The Legal 500

Clifford Chance is ‘very knowledgeable on how to do private equity deals’ and has an exemplary client base, including CVC Asia Pacific, Permira, Affinity Equity Partners, EQT Partners, Temasek and Advantage Partners. In 2010, Simon Cooke led the team that represented Advantage Partners on its first PIPE deal in Hong Kong. Fellow partner Andrew Whan is another of Hong Kong’s leading private equity specialists.

Linklaters has made significant headway over the last three years with deals for the likes of Carlyle and many of the special situations groups amongst the investment banks. Its China story is particularly impressive with Betty Yap and Peggy Wang (‘doing very well’), while Christopher Kelly heads the department and recently advised key client Carlyle, as major shareholder, in the “red-chip” restructuring and proposed IPO of Yashili Guangdong.

Paul, Weiss, Rifkind, Wharton & Garrison’s Hong Kong office has a long history in the private equity sector, acting for such illustrious names as Morgan Stanley Private Equity, Carlyle, Oaktree Capital, General Atlantic and KKR. Its stunning list of recent transactions includes representing KKR on its $297.5m acquisition of a 10% equity interest in China International Capital Corporation (CICC). The immensely experienced Jack Lange has a magnificent reputation, as does fellow partner Jeannette Chan.

Freshfields Bruckhaus Deringer’s prestigious private equity client roster is illustrative of its strong presence in this sector, including a series of deals for Warburg Pincus and other international private equity houses, but has also completed a number of transactions for PRC-based funds. Asia managing partner Robert Ashworth now has a particularly strong focus on private equity.

Herbert Smith has an impressive record in the private equity arena, particularly in relation to PRC or Hong Kong-based funds, including SAIF Partners and CCB International Asset Management. In this regard, Gary Lock and Tommy Tong are highly regarded.

The private equity practice was the foundation for Kirkland & Ellis International LLP’s newly enlarged Hong Kong platform. It has advised on a series of deals for key client Bain Capital and Silver Lake Partners in Asia. This includes Silver Lake’s investment in Nobao Renewable Energy and Bain’s acquisition of ASIMCO Technologies. David Eich is the principle partner, and the firm has made a sequence of lateral hires, including leveraged finance specialist Ashley Young from Allen & Overy.

Ropes & Gray LLP now has a sizeable presence in Hong Kong, building on its leading reputation for private equity transactions. Cornerstone clients in Asia now include Bain Capital, TPG, Silver Lake and D E Shaw. The firm represented Bain Capital in the $1.1bn acquisition of Japan’s Bellsystem24 in 2010. The firm has a particularly strong record in the life sciences sector and is one of few firms to have a sponsor focused financing practice under new partner Michael Nicklin. Marcia Ellis and Alison Tschopp Bomberg have fine reputations for private equity transactions.

Simpson Thacher & Bartlett LLP acts for cornerstone clients such as Blackstone, KKR and CDH Investments. The firm has completed a series of deals for Blackstone in India. Private equity specialist Kathryn King Sudol (‘incredibly responsive’, ‘solid’, ‘commercial’, ‘constructive’) transferred to Hong Kong from New York in 2010. The team also benefits from the presence of leveraged finance specialist Sinead O’Shea in Hong Kong.

Weil, Gotshal & Manges’ global standing in private equity is supported ably by the Hong Kong office. Baring Private Equity Asia has become a notable client in Asia with the firm advising it on one of the first take-private attempts of a US-listed China business. Unitas Capital is another key client, as is cornerstone global client Providence Equity Partners. Akiko Mikumo and Peter Feist are highly recommended.

Allen & Overy has made significant inroads into the Asia private equity arena with deals for Blackstone, Carlyle and Goldman Sachs Private Equity. Recently the firm advised Carlyle on its disposal of China Pacific Insurance by way of two block trades. Jeremy Hunt is the lead partner.

Baker & McKenzie has a steady diet of private equity transactions, with clients such as Affinity Equity Partners, Apax, China Investment Corporation (CIC), EQT and Primus Financial. The firm recently advised EQT Greater China II on its secondary buyout of leading Taiwanese TV channel operator Gala TV. Yuk Tong Cheung and Dorothea Koo are the principle partners.

Cleary Gottlieb Steen & Hamilton LLP’s cornerstone client TPG Capital has brought it into a number of major transactions in Asia. It recently acted for TPG in connection with its partnership with the municipal governments of Shanghai and Chongqing, to raise and manage two new RMB-denominated funds.

Davis Polk & Wardwell LLP has an impressive private equity client base, including names such as Warburg Pincus and Morgan Stanley. Although historically known for its work on India deals, the firm has built a much broader practice. Kirtee Kapoor recently acted for China Investment Corporation (CIC) on its investment in Indonesia’s PT Delta Dunia Makmur.

Deacons is recommended for minority investments in offshore structured Chinese companies. The firm is praised for its ‘superb’ responsiveness, its ‘professional’ dealings with counterparties, and ‘in-depth knowledge of offshore PRC-related transactions’. Sabrina Fung is ‘committed’, ‘proactive in problem solving’ and delivers ‘tailored solutions’.

Debevoise & Plimpton brings some of its much feted private equity expertise to Hong Kong. As in the US, it benefits from a fine funds formation practice. Deals for cornerstone clients such as Providence Equity Partners and Baring Private Equity Asia illustrate the firm’s excellent standing.

Dechert LLP principally handles US driven transactions by growth capital funds in the PRC. Basil Hwang is the lead partner.

Fried, Frank, Harris, Shriver & Jacobson’s rebuilding process gained real impetus with the arrival of Douglas Freeman and Victor Chen from O’Melveny & Myers LLP in 2011. The two have a wealth of experience in working with private equity sponsors and their portfolio companies in China, and have a notably strong record in going private transactions driven by private equity sponsors.

Latham & Watkins LLP works regularly with global client Carlyle and Primavera Capital. Tim Gardner recently advised Primavera on the privatisation of NYSE-listed Chemspec International.

Minter Ellison has an impressive record in the resources sector with early stage investments in China, as well as transactions in Laos, Cambodia and Indonesia. Fred Kinmonth and Elisabeth Ellis comprise a strong senior echelon with genuine private equity expertise. The firm recently acted for Affinity Equity Partners on the sale of the Loscam Group to China Merchants Group.

Morrison & Foerster has a fine PRC facing private equity practice, acting for clients such as Warburg Pincus, Carlyle Asia, ICBC International and CB International Asset Management. Venture capital deals are also still an important element of the practice. Thomas Chou and Charles Chau are key members of the team.

Since the arrival of Maurice Hoo (‘technically very solid’, ‘easily able to drill down to the issues in question’) in early 2010, Orrick, Herrington & Sutcliffe LLP’s private equity practice has experienced dramatic progress with clients such as Warburg Pincus and PineBridge Capital. Traditional growth capital deals remain prominent, but the firm has done a series of take private deals.

Reed Smith Richards Butler focuses primarily on mid-market private equity deals. It has a long history of working with 3i, as well as sovereign wealth fund Temasek. Graham Winter and Denise Jong are recommended.

Shearman & Sterling LLP has a blossoming private equity practice and now works with such prestigious names as TPG and Bain Capital. The firm recently acted for Tiger Group Investments on its joint venture with Carlyle to form a company is looking to acquire more than $5bn in container, dry bulk, tanker vessels and other shipping assets. Paul Strecker heads the department which includes the ‘excellent’ and ‘very responsive’ India private equity specialist Sidharth Bhasin.

Skadden, Arps, Slate, Meagher & Flom LLP has a considerable amount of private equity experience amongst its ranks. A Greater China team represented Carlyle on its $190m acquisition of a minority interest in China Fishery Group via a PIPE investment.

Slaughter and May has a vast amount of private equity experience, with Benita Yu recently acting for Hony Capital on its acquisition of a 15% interest in the Soalala iron ore mining project in Madagascar. Jason Webber also represented the management team on the management buyout of HSBC Private Equity (Asia). Leading corporate lawyer Neil Hyman is also recommended.

Sullivan & Cromwell LLP’s recent impressive record includes advising cornerstone client Goldman Sachs on its acquisition of a 12% stake in Taikang Life Insurance, and acted for CIC on its minority investment in Triana Energy Investments. Michael DeSombre is the standout partner having worked on a wide range of Asia private equity deals over the years.

Troutman Sanders LLP’s Olivia Lee (‘dedicated professional’, ‘solid understanding of the business temperament in China’, ‘insightful advice’) has an impressive list of private equity clients. This includes Carlyle, which the firm continues to advise on a number of deals in the PRC and in connection with the activities of portfolio companies.