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Rafael Stone co-chairs the firm’s Investment Management practice group and advises over 30 public pension funds located throughout the United States, in all aspects of public pension fund alternative investments.

Rafael's practice focuses on U.S. and international private equity, hedge funds, infrastructure, real estate, opportunistic funds and direct investments. In his role as Co-Chair of the Investment Management practice, Rafael has successfully navigated through a significant number of workouts and overseen litigation involving disputes between our investor clients and the fund managers. He has practiced in this area since 1989. In 2015, Rafael was named to The National Black Lawyers Top 100 list, a professional honorary association recognizing preeminent black lawyers nationally. Rafael is a frequent speaker at alternative investment conferences across the country.

Representative Clients:

Lead counsel and member-in-charge of:

    • 3M Employee Retirement Income Plan Trust
    • Arizona Public Safety Personnel Retirement System
    • Arizona State Retirement System
    • California Public Employees' Retirement System
    • Chicago Teachers’ Pension Fund
    • Educational Retirement Board of New Mexico
    • Employees' Retirement Fund of the City of Dallas
    • Employees Retirement System of Texas
    • Fresno County Employees' Retirement Association
    • Indiana Public Retirement System
    • Iowa Public Employees' Retirement System
    • Kansas Public Employees Retirement System
    • Los Angeles Fire & Police Pension Plans
    • Los Angeles Water and Power Employees' Retirement Plan
    • Maryland State Retirement and Pension System
    • Massachusetts Pension Reserves Investment Management Board
    • Mississippi Public Employees' Retirement System
    • New Hampshire Retirement System
    • New York City Pension Funds and Retirement Systems
    • New York State Common Retirement Fund
    • New York State Teachers' Retirement System
    • Policemen's Annuity and Benefit Fund of Chicago
    • Public Employee Retirement System of Idaho
    • San Francisco City and County Employees Retirement System
    • Seattle City Employees' Retirement System
    • Teacher Retirement System of Texas
    • West Virginia Investment Management Board

Professional Activities

American Bar Association

King County Bar Association

Loren Miller Bar Association

National Association of Public Pension Attorneys

Pension Real Estate Association

Real Estate Executive Council, Leadership Advisory Board

Washington State Bar Association

Community Activities

  • Africa Investor, Advisory Board
  • African American Heritage Foundation
    • Member, 1992-Present
    • Chair, 1992-1996
  • Blethen Corporation, Board of Directors
  • Port of Seattle, Sea-Tac Airport Policy Advisory Group
  • Seattle Times Corporation, Board of Directors



ABR Chesapeake Investors III, LP

AG Capital Recovery Partners, LP

Alinda Infrastructure Fund, LP

Allegis Multifamily Trust

AllianceBernstein All Asset Deep Value Fund, LP

Apollo Investment Fund V, LP

Apollo Investment Fund VI, LP

Apollo Real Estate Investment Fund IV, LP

Ares Corporate Opportunities Fund II, LP

Arlington Capital Partners II, LP

Asia Alternatives Capital Partners III, LP

Aslan Realty Partners, LP

Aurora Resurgence Fund, LP

Austin Capital Safe Harbor Fund, LP

Avenue Special Situations Fund VI, LP

Battery Ventures VI, LP

Beacon Capital Strategic Partners IV, LP

Blackstone Capital Partners V, LP

Bridgepoint Europe III, LP

California Smart Growth Fund IV, LP

Canyon-Johnson Urban Fund II, LP

Cerberus Institutional Partners IV LP

Cherokee Investment Partners IV, LP

Chisholm Partners IV, LP

Citi Infrastructure Partners, LP

Clarity China Partners II, LP

Clearstone Venture Partners III, LP

Court Square Capital Partners II, LP

CPI Capital Partners Europe, LP

CVC Capital Partners Asia Pacific II LP

CVC European Equity Partners IV, LP

CVC European Equity Partners Tandem Fund, LP

DLJ Real Estate Capital Partners II, LP

Enhanced Equity Fund, LP


Falconhead Capital II, LP

First Reserve Fund XI, LP

First Reserve XII, LP

Galen Partners III, LP

Galen Partners IV, LP

GF Capital Private Equity Fund, LP

Goense Bounds & Partners, LP

Gores Capital Partners, LP

Green Equity Investors IV, LP

Green Equity Investors V LP

Hamilton Lane Co-Investment Fund, LP

Hamilton Lane Secondary Fund, LP

Hellman & Friedman Capital Partners IV, LP

Herkules Private Equity III (Jersey) LP

HFCP IV (Bermuda), LP

Highway 12 Venture Fund, LP

Highway 12 Venture Partners II, LP

Hines-Sumisei U.S. Core Office Fund, LP

ING Realty Partners, LP

ITU Ventures III, LP

J.H. Whitney, LP

John Hancock ForesTree V

KKR 2006 Fund, LP

Kohlberg Investors V, LP

Kohlberg Investors VI, LP

Landmark Equity Partners XI, LP

Lindsay Goldberg & Bessemer II, LP

Littlejohn Fund II, LP

Lone Star Fund VI, LP

McCown de Leeuw & Co., LP

Metalmark Capital Partners, LP

MetWest Enhanced TALF Strategy Fund LP

Miller Global Fund II, LP

Montauk TriGuard Fund III, LP

Navis Partners V, LP

Newbridge Asia IV, LP

Oaktree PPIP Private Fund, LP

OCM/GFI Power Opportunities Fund LP

Panda Global Energy & Renewable Fund, LP

PCG Clean Energy and Technology Fund, LLC

Pharos Capital Partners II, LP

Providence Equity Offshore Partners II, LP

Providence Equity Partners II LP

Providence Equity Partners IV LP

Providence Equity Partners V LP

Providence Equity Partners VI LP

Providence Growth Investors LP

Providence Growth Offshore Investors, LP

Quadrangle Capital Partners II, LP

Realty Associates Fund V Corporation

Shamrock Activist Value Fund, LP

Sofinnova Venture Partners VII, LP

Stockbridge Real Estate Fund II, LP

T3 Partners II (C.I.), LP




TCW/Crescent Mezzanine Partners IV, LP

Thomas H. Lee Equity Fund IV, LP

Tishman Speyer Real Estate Venture VI, LP

TPG Credit Strategies Fund, LP

TPG Partners IV (Cayman), LP

TPG Partners V, LP

TPG Star, LP

Urban Strategy America Fund, LP

Westbrook Real Estate Fund III, LP

Westbrook Real Estate Partners VII, LP

White Deer Energy, LP

WLR Recovery Fund III, LP

News & Insights


Speaking Engagements

Past Appearances


  • Washington, 1973
  • Arizona, 2010
  • District of Columbia, 2000
  • New York, 2000


  • J.D., University of Washington School of Law, 1973
  • B.A., University of Washington, 1970

Honors & Recognition

  • The Best Lawyers in America© Private Funds / Hedge Funds Law, 2023
  • Savoy Magazine, Most Influential Black Lawyers list, 2022
  • Chambers Global (USA) Leading Individual, Investment Funds: Investor Representation, 2021-present
  • Chambers USA (Nationwide) Leading Individual, Investment Funds: Investor Representation, 2019-present
  • Washington Super Lawyers list, 2002-2005
  • The National Black Lawyers – Top 100, 2015
  • Top Lawyer, Seattle Metropolitan magazine, 2010
  • Who’s Who in American Law, 1984-Present
  • Washington State Bar Association Affirmative Action Award, 1996, co-recipient with Foster Pepper PLLC
  • Martindale-Hubbell AV rating
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