Michael B. Gray



  • Northwestern Pritzker School of Law (J.D., 1992)
  • University of Illinois at Urbana-Champaign (M.S., 1988)
  • University of Chicago (B.A., 1987), with honors

Related Services

Michael concentrates on a variety of complex transactional and corporate governance matters, including mergers and acquisitions, private equity and venture capital investments, intellectual property agreements, blockchain and the structuring of corporations and partnerships, including limited partnerships and limited liability companies. He is the leader of the firm’s Private Equity, Venture Capital & Growth Companies practice in addition to its Fund Formation & Investment Management practice. Michael primarily represents private equity sponsors, venture capitalists, hedge funds, private equity and venture-backed companies, investors in private ventures, executive teams and family offices in their investments. He has extensive experience with fund counseling, including representing general partnerships and limited partnerships in fund formation, advising investors in their fund investments and advising funds on their formation and compliance needs (both on-shore and off-shore).

He excels at helping clients evaluate the complex risks associated with their transactions and business operations. Clients appreciate his aptitude for simplifying complicated issues. He is skilled at enabling clients to focus on the long-term financial and business considerations that should drive their decisions.

Michael gained practical business and investment experience as an investor, where he sourced, evaluated and closed venture capital transactions. He developed and built enduring relationships. Michael leverages his direct investment experience to connect people to others within his network to grow their businesses.

Michael is listed in Chambers USA: America’s Leading Lawyers for Business for Corporate/M&A: Private Equity. Clients cite his investor experience as a major advantage. “He truly understands a lawyer’s role and where his advice can add value to a transaction” and “has an open mind [and he] likes to try to solve problems instead of indicating why something cannot be done.” In 2016, Michael was the only law firm attorney named to Crain’s Chicago Business’ “Tech 50” list of the most innovative and influential professionals in the Chicago technology industry.

Michael is currently an advisory board member for The Comer Science & Education Foundation and Help for Children’s Committee of Hearts. 

Corporate and Securities

  • Advised The Mather Group, a leading wealth management firm, in its sale to The Vistria Group, a Chicago-based next-generation middle-market private equity firm focused on financial services, health care and education. 
  • Represented Savencia Fromage & Dairy, a leading global milk processor and the fifth-leading cheese manufacturing group worldwide, in its acquisition of Hope Foods and Rogue Creamery, for an undisclosed amount.
  • Represented National Medical Billing Services (NMBS), an industry leading health care revenue cycle management company, in its sale to Aquiline Capital Partners, a private investment firm based in New York and London, and in multiple follow-on transactions for NMBS, including:
    • the acquisition of MedTek, LLC, a leading provider of RCM solutions to medical service providers;
    • the acquisition of Medi-Corp, Inc., a purveyor of revenue cycle management solutions;
    • the acquisition of National Billing Partners LLC, a billings and collection service; and
    • the acquisition of MedX Solutions LLC (d/b/a mdStrategies), a full-service medical coding company focused on ambulatory surgery centers.
  • Represented Craft Work Capital Partners, LLC, which is backed by Aterian Investment Partners, in transactions for its portfolio company Rogers Mechanical Contractors, including:
    • the acquisition of Sluss + Padgett, a leading provider of commercial HVAC, plumbing, automation and controls, service, maintenance and retrofit services; and
    • the acquisition of Coastal Mechanical Services, a full-service mechanical contractor.
  • Represented Kane Infrastructure Services Holdings, an Aterian Investment partners portfolio company, in its acquisition of Cable Solutions.
  • Represented Recsolu, Inc. d/b/a Yello in its acquisition by merger of WayUp, Inc.
  • Represented Hireology, Inc., in the strategic acquisition of certain assets of EmployUs, Inc.
  • Represented Step2 Discovery, a portfolio company of Aterian Investment Partners, in its sale of its GoConfigure delivery, assembly and installation business to Select Express & Logistics.
  • Represented Arrive, a parking solutions provider, in its sale to FlashParking.
  • Represented Avathon Capital as lead investor in its $75 million Series D convertible note financing for Shorelight Education.
  • Represented Avathon Capital as lead investor of approximately $35 million Series D financing in EdCast.  Other investors included National Grid Partners, State Street Global Advisors and REV Venture Partners.
  • Represented Sheridan Road Financial, a once-independent investment consulting and advisory firm, in its sale to Hub International Limited, a global insurance brokerage backed by Hellman & Friedman.
  • Represented All Campus LLC, a student recruitment service provider, in its sale to Education Growth Partners.
  • Represented OCA Ventures and Origin Ventures in their co-led $3.3 million seed financing in Prisidio.
  • Represented lead investor group in sale of First Allied Securities to Lovell Minnick.
  • Represented buyer of division of eVestment (a portfolio company of Insight Ventures Partners).
  • Represented buyer in roll-up in the debt collection space.
  • Represented lead investor in a $70 million venture financing of a clean tech company and follow on rounds.
  • Represented lead investor in a $22 million financing of a consumer Internet company.
  • Represented lead investor in a $10 million financing of a medical device company.
  • Represented lead investor in a $17 million Series B financing of an Internet technology company.
  • Represented lead investor in a $15 million Series C financing of an Internet technology company.
  • Represented a major co-investor in a private equity syndicate in a $130 million equity financing and subsequent representation as a selling shareholder in the IPO and secondary offerings.
  • Represented co-investor in a $100 million clean tech financing and subsequent rounds.
  • Represented lead investor in a financing of a B-to-B software company.
  • Represented a marketing Internet company in a $3 million Series A Round.
  • Represented multiple software companies and health care companies in a Series A rounds and subsequent rounds.
  • Represented e-commerce and retail company in an approximate $4 million financing and restructuring.
  • Represented a medical e-commerce company in a $5 million financing.
  • Represented consumer marketing health care company in a $11.5 million Series A round.
  • Represented multiple start-ups in initial bridge note financings of $500,000 - $3,000,000.
  • Represented multiple CEOs and executives in their compensation and employment packages in private equity and venture backed companies.
  • Represented Backstop Solutions Group, LLC and Backstop Solutions UK, Limited in their acquisition of PerTrac CMS platform from Strategic Financial Solutions and Whittaker & Garnier, Limited.
  • Represented Monroe Securities Holdings, Inc. in its acquisition of Qwickrate of Illinois, LLC.
  • Represented a strategic investor in its creation and execution of an accelerator for strategic businesses.

Fund/Investment Management

  • Represented litigation finance investment firm GLS Capital LLC in its $345 million debut fund.
  • Represent hedge funds, private equity funds and real estate funds in their formation.
  • Represent managers at funds in negotiations of their general partner agreements.
  • Represent significant limited partners in their investments and side letters in hedge funds, private equity funds, cross-over funds, pledge funds, real estate funds and venture capital funds.
  • Represent limited partners and general partners in the purchase and sale of limited partnership interests in secondary transactions.
  • Represent investors and general partners in the negotiation of separately managed accounts.
  • Represent limited partners and general partners in the structuring and negotiation of co-investments.
  • Chambers USA: America’s Leading Lawyers for Business, recommended in “Corporate/M&A: Private Equity” since 2011
  • The Legal 500 United States, recommended in “M&A/Corporate & Commercial: M&A: Middle-market (sub-$500 million)” since 2015
  • The Best Lawyers in America, recommended in “Private Funds / Hedge Funds Law” 2018-2023; named “Lawyer of the Year” in 2020
  • Illinois Super Lawyers, recommended in “Business & Corporate” since 2018
  • Crain’s Chicago Business, named among the “Tech 50,” 2016

Bar Admissions

  • Illinois