David A. Sussman

Partner

  • David A. Sussman
  • Phone: +1 973 424 2011

    Import to Address Book

  • Duane Morris LLP
    200 Campus Drive, Suite 300
    Florham Park, NJ 07932-1007
    USA

David A. Sussman is the managing partner of Duane Morris' North Jersey office. Mr. Sussman chairs the firm's Investment Funds practice and serves as a team lead for its Private Equity industry group. He also is a member of the firm's governing Partners Board.

Mr. Sussman’s practice focuses on private equity. He regularly counsels sponsors of investment funds in connection with their fund offerings, including advising on fund terms and negotiating with high net worth and institutional investors. He also counsels investors in connection with their private equity fund investments, as well as purchases and sales of private equity fund interests on the secondary market.

Mr. Sussman works closely with private equity clients to understand their business objectives and help ensure that funds and investments are structured in a tax-efficient manner. He serves as lead U.S. tax counsel structuring private equity funds, hedge funds, real estate funds and venture capital funds, weighing the tax characteristics of the funds’ sponsors, investors and investments. Mr. Sussman regularly advises private equity funds in connection with tax planning and negotiations related to funds’ portfolio investments. As part of his tax counseling, he advises fund sponsors on maximizing returns for their investors on a net basis, as well as in connection with their carried interest.

In addition to his private equity experience, Mr. Sussman counsels both startup and established company clients on business and tax strategy and matters relating to operations. His clients include companies in the education, financial services and real estate industries. Specifically, in the real estate industry, he represents developers and investors in matters related to sophisticated and complex real estate joint ventures.

Mr. Sussman received an LL.M. in 2001 from New York University School of Law. He is a 1996 cum laude graduate of New England School of Law and a graduate of the University of North Carolina at Chapel Hill. He was nationally ranked as a junior tennis player and was a member of UNC’s 1990 Atlantic Coast Conference Championship Team.

 

Representative Matters

    Private Equity Fund Formation

  • Represented JB Investments Management in forming and launching JB Investments Fund III, LP, a hedge fund seeking to raise up to $1 billion to invest in publicly traded oil and gas companies; simultaneously formed and launched a parallel U.S. fund and a Cayman Islands offshore fund to benefit tax-exempt and foreign investors.

  • Represented a Boston-based private equity real estate investment management firm in forming a 3(c)(1) fund and parallel 3(c)(7) fund to make opportunistic hospitality and hospitality-related investments in and around Nantucket, Martha’s Vineyard and Long Island, identifying, acquiring and repositioning high-end boutique hotels, bed and breakfast properties, and making investments in on-site and off-site employee housing which will predominately be used as housing to enhance each fund’s hospitality investments.

  • Represented MCS Investment Holding LLC, a private equity firm focused on non-control investments and co-investments, in connection with the launch of a $10 million fund using a unique series LLC structure focused on European-based investors and family offices.

  • Represented an investment manager in its liquidation of a hedge fund, creating a sophisticated tax structure whereby the client could defer taxes on the carried interest and avoid treatment of the basket as a constructive sale of the Long Securities.

  • Represented Ridgewood Energy Corporation in connection with launch of series of US-based funds to invest in oil and gas exploration in the Gulf of Mexico.

  • Represented sponsor in connection with the formation of Sailbridge Capital Activist Fund, L.P., a hybrid hedge and venture capital activist fund to invest in Mexican and other non-U.S. portfolio companies.

  • Represented National Securities Corporation in connection with its launch of National Israeli Founders Fund LLC, a venture fund targeting Israeli founded technologies.

  • Represented National Securities Corporation in connection with the formation of NSC Biotech Fund I LLC, a fund designed to purchase securities in Fortress Biosciences Inc. on the secondary market.

  • Represented the sponsor of Real Estate Home Development Loan Fund I, L.P., a debt fund used to make investments in real estate development projects.

  • Represented a substance abuse and mental health treatment company in a $231 million debt and equity financing in an effort to move forward with a multi-state rehabilitation center business.

  • Represented the National Securities Corporation in the special purpose fund it formed to make an investment into Coronado Biosciences, Inc.

  • Represented Shelbourne Capital LLC in its new joint venture with Red Lion Hotels Corporation, a Spokane, Washington-based public company, involving the acquisition, equity and debt financing, and a capital improvement program for twelve hotels located in Washington, California, Oregon, Idaho, and Utah.

    • Private Equity Transactions and Investments

  • Advised Cardworks, Inc., a diversified consumer finance service provider, as part of a consortium of institutional investors including Sixth Street Partners and KKR, in acquiring the GreenSky lending platform from Goldman Sachs; GreenSky, the largest U.S. lending platform for home improvement loan originations by banks, is a leading technology company that powers commerce at the point of sale, and its scalable and proprietary technology platform enables merchants to provide frictionless promotional payment options to consumers. 

  • Advised a private equity firm focused on investing in impactful education and skill development businesses through its Edtech Buyout Fund in the acquisition of a mastery-based college readiness company preparing students for the SAT®, ACT®, TSIA-2, EOC, and WorkKeys® tests. 

  • Represented certain investors in a $361 million investment into Covetrus, Inc., a spin out comprised of assets from Henry Schein, Inc. (a publicly traded company) and Vets First Choice (a private equity backed company), as part of a larger $1.5 billion transaction.

  • Represented MC Square Holdings LLC, as principal, and MC Square Capital LLC as financial advisor to Sodali in its acquisition of Morrow & Co., LLC to create Morrow Sodali Global LLC, the largest independent corporate governance, proxy solicitation, investor relations, capital markets and shareholder services firm in the world, serving more than 600 corporate clients in 30 countries.

  • Represented the owners of a construction management and consulting company, in the sale of all of the membership interests to a subsidiary of a NYSE listed global provider of architecture, design, engineering, and construction services.

  • Represented Poydras Gaming Finance Corp. (formerly TSXV: PYD), in its acquisition of 100% of the stock of Integrity Gaming, Inc., Aurora Gaming, Inc. and Integrity Gaming of Kansas, Inc. for approximately $18 million, including, cash, stock, assumed debt, and an earn-out of up to $5 million.

  • Represented SJR Group LLC, a digital marketing and strategy company, in the sale of substantially all of its assets to a subsidiary of WPP plc, the world's largest communications services group.

  • Represented a manufacturer of boilers, generators and heaters in its sale to a private equity firm.

  • Represented WANDL, Inc., a software solutions company specializing in advanced network planning, management, design and the optimization of next-generation multi-layer networks, in its sale by reverse triangular merger to Juniper Networks, Inc. (NYSE: JNPR) for approximately $60 million.

Areas of Practice

  • Private Equity and Investment Funds
  • Partnership and Corporate Taxation

Admissions

  • New Jersey

Education

  • New York University School of Law, LL.M., 2001
  • New England School of Law, J.D., cum laude, 1996
  • University of North Carolina at Chapel Hill, B.A., 1992

Experience

  • Duane Morris LLP
    - Partner, 2013-present
  • Day Pitney LLP (f/k/a Pitney Hardin Kipp & Szuch)
    - Partner, 2006-2013
    - Associate, 2000-2005
  • Lum, Danzis, Drasco, Positan & Kleinberg LLP
    - Associate, 1997-2000

Honors and Awards

  • Listed in The Best Lawyers in America, 2015-2024

  • Listed in New Jersey Super Lawyers
  • Listed in New Jersey Super Lawyers Rising Stars
  • Listed in "Top 40 Under 40" by New Jersey Law Journal, 2007

No aspect of these rankings has been approved by the Supreme Court of New Jersey. Further information on methodologies is available via these links.

Media Hits

Selected Publications

Selected Speaking Engagements

  • Panelist, "Impact of Tax Reform on Private Equity Strategies," 10th Annual Private Equity US Spring Forum Markets Group, May 5, 2022
  • Roundtable Co-Facilitator, "Current Strategies for Navigating Carried Interest Legislative Requirements," 10th Annual Private Equity US Spring Forum Markets Group, May 4, 2022
  • Speaker, "CARES Act Webinar: Latest Developments and Insights," Duane Morris Institute (DMi), Webinar, April 3, 2020
  • Breakout Session Co-Leader, "Private Equity Adapting to the New Tax Reform Landscape," 8th Annual Private Equity US Spring Forum, Markets Group, May 6, 2019
  • Roundtable Leader, "Slicing and Dicing Carried Interest for Charitable Donations," ACG InterGrowth 2014, April 29, 2014, Las Vegas, NV