Top 30 US law firm Paul Hastings has hired partner John Budetti in New York from rival Kirkland & Ellis to lead its global investment funds and private capital practice, the firm said Monday.

Four more partners have joined Paul Hastings along with Budetti. The firm declined to identify them, though a spokesperson confirmed they are all joining directly from Kirkland or are recent Kirkland alumni. They bring experience in funds, private capital transactions, tax and regulatory matters. 

For his part, Budetti represents leading private equity fund sponsors with assets of $30bn or more across all classes. He also advises in secondary and general partner-led transactions, co-investments, internal economic arrangements and other fund, transactional and governance-related matters.

He has joined Paul Hastings after almost 17 years at Kirkland, where he made partner in 2010 and worked with clients including Arlington Capital Partners and Audax Group. 

He also co-led Kirkland teams that advised private equity firm Summit Partners on the first and final closing of multi-billion dollar US growth equity funds, including one in 2021 that raised more than $8bn. 

“The arrival of John and the investment funds team furthers our goal of representing our asset management clients on their most important and complex matters across a broad range of asset classes and practices,” said Paul Hastings chair, Frank Lopez. “John’s reputation and position in the investment funds market cannot be overstated – we are thrilled he has joined us.”  

Budetti is the latest in a series of senior hires for Paul Hasting’s New York office, including that of veteran Weil Gotshal & Manges finance partner Morgan Bale last December and the ‘milestone’ addition of Gibson Dunn’s global M&A co-chair Eduardo Gallardo last summer. 

The office also became home to the bulk of an 18-partner restructuring team that moved over from Stroock & Stroock & Lavan last March, in a deal that easily doubled the lawyer headcount of its restructuring team to more than 70.