White & Case LLP - News - Corporate Lawyers at White & Case Support Initiatives in Philanthropy

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Corporate Lawyers at White & Case Support Initiatives in Philanthropy
Deal-Based Pro Bono Work Fights Global Poverty

New York, May 10, 2007 ... Through its ongoing representation of Acumen Fund, Inc. in a variety of matters, White & Case LLP is successfully demonstrating a new prototype for the provision of pro bono legal services that facilitates Acumen Fund's market-oriented approach to address global poverty.

In working with Acumen Fund, a nonprofit global venture that uses entrepreneurial approaches to serve impoverished communities, White & Case lawyers from project finance, M&A, banking and other transactional practices help structure, negotiate and close intricate financing deals. Historically, corporate lawyers rarely found pro bono opportunities that fit with their professional training, but the nascent nonprofit trend exemplified by Acumen Fund permits lawyers in a variety of corporate fields to assist disadvantaged individuals by volunteering their specialized skills.

Most recently, White & Case's work has included helping Acumen Fund:

Invest $1.1 million in a company that places pharmacy kiosks with lower-cost generic medications in underdeveloped rural areas of India where medicines are otherwise not available.
Establish a special purpose trust through a complex structured finance transaction to guarantee a $50 million portfolio of home mortgage loans to low-income Pakistanis.
Make loans to a group that trains local entrepreneurs in the developing world to give basic eye exams and sell affordable reading glasses in their communities.
Plan a partial construction guaranty for debt incurred by sponsors of projects to construct or refurbish water systems in underdeveloped areas of Uganda.

"Acumen Fund's innovative form of deal-based philanthropy requires precisely the sort of legal services we deliver as part of our daily practice," says Michael W. Smith, a partner in White & Case's New York office. "The skills we develop in completing cutting edge, cross-border transactions for major corporations and financial institutions are the same skills needed to support Acumen Fund's goal of providing financial investments and other resources to stimulate economic growth in developing countries."

Acumen Fund views White & Case's lawyers as key partners and advisors who make it possible to carry out the fund's global projects, states CEO Jacqueline Novogratz. "White & Case has cultivated a special relationship with us, and their team has become literally mission-critical to the work we do," she says. "As a nonprofit, we could never afford to pay for such high-quality transactional legal services."

The win-win partnership benefits everyone: would-be entrepreneurs in the developing world, disadvantaged individuals with minimal access to healthcare and housing, even White & Case's corporate clients. "Since Acumen Fund does business in regions where many for-profit companies have yet to operate, including parts of sub-Saharan Africa and South Asia, we gain a greater understanding of the law and develop relationships with lawyers in these jurisdictions; this knowledge benefits our for-profit clients who may decide to participate in projects or transactions in these countries," Smith explains.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

About Acumen Fund
Acumen Fund is a nonprofit global venture fund that invests in market-oriented approaches for delivering critical, affordable goods and services to the world's poor. Acumen Fund seeks to prove that small amounts of philanthropic capital, combined with large doses of business acumen, can build thriving enterprises that serve vast numbers of the poor. For more information on Acumen Fund's activities and investments, visit www.acumenfund.org.

Contact:
Reilly Starr
Regional Media Relations Manager - Americas
White & Case LLP
1 212 819 8315

Acumen Fund Contact:
Mariko Tada
Communications Manager
Acumen Fund
1 646 747 3968

	Press Releases
Expertise Mergers & Acquisitions Corporate Project Finance Lawyers Michael W. Smith Locations New York	Corporate Lawyers at White & Case Support Initiatives in Philanthropy Deal-Based Pro Bono Work Fights Global Poverty New York, May 10, 2007 ... Through its ongoing representation of Acumen Fund, Inc. in a variety of matters, White & Case LLP is successfully demonstrating a new prototype for the provision of pro bono legal services that facilitates Acumen Fund's market-oriented approach to address global poverty. In working with Acumen Fund, a nonprofit global venture that uses entrepreneurial approaches to serve impoverished communities, White & Case lawyers from project finance, M&A, banking and other transactional practices help structure, negotiate and close intricate financing deals. Historically, corporate lawyers rarely found pro bono opportunities that fit with their professional training, but the nascent nonprofit trend exemplified by Acumen Fund permits lawyers in a variety of corporate fields to assist disadvantaged individuals by volunteering their specialized skills. Most recently, White & Case's work has included helping Acumen Fund: Invest $1.1 million in a company that places pharmacy kiosks with lower-cost generic medications in underdeveloped rural areas of India where medicines are otherwise not available. Establish a special purpose trust through a complex structured finance transaction to guarantee a $50 million portfolio of home mortgage loans to low-income Pakistanis. Make loans to a group that trains local entrepreneurs in the developing world to give basic eye exams and sell affordable reading glasses in their communities. Plan a partial construction guaranty for debt incurred by sponsors of projects to construct or refurbish water systems in underdeveloped areas of Uganda. "Acumen Fund's innovative form of deal-based philanthropy requires precisely the sort of legal services we deliver as part of our daily practice," says Michael W. Smith, a partner in White & Case's New York office. "The skills we develop in completing cutting edge, cross-border transactions for major corporations and financial institutions are the same skills needed to support Acumen Fund's goal of providing financial investments and other resources to stimulate economic growth in developing countries." Acumen Fund views White & Case's lawyers as key partners and advisors who make it possible to carry out the fund's global projects, states CEO Jacqueline Novogratz. "White & Case has cultivated a special relationship with us, and their team has become literally mission-critical to the work we do," she says. "As a nonprofit, we could never afford to pay for such high-quality transactional legal services." The win-win partnership benefits everyone: would-be entrepreneurs in the developing world, disadvantaged individuals with minimal access to healthcare and housing, even White & Case's corporate clients. "Since Acumen Fund does business in regions where many for-profit companies have yet to operate, including parts of sub-Saharan Africa and South Asia, we gain a greater understanding of the law and develop relationships with lawyers in these jurisdictions; this knowledge benefits our for-profit clients who may decide to participate in projects or transactions in these countries," Smith explains. About White & Case White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. About Acumen Fund Acumen Fund is a nonprofit global venture fund that invests in market-oriented approaches for delivering critical, affordable goods and services to the world's poor. Acumen Fund seeks to prove that small amounts of philanthropic capital, combined with large doses of business acumen, can build thriving enterprises that serve vast numbers of the poor. For more information on Acumen Fund's activities and investments, visit www.acumenfund.org. Contact: Reilly Starr Regional Media Relations Manager - Americas White & Case LLP 1 212 819 8315 Acumen Fund Contact: Mariko Tada Communications Manager Acumen Fund 1 646 747 3968