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Ryan Brizek
 

Ryan Brizek

Partner
 
900 G Street, NW
Washington, D.C. 20001 
 
Email:
Phone: +1-202-636-5806
Fax: +1-202-636-5502

A Partner in the Firm’s Registered Funds Practice, Ryan Brizek focuses his practice on transactional and regulatory matters involving mutual funds, closed-end funds, business development companies, exchange-traded funds and their investment advisers, with a particular focus on providing access to alternative investment strategies through regulated vehicles. He also provides strategic investment management regulatory advice to asset management firms in M&A transactions and serves as transaction counsel to registered funds and their underwriters in capital markets transactions. Ryan was named a “Rising Star” at the 2019 Mutual Fund Industry Awards.

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Work Highlights
  • Counsel to registered funds and BDCs, including funds managed by affiliates of Franklin Templeton, AQR, Apollo, Blackstone and SkyBridge
  • Advises closed-end funds on capital markets offerings, ongoing operations, governance and transactional matters, including the representation of closed-end funds advised by Legg Mason Partners Fund Advisor in connection with the acquisition of Legg Mason by Franklin Templeton and related proxy contests and standstill arrangements
  • Acquisitions, sales and mergers of asset management businesses, including Oaktree in its merger with Brookfield and KKR in its acquisition of Global Atlantic
  • Strategic restructurings and spin-offs of asset management businesses, including Sixth Street Partners in its agreement with TPG Global to become independent unaffiliated businesses
Accolades
  • "Rising Star," 2019 Mutual Fund Industry Awards
Education
  • George Washington University Law School, 2008 J.D.
  • Pennsylvania State University, 2004 B.S. (Finance)
Associations
  • New York City Bar Association, Investment Management Regulation Committee
  • American Bar Association, Subcommittee on Investment Companies and Investment Advisers
  • District of Columbia Bar Association
Admissions
  • District of Columbia 2009
  • New York 2009

Ryan Brizek is a Partner in Simpson Thacher’s Registered Funds Practice. Ryan focuses his practice on transactional and regulatory matters involving mutual funds, closed-end funds, business development companies (BDCs), exchange-traded funds (ETFs) and their investment advisers, with a particular focus on providing access to alternative investment strategies through regulated vehicles. He also provides strategic investment management regulatory advice to asset management firms in M&A transactions and other facets of their business.

Ryan regularly advises clients that manage credit, multi-asset, systematic and alternative strategies on the structuring, formation and operation of registered investment companies and BDCs and related fund governance matters. He has particular experience advising closed-end funds and their underwriters on capital markets transactions, including initial public offerings, underwritten and privately placed common and preferred stock offerings, at-the-market offerings and rights offerings to acquire shares of common or preferred stock. Ryan also counsels regulated funds on regulatory and compliance matters, including with respect to co-investments and investment restructurings involving regulated and private funds.

Recent registered funds transactions on which Ryan has advised include:

  • Closed-end funds advised by Legg Mason Partners Fund Advisor in connection with the acquisition of Legg Mason by Franklin Templeton and related proxy contests and standstill arrangements
  • AQR in the launch of a number of alternative mutual funds, including the AQR Diversifying Strategies Fund
  • Underwriters in the IPO of Calamos Long/Short Equity & Dynamic Income Trust, a listed closed-end fund
  • Western Asset Mortgage Opportunity Fund, a listed closed-end fund, in an SEC-registered at-the-market equity program
  • Brandywine GLOBAL – Global Income Opportunities Fund, a listed closed-end fund, in private placements of mandatory redeemable preferred stock
  • AQR mutual funds in a number of fund mergers

Ryan routinely provides strategic investment management regulatory advice to asset management firms in M&A transactions, including acquisitions, sales, mergers, restructurings and spin-offs of asset management businesses and fund reorganizations and adoptions.  He also counsels investment advisers and their parent companies on the structuring of equity and debt offerings in a manner consistent with the requirements of the Investment Company Act and the Investment Advisers Act.

Ryan’s recent representative M&A transactions have included:

  • Oaktree Capital Group in its sale of approximately 62% of the Oaktree business to Brookfield Asset Management
  • Sixth Street Partners in its agreement with TPG Global to become independent, unaffiliated businesses, with TPG retaining a passive minority economic stake in Sixth Street
  • KKR in its acquisition of Global Atlantic
  • Clearlake Capital in its acquisition of Whitestar Asset Management

Ryan frequently advises firms seeking to rely on exceptions and exemptions from regulation under the Investment Company Act and the Investment Advisers Act, and represents clients seeking no-action positions, interpretive guidance or exemptive relief from the SEC.  In addition to routine matters, Ryan has represented clients in obtaining novel exemptive relief from the SEC, including:

  • The first order providing an exemption from Section 15(c) of the 1940 Act to permit a fund board to enter into or materially amend sub-advisory agreements at a non-in-person meeting, granted to Blackstone and its registered funds
  • An exemption from Section 205 of the Advisers Act and Rule 205-1 thereunder to permit an investment adviser to enter into or amend a sub-advisory agreement under which the sub-adviser receives a fulcrum fee from the adviser based on the gross performance of its allocated portion of a registered fund, granted to Blackstone and its registered funds

Ryan also advises domestic, international and multinational companies and funds on investment company status matters and related exemptions, exceptions and structuring considerations.

Ryan was named a “Rising Star” at the 2019 Mutual Fund Industry Awards.  He is a member of the Investment Management Regulation Committee of the New York City Bar Association.

Ryan received his J.D. from George Washington University Law School and his B.S. from Pennsylvania State University. He is admitted to practice in the District of Columbia and New York.

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