Stephen M. Fields focuses on investment transactions on behalf of fund managers engaged in leveraged buyouts (LBOs), mezzanine investing and venture capital investing across a wide variety of industries. He has formed more than 50 funds (private equity, mezzanine and venture capital) and has negotiated investments by numerous types of institutional investors, both foreign and domestic, including business development companies, pension funds, banks, unions, endowments and family investment entities. On both the formation side and the investment side, he has focused on middle-market funds (under US$300 million) that make minority, control and/or leveraged buyout investments. These minority investments range from US$1 million and up, and the LBO transactions utilize senior and mezzanine debt, generally ranging from US$20 million to US$500 million in purchase price. Such transactions include simple minority investments, follow-on investments, buyout investments (leveraged and unleveraged) and disposition of portfolio companies on behalf of clients that control substantial pools of capital.
Stephen has represented small business investment companies (SBIC's) since 1974. He has authored numerous articles for the New York Law Journal and the New Jersey Law Journal about venture capital funds and SBIC's. He has also lectured on these subjects at Columbia Business School, City University of New York's PhD program, the New York Venture Capital Forum, the Association for Corporate Growth and seminars sponsored by the International Business Forum and by several major accounting firms. Stephen also advised the US Small Business Administration's Office of General Counsel on the structure of the agency's Model Partnership Agreement.
Stephen's primary clients include LBO funds, business development companies, mezzanine funds, merchant banks, venture capital funds and the private equity, mezzanine and venture capital groups within financial institutions.