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Stephen Culhane co-heads the Investment Management practice and focuses primarily on representing sponsors of private equity, real estate, special situation and distressed investment funds, hedge funds, and funds of funds with respect to the structuring, formation, and operation of such fund products. Recent matters include private equity, venture capital, US real estate opportunity, and specialty finance fund products on behalf of global financial institutions and leading private fund managers. Mr. Culhane routinely assists management teams with the formation or restructuring of investment management firms, and he also assists clients with investments in, or acquisitions or dispositions of, investment management firms. He also advises select institutional investors with respect to their investments in private funds, and has extensive experience negotiating complex secondary transactions involving portfolios of fund and/or direct investments, as well as fund restructuring transactions.

Previously, Mr. Culhane served as Associate General Counsel of Goldman Sachs and the Legal Director to Goldman Sachs Asset Management's Private Equity Group, where he served as the senior lawyer responsible for covering GSAM's private equity funds and direct hedge funds. Mr. Culhane has focused on private investment funds since the early 1990s and is a frequent speaker on issues relating to private investment funds.

Mr. Culhane attended New York University School of Law, where he was Associate Editor of the New York University Review of Law and Social Change.


  • US registered investment adviser with respect to the formation and/or operations of numerous funds, including:
    • a €300 million Euro-denominated European real estate private equity fund organized as an English partnership;
    • a series of co-investment funds organized to provide equity financing for the acquisition of industrial real estate properties in the greater Manchester, England metropolitan area;
    • a series of co-investment funds organized to provide equity financing for the acquisition of a mixed use business park in southern England;
    • a series of co-investment funds organized to provide equity financing for the acquisition of a number of commercial real estate properties in England;
    • a $150 million US real estate private equity fund.
    • the formation of a multi-billion dollar hybrid special situations and credit opportunity fund and related investment vehicles; and
    • representation of multi-billion dollar distressed investment and credit opportunity fund organized as Cayman Islands master-feeder.
  • China-based private equity firm in the structuring, establishment and marketing of a $2.5 billion private equity fund, organized as an exempted limited partnership established in the Cayman Islands. At the time, the fund was the largest China-dedicated private equity fund raised.
  • Privately held NY-based investment manager in the formation of a $250 million US domiciled private equity fund.
  • Canadian investment manager with respect to the formation of a private equity fund organized to invest in energy opportunities in Canada and the United States.
  • NY-based investment manager in the formation of special situations investment funds organized to invest in distressed and special situations credit products.


Best Lawyers
Leveraged Buyouts and Private Equity Law (NY) (2007-2024)
Private Funds/Hedge Funds Law (NY) (2007-2024)
Who's Who Legal
Private Funds – Formation (2007-2021)
Expert Guides
Banking, Financial and Transactional Law: Investment Funds and Private Equity (New York) (2005-2020)



  • J.D., New York University School of Law, 1993
  • M.Phil., Politics, Magdalen College, Oxford University, 1988
  • B.A., Princeton University, 1986, cum laude


  • New York


  • Member, New York State Bar Association
  • Member, New York City Bar Association, Private Investment Funds Committee
  • Member, Board of Trustees, Brooklyn Historical Society (2007-2015)
  • Director, Waterfront Alliance (2008-2010)