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Reflections on Acumen Fund
Michael W. Smith

I was first introduced to Acumen Fund in 2003 by the general counsel of another pro bono client. Acumen Fund was established in 2001 by Jacqueline Novogratz as a nonprofit global venture fund that would use entrepreneurial approaches to address the problems of global poverty. What started as legal support for a single transaction has developed into a rewarding long-term relationship between White & Case and Acumen Fund. To date, more than 175 of our lawyers and legal assistants have devoted over 10,000 hours to Acumen Fund matters. This includes the secondment to Acumen Fund of eight associates since the fall of 2008. Our work with Acumen Fund allows us to use our skills as corporate lawyers in support of Acumen Fund's admirable goals. The areas of expertise have included projects, banking, mergers and acquisitions, tax, investment funds, securities, intellectual property, employment and local law advice in various offices outside the United States. For the last several years my Acumen Fund activities have focused on the staffing of matters with appropriate people, the identification of secondees and the management of the overall relationship with Acumen Fund.

Brendan Driscoll, a fourth year associate in the Energy, Infrastructure, Project and Asset Finance Section, returned from his secondment to Acumen Fund in New York at the end of September. He had the following observations about his secondment:

Acumen Fund's talented and creative staff is continuously seeking out new ways to address the problems of global poverty. As a result, the small number of lawyers at Acumen Fund is kept busy addressing a broad spectrum of legal issues, most of which have an international dimension and some of which are completely novel. From the first day of my secondment, I was invited to roll up my sleeves and pitch in on matters including intellectual property license agreements, corporate governance matters, questions about fundraising in new jurisdictions and securities regulatory compliance – in addition, of course, to assisting members of the Portfolio Team with structuring and implementing their investment transactions, the core business of Acumen Fund. Among other things, I worked with other lawyers from White & Case to structure a transaction that provided emergency working capital to a Kenyan company that manufactures ready-to-eat therapeutic food products for the treatment of malnutrition. To have the opportunity to apply my legal skills in this way was an exhilarating experience and a tremendous privilege.

For me personally, becoming involved with Acumen Fund has given me the satisfaction of having a role in supporting projects that will positively impact the lives of people who are less fortunate. It also has given me the opportunity to work with truly innovative and exceptional people at Acumen Fund. I have a better appreciation now of the skills required to run a successful global not-for-profit organization. It also has reinforced my view that people are the most important asset of any successful venture.

I look forward to having more White & Case lawyers and legal assistants involved in the Acumen Fund relationship.


"Our Lawyers Reflect" is a series or articles published on the White & Case pro bono website.