool acquisition.
· Advised a client with respect to the negotiation of a capital commitment financing for a private equity fund.
· Represented a China-based adaptive optics company in multiple rounds of preferred stock financings.
· Represented multiple clean technology companies and clean technology funds with respect to private equity financings and general corporate matters.
· Served as investment counsel for an alternative energy equity fund.
· Advised in the private equity financing of an international beverage distributor.
°Certain of the above representations were handled by Mr. Lilly prior to his joining Greenberg Traurig, LLP.
Publications & Presentations
Articles, Lectures & Publications
· Author, "California Securities Law Update," ABA State Securities/Enforcement Law Annual Review, July 2011
· Author, "Investor Protections in the Dodd-Frank Wall Street Reform and Consumer Protection Act: Companies Need to Act to Avoid Potential New Expenses," Lexology, July 30, 2010
· Author, "Private Fund Adviser Regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act," Lexology, July 30, 2010
· Author, "California Securities Law Update," ABA State Securities/Enforcement Law Annual Review, July 2010
· Author, "California Securities Law Update," ABA State Securities/Enforcement Law Annual Review, July 2009
· Author, "How Will Private Equity Respond To The Current Crisis?" The Deal.com, March 19, 2009
· Author, "Going Dutch - Dutch Auctions Provide An Attractive Alternative as Traditional IPOs Falter," The Recorder, September 24, 2008
· Author, "California Securities Law Update," ABA State Securities/Enforcement Law Annual Review, July 2008
· Quoted, "How Dual Purpose 409A Valuations May Over Value Stock Options in Venture - Back Companies," The Value Examiner, March/April 2012
· Quoted "FrontPoint Healthcare Investors May Flee in Galleon Déjà Vu," Bloomberg, November 3, 2010
· Quoted, Regarding Rolling Lock-Up Periods that affect hedge fund investors, Hedge Fund Law Report, January 6, 2010
· Quoted, Regarding the legal and business implications of the insider trading case filed against Raj Rajaratnam, CEO of Galleon Group, a US$4 billion hedge fund, Fund Strategy, December 7, 2009
· Quoted, Regarding the wave of redemptions and brain drain at the Galleon Group funds due to the insider trading charges filed against Raj Rajaratnam, CEO of Galleon Group, a $4B hedge fund, The Epoch Times, October 22, 2009
· Quoted, Regarding how hedge funds can attract investments by sovereign wealth funds and the business, political and legal ramifications of SWFs, Hedge Fund Law Report, October 22, 2009
· Quoted, Regarding the legal and business implications of the insider trading case filed against Raj Rajaratnam, CEO of Galleon Group, a $4B hedge fund, Bloomberg, October 19, 2009
· Quoted, Regarding the one year anniversary and impact of the failure and purchase of Indymac, TheStreet.com, September 17, 2009
· Quoted, "Key Person Provisions in Hedge Fund Documents: Structure, Consequences and Demand from Institutional Investors," Hedge Fund Law Report, September 17, 2009
· Quoted, Regarding issues and trends pertaining to hedge fund investments/strategies in financial institutions and in open market transactions, TheStreet.com, September 3, 2009
· Quoted, On the impact and issues concerning the FDIC's new rules on private equity ownership of banks, The Daily Deal, August 27, 2009
· Quoted, Regarding how hedge funds are handling high water marks, and alternatives and issues to consider when negotiating the compensation provisions of hedge fund managers,Hedge Fund Law Report, August 19, 2009
· Quoted, Regarding the SEC settlement with hedge fund manager Perry Corp. and the implications on Sections 13(d) and (g) of the Securities Exchange Act of 1934, and the required filings, Hedge Fund Law Report, July 29, 2009
· Quoted, Regarding how Amber Capital Investment Management, the hedge-fund firm co-founded by ex-Societe Generale SA trader Joseph Oughourlian, got back its remaining assets stranded in Lehman Brothers Holdings Inc.'s prime-brokerage unit, Bloomberg.com, July 24, 2009
· Quoted, "Certain Hedge Funds are Using Enhanced Investor Liquidity as a Marketing Tool,"Hedge Fund Law Report, June 3, 2009
· Quoted, Regarding current proposals to regulate the hedge fund and private equity industries,Euromoney Magazine, March 2009
· Quoted, Regarding the U.S. Treasury's plan for public-private investment partnerships to purchase legacy assets from financial institutions and the impact of FAS 157, Euromoney Magazine, March 2009
· Quoted, Regarding hedge fees and redemption policies, Bloomberg.com, January 23, 2009
· Speaker, "JOBS Act - One Year Later: IPO On-Ramp, General Solicitation and Decimalization," ROTH Conference, March 19, 2013
· Speaker, "How the JOBS Act Will Impact the Venture Capital and Private Equity Communities," Venture Capital-Private Equity Roundtable, 2012
· Guest Lecturer, Santa Clara University, Master of Business Administration and Graduate Engineering Programs, 2011-Present
· Speaker, "Issues Facing Emerging Technology Companies," USF Silicon Valley Immersion Program, 2Q 2011
· Speaker, "Strategies and Legal Issues for International Technology Companies," USF Silicon Valley Immersion Program, 1Q 2011
· Speaker, "Current Issues and Trends in Venture Capital," The Silicon Valley Angels, May 2010
· Speaker, "Current Business and Legal Issues for Emerging Technology Companies," Northern California Small Business Development Corporation, April 27, 2010
· Speaker on legal and economic issues facing the venture capital industry, Venture Capital - Private Equity Roundtable, March 2010
· Speaker on green technology opportunities and legal issues, Breathe California/ Club Auto Sport/ Clean Technology Center, January 28, 2010
· Moderator at BABC Economic Forum with Brain Fabbri, Chief Economist North America for BNP Paribas, January 20, 2010
· Keynote Speaker, "Limited Partner Defaults: Solutions for a New Reality," The Venture Capital - Private Equity Roundtable, July 10, 2009
· Moderator and Speaker, "Mark-to-Market Accounting (FAS 157): Game Changer or Status Quo," Rothstein Kass/Squire Sanders Fund Series Roundtable, June 11, 2009
· Speaker, "Private Equity Investing as a Solution," The Silicon Valley Angels, January 2009
· Speaker, "Clean Technology Investing," The Silicon Valley Angels, July 2008
· Panelist, "Current Issues and Trends in the Private Equity and Venture Capital Industries," The Dow Jones Venture One Conferences, 2008 and 2007