Larissa R. Marcellino

Willkie advised Aquiline Capital Partners LP in the close of its Continuation Fund, Aquiline Financial Services Continuation Fund L.P., which raised approximately $1.1 billion of capital commitments. On June 6, Aquiline announced that it closed on approximately $1.1 billion of capital commitments in its Continuation Fund. The Continuation Fund, established to acquire select portfolio companies in Aquiline Financial Services Fund II L.P. (AFS II) and Aquiline Financial Services Fund III L.P. (AFS III), received a lead investment from HarbourVest Partners, with participation from other new investors. Aquiline Capital Partners LP is a private investment firm dedicated to financial services and related technologies, with approximately $10.4 billion in assets under management as of March 31, 2024. Read more about the matter here. The Willkie team was led by partners Jeffrey Poss, Larissa Marcellino and Matthew Block.

Jun 7

1 min

Willkie’s recent webinar on GP-led secondary transactions involving multiple funds and multiple assets has been covered in depth in a two-article series in Private Equity Law Report. The articles encapsulate the discussion and analysis provided by partner Arash Farhadieh, who moderated the event, and a panel that included partners Adam Aderton, Matthew Block and Larissa Marcellino. The attorneys offer extensive insight into emerging market trends and the key commercial, legal and regulatory issues involved in GP-led secondary transactions. The first article focuses on their discussion of the structures and timing of GP-led transactions, conflicts of interest and other emerging regulatory concerns, and the implications of structuring status quo and rollover options for existing LPs. The second article addresses the tax considerations for GP-led transactions, initial priorities for sponsors undertaking such transactions, and the latest guidance from the U.S. Securities and Exchange Commission and other industry groups. Read “Traversing Potential Conflicts and LP Election Options in Multi Asset, Multi Fund GP Led Transactions (Part One of Two)” here (subscription may be required). Read “Ancillary Considerations in Multi Asset, Multi Fund GP Led Transactions and Regulatory Requirements to Weigh (Part Two of Two)” here (subscription may be required).

Feb 29

1 min

Willkie served as U.S. legal advisor to the Special Committee of The Westaim Corporation (TSXV: WED) in connection with the creation of an integrated insurance and asset management platform by CC Capital and The Westaim Corporation. On October 9, CC Capital and Westaim announced a strategic combination of Canadian investment company Westaim, Arena Investors, LP, a global institutional asset manager founded in partnership with Westaim, and Ceres Life Insurance Company, a cloud-native, highly scalable annuity platform incubated by CC Capital. In connection with the transaction, CC Capital has committed to making a $250 million strategic investment in Westaim. The combination will transform Westaim into an integrated insurance and asset management platform, with a growing and diversified credit manager and an advantaged, tech-enabled insurance carrier that is expected to provide competitively priced fixed income and multi-year guarantee annuity products to policyholders and drive strong and sustainable value creation for Westaim shareholders. The closing of the transaction is subject to receipt of required shareholder approvals and customary closing conditions. The Willkie team was led by partners Larissa Marcellino, Sean Ewen, Hugh McLaughlin and Robert Stebbins.

Oct 9

1 min

Willkie advised Novacap, a leading North American private equity firm, on its close of Novacap Tech Fund VII, with nearly $3.8 billion in capital commitments, including affiliated vehicles. On February 25, Novacap announced the final close of Novacap Tech Fund VII Fund with nearly $3.8 billion in capital commitments. The fund was raised in under a year, quickly exceeding its target of $2.75 billion, highlighting Novacap’s longstanding focus on disciplined, value-added technology buyouts. With the close of Tech VII – the latest fund in Novacap’s Technologies strategy, Novacap now manages more than $12 billion in assets. In 2025, Willkie advised Novacap on a number of high profile M&A transactions, including its $1.9 billion take-private of Integral Ad Science. The Willkie team was led by partners Larissa Marcellino, Giovanni Smedley and Walter Turturro and included partners Caitlin Link, Henrietta de Salis, Alexander Ryan and Sarah Kessler.

Feb 27

1 min

Willkie represented the founders and Atlantic Global Risk LLC (“Atlantic Group”), a leading independent transaction liability insurance broker in the United States, in connection with Howden’s acquisition of Atlantic Group. On January 5, Howden announced that it agreed to acquire Atlantic Group. The combination of Howden, the largest transaction liability insurance broker outside of the U.S., and Atlantic Group creates a new global force in the transaction liability market. Through the combination, Atlantic Group’s founders will become Howden shareholders and will take on key roles in Howden’s U.S. retail broking growth and global transactional liability strategy. The Willkie team was led by partners Larissa Marcellino and Andrew Marmer and included partners Jordan Messinger and Philip Coletto and associates Nicola White and Caleb Penrod.

Jan 7

1 min