Image: Ira Kustin

Ira Kustin

Partner, Corporate Department

New York

Phone: 1(212) 318-6094
Fax: 1(212) 303-7094


Ira Phillip Kustin is a partner in the Investment Funds & Private Capital practice at Paul Hastings and is based in the firm’s New York office. Mr. Kustin focuses his practice on advising sponsors of, and investors in, complex hedge, private equity and credit funds, and regularly counsels private fund advisers on international investment platforms including in Europe, Asia, and Latin America. His clients range from market-leading global asset managers, to startups, mid-sized, and larger managers.

Mr. Kustin has extensive experience counseling established, global investment advisers as well as start-up managers in most aspects of their operations and regulatory compliance matters. He advises investment fund managers faced with complex restructurings, succession planning, crisis/conflict resolution, and consent solicitations. 

His practice includes advising clients on the structuring of arrangements between investment managers’ principals, seeding transactions, co-investment and secondary transactions, and LP-side investments in private funds.


  • Chambers USA, Hedge Funds (2022)
  • Chambers Global USA Hedge Funds (2021-2022)
  • The Legal 500, Investment Fund Formation & Management—Alternative/Hedge Funds (2021)
  • Chambers USA, Mergers & Acquisitions: Private Equity (2021)


  • New York University School of Law, J.D., 1999
  • University of Cincinnati, B.A. (magna cum laude), 1996


Mr. Kustin’s recent representations include:

  • all aspects of the structuring, formation and closing of hedge, private equity, and hybrid investment funds
  • counseling private fund advisers in connection with international investment platforms with a particular focus on Europe, Asia, and Latin America
  • assisting managers with fundraising from a global institutional investor base in conjunction with international offices throughout the firm and local counsel in select jurisdictions
  • advising fund managers regarding non-U.S. registration, reporting, and compliance matters in conjunction with local counsel
  • providing advice to non-U.S. investment advisers regarding U.S. private offerings, SEC registration, and related matters
  • negotiation of “platform” arrangements between private fund managers and commercial banks, placement agents, and similar parties
  • private tender offers for interests in unregistered investment funds
  • negotiation of managed account arrangements and “single-investor” funds
  • registration of investment advisers under the Investment Advisers Act of 1940
  • counseling advisers in connection with various forms of inquiries and examinations by the SEC and other regulators
  • structuring and negotiation of economic and governance arrangements among fund manager principals
  • implementation of “carry plan” documentation and other incentive arrangements
  • secondary market transactions involving hedge and private equity fund interests

Notable Mentions


    Engagement & Publications

    Speaking Engagements

    • Co-Host, “Current Issues for Fund Managers in Light of the COVID-19 Pandemic,” Paul Hastings/Women in Funds Webinar, April 30, 2020
    • The 2020 SEC Examination Priorities Relevant to Private Funds,” Talks on Law, February 2020
    • ‘A Shift in Funds’ – Trends in the private funds market,” Talks On Law, January 2020
    • “Private Fund Management During the Pandemic: Investment, Distribution, Governance, and Fund Finance Concerns,” Strafford Webinar, June 4, 2020
    • Featured Speaker, “U.S. Regulatory Workshop for Asian Hedge Fund Managers,” Bank of America Merrill Lynch Seminar, Hong Kong, May 2019
    • Panelist, “US Regulatory Developments,” Maples Investment Funds Forum, Grand Cayman, February 2019
    • Presenter, “Common Compliance Pitfalls,” AIMA Fund Manager Briefing, New York, April 2018
    • Panelist, “The Changing U.S. Regulatory and Tax Landscape,” AIMA APAC Annual Forum, Hong Kong, March 2018  
    • Featured Speaker, “U.S. Regulatory Refresh for Asian Hedge Fund Managers,” Bank of America Merrill Lynch Seminar, Hong Kong, October 2017 
    • Panelist, “Operational Due Diligence,” 3rd Annual Offshore Investment Funds Summit, São Paulo, September 2013 
    • Moderator, “Global Hedge Fund Investing,” Latin Markets Hedge Fund Forum, Rio De Janeiro, March 2013 
    • Panelist, “Implications of Registration Under the U.S. Investment Advisers Act,” Latin Markets Hedge Fund Forum, Rio De Janeiro, March 2012



    • Key Issues for Managers of Private Investments Funds During the COVID-19 Era,” Review of Banking and Financial Services, September 2020
    • Author, “How Fund Managers May Address End-of-Life Issues in Closed End Funds," Hedge Fund Law Report, January 2019
    • Author, “Beyond the Master-Feeder: Managing Liquidity Demands in a More Flexible Fund Structures", Hedge Fund Law Report, May 2017
    • Author, “Enforcement Actions by the SEC – Cases from 2015 Provide Guidance for Private Fund Advisors", Asset Management Intelligence, February 2016
    • Author, “What To Do Before You Hang Out a Shingle", The Deal, January 2010
    • Author, “Stars in Transition: A New Generation of Private Fund Managers", Hedge Fund Law Report, January 2010
    • “Innovation and Imagination Applied to Hedge Fund Performance Payments", Hedge Fund Law Review, November 2009
    • Author, “Hedge Fund Manager Compensation", Hedge Fund Law Report, April 2009

    Practice Areas

    Investment Funds & Private Capital

    Private Investment Funds

    Investment Management


    ESG & Impact

    ESG & Sustainable Finance

    Impact Investing




    New York Bar


    New York University School of Law, J.D. 1999

    University of Cincinnati, B.A. 1996

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