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Andrew M. Ostrognai, resident in the Hong Kong office, is of counsel and a member of the firm’s private equity fund formation and downstream investment practice in the Asia-Pacific region.

Mr. Ostrognai has represented a wide range of sponsors and investors in their fund formation, fund investment and related activities, including:

  • Advantage Partners
  • AIF Capital
  • Alibaba Group
  • Baring Private Equity Asia
  • Baring Private Equity India
  • CDH Investments
  • China Life 
  • D.E. Shaw 
  • HarbourVest Partners
  • Hillhouse Capital
  • Hony Capital
  • Morgan Stanley
  • Navis Capital Partners
  • Ontario Teachers Pension Plan
  • Pantheon Ventures
  • Quilvest
  • VIG Partners

Mr. Ostrognai has extensive experience in forming all types of funds, from large pan-Asian buy-out funds to smaller focused sector or country-specific funds, as well as separate account programs and foreign-sponsored, RMB-denominated private equity funds. Mr. Ostrognai also has strong experience in various types of secondary transactions.

Mr. Ostrognai was named to Private Equity International’s first-ever “Legal Power 30,” a list of the 30 most influential private equity lawyers globally, and remains on the most current version of the list. Mr. Ostrognai is also named by Expert Guides in its Best of the Best list, which names the 30 leading private equity lawyers in the world. In 2016, Mr. Ostrognai was named in China Business Law Journal’s inaugural “A-List,” which identified the top 100 private practice lawyers for the China market.

Mr. Ostrognai is ranked in the top band by Chambers Global and Chambers Asia-Pacific for investment fund work in China. The guides describe him as “the granddaddy of Asian fund formation” and “the strongest fundraising senior lawyer in Asia” with “a highbrow authority that you’d want to see in a lawyer.” Chambers Global has quoted sources describing Mr. Ostrognai as an “undisputed leader” with a “very deep knowledge and quick turnaround.” He is said to gain “serious respect” from peers thanks to his profound knowledge of private equity funds. Chambers Asia-Pacific states that he “is held in especially high regard by peers and major funds clients,” and quotes sources describing him as “a thoughtful lawyer who provides good advice, is very accessible and is always responsive.” Chambers Asia-Pacific has also previously described Mr. Ostrognai as “a class act who can manoeuvre GPs through large, complex fund-raisings,” as “highly sought after,” and as “one of the best lawyers in town;– he has incredible knowledge and is somebody you can really trust to provide accurate advice.”

The Legal 500 which lists Mr. Ostrognai in its Hall of Fame for investment funds, has described him as “giant of the private equity space.” He is also ranked as a leading individual for investment funds in Hong Kong by The Legal 500 Asia Pacific, and is recognized as a “market leader” for fund formation in IFLR1000. In addition, Mr. Ostrognai is listed in the International Who’s Who of Private Funds Lawyers published by Law Business Research, which names him amongst a select group of 22 global Thought Leaders for private funds. The guide states that he is “internationally renowned” and that “for private equity fund formation, ‘there is nobody better.’”

Mr. Ostrognai is part of a team which Chambers Global has said “is regarded as the gold standard regarding fund formation” in Asia. IFLR1000 has reported that “a rival says: ‘They are the best in Asia.’ Another client agrees: ‘Hands-down, Debevoise has the premier fund establishment practice here. Their work ethic is incredible and they are a pleasure to work with, even during stressful times on difficult issues.’”

Mr. Ostrognai is a regular guest lecturer to INSEAD’s MBA students on private equity fund formation issues. He is also a guest commentator in the book Mastering Private Equity (John Wiley & Sons, 2017).

Mr. Ostrognai serves as the Chair of SOW Asia, a Hong Kong-based venture philanthropy, and the Vice Chair of International Care Ministries, a charity devoted to serving the poorest of the poor in the Philippines. He also serves on the Yale Asia Development Council. 

Mr. Ostrognai received his B.A. in 1986 from Yale University and his J.D. in 1989 from the University of Chicago Law School.


  • University of Chicago Law School, 1989, J.D.
  • Yale University, 1986, B.A.

Bar Admissions

  • New York
  • Hong Kong