Practical counsel for private fund managers.
Five Lion Partners advises hedge fund, private equity, credit and other private fund managers on formation, registration and compliance, drawing on 25 years in the private funds industry as outside counsel, in-house general counsel and chief compliance officer, as well as a recognized authority on private fund law and regulation.
Get in touch
Fund managers need advice that holds up to SEC scrutiny but still allows the business to keep running day-to-day. Five Lion Partners brings perspective from nearly every seat at the table: outside counsel at global law firms; in-house general counsel and chief compliance officer at alternative investment managers; and a leading authority on private fund law and regulation. That range means seeing how the same rule plays out across hundreds of managers, not just one.
We provide seasoned, practical guidance to established managers and new launches alike, on discrete projects or as an ongoing resource for the GC, CCO or COO – without the overhead of a large law firm.
Who we work with
- Hedge fund managers
- Private equity managers
- Venture capital managers
- Private credit managers
- Commodity pool operators
- Family offices
- Emerging and launching managers
Formation, registration and compliance, handled by those who have done it from the inside.
-
Manager and Fund Formation
Structuring and launching managers and funds, from negotiating seeding arrangements and investor terms through selecting administrators, auditors and other service providers.
-
Registration and Regulatory Filings
Registering advisers with the SEC and the states; preparing exempt reporting adviser filings, Forms ADV and PF, and beneficial ownership reporting schedules; and handling CFTC and NFA registrations and filings.
-
Compliance Programs and Manager Governance
Drafting compliance manuals, policies, procedures and desk policies that fit how the firm actually operates; building out manager governance, from establishing committees to running board meetings; and reviewing pitch books, performance presentations and other investor communications under the Marketing Rule.
-
Regulatory Examinations and Litigation
Preparing for and managing SEC and other regulatory examinations, from document requests and staff interviews through deficiency letter responses. Overseeing litigation for clients, from coordinating outside counsel and other experts to preparing subpoena and discovery responses and answers to complaints.
-
Data and AI in Asset Management
Advising on incorporating data analysis and AI tools into investment and operational processes, with attention to the related regulatory, disclosure and governance questions.
William V. de Cordova
William V. (“Bill”) de Cordova founded Five Lion Partners in 2025 to provide legal, regulatory and compliance guidance to private fund and asset managers. Before that, he was Senior Regulatory Counsel in the Investment Management practice at Akin Gump Strauss Hauer & Feld LLP, where he represented registered investment advisers, private fund managers and commodity pool operators on regulatory, compliance and operational matters under the Investment Advisers Act and SEC, CFTC, NFA and FINRA rules, including registrations, examinations and compliance programs.
Most recently, Bill served as Senior Counsel and Chief Compliance Officer of 3i Fund, where he built out a compliance program designed to the standards of an SEC-registered investment adviser, instituting significant policies and procedures; compliance testing; and employee training. He also built out the firm's governance framework, establishing committees and running board meetings. In addition, he oversaw the firm's regulatory filings and its legal matters, including fund documentation, contract review, counterparty agreements and litigation support.
Previously, Bill spent more than seven years at Investcorp, a global manager of alternative investments, ultimately as Principal and Hedge Funds General Counsel. He established the in-house legal function for its hedge fund business, advising multiple SEC- and CFTC-registered investment advisers; structuring and launching fund products; negotiating with sovereign wealth fund and state pension plan investors; managing SEC, FINRA and NFA examinations; and overseeing seeding platform and external manager agreements. He began his career structuring and advising global private fund managers in the investment management practices of Dorsey & Whitney and Arnold & Porter.
Bill also served for several years as Editor-in-Chief of the Hedge Fund Law Report and the Private Equity Law Report, providing in-depth, actionable guidance on legal and regulatory developments for private fund GCs and CCOs.
Experience
- 2025–
- Five Lion Partners LLCFounder, CEO and Principal Consultant
- 2025–2026
- 3i FundSenior Counsel and Chief Compliance Officer
- 2022–2025
- Akin Gump Strauss Hauer & Feld LLPSenior Regulatory Counsel
- 2015–2022
- Hedge Fund Law Report and Private Equity Law ReportEditor-in-Chief
- 2007–2015
- InvestcorpPrincipal, Hedge Funds General Counsel
- 2000–2007
- Dorsey & Whitney; Arnold & PorterAssociate, Investment Management
Education
- J.D.
- Georgetown University Law Center
- B.A.
- Princeton UniversityHistory, cum laude
Bar Admissions
- Admitted
- New York; New Jersey
Get in touch.
Whether you are planning a launch, preparing to register or reviewing an existing compliance program, we would be glad to hear from you.
Send us an email
Tell us a little about your firm and what you are working on, and we will reply promptly.
Email Five Lion Partners