Nicholas C. Stewart focuses his practice on formation and management matters for a range of fund managers, from those with $1 billion or more under management to emerging managers. He assists various funds, including private equity, venture, hedge and real estate funds, as well as funds of funds, with respect to their formation and operation. Formation services include fund structuring and fundraising strategy, document preparation, investor negotiations and relations and related regulatory compliance. For fund management, Mr. Stewart provides counsel for general operational matters and for inflection points in the fund lifecycle, from financings and capital calls to interest transfers, fund restructurings and leadership successions. Private funds also look to him for assistance with various strategic transactions, including acquisitions and investments, follow-on financings, dispositions of investments, secondaries transactions and so on.
Mr. Stewart also represents family offices with respect to office structuring, formation of investment vehicles, review of investment opportunities, analysis and negotiation of investment documents (including side letters), and facilitation of direct investments and joint ventures with other investors. He also works with client advisers to achieve the investment and planning objectives of the respective family offices.
In addition to his fund work, Mr. Stewart serves as outside counsel for other businesses, including with respect to corporate governance matters. He also represents strategic buyers and sellers in mergers and acquisitions and works with early-stage companies on equity and debt financings, among other things. Mr. Stewart represents clients in an array of industries, including technology, workforce and education, healthcare, telecommunications, real estate, and food and beverage.
Prior to entering private practice, Mr. Stewart served as judicial clerk to the Hon. Glenn T. Harrell, Jr. of the Maryland Court of Appeals.
Mr. Stewart is a 2010 graduate, with honors, of the George Washington University Law School, where he was on the editorial board of the Public Contract Law Journal and a J.B. and Maurice C. Shapiro public service fellow. He is also a cum laude graduate of the University of Maryland.
Representative Matters
Represented an emerging manager in the formation of a $20 million fund of funds focused on democratizing the private asset class.
Represented a venture capital firm in the formation of special purpose vehicles (SPVs), and raising and deploying capital for medtech and life science investment opportunities.
Represented a hedge fund in the formation of a $150 million fund with bespoke structure (e.g., investment into illiquid assets, tiered carried interest and no redemption rights).
Represented an emerging manager in the formation of a $200 million impact fund focused on growth equity investments in education and workforce training.
Represented a fully integrated real estate platform that performs multiple acquisitions per year in forming SPVs and raising capital, creating a new suite of SPV documents based on an LLC structure, and establishing a succession plan to transition leadership.
Represented a mature real estate fund with $3 billion in assets in establishing a new investor onboarding procedure and managing a firm team to help process subscription documents and respond to investor questions and concerns.
Represented a private equity fund in a $66.5 million add-on acquisition of a supply chain business.
Represented a private equity fund in the $25 million sale of an internet and telecommunications portfolio company to a PE-backed communications cooperative.
Represented a mezzanine fund in the restructuring of debt financing for a manufacturer of specialty liquids.
Represented a call center business in various corporate governance matters, including providing counsel during board meetings, drafting a compensation policy and structuring shareholder redemption.
Represented a decorative concrete contractor in the reorganization of its corporate structure and creation of an equity incentive plan.
Represented a special committee of the board of a public company in responding to shareholder demand letters, addressing accounting irregularities and improving internal controls.
Represented an early stage software-as-a-service workforce management company in drafting its form of customer agreement.
Represented a hospitalist group in an acquisition of a similar company to expand its regional footprint.
Represented a U.S. provider of hemp-derived CBD products in its $40 million sale to a public cannabis company in Canada.
Represented a publicly traded senior living communities provider in restructuring lease agreements and refinancing a $65 million credit facility.
Represented a health services company focused on chronic kidney care in Series A and B preferred stock transactions, raising $5 million and $11 million, respectively.
Fund Formation and Management
Fund Transactions
Corporate Governance and General Corporate
Strategic Mergers and Acquisitions
Admissions
- Maryland
- District of Columbia
Education
- The George Washington University Law School, J.D., with honors, 2010
- Editorial Board, Public Contract Law Journal - University of Maryland, B.A., cum laude, 2006
Experience
- Duane Morris LLP
- Partner, 2023-present - Saul Ewing LLP
- Partner, 2022-2023
- Counsel, 2020-2021
- Associate, 2011-2019 - Maryland Court of Appeals
- Judicial Clerk to the Hon. Glenn T. Harrell, Jr., 2010-2011
Honors and Awards
- Listed in the Baltimore Business Journal's 40 Under 40 in 2022
Professional Activities
- Emerging Executives Roundtable, Co-Founder
- Baltimore City Bar Association, Chair of Business Law Committee
Association for Corporate Growth, Member of Maryland Chapter
Civic and Charitable Activities
Strong Future Maryland, Advisory Council Member
Southwest Visions Foundation, Board Member
Maryland Tech Council, Mentor with Venture Mentoring Services Program
Lawyers’ Campaign Against Hunger, Saul Ewing’s Representative
Johns Hopkins Technology Ventures, Volunteer for FastForward Program
Selected Publications
- Co-author, "A Split SEC Approves Long-Awaited New Rules for Private Fund Advisers That Are Less Burdensome Than Originally Proposed," Duane Morris Alert, September 7, 2023
- Quoted, "JPMorgan's $4M Fine Shows Risks of Vendor Reliance," Ignites, July 10, 2023
- Quoted, "Not Ready for Libor? Your Firm Is 'Behind the Eight Ball'," Ignites, June 9, 2023
Co-Author, “What SEC’s Accredited Investor Proposal Means for PE Funds,” Law360, January 16, 2020
“SEC Nominee White Has Her Work Cut Out for Her,” Philadelphia Business Journal, March 8, 2013
“How to Strengthen Your Legal Skills: Study Economics,” The Advocate, Maryland State Bar Association, Summer 2012
Selected Speaking Engagements
- Panelist, "Fueling the Private Markets with Private Equity and Venture Capital: Deal Structures + Opportunities," Opal Group Family Office & Private Wealth Management Forum, July 11, 2023
- Moderator, "Middle Market Outlook," Markets Group’s 11th Annual Private Equity New York Forum, May 15, 2023
Presenter, “The Current State of M&A and How to Play,” Association of Corporate Counsel, Baltimore, November 3, 2021
Presenter, “ESG: What It Entails, Its Impact on Our Clients, and How We Can Help,” Saul Ewing Arnstein & Lehr LLP, Baltimore, September 17, 2021
Moderator, “Cannabis in Maryland and Beyond: Lessons Learned and What Lies Ahead,” Bar Association of Baltimore City, Baltimore, June 19, 2019
Panelist, “Same Story Different Pitch with Cyber Entrepreneurs,” 6th Annual Entrepreneur Expo Presented by TEDCO, Baltimore, November 14, 2016
Panelist, “Entrepreneurial Pathways,” Small Business Event hosted by Baltimore County’s Department of Economic & Workforce Development, Dundalk, Maryland, April 27, 2016
Panelist, “The Future of Education in Baltimore,” Mindgrub Technologies, Baltimore, March 3, 2016