Randall B.Schai (Randy)

Of Counsel

(T) + 1.415.875.5803

Randy Schai is a corporate lawyer whose practice focuses on every aspect of an investment fund's life cycle. He represents both investment funds and investors considering investing in these funds. He has experience with venture, buyout, real estate funds, and a variety of special purpose investment programs. A significant portion of his practice involves international funds and investors.

Randy's fund services practice involves the initial structuring and formation of these funds (including the structuring and formation of fund sponsors/general partners) through to ongoing operational matters culminating with the fund's liquidation and dissolution. Randy has extensive experience in representing prospective limited partners with proposed investments in a given fund or a related co-investment opportunity. Clients include The Bay Area Council, Bay City Capital, Canyon Bridge Partners, City of Hope, Kairos Partners, Key Principal Partners, Morgenthaler Ventures, NTUC Income Insurance Cooperative, Oklahoma Gas & Electric, Paul Capital, The Riverside Company, SpringHill Enterprise Development, and Uprising Investors. Clients also include several major Russian private banks, the private equity arm of a global sovereign investor (with respect to venture, buyout, real estate investment fund and direct investment opportunities), a major German landesbank, and a major Japanese automobile manufacturer.

Randy is a frequent public speaker and author on issues of importance in the investment fund industry. He has presented to The Capital Roundtable, the Wharton School of Business, and the State Bar of California. Randy is a current executive member of the American Bar Association's International Private Equity Committee and a past executive member of the Corporations Committee, Business Law Section, State Bar of California.

Experience

RPS Ventures I, L.P. forms fund to invest in high-growth technology opportunities
Jones Day represented RPS Ventures I, L.P. in connection with the formation of a fund to invest in high-growth technology opportunities.

Chapman University obtains advice regarding investment in LL Capital Partners I, L.P.
Jones Day provided advice to Chapman University, a mid-sized private university, regarding an investment in LL Capital Partners I, L.P.

Angeleno Group invests $50 million in Soraa
Jones Day represented Angeleno Group, LLC in connection with its purchase of $50 million of Series 3 Preferred Stock in a private placement by Soraa, Inc., a manufacturer of LED products made from gallium nitride substrates.

Global fund invests in Sequoia Capital China Growth Fund IV, L.P.
Jones Day represented a global fund in connection with its investment in Sequoia Capital China Growth Fund IV, L.P.

Global fund invests in Sequoia Capital China Ventures Fund VI, L.P.
Jones Day represented a global fund in connection with its investment in Sequoia Capital China Ventures Fund VI, L.P.

Global fund invests in DoorDash
Jones Day represented a global fund in connection with its purchase of Series C Preferred Stock in a private placement by DoorDash, Inc., an on-demand restaurant delivery service.

Global fund invests in Lightspeed Venture Partners XI
Jones Day represented a global fund in connection with its investment in Lightspeed Venture Partners XI, L.P.

Global fund invests in Lightspeed Venture Partners Select II
Jones Day represented a global fund in connection with its investment in Lightspeed Venture Partners Select II, L.P.

Global fund invests in Founders Fund VI
Jones Day represented a global fund in connection with its investment in Founders Fund VI, L.P.

Angeleno Group purchases $15 million of Convertible Notes in Soraa
Jones Day represented Angeleno Group, LLC in connection with its $15 million Convertible Note financing to Soraa, Inc., a manufacturer of LED products made from gallium nitride substrates.

Uprising Management forms Uprising Investors Fund I, L.P. and Uprising Investors Opportunity Fund I, L.P.
Jones Day represented Uprising Management LLC in connection with the formation of Uprising Investors Fund I, L.P. and Uprising Investors Opportunity Fund I, L.P., a venture capital fund.

Uprising invests in Good Eggs
Jones Day advised Uprising Management LLC in connection with the purchase of Series C Preferred Stock in a private placement by Good Eggs, Inc., an online farmers market.

Drive Capital forms Drive Capital Fund I, L.P.
Jones Day advised Drive Capital, LLC in connection with its formation of Drive Capital Fund I, L.P., a venture capital fund investing in technology start up companies based in the Midwest.

Riverside forms Riverside Europe Fund IV
Jones Day assisted The Riverside Company in its formation of Riverside Europe Fund IV, a leveraged buyout fund focusing on companies headquartered in Europe.

Global asset management company invests in International Meal Company
Jones Day represented a global asset management company based in Asia in connection with a private placement among institutional investors of over US$100 million in International Meal Company Holdings Ltd., the largest retail food concessionaire and multi-brand casual dining chain in Brazil.

Bay City Capital fund invests in Altheos
Jones Day advised Bay City Capital Fund V in connection with its purchase of $20 million of Series A Convertible Preferred Stock in a private placement by Altheos, Inc., an early-stage biopharmaceutical company.

Bay City Capital and Panorama Capital invest in Hyperion Therapeutics
Jones Day counseled Bay City Capital and Panorama Capital in connection with their purchase of $60 million of Series C Convertible Preferred Stock, along with Highland Capital Partners, NEA, Sofinnova Ventures, and WRF Capital, in a private placement by Hyperion Therapeutics, a privately held specialty biopharmaceutical company.

Bay City Capital fund invests in DxCon
Jones Day advised Bay City Capital Fund V in connection with its purchase of $4.7 million of Series A Convertible Preferred Stock in a private placement by DxCon, Inc., a pharmaceutical company.

Marlin Equity Partners acquires business units from Requisite Technology
Jones Day represented Marlin Equity Partners, LLC in connection with its acquisition of three software operating units from Requisite Technology, Inc. (f/k/a Click Commerce, Inc.), a subsidiary of Illinois Tool Works, Inc.

Bay City Capital fund invests in Via Pharmaceuticals
Jones Day represented Bay City Capital Fund IV in connection with its purchase of $10 million of Notes and Warrants and concurrent secured bridge loan to Via Pharmaceuticals, Inc., a biotechnology company focused on the development of compounds for the treatment of cardiovascular and metabolic disease.

Additional Publications

  • May 2017SEC's Unwavering Focus on Disclosure of Valuation Methods and Calculation of IRRs by Fund Sponsors
  • January 2013U.S. Regulatory Action Items For Investment Advisers (2013)
  • February 2012Exempt Reporting Advisers: Requirements for Investment Advisers that Qualify as Venture Capital Advisers or Private Fund Advisers
  • November 2011SEC Adopts New Risk Reporting Requirements for Certain Registered Investment Advisers to Private Funds (Form PF)
  • August 2010SEC Adopts Final Rules to Eliminate Perceived "Pay-To-Play" Practices by Investment Advisers and Private Fund Managers
  • August 2010The Wall Street Reform Act: Its Impact on Advisers to Private Funds
  • August 2009Private Fund Regulation Comes into Focus: An Analysis of the Proposed Private Fund Investment Advisers Registration Act of 2009
  • June 2009SEC Proposes Amendments to the Investment Adviser Act Custody Rule to Provide Additional Safeguards to Client Assets
  • February 2009Hedge Fund Transparency Act of 2009: Congress Considers Expansion of Investment Fund Regulation

Speaking Engagements

  • April 4, 2016Roundtable Discussion: The Rule of Non Law, Hosted by Stanford Law School's Center on Democracy, Development and the Rule of Law (CDDRL) and the Bingham Centre for the Rule of Law (London)
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