Image: David A. Hearth

David A. Hearth

Partner, Corporate Department


David Hearth is a partner in the Investment Funds & Private Capital practice at Paul Hastings and is based in the firm’s San Francisco office. David has an investment management, corporate, and securities practice. He represents investment companies and partnerships, investment advisers, broker-dealers, and independent board members of registered investment companies. He also has broad investment management industry experience in general business matters, including merger and acquisition transactions. David actively represents investment management organizations in all phases of their activities, including launching new fund groups and innovative new products and services, handling special compliance and regulatory matters, obtaining exemptive and no-action relief from the SEC, working on acquisitions, and providing fiduciary counseling.


  • The Legal 500, Investment Fund Formation & Management - Mutual/Registered/Exchange-Traded Funds (2021).
  • Chambers USA, Nationwide, Investment Funds: Registered Funds.
  • The Legal 500, Mutual/Registered Funds.


  • Harvard Law School, J.D., 1987
  • Lewis & Clark College, B.A., 1984


  • Kayne Anderson’s NYSE-traded closed-end investment companies in their IPOs and numerous follow-on public and private offerings of common and preferred stock and senior notes totaling several billion dollars.
  • TCW Funds, Metropolitan West Funds, and their investment advisers, in mutual fund matters related to the Carlyle Group’s purchase of a controlling interest in TCW Group from Société Générale.
  • Matthews Asia Funds in the acquisition and reorganization of The Japan Fund (Nomura Partners Funds) into the Matthews Japan Fund.
  • Forward Management and Getty ownership interests in the acquisition of Forward by Salient Partners.
  • First-ever registered exchange offering of public for private Rule 144A notes by a closed-end investment company.
  • GE Asset Management in the sale of its retail mutual fund group.
  • First-ever conversion of a mutual fund into a publicly traded business development company.
  • GE Capital Corporation’s investment adviser subsidiary with respect to various investment advisory arrangements.
  • Metropolitan West Funds and Metropolitan West Asset Management in mutual fund matters related to the acquisition by TCW Group.
  • Independent board members of various mutual fund groups with respect to a wide range of ongoing fiduciary responsibilities.

Engagement & Publications

  • Speaks frequently at industry conferences and seminars on investment management topics for events sponsored by IDC, NSCP, NICSA, and others.
  • Quoted in industry press dozens of times over the past several years.

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