Cadwalader, Wickersham & Taft, Goodwin Procter and Skadden, Arps, Slate, Meagher & Flom had the lead roles on a $1 billion investment into Chinese smartphone maker Xiaomi Corp.

Hong Kong-based All-Stars Investment Ltd., a fund launched last April by former Morgan Stanley tech analyst Richard Ji, led a consortium that included Singaporean sovereign wealth fund GIC Pte. Ltd. and Russian billionaire Yuri Milner's DST Global fund on the investment. The deal values Xiaomi at $45 billion, making it the most valuable private technology company in the world.

Beijing-based Xiaomi was founded four years ago by chairman Lei Jun, former president and chief executive officer of Chinese software developer Kingsoft Corp. The company sold 61 million smart phones in 2014, according to research firm International Data Corp., ranking it behind Samsung Electronics Co. Ltd. and Apple Inc. as the world's top three smartphone makers, respectively. Xiaomi says it plans to sell 100 million phones this year.