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Overview

"Investment management documentation is notoriously long and complicated. Our job is to make it simple, at a reasonable cost."

A member of the firm’s investment management practice group, Ed leads Hirschler’s representation of endowments, foundations, family offices and outsourced chief investment offices (OCIOs), as well as pension plans and other institutional investors. He also works with investment advisers on alternative investment strategies, including venture capital fund managers for biotech and medical commercialization, such as licensing, technology transfer, joint ventures and startups.  As former chair of the American Bar Association’s (ABA) Institutional Investors Committee and a frequent author and speaker on institutional investment issues, Ed is considered a national thought leader on legal, compliance and policy issues relating to institutional investment.  He is also a member of the Institutional Limited Partners Association’s steering committee on the adoption of model limited partnership forms. His practice also includes representation of academic partners on industry/academic collaborations, consulting and startups.

Ed has more than 20 years of experience in investment management, regulatory oversight, risk management, operations, and compliance and ethics programs for both institutional investors and investment advisors.  From 2012 to 2015 he was a lecturer at the University of Virginia School of Law where he co-taught a course on private equity and hedge funds.  He is the author of numerous articles, including “How Safe Are Institutional Assets in a Custodial Bank’s Insolvency?”, the leading paper on bank custody law.  He also is co-author, with Nobel Prize winner H. Robert Horvitz, Ph.D., of Connecting with Companies:  A Guide to Biomedical Consulting Agreements (2nd edition, 2014).

Ed is former general counsel of the University of Virginia Investment Management Company (UVIMCO), where he advised on a range of institutional investment topics, including securities and investment advisory laws, investment advisory contracts, bank custody, and international issues, as well as compliance and operations as well as board matters.  Prior to joining UVIMCO, he was associate general counsel for the Howard Hughes Medical Institute, a philanthropy based in Chevy Chase, Maryland, and was in private practice in New York with Paul Weiss Rifkind Wharton & Garrison and Shearman & Sterling.

Experience

Experience

Investment Management

  • Represent institutional investors (endowments, foundations, pension plans, family offices, OCIOs, and funds of funds) in private equity fund, hedge fund, venture capital and other investment activities, including coinvestments. Representation includes negotiation of fund or separately managed account agreements and assessment of legal terms in comparison to competitive investment opportunities. Transactions generally range from $10 to $250 million per investment. This representation also includes negotiation of prime brokerage and custodial agreements and other investment agreements on behalf of the institutional investor client.
  • Represent registered or unregistered investment advisers (including OCIOs, family offices, universities and academic affiliates) in formation and management of private equity, hedge fund, real estate and venture capital businesses.
  • Advise clients on regulatory matters, compliance, operations and risk management matters.

Bank Custody, Prime Brokerage

  • Represent institutional investors and investment advisers on bank custody documentation and risk oversight. Negotiate prime brokerage agreements for hedge funds and separate accounts/”funds of one” of institutional investors..

Corporate Governance

  • Advise institutional investors, academic institutions and investment firms on structuring, board representation, and overall governance matters.

Life Sciences and Executive Employment Contracts

  • Advise academic institutions on technology transfer and industry collaborations.
  • Represent executives and academic leaders on employment and consulting matters.

Perspectives

Speaking Engagements

  • ABA Webinar, 11.29.2018
  • New York, NY, 11.05.2018
  • Richmond, VA, 10.09.2018
  • Washington, DC, 11.16.2018 - 11.17.2018
  • Advanced Advancement Issues:  Advising Educational Institutions on Current Issues in the Gifting and Investment Ecosystems, NACUA Annual Meeting
    2018
  • Ed Klees Makes a Board Presentation on Insider Trading Oversight for Boards in Sacramento, CA
    05.2018
  • If the Bank Tanks or the Dough Goes, Burgher Haggard Family Office
    05.2018
  • Ed Klees Moderates Webinar:  Being 'Sort of Tax Exempt':  How a Partnership-Level Tax Audit Might Expand a Tax-Exempt Investor's Tax Liability, ABA Institutional Investors Committee
    05.2018
  • Ed Klees Co-sponsors and Speaks at COO Leadership Forum
    02.2018
  • Ed Klees Guest Lectures on Negotiating Hedge Fund Contracts at Fordham Law School
    02.2018
  • Panelist, with Chief Justice Leo E. Strine, Jr., of Delaware - Bespoke Governance:  What Institutional Investors Need to Know about Contractual Alternatives to Fiduciary Duties
    11.2017
  • Panelist discussing Accessing Venture Capital:  Challenges and Opportunities for Institutional Investors, ABA Institutional Investors Committee
    11.2017
  • Ed Klees Moderates Institutional Investors Panel:  Perspectives and Outlooks at the Piedmont Annual Alternative Investment Conference
    05.2017
  • Does the Label Matter?  Yes, It Does.  Understanding the Difference between Separately Managed Accounts and Funds of One, Regulatory Fundamentals Group webinar
    05.2017
  • How to Play in the SMA Sandbox, GAIM Ops Cayman
    04.2017
  • Point/Counterpoint:  Negotiating Key Terms for Separate Accounts, Wells Fargo Prime Services
    03.2017
  • Moderator of Roundtable with Hedge Fund GCs, Hosted by Editor of Hedge Fund Law Report, ABA Institutional Investors Committee
    11.2016
  • Socially Responsible Investing, Global Alternative Investment Management Annual Meeting
    06.2016
  • GP-LP Alignment, Institutional Limited Partners Association meeting of the Private Investor Coalition
    06.2016
  • If the Bank Tanks or the Dough Goes, Global Alternative Investment Management - West Coast Annual Meeting
    06.2016
  • Klees Moderates Institutional Investors Panel:  Perspectives on Alternative Investments and Creating Alignment of Interest for Great Long Term Partnerships, Piedmont Annual Alternative Investment Conference
    05.2016
  • Moderator of Reinvigorating the Sense of Partnership, Institutional Limited Partners Association, Annual GP/LP Summit
    03.2016
  • Putting the Genie Back in the Bottle:  What is MNPI, and How Can I Protect My Organization from Its Misuse?, GAIM Ops Annual Conference
    03.2016
  • Panelist on Private Equity:  The Changing Landscape, GAIM Ops Annual Conference
    03.2016
  • Codes of Ethics for Endowments and Foundations at Rice University, Regulatory Fundamentals Group
    02.2016
  • Bank Custody Agreements, Virginia Alternative Investment Operations Professionals Meeting
    12.2015
  • Hot Topics for Hedge Fund Investors - The Institutional Perspective, Managed Funds Association
    06.2015
  • Moderator for Insider Trading:  Your Firm, Your Funds, Your Worries, ABA, Committees on Institutional Investors and Federal Regulation of Securities
    11.2014
  • Is Change in the Investor's Favor Possible?, Hedge Fund Investors Conference
    10.2014
  • Webinar Speaker on Bank Custody Issues, Public Pension Plan and Endowment Counsel Association
    07.2014

Publications

Community

Community

Professional Affiliations

  • American Bar Association, Chair, Institutional Investors Committee
  • Institutional Limited Partners Association, Steering Committee, Model Limited Partnership Forms
  • National Association of College and University Attorneys, Committee on Program for 2019 Annual Conference
  • National Association of Pension Plan Attorneys

Business and Civic Organizations

  • Lecturer in Law, University of Virginia School of Law, 2012 – 2015 (Private Equity and Hedge Funds)
  • General Counsel, University of Virginia Investment Management Company, 2008-2016

Beyond the Law

Beyond the Law

Ed and his family moved to Charlottesville 10 years ago from the DC area when Ed accepted a position at UVA, and they enjoy spending time on long walks and binge-watching TV shows.  Recent favorites are “Narcos” and “Deutschland 83.”    

Ed is a fan of rock music and rock music history.  His favorite hobby is playing or reading about music.  Among his favorite current performers are the Jayhawks, Belle & Sebastian, Aimee Mann and St. Vincent.  All-timers include the Beatles, the Kinks, the Byrds, Van Morrison, Nick Lowe, Graham Parker, the Clash, the Smithereens, XTC, Blur, Randy Newman and Laura Nyro. 

Ed and his family are active supporters of legal aid and civil rights organizations in Charlottesville.

Notable Publications

Notable Publications

Ed is the co-author, with Nobel Prize winner H. Robert Horvitz, Ph.D., of Connecting with Companies:  A Guide to Biomedical Consulting Agreements (2nd edition, 2014).

Klees book cover

Columbia University School of Law, J.D.

Columbia University, B.A., magna cum laude, Phi Beta Kappa

  • Virginia
  • District of Columbia
  • New York
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