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Elizabeth Shea Fries is a partner in the firm’s Business Law Department and a member of its Financial Services Group. Ms. Fries serves as chair of the firm’s Hedge Funds Practice and a member of the Executive Committee. She has particular expertise in innovative investment products, hedge funds and other alternative investments, financial services merger and acquisition transactions, fiduciary issues and compliance matters.

Ms. Fries dedicates her practice to a broad range of investment management, fund, broker-dealer, banking and other financial services matters. She is experienced in the public and private offering of interests in open-end and closed-end management investment companies and other collective investment vehicles or pools, such as offshore investment funds, investment limited partnerships, private REITs, CDOs, group trusts, common and collective funds and investment trusts. She works with institutional investors, fund managers, sponsors, distributors and other service providers.

Ms. Fries has substantial expertise regarding the organization and structure of numerous business and investment entities and assists clients in creating and implementing investment products and service arrangements. Ms. Fries also counsels investment advisers, investment companies, banks, insurance companies, brokers and other providers of financial services regarding complex compliance issues resulting from the operation and integration of a variety of investment businesses. Working with multiple areas of law, including securities laws, ERISA, banking laws, commodities laws, tax laws and others, she is expert in analyzing complex issues and managing multi-faceted challenges toward practical resolutions.

Ms. Fries has guided numerous financial services firms through mergers, acquisitions and other complex transactions. She works closely with management to structure and effect transactions involving mutual funds, investment advisers, private funds, broker dealers, retirement recordkeeping and services and other financial services businesses. Such transactions have included leveraged management buyouts, stock and asset acquisitions, mergers, outsourcing arrangements and private and public offerings of securities.

Ms. Fries has been selected for inclusion in Chambers Global: The World’s Leading Lawyers for Business, Chambers USA: America’s Leading Lawyers for Business, U.S. News–Best Lawyers, The Legal 500 U.S., The International Who’s Who of Private Fund Lawyers and the 2014 Women in Business Law Expert Guide, among other recognitions. The Legal 500 U.S. specifically identifies her “deep experience” and an “innovative approach.”

At Columbia University School of Law, Ms. Fries was a Senior Editor of the Columbia Law Review.

Professional Activities

Ms. Fries is a member of the International, American and Boston Bar Associations. She has served as a member of the Council of the Boston Bar Association and its Executive and Finance Committees and as a Co-Chair of its Business Law Section. Ms. Fries has also served as a member of the Board of Directors of Common Impact, a nonprofit organization that connects skilled professionals from leading companies to high-potential nonprofits for the common good.


Ms. Fries speaks at numerous seminars on various topics, including acquisitions of asset management firms, marketing hedge funds, regulation of investment advisers, bank/broker-dealer regulation, collective investment funds, real estate hedge funds, securities lending, insider trading and investment company issues for non-financial firms.

Revised Version of Private Fund Investment Advisers Registration Act of 2009 Contains Exemption for Advisers to 'Venture Capital Funds'
Republished with permission by Dun & Bradstreet
October 19, 2009

IOSCO Seeks Comment on Proposed Hedge Fund Portfolio Valuation Principles
June 1, 2007

Private Fund Adviser Registration Rules Now Effective: SEC Issues Interpretations
Republished with permission by Martindale-Hubbell
January 29, 2007

SEC Adopts New Anti-Fraud Rule for Private Funds
Journal of Investment Compliance (Vol. 8, No. 4)
January 1, 2007