Nossaman provides a full range of legal services and strategic advice to clients who manage or advise pension plans on their real estate or alternative investment portfolios. Our public clients include some of the highest capitalized city, county, and state public employee retirement funds in California. Our private sector clients include corporate pension funds, insurance companies, and financial institutions. We have experience with a wide variety of sophisticated transactions relating to the full complement of real estate assets and investment products. We have assisted our broad and impressive list of clients with transactions ranging from $500,000 to $1 billion. Our work helps our clients make their investments work for their clients.
ALTERNATIVE INVESTMENTS
Nossaman represents public pension fund clients in connection with their investment in commingled funds, investment partnerships and alternative investments vehicles as may be selected from time to time by the pension funds' boards based on the advice of consultants and financial advisors in the area of core, value-added and opportunistic investments. Nossaman's team also advises pension fund consultants, and we review their recommendations and underlying fund structure and operations.
Nossaman's work includes advising pension funds on their investments as limited partners (LPs) or members in private equity funds, hedge funds, hybrid funds, funds of funds, infrastructure funds, and real estate investment trusts (REITs). We assist investment officers and city attorneys with reviewing fund documents such as the private placement memorandum, subscription agreement, management agreement, partnership agreement, and limited liability company agreement. Nossaman reviews legal opinions prepared by fund counsel, prepares investor legal opinions and investor acknowledgments in connection with credit facilities with banks, and negotiates side letters on behalf of our investor clients. Nossaman also regularly prepares recommendations for review by and appears before our clients' pension fund boards in open and closed sessions.
REAL ESTATE
Nossaman helps pension fund clients acquire, manage and dispose of substantial real estate equity and debt investments. Our team has negotiated purchase and sale transactions, prepared agreements and other closing documents, reviewed title commitments, inspected government permits and entitlements, and reviewed environmental reports and leases. We have assisted our clients with asset management, drafted and reviewed leases and amendments, managed tenant issues, counseled clients on dealing with insurance claims and condemnations, and negotiated tenant workouts and evictions. We have documented financings, both single asset and multiple asset, and have structured co-investments with developers, asset managers, and investment advisors. We have experience advising on seller financed sales and transactions involving commercial loans.
Nossaman's experience includes structuring complex transactions, negotiating and drafting all relevant documents, resolving title matters, conducting due diligence, coordinating closings, and handling real estate and debt investment litigation for both plaintiffs and defendants. We have handled properties of all kinds, including industrial and R&D properties, commercial and mixed-use projects, hotels, single and multi-family housing, major new development projects, and undeveloped and agricultural land.
LITIGATION
Nossaman has an extensive litigation practice that includes matters directly relevant to pension plans. We regularly provide counsel to our pension plan clients on litigation matters, such as benefits and disability disputes, Public Records Act requests, real estate disputes, and general contract matters. In addition to matters specific to pension plans, our litigation attorneys handle a wide variety of investment and other business lawsuits of the type they might face, on behalf of other public agency clients. In the investment arena, our attorneys are familiar with the issues that arise from advisor mismanagement, workouts, and bankruptcies. We work closely with asset managers and property managers to bring matters to a successful conclusion. We understand fiduciary issues that guide pension plans in their litigation as in other aspects of their operations. In appropriate cases, we recommend litigation and pursue that to a successful conclusion, either at trial or through settlement.
BENEFITS
Nossaman attorneys represent numerous public agencies, school districts, and governmental employers in connection with benefits offered to employees by various public agencies including CalPERS and CalSTRS regarding retirement and welfare benefits. We have designed and advised 403(b), 457(b) and (f) programs and have advised on benefits provided through state retirement systems. In addition we have advised on health and welfare benefits including self insured programs, retiree medical, flexible spending accounts, and other benefits offered to employees.
FIDUCIARY
Nossaman attorneys served as an independent fiduciary counsel for the Orange County Employees Retirement System. Our advice included appropriate administrative activities by fiduciaries, appropriate activities on due diligence matters, including due diligence trips and appropriate contact with vendors. We also advised the Board with respect to the termination of the Plan Administrator and engagement of a new Plan Administrator and advised regarding severance negotiations and employment packages.
REPRESENTATIVE CLIENTS
- Alameda County Employees' Retirement Association ("ACERA")
- California State Teachers' Retirement System ("CalSTRS")
- California Public Employees' Retirement System ("CalPERS")
- International Brotherhood of Electrical Workers Pension Fund
- Kern County Employees' Retirement Association ("KCERA")
- Los Angeles City Employees' Retirement System ("LACERS")
- Los Angeles Fire and Police Pension Plan ("LAFPP")
- Los Angeles Water and Power Employees Retirement Plan ("LADWP")
- Orange County Employees' Retirement System ("OCERS")
- Sacramento County Employees' Retirement System ("SCERS")
- San Jose Police and Fire Department Retirement Fund ("SJPF")
- Sonoma County Employees' Retirement Association ("SCERA")
- United Mine Workers of America 1974 Pension Fund