This episode of Private Capital Perspectives dives into the legal side of private capital and real estate partnerships.
John Pugh sits down with Laura Maher, Partner at Nelson Mullins, to explore the structuring considerations that make or break deals. With over a decade of experience across top firms, private equity platforms, and in-house counsel roles, Laura offers a candid look at how legal strategy intersects with business realities.
The conversation covers joint ventures, preferred equity, dispute mechanisms, and the soft skills required to guide clients through complex transactions. From family office dynamics to institutional capital processes, Laura shares her perspective on aligning incentives, minimizing disputes, and building resilient partnerships in today’s market.
Key Takeaways
Partnership Dynamics: Success in JV structures often comes down to clear roles, responsibilities, and trust between sponsor and capital provider.
Legal vs. Practical: Strong agreements matter, but execution and personalities often drive outcomes more than documents.
Dispute Mechanisms: Buy-sell clauses, cure rights, and removal provisions can protect parties, but often the real resolution comes at the business level.
Preferred Equity & Debt: Growing use of preferred equity and creative financing is reshaping the capital stack.
Family Office Considerations: Advising family offices requires blending institutional rigor with personal relationship management.
Chapter Breakdown
00:00 – Intro & Guest Background
Laura’s journey from large law firms to private practice at Nelson Mullins.
03:01 – Capital Providers vs. Sponsors
How institutional processes differ from entrepreneurial operators.
07:00 – Defining Roles in JVs
The importance of management structures and setting expectations.
10:30 – Trust & Diligence
Why knowing your partner matters as much as the operating agreement.
12:00 – Dispute Resolution
Buy-sell provisions, removal rights, and practical outcomes.
17:00 – Case Studies
Structuring complex hotel and CPACE-financed developments.
19:55 – Preferred Equity
Why it’s becoming central in today’s environment.
23:00 – Exit Strategies
Transfer rights, put options, and navigating liquidity.
26:00 – Market Conditions
How interest rates and capital markets shifts impact structuring.
28:30 – Family Offices
Unique considerations when advising family offices vs. private equity shops.
32:00 – Soft Side of Law
The role of personality, trust, and service in client success.
Show Notes & Links
🎧 Listen now on Spotify or Apple
Nelson Mullins: nelsonmullins.com
Guest: Laura Maher, Partner at Nelson Mullins
Connect: Laura Maher on LinkedIn