Investment Funds: Private Equity: Fund Formation: Nationwide

THE FIRM This team receives unanimous praise from peers and clients for its superior fund formation practice. Impressive in both its depth and breadth, the group is able to cover a vast spectrum of funds, including distressed debt, infrastructure, buyouts and fund of funds. This range of expertise continues to attract some of the biggest players in the industry, resulting in a client list that speaks for itself. The Carlyle Group, HarborVest, Morgan Stanley and Stone Point Capital have all worked closely with attorneys from the team this year. Clients express their satisfaction and highlight the caliber of the younger members of the team who look poised to drive the practice forward.

Commercial Awareness "They're very pervasive in the market and extremely organized. They stay on top of how the provisions are changing and give real counsel as to how we should fight or not, as the case may be."

KEY INDIVIDUALS Cochair of the group Michael Harrell receives outstanding feedback from sources who admire "his ability to see all aspects of a problem. He quickly hones in on biggest challenges and offers solutions to get past them." He has been occupied this year with a significant global distressed debt fund on behalf of Oaktree Capital Management. Interviewees further praise his superior "judgment and acumen."

The "pragmatic" Jennifer Burleigh "deserves to be mentioned with a superlative" according to one impressed interviewee. She led the team representing EIG Global Energy Partners on the formation of a $4.1 billion fund this year. "She has the knowledge but she's very practical as well, she understands the ultimate objective."

David Schwartz, who handles a significant amount of the group's work for HarborVest, attracts plaudits for his dedication and responsiveness: "I appreciate that he is very senior but he is always available to me when I need him."

Rebecca Silberstein is highly prized by her clients, one of whom notes: "She's smart, responsive, practical and knows the market." She has recently been working on a $3.5 billion financial services-focused fund for Stone Point Capital.

The "extremely intelligent and responsive" Jordan Murray has made a strong impression on the market, encouraging incredibly positive feedback for his work. "He always does the very best job that he possibly can. With that perfectionism comes a great balance of strong legal skills and good negotiating and business acumen."

Peers and clients are quick to heap praise on Erica Berthou, with one source commenting: "She is phenomenal." She has been busy working on a South American buyout fund for The Carlyle Group this year. "She is super to work with, has lots of energy and works very hard."

THE FIRM Feedback suggests that this team has had a remarkable year, with market sources showering deserved recognition on the achievements of the practice. This highly ambitious firm is looking to further expand, particularly in the real estate fund formation and emerging markets areas and already houses a very well-regarded secondaries practice. The global footprint of the firm places it in a strong position to create and sustain relationships with highly active clients such as CVC, Madison Dearborn and Energy Capital. Exceptional client service and extensive resources are two further attractive aspects of this practice pointed out by interviewees.  

Client Service "They are the most responsive and on-top-of-it law firm I've ever worked with. I know we're not their only client but they make us feel like we are."

KEY INDIVIDUALS Chicago-based group leader Bruce Ettelson is described as "a dean of the fund formation Bar and a brilliant legal mind." His impressive client roster includes Madison Dearborn, Golden Gate and Summit Capital Partners. One source highlights his wealth of experience: "There's almost no issue he hasn't seen and skillfully solved with his twenty-plus years of fund formation experience. He is particularly adept at investor negotiations."

John O'Neil focuses his practice on sponsor representations and has this year acted on behalf of GTCR Partners in a $3.25 billion buyout fund. He is identified as "top notch and he really understands the pulse of the market."

Chris Kallos has outstanding depth of experience in fund formations, spinouts and operations. He represents some major players in the private equity world, including AEA and Vestar.

The multitalented Kirk Radke enjoys a strong reputation across the full range of private equity activity including formation and buyouts. One interviewee remarks: "He is a very important sounding board for us, definitely a major player in the private funds world."

Sarah Kirson has a terrific reputation in the field and many significant representations under her belt. She has acted for sponsors on the formation of private equity funds up to the value of several billion dollars. "She's very strong in understanding all the legal implications and very business practical which we very much appreciate. She connects the dots well and goes above and beyond what is reasonably expected."

Ex-Simpson Thacher attorney Andrew Wright earns sensational feedback from market sources: "Andrew is extremely intelligent, very personable and takes the time to deliver the highest-quality work product." He is identified as a key player within the practice and has been busy with work for Golden Gate amongst numerous others. One interviewee said: "We're thrilled to have Andrew on our team and, quite frankly, we don't know what we would do without him."

THE FIRM The hugely successful private funds group at Simpson Thacher has seen its activity levels remain high in spite of difficult conditions in the private equity fund raising market. The team has been working on an impressive range of alternative assets, including emerging markets work focused particularly on Brazil, infrastructure work for clients such as Macquarie and financial services funds. Feedback consistently recognizes this group as a superlative force in the market and some notable names on its illustrious client list include Blackstone, Apax Partners and EQT. 

Commercial Awareness "The depth and breadth of their knowledge in the marketplace is extremely helpful in transactions and the expertise is very good."

KEY INDIVIDUALS Thomas Bell is lauded as "one of the czars of the industry" and "the father of the private equity practice" by sources, who point to his depth of experience and technical skill to illustrate their point.

The hugely talented Michael Wolitzer is known to his clients as "a genius, very practical with great business sense." He has worked with numerous high-profile fund sponsors and his knowledge extends to all facets of the alternative asset industry. One source notes: "He is a true counselor with whom you can discuss ideas and concepts."

Glenn Sarno enjoys a sterling reputation in this space, with feedback highlighting his outstanding commercial judgment and negotiation skills. His expertise covers both domestic and international matters. 

Peers and clients emphasize the exemplary qualities of Barrie Covit this year. "I would single out Barrie for his combination of experience and legal knowledge. He is a very skilful negotiator and creative thinker." He has experience not only of large US-based fund sponsors but of global funds focusing on specific asset classes.

Tax expert David Shevlin has an established practice handling exempt organizations issues and has represented a number of key players in the private funds world.

THE FIRM Current trends focusing on emerging markets and the internationalization of the industry play to Cleary's key strengths in this space. Already a strong global player, the firm has been active this year in China, Latin America and Africa, recently advising Helios Partners on a pan-African fund that closed at over $900 million. The team continues to enjoy a highly productive relationship with key client TPG, assisting on several fund raises this year, including matters with a global scope. Clients are impressed with the team's creative approach to structuring as well as the depth of their expertise in pervasive regulatory matters. 

Commercial Awareness "Very smart, great problem solvers, incredibly commercial and they don't take ridiculous positions on things. They are mindful of the fact that people need to get business done."

KEY INDIVIDUALS Michael Gerstenzang has substantial experience in the private equity world and is comfortable advising clients on formation, investment activities and structuring a variety of alternative asset vehicles. He maintains an excellent relationship with TPG as well as advising the likes of Unitas and Credit Suisse. He is known to be "smart, personable and a class act."

Elizabeth Lenas receives praise for her "tremendous knowledge" of the market. She handles a significant volume of the TPG work alongside Gerstenzang and continues to expand her international capabilities, acting as counsel to several sovereign wealth funds in the Middle East and Asia this year.

THE FIRM Davis Polk houses a well-regarded investment management team with a wealth of knowledge on regulatory matters affecting the private equity space. They have an established reputation advising standalone private equity firms and those within key financial institutions on a broad range of private equity matters. The group has enjoyed a busy year, advising PIMCO on a $2.3 billion closing as well as offering expert regulatory guidance to SIFMA on the application of the Volcker rule. Attorneys within the team have also been devoting time to infrastructure funds and other alternative investment vehicles, which have been receiving a great deal of attention from investors in recent months.   

Sources say: "They have a lot of experience in the area and they know what other people in the market are doing. They really have an idea of what people in business need to accomplish, not just purely academic or overly complicated."

KEY INDIVIDUALS The universally popular Yukako Kawata is described as "a well-known, excellent lawyer and a delightful person." She has a wealth of knowledge on the full spectrum of private funds matters, including advising clients on formation and regulatory compliance issues.

Leor Landa has an active practice advising clients such as Credit Suisse and JPMorgan on private funds matters, with a particular focus on the secondary market. Sources enthuse that he is "a great guy" and "tremendous and really responsive."

THE FIRM Representing some of the largest private equity fund sponsors, this group continues to impress with its reach and industry knowledge. The likes of Apollo, Harvest Partners and Oak Hill Advisors turn to this team to guide them through complex fund formations, with attorneys able to expertly handle buyouts, credit funds, distressed debt funds and a wide range of other fund varieties. The firm prides itself on its innovative approach to product development and investment strategies and has been involved in cutting-edge hybrid fund work.

Sources say: "They have a good reputation in the market and work hard: I think very highly of them."

KEY INDIVIDUALS Marco Masotti maintains a wide-reaching practice, incorporating advice to a range of funds, and assisting on investment management M&A transactions. He has acted on behalf of some of the biggest alternative investment managers and one source reports: "I think very highly of his work, he is one of the best in this area that I know."

Longstanding member of the private funds community Robert Hirsh is well-respected for his practice, which includes a great deal of work for large buyout fund sponsors. He continues to lead the New-York based private funds group at Paul Weiss.  

THE FIRM Regulatory issues have been front and center of client concerns this year, and the team at Ropes is extremely well-equipped to shepherd clients through the constantly evolving regulatory landscape. Attorneys have noticed a greater emphasis on offering multiple products and have been broadening their asset class coverage in order to provide first-class assistance to their clients in that respect. With expertise on both the sponsor and the investor side, this group has up-to-date market knowledge at all times and receives accolades for its strong grasp of the key issues affecting its clients. BlackRock, Goldman Sachs and Kohlberg Capital all feature on Ropes's extensive client list.

Sources say: "They have a strong practice and they do well for their clients."

KEY INDIVIDUALS Larry Jordan Rowe has represented a host of high-profile names on both the sponsor and investor side, including Harvard University, Goldman Sachs and The Bill and Melinda Gates Foundation. He is well-equipped to offer advice on a wide range of issues such as debt and equity investments and the formation and representation of funds.

Co-head of the private investment funds group Raj Marphatia's practice covers the gamut of private investment vehicles. He skillfully applies his technical expertise to both sponsor and investor representations and has acted on behalf of clients such as Makena Capital and Stanford University. 

William McCormack is a highly respected private funds attorney, whose knowledge and experience reach back many years. His practice focuses particularly on sponsor representation.

Ann Milner has acted on behalf of some of the biggest private equity firms in the world and devotes her time to the formation and maintenance of a variety of private investment vehicles. 

As a founder of the private equity practice at the firm, Bradford Malt has huge depth of knowledge and experience of the market. Clients turn to him for high-quality M&A and investment advice.  

THE FIRM This firm has a deep bench of experienced attorneys who are able to offer tailored and far-reaching fund formation advice to a variety of clients. The group's commercial and comprehensive approach encourages their clients to view it as a one-stop funds shop and the team has proved adept at providing ongoing counsel with regards to deal work and transactional matters. The global reach of this practice has been boosted this year with the arrival of a high-profile fund formation team in London and feedback suggests that an integrated international approach is both valuable to and popular with clients.

Commercial Awareness "They obviously do a lot of this work. They have phenomenal judgment about what you should be doing and they come up with commercially minded ways of doing things."

KEY INDIVIDUALS The "hard-working" Barry Wolf continues to act as executive partner of the firm, as well as maintaining a solid private funds practice. Key representations in the past year include Snow Phipps and Lindsay Goldberg. Clients are quick to confirm his excellent reputation, describing him as a "fantastic lawyer, very responsive and client-oriented."

Jeffrey Tabak is known to clients as the "quintessential New York attorney, always available and very responsive." One sources adds: "His knowledge of the market is very helpful to us."

Jonathon Soler receives tremendous feedback this year, with one source explaining: "I've watched him develop into being a phenomenal lawyer, really good sense of right and wrong and great conviction in his views, open minded and pragmatic." He represents sponsors and institutional investors and has recently handled a private equity buyout fund for Snow Phipps.  

Shukie Grossman is well-regarded by market sources: "He's knowledgeable, he represents quite a lot of big and small funds. He knows what's happening in the market, and he's in touch with all the right people." He has in-depth experience with both offshore and domestic funds and is adept at terms negotiations.

THE FIRM This year the dynamic funds team at Akin Gump has seen limited partner clients concentrating their investment activities increasingly in real estate, infrastructure and emerging markets funds. Attorneys have demonstrated technical skill and creativity in assisting clients to review their strategies in the face of the current challenges of the financial markets. They have recently advised key clients Oak Hill, Soros and Apollo on a variety of formation and structuring matters and also offer expert regulatory guidance.   

Sources say: "Very knowledgeable in this area; they do a good job."

KEY INDIVIDUALS Co-head of the practice Prakash Mehta stays abreast of current market trends through his extensive representations of investment banks, institutional investors and fund sponsors.  

THE FIRM This group is highly valued for its expertise in all aspects of fund formation, hedge fund and regulatory matters. It has had a successful year in terms of the volume and size of the funds it has handled on behalf of clients such as Goldman Sachs and Madison International. Attorneys have demonstrated their versatility, acting on mezzanine, secondary, real estate and infrastructure funds and attracting plaudits for their deep knowledge of the tax and regulatory issues surrounding these vehicles. Sources are also quick to highlight the strong client service, an area in which Fried Frank has consistently excelled.

Client Service "Service is off the charts – they do whatever we ask them to do. They know us so well that they know every facet of our business. They are deeply trusted advisers."

KEY INDIVIDUALS Head of the asset management group Lawrence Barshay enjoys a diverse workload representing financial institutions, hedge funds and private equity funds. He is admired by market sources who confirm: "He has a good reputation."

Kenneth Rosh is highly prized by his clients, who describe him as "indicative of the spirit of the whole firm." He has a broad corporate and securities practice, with particular expertise on private equity fund formation, secondary transactions and investment counseling.

Richard Ansbacher maintains a solid reputation in the field acting on behalf of global fund sponsors and also has experience handling hybrid funds and funds-of-funds.

David Shapiro has substantial experience handling acquisitions and dispositions for private equity and mezzanine funds.

THE FIRM This team has seen prolific activity in the secondaries market in recent months, representing almost half of the active funds. Other key activities this year have included large fund closings for Leonard Green and Credit Suisse. In addition to its sponsor side fund organization work, the group has also been active for sovereign wealth funds on the investor side, as well as several transactions involving fund management companies. The team has also addressed a high volume of Dodd-Frank and Volcker rule-related concerns.  

Sources say: "They take a real business-oriented approach, so they're always working towards solving a problem rather than saying you can't do this."

KEY INDIVIDUALS Edward Sopher counts Credit Suisse, Step Stone and Pinebridge amongst his clients and offers nuanced advice on a wide range of private funds matters.

West Coast-based Jennifer Bellah Maguire enjoys longstanding relationships with significant funds clients such as Leonard Green.

Edward Nelson exemplifies the excellent qualities of the firm for his clients, who comment: "He's done a great job for us and the accessibility is very strong."

THE FIRM The strength of this team is derived from the geographic reach of the firm and the sophisticated nature of the work it handles. The group has been increasing the volume of real estate funds it works on, as well as handling a wide variety of co-investment vehicles and alternative asset funds. Representing both sponsors and investors, the team is able to offer a broad perspective on matters affecting investment funds, including securities, regulatory and tax issues.

Sources say: "The firm's breadth and depth are some of their strongest points."

KEY INDIVIDUALS The "empathetic" Barton Clark is highly valued by his clients, who frequently seek his perspective on a broad range of private equity matters. One interviewee explains: "His job is to save me and my firm from ourselves and he does it well, he really understands the way we look at things."

Scott Klein acts as global co-chair of the firm's investment funds practice. He is able to advise on fund formation and structuring as well as registration and compliance matters.

THE FIRM The team here has had a busy year in terms of the formation and launch of new funds for well-established clients such as KKR. The group's reach across the spectrum of funds has been impressive: attorneys have worked on mezzanine, buyout, energy, oil and high yield funds amongst others and have been able to draw upon the vast resources of the global firm to provide their clients with high-quality, well-informed advice.

Sources say: "Linklaters stands out in its ability to deliver cross-border, multijurisdictional advice. Everyone on their investment management team is an athlete."

KEY INDIVIDUALS Sources appreciate Scott Bowie's level-headed guidance and leadership skills: "He is practical, trains and monitors his people exceedingly well and shares his judgment with us. A great outside-the-box thinker who can tackle any issues we throw at him."

Senior associate Justin Storms has attracted positive feedback this year, highlighting his "commercial, practical and hardworking" attitude as well as his ability to provide "elegant solutions" to complex issues.

THE FIRM This is a well-recognized name among market sources, particularly in the niche of real estate fund formation. Sources appreciate its up-to-the-minute knowledge of the industry and the firm has maintained strength during the volatility of the financial markets due in large part to its impressive global footprint. This year the team has seen increased activity in the emerging markets sector and seeks to support fund sponsors with the structuring, regulation and operation of these funds as well as related tax issues.

Sources say: "They are very practical and efficient, and have good knowledge of the market."

KEY INDIVIDUALS John Noell is highly recommended for his negotiation skills, with one source describing these as a "god-given talent." He has proven adept at seeing both sides of an argument and is "very persuasive." His practice focuses on product structuring and compliance advice on behalf of private funds clients.

THE FIRM This highly active firm is renowned for its work on the limited partner side and also houses a strong secondaries practice. Morgan Lewis has successfully diversified its practice, covering the gamut of fund types from infrastructure to distressed assets. The firm counts Credit Suisse, Goldman Sachs and SK Capital among its clients and interviewees highlight cost effectiveness and efficiency as further attractive features of this practice. Attorneys have this year been involved in a number of innovative projects including double bottom-line funds and creative seeding arrangements.  

Sources say: "We were quite impressed at the knowledge and speed and solution-oriented approach. They are a valuable resource."

KEY INDIVIDUALS Louis Singer leads the practice at this firm and is greatly admired by market sources, one of whom notes: "Absolutely brilliant, he has a great deal of expertise and is so intelligent."

Georgette Schaefer is lauded for her "timely, responsive and thorough" approach when representing clients. She has corporate and securities expertise and regularly acts for pension funds, higher education institutions and investment managers.

Peter Phleger is a highly experienced attorney with substantial knowledge of fund formation and representing sponsors on secondary transactions.

THE FIRM Proskauer has a robust funds practice that is well-regarded by peers. The team has handled a healthy volume of fund raises and closings in the past year and has significant international experience and attorneys advise clients across a broad geographic range. It also represents both sponsors and investors and regularly acts on behalf of clients such as Bessemer, JPMorgan and Ares Management.  

Sources say: "Proskauer Rose has some excellent lawyers who work very hard and diligently. They are smart and experienced, and they can be trusted to get the work done in a professional manner."

KEY INDIVIDUALS Group cochair Robin Painter enjoys an excellent reputation in the market. "She's internationally recognized in the industry with a very good pulse on the private equity world." 

THE FIRM With the capacity to work across multiple jurisdictions, this international firm is praised for its strength on cross-border funds work. The team has noticed an uptick of co-investor involvement in deals and the impact of the ubiquitous regulatory reforms catalyzed by the Dodd-Frank Act. This group has recently been working on real estate, spinout and buyout funds as well as offering regulatory counsel to clients such as Apollo, HSBC and BC Partners.

Sources say: "They have a strong presence, the lawyers are diligent and manage our expectations well."

KEY INDIVIDUALS Roger Singer excels in his practical application of the law, which translates into high satisfaction levels for his clients: "He is a business person's attorney, really client focused and knowledgeable about us as a business."

Craig Medwick has a wide range of knowledge in private equity matters, and diligently advises clients on investment activity and M&A transactions.

THE FIRM The private equity team at Cooley is able to take advantage of the tightly integrated nature of the firm to provide expert tax, formation and structuring advice to their clients. Lauded for its strong venture capital practice, the firm continues to expand on the private equity side, representing clients drawn from a range of industries. These include IT, life sciences, financial and government services.

Sources say: "They're a strong firm and we hold them in high regard."

KEY INDIVIDUALS Alfred Browne is a key contact.

THE FIRM This team has broad experience and knowledge across the whole spectrum of private funds work, with particular emphasis on the regulatory side in relation to banking institutions. Attorneys are adept at handling spinouts from banks as a result of the Volcker rule and provide a full service to new managers including structuring and regulatory advice. The team has also enjoyed acting on a great deal of real estate and secondary funds this year.

KEY INDIVIDUALS  

Rising star Loretta Shaw-Lorello receives positive feedback this year. Her practice concentrates largely on sponsor representation whilst also offering solid advice to institutional clients on their investment structures.

THE FIRM DLA Piper is better placed than ever to offer comprehensive private funds advice to clients with the arrival of two new partners to the group in the past year. The firm is seeking to grow an integrated practice capable of covering complex transactions relating to both private equity and hedge funds. The team represents investors and fund managers in a wide variety of national and international matters and clients benefit from the added value offered by the tax, regulatory and corporate expertise within the firm.

Sources say: "Excellent knowledge and people; practical and good value."

KEY INDIVIDUALS David Goldstein has been devoting time to the emerging markets sector this year, representing several South American funds. His broad private funds knowledge also extends to advising clients on related tax issues.

Chair of the fund formation group, Howard Rosenblum continues his stellar work acting on behalf of fund managers on a range of domestic and international issues. His practice also sustains a particular Israeli focus.  

THE FIRM Goodwin Procter maintains an excellent reputation for its real estate funds practice as well as solid venture and infrastructure work. Clients of the firm have also been focusing their investment activity on oil and gas funds in China, with attorneys benefiting from close integration with the Hong Kong office. Clients appreciate the individual attention they receive and the efficiency with which work is carried out.  

KEY INDIVIDUALS David Watson is a key contact.

THE FIRM This team represents both sponsors and investors, giving it a broad perspective of the market and trends such as increasing limited partner activity. Attorneys at Hogan Lovells specialize in offering creative structuring solutions to their clients, exploring parallel funds structures for Ironwood Capital this year. The firm is increasing its global reach and provides counsel on an impressive range of funds, including mezzanine, venture and lower middle market buyout funds. 

Sources say: "They've been excellent to deal with – very responsive, with good knowledge of the market and efficiency."

KEY INDIVIDUALS The "excellent and well-rounded" David Winter "has good general business knowledge as well as legal knowledge and a background in taxation." From his Washington, DC base he co-heads the group and is able to offer advice to sponsors and investors of a range of fund types.

THE FIRM The user-friendliness and excellent value of this firm are highlighted in feedback from market sources. Nixon Peabody has a well-established investor-side practice and offers clients regulatory guidance as well as assistance in fund formation and structuring. It has been highly active this year, especially on large secondary transactions, an area in which the team is developing niche expertise.  

Client Service "They are really good at client management: they come to visit us, they call just to check in and chat, and are genuinely interested in what we're doing."

KEY INDIVIDUALS Talented attorney Charles Jacobs receives rave reviews from market sources, one of whom enthuses: "What a wonderful guy, he's excellent to work with." He is highly active on the investor side and clients admire his diligent work ethic.

John Koeppel continues to spearhead the investment funds team and has substantial experience with investment transactions, fund formation and M&A activity. He also attracts praise for his dedication: "He works so hard."

THE FIRM This team demonstrates tremendous skill in handling international real estate funds on behalf of institutional investors such as Apollo Global Real Estate. Attorneys are able to advise on investment strategies on a global scale as well as being heavily involved in the formation side of the market. Regulatory issues are also covered by the team as they seek to protect the interests of clients both in the US and other jurisdictions. 

Sources say: "It makes a huge difference when your lawyer makes himself a part of your team. They are very savvy when it comes to analyzing the risks."

KEY INDIVIDUALS Joshua Sternoff is described as "brilliant, level-headed, and deeply experienced and knowledgeable." One satisfied client adds: "He gives sophisticated and nuanced advice on complex matters with the perfect balance between legal advice and an awareness of pure business issues."

THE FIRM This international firm has a strong group of attorneys who represent sponsors and investors of private equity funds. Backed up by powerhouse corporate and tax teams, the investment management group has great depth of experience in all types of private funds and count key players such as Fortress, Thiel Capital and Deutsche Bank among its client roster. Interviewees indicate that the cross-border capacity and broad technical knowledge of the team were significant factors in their choice of firm.

Sources say: "Skadden did an excellent job of lawyering, but more importantly their business judgment made sure we were not looking at the issues with 'legal glasses' alone. They have always brought common sense to the table."

KEY INDIVIDUALS John Caccia is lauded for his "masterful" handling of private equity issues. Clients appreciate his commercial acumen and willingness to think outside the box and note that his "diplomatic style makes working with him particularly enjoyable." 

THE FIRM Activity in this practice in the past year exemplifies the global nature of the firm, with key representations including Gávea and Pacific Alliance Group. The team is highly experienced in all aspects of fund formation, operation and maintenance and has handled a range of funds including middle market buyout, real estate and hybrid funds.  

Sources say: "They have been very creative in finding timely, practical solutions to very complex problems."

KEY INDIVIDUALS Monica Arora is a key contact.