Billy LeBas focuses his practice on investment management-related matters. His experience includes fund formation and operational and transactional matters pertaining to private funds, including private equity, hedge and real estate funds. He also advises sponsors with respect to regulatory and compliance matters under the Investment Advisers Act, Securities Act, Investment Company Act and the rules and regulations of the Securities and Exchange Commission.

Prior to joining Arnold & Porter, Mr. LeBas worked for five years at a large global investment firm, covering its private markets advisory businesses (which included private equity, real estate, infrastructure, growth and energy) and assisting with regulatory and transactional matters, most recently as a vice president, compliance officer and counsel.


  • BlueWhite Legal Capital with respect to the formation, documentation and negotiation of the terms of its inaugural litigation finance fund and related commercial undertakings with the fund's anchor investor, a leading private US investment management firm.
  • Various private equity fund managers in the formation and operation of their funds.
  • Fund of funds with respect to the disposition of a portfolio of ten investments in private funds.
  • Private equity fund with respect to the disposition of numerous interests in private partnerships and operating companies.
  • European hedge fund managers with respect to the review and revision of their offering documents in order to address US regulatory considerations in connection with US-focused fund-raising activities.
  • Established hedge fund manager with respect to the formation and documentation of multiple separately managed account arrangements.
  • Private equity, hedge fund and real estate managers in connection with SEC registration, regulatory compliance and filing matters.


Policy Considerations and Next Steps for Fund Managers From the Revised Accredited Investor Standards
Co-author, Private Equity Law Report
SEC Expands Accredited Investor Definition
Key Take-Aways from OCIE's Recent Alert on Compliance Issues Observed in Examinations of Private Fund Managers
Regulation of Big Data Use and Personal Data Privacy: The SEC and California Make Data a Priority Focus in 2020


  • JD, The George Washington University Law School, 2014, highest honors, Order of the Coif
  • BA, English, Gender Studies, Davidson College, 2011, cum laude
  • New York

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