The Legal 500

Clifford Chance continues to dominate this space, handling all aspects of private equity work, from fund formation to transactions, regulatory advice, debt finance and high yield issues. Clients recommend practice head Andrew Whan, and say the practice ‘provides immediate response times, in-depth industry knowledge, a strong team and good value for money’. The group advised CVC Asia Pacific on the sponsor-led privatisation of cosmetics company Natural Beauty Bio-technology, though the HK$2.4bn deal was eventually rejected by shareholders. The practice also acts for Apax Partners, Permira, MBK Partners, Carlyle, Affinity Equity Partners and Citadel. Huw Jenkins, Roger Denny and Simon Cooke, who relocated from London, are all recommended.

Cleary Gottlieb Steen & Hamilton LLP built its practice around cornerstone client TPG. Filip Moerman continues to divide his time between Beijing and Hong Kong, with other key partners including Robert Williams, W Clayton Johnson, and Megan Tang.

Freshfields Bruckhaus Deringer advised new client TPG Asia on an $80m investment in Chinese shoe manufacturer Daphne International, and acted for Warburg Pincus in its $50m investment in Renhe Commercial. Clients report that ‘the service is outstanding - they are very responsive and have extensive industry knowledge’, singling out Teresa Ko as ‘an excellent and skilful negotiator’, and Robert Ashworth as ‘very commercial, responsive and knowledgeable’. Grace Huang, who is ‘a very professional lawyer with extremely strong technical ability’, became a partner.

Herbert Smith represents a strong stable of private equity firms, including TPG, Goldman Sachs, Blackstone and China Enterprise Capital, and has focused on PIPEs and RMB funds. Clients praise Ashley Alder’s ‘good reputation in the market’, and single out Tommy Tong. Other key partners are Andrew Tortoishell, John Moore and Carolyn Sng.

Kirkland & Ellis International LLP has drawn on its international reputation in this sector to form a private equity-focused Hong Kong office. The small team, led by David Eich, boosted its ranks by relocating funds partners Justin Dolling from London and Albert Cho from New York, and the lateral hire of M&A partner XY Li from Jun He Law Offices. The practice advised cornerstone client Bain Capital on its acquisition of a minority interest in Gome Electrical Appliances, one of the largest private equity deals ever struck in China. Other clients include Oaktree Capital Management and Cartesian Capital.

The ‘very helpful team’ at Linklaters is headed by Chris Kelly, with Betty Yap and John Maxwell also recommended. Clients say ‘the team’s response times are very quick and their advice is very good with a strong commercial edge’. The practice represented Morgan Stanley Private Equity Asia as part of a consortium in the acquisition of Norske Skog Korea for $835m, completed in September 2008. Other high profile clients include Affinity Equity Partners, Blackstone and Carlyle.

Morrison & Foerster’s China-oriented practice has an emphasis on venture capital. Shanghai partner Charles Comey co-heads the team alongside Hong Kong partner Thomas Chou, acting for Goldman Sachs, Merrill Lynch, Morgan Stanley, Spring Creek and STIC Investments.

Paul, Weiss, Rifkind, Wharton & Garrison is ‘very client-focused’, concentrating on transactional work and RMB fund formation, especially relating to regulated industries. The practice commands an excellent reputation, with partner John Lange ‘considered one of the best in town’, and Jeanette Chan well regarded for TMT-related private equity work. The practice advised KKR on its investment in Ma Anshan Modern Farming, and the Carlyle Group in the $60m acquisition of Taiwanese Cable-Giant CATV.

Simpson Thacher & Bartlett LLP has a strong relationship with Blackstone and KKR, acting for the former in its $600m investment in China National Bluestar. Clients praise practice head Patrick Naughton and Philip Culhane for his abilities in fund formation.

Baker & McKenzie advised private equity fund ARA Asia Dragon Fund on the acquisition of Nanjing International Finance Centre, valued at RMB1.6bn. Yuk Tong Cheung, Dorothea Koo and Jason Ng are key figures.

DLA Piper’s practice, led by Beijing partner Rocky Lee, covers venture capital and private equity work, acting for HSBC Asian Ventures Fund 3 in a $10m investment in Jaco SolarSi, a supplier of upgraded metallurgical silicon. Other clients include Aureos Capital, Sequoia Capital China and Matrix Private Equity.

Davis Polk & Wardwell is focused on transactional work and is expanding its presence across the region. Mark Lehmkuhler and Kirtee Kapoor acted for Morgan Stanley Private Equity Asia in its minority investment of Rs1.82bn in Indian castor oil manufacturer Biotor Industries, while William Barron represented Citadel Investment in a $55m deal in Indonesia.

Debevoise & Plimpton boasts a ‘dedicated private equity fund formation practice’ and in that respect, ‘they are the team to beat in the Hong Kong market’. Andrew Ostrognai has ‘extensive experience and is very professional’, having worked on the formation of the $1.4bn Hony Capital, one of the largest Chinese private equity funds ever raised, and Baring Asia Private Equity Fund IV, a $1.5bn pan-Asian fund.

Dechert LLP in association with Hwang & Co has a varied mid-market practice, with a good track record in minority investments in PRC companies, led by Basil Hwang, Angelyn Lim and Michael Hickman. Representative clients include JAFCO, AIG Global Investment and One Equity Partners.

Fried, Frank, Harris Shriver & Jacobson LLP in association with Huen Wong & Co provides ‘relevant and practical legal advice in a very short timeframe, with an understanding of our commercial perspective’. Andrew Colosimo has built the practice up since transferring from New York in 2007, with core clients including Goldman Sachs and Morgan Stanley Real Estate Investment.

Jones Day offers ‘an excellent overall level of service’ and, according to clients, ‘respects our needs and does the best for us’. Virginia Tam has a strong reputation for ‘working hard’, though Christine Kim and new partner Michael Arruda, who joined from Fulbright & Jaworski LLP, are also recommended.

Milbank, Tweed, Hadley & McCloy focuses on private equity acquisitions relating to Chinese companies, led by Anthony Root. Clients include Citigroup and CCMP Capital, and the practice advised EQT in its $80m acquisition of a 48% stake in Hunan Laobaixing Pharmaceutical Retail Chain.

Minter Ellison tends to focus on local funds, advising Winnington Capital on its acquisition of shares in a Shanghai real estate development project from Shui On Holdings, valued at $324m. Clients praise Fred Kinmonth for his ‘relationships in Asia and ability to open connections’, Elisabeth Ellis for ‘deep technical knowledge’, and Matthew Hibbins for ‘great commercial acumen’.

Paul, Hastings, Janofsky & Walker has expertise in real estate investment, regularly servicing Blackstone, Morgan Stanley Private Equity and Pegasus Capital, along with other high-profile international funds. Key partners include Maurice Hoo and Neil Torpey.

Richards Butler in association with Reed Smith LLP has concentrated mainly on asset disposal and PRC growth capital investments over the past year, with key clients including 3i, Baring, Investec and TPG. Graham Winter leads the practice.

Shearman & Sterling LLP has a solid stream of M&A work in India, China and Tokyo, representing Merrill Lynch Global Private Equity, Longreach, Peak Capital and Bain Capital. Key contacts include Paul Strecker and Gregory Puff. Clients report that the group has ‘a detailed understanding of our needs and preferences, and essential insight into how things are done in this region’.

Clients recommend Skadden, Arps, Slate, Meagher & Flom LLP for its ‘excellent private equity partners’ and ‘broad expertise’, with key individuals including Nick Norris and Edward Lam.

Slaughter and May has a good track record in real estate investments in China, with Benita Yu having advised an affiliate of First Toronto Sirius Fund on the acquisition of a minority stake in PRC-based Red Titan Property.

Troutman Sanders LLP has grown its private equity and venture capital expertise in recent years, with notable additions to its Shanghai team. Cornerstone clients include HSBC and Carlyle, with Olivia Lee representing the latter in its $50m investment in Beijing-based Hao Yue Education Group.

Weil, Gotshal & Manges offers ‘outstanding service - turnaround time, responsiveness and general advice are superb’. Lead partner Peter Feist is ‘an excellent draftsman and adviser, with a high degree of pragmatism’, though Asia managing partner Akiko Mikumo is also active. The group represented the buyer group, Providence Equity and Ayala, in the $263m acquisition of Philippines-based eTelecare Global Solutions. Other clients include WL Ross Funds, Irving Place Capital and Summit Partners.