Michael P. Calabrese


Michael P. Calabrese


Michael Calabrese is a corporate lawyer providing counsel to institutional investors and government agencies, particularly pension funds. He is a partner in the firm’s Fund Formation & Investment Management Practice, regularly counseling both governmental clients and private sector clients who have dealings with the public sector, helping them navigate challenges specific to the public sector.

Prior to joining Foley, Michael was the chief counsel for San Bernardino County Employees Retirement Association, where he served as the general counsel to the more than 30,000-member pension system. He also served as the chief deputy county counsel and pension fund general counsel for the County of Merced, and as chief deputy city attorney for the City of San Diego. He gained experience as an associate attorney at three law firms in California and Michigan after graduating from law school.

Michael leverages his extensive experience as a public servant and in-house counsel for pension funds and other government agencies to bring these types of clients a unique perspective. Because he lived the duties of a public official and pension fund fiduciary for almost a decade, he understands the day-to-day needs, operations, and dynamics of a public pension fund to a depth that does not come from merely knowing the law or providing outside advice and services. In addition, because of his years as a public official, he has learned the operational, governance, and legal workings of government agencies with a particular breadth and depth.

Awards and Recognition

  • Foley & Lardner Pro Bono Champion, 2022


  • American Bar Association
  • California State Bar
  • National Association of Public Pension Attorneys (NAPPA)
  • State Association of County Retirement Systems (SACRS)

Presentations and Publications

01 September 2023 In the News

Michael Calabrese Comments on Wall Street’s Challenge to New SEC Private Fund Adviser Rule

Foley & Lardner LLP partner Michael Calabrese is quoted in The Hill article, “Wall Street fights back against new SEC reforms in scathing lawsuit,” discussing a recent lawsuit filed by a cohort of trade associations challenging the SEC’s new Private Fund Adviser rule.
28 August 2023 Article

SEC Adopts New Private Funds Rules: Key Takeaways for Private Fund Advisers and Investors

During an open meeting on Wednesday, August 23, 2023, the U.S. Securities and Exchange Commission voted 3-2 along party lines to adopt new rules proposed under the Investment Advisers Act of 1940.
01 February 2023 Press Releases

Foley Elects 23 New Partners

Foley & Lardner LLP is proud to announce the election of 23 lawyers to its partnership, effective February 1, 2023.
07 December 2022 Video

Ten Minute Interview: Private Market Investments

Brian Lucareli, Director of Foley Private Client Services (PCS) and co-chair of the Family Offices group, sits down with Michael Calabrese, Of Counsel and member of the firm’s Fund Formation & Investment Management Practice, for a 10-minute interview to discuss private market investments.
04 April 2019 Newsletters

A Summary of Certain Recent Enforcement and Non-Enforcement Actions

On March 27th, the Supreme Court issued a 1934 Act Rule 10b-5 opinion that will have implications for sponsors of private funds and their placement agents.