Key Takeaways
- • Emily Stephens joins Vinson & Elkins as partner in Investment Funds practice, bringing 14+ years of experience from Oaktree Capital Management in alternative asset fundraising and management.
- • Stephens participated in fundraising for Oaktree's largest funds, including a $10.9 billion closed-end distressed debt fund that was the world's largest of its kind at the time of closing.
- • Career trajectory spans in-house counsel roles (Trust Company of the West) and private practice (Munger, Tolles & Olson), positioning her to serve private equity clients across fund formation, governance, and distressed credit strategies.
- • V&E executives highlight Stephens' technical expertise in fund life cycle management and her West Coast relationships as strategic assets for expanding the firm's Investment Funds practice nationally.
Summary
Vinson & Elkins has appointed Emily Stephens as a partner in its Investment Funds practice, a move designed to strengthen the firm's alternative asset management capabilities. Stephens brings more than 14 years of experience as a managing director at Oaktree Capital Management, one of the largest global alternative investment managers, where she held dual roles as both fundraiser and investment team member.
During her tenure at Oaktree, Stephens participated in raising capital for several of the firm's flagship funds, most notably a $10.9 billion closed-end distressed debt fund that held the distinction of being the world's largest fund of its type at the time. She also served as lead lawyer for Oaktree's core distressed credit investment strategy, combining legal expertise with operational investment experience—a combination that differentiates her from transaction-focused practitioners.
Before joining Oaktree, Stephens developed foundational expertise in corporate law and fund formation at Munger, Tolles & Olson in Los Angeles, where she advised clients on investment fund structure, governance, M&A, and private equity matters. She subsequently held the position of Vice President and Associate General Counsel at Trust Company of the West, where she counseled mezzanine, distressed debt, and hedge funds on fund formation issues.
Keith Fullenweider, co-head of V&E's Corporate Department, emphasized that Stephens' combination of technical skill and fundraising experience will enhance the firm's ability to serve private equity clients across all stages of fund life cycles. V&E Managing Partner Scott Wulfe highlighted her established network across California and nationally, as well as what he characterized as her "entrepreneurial drive," positioning her as a strategic fit for the firm's national expansion plans in alternative investment fund advisory services.
During her tenure at Oaktree, Stephens participated in raising capital for several of the firm's flagship funds, most notably a $10.9 billion closed-end distressed debt fund that held the distinction of being the world's largest fund of its type at the time. She also served as lead lawyer for Oaktree's core distressed credit investment strategy, combining legal expertise with operational investment experience—a combination that differentiates her from transaction-focused practitioners.
Before joining Oaktree, Stephens developed foundational expertise in corporate law and fund formation at Munger, Tolles & Olson in Los Angeles, where she advised clients on investment fund structure, governance, M&A, and private equity matters. She subsequently held the position of Vice President and Associate General Counsel at Trust Company of the West, where she counseled mezzanine, distressed debt, and hedge funds on fund formation issues.
Keith Fullenweider, co-head of V&E's Corporate Department, emphasized that Stephens' combination of technical skill and fundraising experience will enhance the firm's ability to serve private equity clients across all stages of fund life cycles. V&E Managing Partner Scott Wulfe highlighted her established network across California and nationally, as well as what he characterized as her "entrepreneurial drive," positioning her as a strategic fit for the firm's national expansion plans in alternative investment fund advisory services.
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