The Legal 500

'Consistent across the board', Maples and Calder 'has very knowledgeable and experienced lawyers who are also business savvy and practical in their approach to problem solving'. The practice acted on the Morgan Stanley Real Estate Fund VII Global, the third largest private equity fund launched in 2010, and the firm also acted in connection with the launch of Siraj Palestine Fund I, the first private equity fund dedicated exclusively to investing in companies operating in Palestine. The 'highly thought of' Jon Fowler and the 'great' Iain McMurdo are team heads. McMurdo is 'incredibly responsive and very thoughtful'.

Providing 'timely and commercial advice', Walkers's group houses a hedge funds department and private equity funds team. The practice advises asset managers, fund promoters and institutional investors, such advice extending beyond fund formation to all legal aspects affecting the continuing operations of hedge funds, including specialist advice on fund management and contentious issues. The private equity group is experienced in all aspects of private equity fund structures, and acts on fund formations and the formation of alternative investment vehicles, as well as on fund raising structures, secured lending, due diligence, M&A, IPOs and other exit strategies. Rod Palmer is the global investment funds head, and managing partner Mark Lewis is a senior investment funds partner. Former BVI managing partner Heidi de Vries, Ingrid Pierce and Caroline Williams and recently promoted partner Julian Ashworth 'always strive to provide workable advice that leads to a positive business outcome'. 'Leading light' Rolf Lindsay is 'recommended for his international awareness and knowledge'. Jonathan Tonge relocated to the Jersey office.

Fielding 'a responsive team', Appleby advised on the acquisition by Credit Suisse from Fortis Bank (Nederland) of its business activities in the field of providing services to the alternative investment industry, and acted as Cayman Islands legal counsel to Eli Lilly in relation to the establishment of a Cayman Islands fund structure to be used as part of Eli Lilly's investment strategy in China. Bryan Hunter is Cayman funds head, and Richard Addlestone has 'good knowledge'. Sabrina Leacock is also an experienced practitioner.

Ogier 'combines large firm resources with a smaller firm feel'. The investment funds team provides offshore legal advice on fund formation, structuring, regulation, de-registration, termination, and ongoing advice to investment funds, administrators and managers. The practice recently acted in the formation of approximately eighteen segregated portfolios for incubator funds and nine standalone funds sponsored by JP Fund Foundations. Managing partner Peter Cockhill, Andrew Morehouse, Nick Rogers and Giorgio Subiotto are key contacts. Angus Davison 'has outstanding knowledge of how funds are structured and work', and counsel Colin Berryman 'combines commercial awareness with a detailed and pragmatic understanding of the law'.

Providing a 'North American style of service, with consistently fast response times', Campbells' funds team continues to grow and expand. Ian Dillon was promoted to partner in October 2010, and Marc Parrott joined the firm from King & Spalding in Dubai as a senior associate. Dillon is noted for his experience in investment and private equity fund formation, structuring matters and governance. The team's clients include investment managers and fund structures, administrators and services providers. The practice also acts as special counsel to fund directors, and has advised private and listed technology and start-up entities on listing and series financing requirements.

Conyers Dill & Pearman's practice set up a sizeable Cayman Islands segregated portfolio company that is intended to have thirty or more segregated portfolios, each of which will feed into a separate master fund. The team also established an umbrella fund structured as a unit trust with 15+ sub-funds. Gene DaCosta was promoted to partner and Kevin Butler is a private equity fund expert. Richard Finlay heads the group.

Fielding 'lawyers who are forward thinking and humble yet powerful in their approach', Mourant Ozannes acts as Cayman Islands counsel to Polar Securities, for whom it recently assisted with the establishment of several new funds and the restructuring of certain structures. The firm also advised The Sentient Group on the establishment of new private equity funds, and it assisted SSARIS Advisors with the restructuring of several funds. Neal Lomax 'impresses clients and other counsel alike with his thoughtfulness and business acumen'. James Wauchope and Julian Fletcher are also key contacts. Fletcher is 'highly regarded, especially for his expertise relating to private equity fund work'.