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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In the United Kingdon, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for eight years. These partners are highlighted below and throughout the editorial.
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United Kingdom > London > Investment fund formation and management > Law firm and leading lawyer rankings

Editorial

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Overview

Legal 500's London investment funds section ranks a tight-knit group of firms for both fund formation and management work across a number of key markets. The largest section - private funds - includes nearly 30 firms carrying out work for both funds and investors across private equity funds, venture capital and infastructure. Other rankings include real estate funds, listed funds, retail funds and hedge funds. Firms featuring across multiple tables include Macfarlanes, Travers Smith, CMS, Akin Gump, Simmons & Simmons, Weil Gotshal and Clifford Chance.


Hedge funds

Index of tables

  1. Hedge funds
  2. Leading individuals: Hall of Fame
  3. Leading individuals
  4. Next Generation Partners
  5. Rising stars

Leading individuals: Hall of Fame

  1. 1

Rising stars

  1. 1

Schulte Roth & Zabel International LLP stands out in the London hedge funds arena, as demonstrated by the fact it acts for more than half of the 100 largest hedge fund managers in the world. The London team, which is co-led by Christopher Hilditch and Josh Dambacher, added 45 clients to its sizeable portfolio in 2018; Greenvale Capital LLP, Indar Capital LLP and JNE Partners LLP were among the client wins. Noted for its ability to advise on UK and US law, the group assists clients with fund formation, ongoing management and regulatory issues, spin-outs as well as related tax matters. Dambacher led the advice to Boldhaven Management LLP on the launch of long/short equities focused Cayman and Delaware master/feeder funds, which totalled $800 million in assets under management (AUM) after six months of trading. In another matter, Dambacher and Lee Smith are acting for Cevian Capital on the negotiation of multiple investments from institutional investors, including US pension funds and sovereign wealth funds. Emily Brown joined in 2018 from Macfarlanes LLP, while Anthony Lombardi and Smith were more recently promoted as special counsels.

Practice head(s):Christopher Hilditch; Josh Dambacher

Other key lawyers:Nick Fagge; Anna Maleva-Otto; Jim McNally; Emily Brown; Cathy Weist; Lee Smith; Laura Eatwell; Anthony Lombardi

Key Clients

Boldhaven Management LLP

Cantab Capital Partners LLP

Cevian Capital

Florin Court Capital LLP

Greenvale Capital LLP

Indar Capital LLP

JNE Partners LLP

KLI Asset Management LLP

Marshall Wace LLP

Securis Investment Partners LLP

Work highlights

  • Advised Cantab Capital Partners LLP on the launch of two Cayman funds – one, a global equities fund and the other, a daily dealing alternative risk premia fund.
  • Advised Florin Court Capital LLP on its first substantive external investment – an investment by New York pension fund investors.
  • Advised Greenvale Capital LLP on the restructuring of an existing hedge fund complex to rationalise performance compensation mechanism to optimise for US and non-US investors.
  • Advised Indar Capital LLP on the launch of the management entity and a catalyst-driven situations fund.
  • Advised JNE Partners LLP on a spin-out from MSD Partners and on the relaunch of a fund and the formation of a new management business, with a fund value of US $1 billion.

Simmons & Simmons' market-leading reputation sees it act for more than three quarters of the largest UK and European hedge fund managers, over half of the largest US managers and over a third of the largest Asian hedge fund managers. At the other end of the spectrum, the firm also has a standout capability acting for start-up managers. Practice head Richard Perry, who has been a partner since 1999, is at the forefront of regulatory issues impacting the hedge funds industry and was a key player in the launch of the firm's Irish funds practice in 2018. Iain Cullen led a team advising Brevan Howard on the launch of the Brevan Howard Alpha Strategies Fund; this has a two-legged Cayman master feeder structure with feeders domiciled in the Cayman Islands and Delaware managed by Brevan Howard Capital Management LP in Jersey ,with the portfolio management being carried out from Geneva and London. Other mandates from clients have also involved issues connected with Brexit, the Senior Managers & Certification Regime (SMCR) and European Market Infrastructure Regulation (EMIR) Initial Margin. Dale Gabbert has more than 20 years of hedge funds experience. Devarshi Saksena, Lucian Firth and managing associate Sarah Crabb are also names to note.

Practice head(s):Richard Perry

Other key lawyers:Iain Cullen; Dale Gabbert; Devarshi Saksena; Lucian Firth; Sarah Crabb

Key Clients

Brevan Howard

Schroders

GSA Capital Partners LLP

Janus Henderson

Aspect Capital

Theleme Partners

Capula Investment Management

Odey Asset Management

Jabre Capital Partners

Work highlights

  • Acted as lead counsel to Adelphi Capital LLP on a complex fund restructuring..
  • Acted as lead counsel on the launch of high-profile hedge fund start up, Blacksheep Fund Management Limited, which was launched by independent investment manager, Alex Fortune (ex-Ennismore Fund Management).
  • Acted for John Street Capital LLP on the launch of John Street Frontier Fund Limited, which was established to give access to a strategy trading emerging market futures, with a particular focus on Chinese commodities.
  • Acted for Schroders on the launch of deleveraged fund Schroders Opportunistic Secured Income Fund on its Bermudan hedge fund platform.

Akin Gump LLP provides the full scope of hedge funds advice to clients ranging in size from start-ups and small/mid-sized managers to global institutions. Its 13-strong London team comprises of UK and US-qualified practitioners, and is part of a larger international group servicing alternative investment management clients worldwide. Tim Pearce and Ian Meade are the main partners in the London group, which is frequently sought-out for some of the largest hedge fund launches in the market. In addition, it assists clients with regulatory compliance and other ongoing fund management issues. It also handles matters specific to alternative asset managers themselves, such as business structuring and M&A. The firm's strong tax capabilities are another value-add, with seven tax lawyers primarily advising funds clients. A separate restructuring team also provides support. Hamish Annandale made counsel.

Practice head(s):Ian Meade; Tim Pearce

Other key lawyers:Hamish Annandale

Dechert LLP has had a specialist funds practice in London since 1997, and has become the first choice of many global and boutique hedge fund managers. In addition to advising clients on a standalone basis, the team works on a cross- office basis to deliver seamless advice on complex, cross-border fund structurings and launches of new products, as well as fund restructurings, regulatory and tax issues. Its highly regarded team includes Abigail Bell and associate Craig Borthwick, who were among the advisers to Soloda Investment Advisors on the establishment of a Cayman Islands domiciled macro hedge fund, which launched with over $100 million. This was one of the most significant fund launches seen in the London market in 2018. Also notable is that members of the team are sought out to anticipate the impact of Brexit on various aspects of fund management, including fund structuring, fundraising and distribution. Mikhaelle Schiappacasse, who made partner in 2017, is dual-qualified in New York and in England and Wales. Global co-chair Gus Black oversees the team, which saw Marianna Tothova join from Ashurst. Tothova's practice is split between London and Luxembourg. Stuart Martin now practises as a consultant.

Practice head(s):Gus Black

Other key lawyers:Abigail Bell; Craig Borthwick; Mikhaelle Schiappacasse; Marianna Tothova

Testimonials

'Abigail Bell is super experienced. She  takes a pragmatic view and only pushes back on the points that she believes we can win - there is no point spending time and incurring fees on lost causes.'

'Good responsiveness and good product knowledge'

'Mikhaelle Schiappacasse is exceptional on all fronts.'

'Craig Borthwick has a natural inclination to want to do the best job for the client'

'Abigail Bell, Craig Borthwick and the rest of the team are always thinking outside the box.'

'The Dechert team cuts through complex legal issues to provide advice which is concise and business-friendly. The breadth of experience within the team and the global reach of the firm makes it an obvious choice for firms who are creating innovative products on a multi-jurisdictional basis.'

Key Clients

Soloda Investment Advisors

Numen Capital

S.W. Mitchell Capital

Work highlights

  • Advised a London-based investment manager on its restructuring, following the departure of a portfolio management team.
  • Advises an investment manager on the launch of fund products, and also legal and regulatory requirements applicable to the UK and offshore investment management business.
  • Advised a client on the establishment of a new activist hedge fund focused on UK and European investment opportunities.
  • Advised a longstanding hedge fund manager client extensively on regulatory issues, including MiFID II, PRIIPs and the impact of the SRD II.

Arnold & Porter leverages its transatlantic presence to provide a full range of services to clients, such as US and EU-based investment managers, institutional investors, fund distributors and service providers. Simon Firth, who is the main contact in London, works alongside New York-based practitioners to assist clients with fund formation and tax structuring, management group structuring, ownership and compensation arrangements, prime brokerage documentation and compliance policies/procedures, among other matters.  On the regulatory front, issues connected with AIFMD, MiFID and the European Market Infrastructure Regulation (EMIR) are notable drivers of activity. In addition, Firth advises asset managers and funds on Brexit-related issues. The firm also advises clients on the application of US regulatory regimes to their businesses.

Practice head(s):Simon Firth

Key Clients

IPM Informed Portfolio Management AB/IPM Cayman Funds

MacKay Shields LLC / MacKay Shields UK LLP

RoboCap LLP/RoboCap Partners Funds

MFW-Multi Family Wealth Limited

York Capital Management LLC

Orthogon Partners Investment Management LLC

Work highlights

  • The  firm advised IPM Informed Portfolio Management AB/IPM Cayman Funds on a range of documentation, regulatory and marketing matters, including: reversing ERISA fiduciary status for IPM for its Macro Fund; Chinese marketing; GDPR and its impact on the funds and service provider agreements with consequential amendments; issuing a new share class in the Macro Fund; and updating all Funds’ PPMs. The firm also advised IPM itself on Brexit and corporate matters for its UK branch.
  • The firm advises MacKay Shields LLC and its UK subsidiary, MacKay Shields UK LLP, an FCA regulated alternative investment fund manager, on a range of issues as external UK counsel. The advice routinely covers compliance with UK and EU regulations, including AIFMD, MiFID and PRIIPS, for MacKay in both the UK and (where relevant) the US, and the firm advises on various matters relating to the operation of MacKay’s Irish alternative investment fund. In 2018, the firm advised MacKay Shields on the impact of Brexit on its Irish Fund and on MacKay Shields UK LLP as the alternative investment fund manager (AIFM) of the Fund.  
  • Acted for RoboCap LLP on the formation of an offshore (Cayman) master fund with Delaware and Cayman feeder funds (RoboCap Partners CIM LP, RoboCap Partners DE I LP and RoboCap Partners Offshore Fund Ltd) for investment by US investors to mirror the successful robotics strategy of the UCITS fund.
  • The firm acts for MFW-Multi-Family Wealth Limited on regulatory, fund and contractual matters and as outsourced general counsel. In 2018, as well as providing ad hoc corporate and regulatory advice, the firm advised on the regulatory and corporate aspects of a potential business acquisition, and negotiated managed account agreements with an Irish Wealth Manager and a Luxembourg insurer.
  • Advised York Capital Management LLC on EU and UK disclosures and risk factors for fund PPMs, general regulatory advice and assisted with EU regulatory disclosures and filings, such as under the Short Selling Regulation. It also advised on structuring fund interests to comply with the UK reporting fund regime.

Fried, Frank, Harris, Shriver & Jacobson LLP's hedge funds offering forms a key part of its broader asset management practice. Working closely with the US funds team, the London group advises some of the largest and most well-known market participants on a broad cross-section of mandates. David Selden advises Canada Pension Plan Investment Board on various matters, including making anchor and seed investments in hedge funds managed from the UK, the US and Asia. On the sponsor side, Selden and others act for Tudor Investment Corporation on fund formation and regulatory matters, in addition to the negotiation and documentation of managed account structures.

Practice head(s):David Selden

Testimonials

'The team has an incredibly deep knowledge of hedge funds'

David Selden is a star. He is knowledgeable, practical and incredibly efficient'

Key Clients

BlackRock

APG Asset Management

Goldman Sachs

PAAMCO Prisma

Capstone Investment Advisors

Canada Pension Plan Investment Board (“CPPIB”)

Tudor Investment Corporation

Brookfield Investment Management

Work highlights

  • Advise PAAMCO Prisma on various hedge fund-related matters, including investments in hedge funds and co-investment vehicles, as well as on its funds of hedge funds.

Linklaters LLP has a strong capability in the hedge funds sphere, with clients valuing its ability to deliver a mix of fund structuring, regulatory and tax support. Under the leadership of global investment funds head Matthew Keogh, the firm attracts a significant flow of work from clients such as Alcentra, Brevan Howard, Squarepoint and Och-Ziff. Keogh and others advise Deutsche Bank on hedge fund products it manages, and provide ongoing support on AIFMD and business-critical Brexit-related issues. The firm also has a growing investor practice, and generates work from more than 20 pension funds and other institutional investors. Rahul Manvatkar made partner in May 2019. Senior partner Jonathan de Lance-Holmes is another key figure.

Practice head(s):Matthew Keogh

Other key lawyers:Rahul Manvatkar; Jonathan de Lance-Holmes

Key Clients

Alcentra

Brevan Howard

Deutsche Bank

KKR Credit Advisors (US) LLC

LIM Advisors

Man Group

Moore Capital

Squarepoint

Och-Ziff

Sam Brooks is the lead partner on hedge funds matters at Macfarlanes LLP, which generates work from many of the largest European hedge fund managers and investors. Brooks' expertise includes structuring and terms, marketing regulations and documents, investor negotiations and service agreements. Complementing Brooks' core hedge funds expertise, the firm also fields experts in tax, regulation, finance, derivatives and trading.

Practice head(s):Sam Brooks

Reed Smith LLP's high quality team, which includes Panos Katsambas and Winston Penhall, has extensive expertise in handling all manner of complex issues arising at every stage of the hedge funds lifecycle. The firm's strong credentials in this space are underlined by its ability to offer support in ancillary areas, such as employment and tax, as well as its international reach.

Practice head(s):Panos Katsambas; Winston Penhall

At Shearman & Sterling LLP, John Adams leads a group which handles a full range of matters for UK, US and other international sponsors. Adams, senior associate Nancy Hau and others acted for Attestor Capital LLP on a complete re-write of its suite of fund documentation for its flagship fund, Attestor Value Master Fund LP. The firm also advised the same client on matters including Irish sub-advisory arrangements, derivatives and various other operational issues. Although the majority of the firm's mandates are sponsor-driven, it also undertakes a significant amount of work for institutional investors and sovereign wealth funds.

Practice head(s):John Adams

Other key lawyers:Nancy Hau

Testimonials

'The team is responsive, competent and practical'

'John Adams provides exceptional insight through his understanding of commercial issues facing hedge funds and their managers. He is knowledgeable about new developments in the industry and he helps develop a plan for the upcoming landscape and challenges facing the market'

Key Clients

Attestor Capital LLP

Abu Dhabi Global Market

TT International Family Group

Prosperity Capital Management Limited

Autoriti Monetari Brunei Darussalam

TRG Management L.P.

Maverick Capital Ltd.

Steadfast Financial LP

Albacore Partners

Skybridge Capital II, LLC

OrbiMed Capital

Dynamo Capital

Work highlights

  • Advised Abu Dhabi Global Market on the implementation of a passporting regime for collective investment funds. The passporting regime allows funds established in ADGM to be promoted across the UAE, including the DIFC and ADGM financial free zones.
  • Advised TT International Family Group on its suite of hedge funds, including (1) The TT International Fund; (2) TT EM Unconstrained Fund; (3) TT Emerging Markets Opportunities Fund; (4) TT Emerging Markets Opportunities Fund II; (5) TT Event Driven Fund; and (6) TT Mid-Cap Europe Long/Short.
  • Provided ongoing advice to Prosperity Capital Management Limited on its suite of Russia/Former Soviet Union-focused hedge funds, including (1) The Prosperity Cub Fund; (2) The Prosperity Quest Fund; (3) Prosperity Russia Domestic Fund; and (4) The Russian Prosperity Fund. The work included updates to fund documentation and discreet ad hoc advice on multiple issues including sanctions legislation.
  • Advised Autoriti Monetari Brunei Darussalam on the implementation of a new Variable Capital Companies Law in Brunei Darussalam.
  • Advised Steadfast Capital on various EU and UK regulatory matters impacting several of its hedge fund products.


Listed funds

Index of tables

  1. Listed funds
  2. Leading individuals: Hall of Fame
  3. Leading individuals
  4. Next Generation Partners
  5. Rising stars

Next Generation Partners

  1. 1

Gowling WLG's listed investment funds practice, which is led by Nick Heather, represents both listed vehicles and major intermediaries such as investment banks and brokers, often with support from the firm's tax and regulatory departments. The team has particular expertise in closed-ended listed investment funds, and is one of the busiest firms in this area in terms of deal volumes. The 'exceptional' Oliver Riley focuses on the launch, structuring and reconstruction of onshore and offshore closed-ended funds, while other recommended members of the team include Kristian Rogers, who specialises in capital raisings, John Reed and senior associate Kate Seabourne.

Practice head(s):Nick Heather

Other key lawyers:Kristian Rogers; Oliver Riley; Kate Seabourne; John Reed

Testimonials

'The key strength of this team lies in the expertise, experience and commitment to client delivery by its partners and, in particular, Oliver Riley.

'Oliver Riley stands out as an exceptional legal adviser who exceeds all expectations as regards client availability, expertise in investment fund law and his ability to create a very pleasant working environment for all involved in a transaction'.

Key Clients

M&G Credit Income Investment Trust plc

CEIBA Investment Limited

BlackRock Investment Management

J.P. Morgan Cazenove

Odyssean Investment Trust plc

Tufton Oceanic Assets Limited

Investec Bank plc

Draper Esprit plc

Stifel Nicolaus Europe Limited

Stockdale Securities Limited

Peel Hunt LLP

RM Secured Direct Lending plc

Urban Logistics REIT plc

Empiric Student Property plc

GCP Student Living plc

Pacific Industrial & Logistics REIT plc

AEW UK REIT PLC

AEW UK Long Lease REIT PLC

Triple Point Social Housing REIT plc

Jefferies International Limited

GCP Asset Backed Income Fund Limited

Work highlights

  • Acted for Investec Bank plc as sole sponsor and broker to Smithson Investment Trust plc, which raised £822.5m on IPO.
  • Advised on the initial public offering of M&G Credit, a new investment trust managed by M&G, the asset management arm of Prudential.
  • Acted on the London listing of CEIBA on the Specialist Fund Segment of the main market for listed securities of the London Stock Exchange in conjunction with an initial issue (by way of placing and offer for subscription) that raised £30m.
  • Advised AIM quoted venture capital fund Draper Esprit on its £100mfundraising by way of a conditional placing new ordinary shares.

Herbert Smith Freehills LLP's investment funds team is 'knowledgeable, experienced, commercial and responsive'. The firm has built a reputation for developing innovative capital structures which often straddle the line between closed-ended and open-ended funds, especially with regards to regulatory and tax aspects and voting structures. IPOs, fundraisings and placing programmes are the firm's core areas of operation, supplemented by a number of regulatory mandates relating to the Markets in Financial Instruments Directive (MiFD), Alternative Investment Fund Managers Directive (AIFMD) and Brexit. In a standout highlight, team head Nigel Farr, Sarah Pollock and others assisted with the fundraising of SDCL Energy Efficiency Income Trust, one of the first UK listed investment funds to invest exclusively in the energy efficiency sector. Nish Dissanayake is the name to note for listed fund formation and funds-related regulatory advice. Tim West is also highly recommended.

Practice head(s):Nigel Farr

Other key lawyers:Nish Dissanayake; Tim West; Sarah Pollack

Testimonials

'In terms of technical capability they are probably among the best in the market place. As well as being extremely diligent and hard working, the team went beyond the documents and provided thoughtful, commercial and timely advice to guide us through the disrupted equity markets'.

'You often hear the term 'a lawyer's lawyer', but I think the HSF team go beyond that and are 'a client's lawyer''.

'One of the leading teams in listed funds. They offer the deepest bench of experienced partners and senior associates. Very diligent, commercial and thorough in their approach to execution'

'HSF provides a true one stop shop, commercial solutions to unexpected developments and, most importantly, really felt like an extension of our own team'.

Key Clients

US Solar Fund plc

SDCL Energy Efficiency Income Trust plc

Funding Circle SME Income Fund Limited

Cambridge Innovation Capital plc

Pershing Square Holdings

BlackRock

BioPharma Credit plc

Man Group plc

Neuberger Berman

Lendlease

Polar Capital Partners

Baillie Gifford

J.P. Morgan Asset Management

HarbourVest Partners

Aberdeen Standard Asset Management

Sherborne Investors

Third Point Offshore Investors Limited

Marble Point Loan Financing Limited

Work highlights

  • Advised BioPharma Credit on its placing programme prospectus, involving two placings of a total circa $470m.
  • Advised SDCL Energy Efficiency Income Trust plc on its £100m fundraising via a premium listing on the London Stock Exchange, and its acquisition of 12 energy and energy efficiency projects, which formed the seed assets for this IPO.
  • Advised US Solar Fund plc on the publication of a prospectus in connection with its proposed initial public offering of 250m shares at US$1 each.
  • Advised Phaunos Timber Fund Limited on the defence of an unsolicited cash offer by Stafford Capital Partners Limited (via a bidco) under the Takeover Code.
  • Advised Third Point Offshore Investors Limited on the transfer of the listing category of its ordinary shares from a Standard Listing to a Premium Listing (Closed Ended Investment Fund) of the official list of the UKLA.

William Saunders heads up the investment funds practice at Stephenson Harwood, which is acclaimed for its 'depth of experience across the team and first-class client accessibility'. The firm boasts a constantly growing client roster of both listed funds and brokers, with instructions from a total of eleven new clients in the past year. Regulatory assistance is an area of regular workflow, with the firm supporting clients through the implementation of Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and MiFID II. On the IPO side, Alex Haynes and others acted for N+1 Singer in their role as financial adviser and placing agent on the IPO of Hipgnosis Songs Fund. This is the first listed investment company to deliver returns to investors through investment in songs and associated musical intellectual property rights. Senior associate Kate Longman and Alexa Whitehead both garner praise from the firm's competitors.

Practice head(s):William Saunders

Other key lawyers:Alex Haynes; Alexa Whitehead; Kate Longman

Testimonials

'Excellent team culture: no prima donnas, the partners don't distance themselves from more junior colleagues and there is a clear collaborative approach within the team'.

'What makes this firm unique is the expertise of Alex Haynes and the partner-led approach to transactions.

'Very knowledgeable regarding all aspects of listed funds and listed fund transactions'.

'Partners are accessible and delegate effectively but remain up to speed on the status of delegated matters. You can be confident that Stephenson Harwood has the resources to meet your requirements and will provide a high quality service'.

'An exceedingly well balanced team with partners who range from specialising in the detailed technical nuances to being commercial street fighters'.

'A highly professional and skilled team who are able to act on a variety of asset classes and listing markets'.

Key Clients

Aberdeen UK Tracker Trust

Acorn Income Fund Limited

Akur Limited

Allianz Global Investors GmbH

Allianz Technology Trust PLC

Alternative Asset Opportunities PCC Limited

Aseana Properties Limited

Ashoka India Equity Investment Trust plc

Atlantis Japan Growth Fund Limited

Augmentum Capital LLP

Augmentum Fintech plc

BlackRock Income & Growth Investment Trust plc

BlackRock Throgmorton Trust plc

Camper & Nicholsons Marina Investments Limited

Cantor Fitzgerald Europe

CC Japan Income & Growth Trust plc

Cenkos Securities plc

City of London Investment Trust plc

Coupland Cardiff Asset Management

Dragon Capital Limited

Draper Esprit VCT plc

Eighteen East Capital Limited

European Real Estate Investment Trust Limited

Fidante Capital

finnCap Limited

GCP Infrastructure Investments Limited

GLI Finance Limited

Gore Street Capital Limited

Gore Street Energy Storage Fund plc

Gravis Capital Management Limited

Grit Real Estate Income Group Limited

Henderson Global Trust plc

Henderson International Income Trust Fund

Henderson Value Trust

Impax Asset Management Group plc

Invesco Fund Managers Limited

Jupiter Emerging & Frontier Trust plc

Jupiter European Opportunities Trust plc

Jupiter UK Growth Investment Trust PLC

Jupiter Green Investment Trust plc

Lazard World Trust Fund

Lowland Investment Company plc

LXI REIT plc

Manchester & London Investment Trust plc

Miton Group plc

Mobius Capital Partners LLP

Mobius Investment Trust plc

Nplus1 Singer

Numis Securities

Peel Hunt

Panmure Gordon (UK) Limited

PMM Partners

Premier Global Infrastructure Trust plc

Qatar Investment Fund plc

Schroder Real Estate Investment Management Limited

Stifel Nicolaus Europe Limited

Stockdale Securities Limited

Strand Hanson Limited

Strategic Equity Capital plc

Sturgeon Capital Limited

The Bauhaus Investment Trust plc

The Bankers Trust

The Brunner Investment Trust PLC

The Diverse Income Trust plc

The Establishment Trust plc

The Merchants Trust PLC

Victory Park Capital Advisors

Vietnam Enterprise Investments Limited

Whiteoak Capital Group

Winterflood Securities Limited

Woodford Investment Management LLP

Woodford Patient Capital Trust plc

Work highlights

  • Acted for Mobius Capital Partners LLP (a newly formed investment management business launched by Mark Mobius, Carlos Hardenberg and Greg Konieczny) on the IPO of their first investment trust, Mobius Investment Trust plc.
  • Advised venture capital firm Augmentum Capital on the successful IPO of its first listed investment fund.
  • Acted on the IPO of Ashoka India Equity Investment Trust plc, a new investment trust established to invest primarily in listed Indian securities.
  • Acted for N+1 Singer in their role as financial adviser and placing agent to the IPO of Hipgnosis Songs Fund Limited.

CMS's sector-focused structure allows practitioners in the listed funds department to call upon experts with knowledge in the relevant underlying asset classes. The funds team frequently works with the infrastructure and real estate sectors.  Listed funds (including Real Estate Investment Trusts (REITs)) and investment banks feature heavily in the team's client list, with one matter highlight seeing Kirsty Duane  advising longstanding client John Laing Infrastructure Fund on its £1.45bn sale to Jura Acquisitions. Practice head Cathy Pitt is 'highly experienced and takes a thorough yet commercial stance'.

Practice head(s):Cathy Pitt

Testimonials

'Deep expertise in listed funds and the ability to tap into the firm's broader sector capabilities. Competitive costing given the service delivered'.

'Cathy Pitt is highly experienced and takes a thorough yet commercial stance'.

Key Clients

JP Morgan Cazenove

Sequoia

John Laing Infrastructure Fund Limited

Work highlights

  • Advised FTSE 250 listed infrastructure fund John Laing Infrastructure Fund Limited on its £1.45bn sale to Jura Acquisitions Limited.
  • Advised FTSE 250 listed fund Sequoia Economic Infrastructure Income Fund Limited on its over-subscribed placing, open offer and offer for subscription.
  • Acted for JP Morgan Cazenove on the proposed IPO and admission to the premium segment of the Official List of The Global Sustainability Trust PLC.
  • Acted for JP Morgan Cazenove as sole bookrunner on the proposed IPO of Blue Ocean Maritime Income Fund PLC, a shipping credit fund to be admitted to trading on the Specialist Fund Segment.
  • Advised healthcare sector real estate investment trust Primary Health Properties plc on its £392m merger with MedicX Fund Limited.

While Hogan Lovells International LLP represents the full spectrum of players in the funds space including sponsors, investors and activists, it has a penchant for issuer-side work. Recent expansion into representing more investment banking clients is also evident. The firm's experience in listing funds on London's equity capital markets spans the London Stock Exchange's Main Market, the Specialist Fund Market and AIM. Besides this, the group also handles primary and secondary capital raisings. The firm's Washington office often supports the London team with securities advice relevant to US-based investors. Erik Jamieson is practice head; Jeremy Pickles is recommended for his expertise in the infrastructure, reinsurance and real estate asset classes.

Practice head(s):Erik Jamieson

Other key lawyers:Jeremy Pickles

Key Clients

Acheron Portfolio Company

Amber Infrastructure

BBGI Global Infrastructure Ltd

BH Global

BH Macro

Blackrock/iShares

Blue Capital

Caledonia

Canaccord Genuity Limited

CATCo Reinsurance Opportunities Fund

Clipstone Logistics REIT Plc

Greensphere Capital

HICL Infrastructure Company Limited

IFM

International Public Partnerships Limited

INVESCO

IRF European Finance Investments Ltd

Jefferies International

John Laing Capital Management

John Laing Environmental Assets Group

John Laing Infrastructure Fund Ltd

JPMorgan Cazenove

Life Settlement Assets

Macquarie Capital Partners (Europe) Ltd

Numis Securities

Pantheon Ventures

Pershing Square

Riverstone Energy

Sherborne Investors

Stifel

Urban Exposure

3i Infrastructure

Work highlights

  • Advised HICL Infrastructure Company Limited on moving the domicile of its investment business to the United Kingdom and its subsequent winding up.
  • Represented Jefferies International Limited acted as Sponsor, Global Co-ordinator, Bookrunner and Financial Adviser on the IPO of Mobius Investment Trust plc.
  • Acted fro Life Settlement Assets plc on its IPOon the Specialist Fund Segment following the restructuring of its predecessor fund, Acheron Portfolio Corporation SA.
  • Acted as legal advisor to Liberum Capital in relation to major listings in 2018.
  • Represented Numis Securities on the introduction of Stenprop Limited to the Specialist Fund Segment.

With a reputation for 'strong investment fund knowledge built up over many years', Norton Rose Fulbright's asset and wealth management team sits within the firm's broader corporate, M&A and securities practice. The group has a strong history advising on IPOs, with mattes including its representation of Trian Investors 1 in the client's £270m offering. 'Reliable, experienced and committed' partner Ian Fox led on this mandate. The firm is also noted for adopting and maintaining close relationships with major regulatory and trade bodies. Senior associate Margaret Simcock boasts both international experience (having spent six months at the firm's Bahrain office) and in-house experience (through a secondment at  Fenchurch Advisory Partners). Head of team Richard Sheen is a key contact.

Practice head(s):Richard Sheen

Other key lawyers:Margaret Simcock; Ian Fox

Testimonials

'One of the leading firms in listed funds'.

'The high quality of work is a given with this firm, as are the range of resources it can offer. The big bonus is that the team is pleasure to deal with'.

'Ian Fox is highly valued for his deep expertise in listed funds'.

'Ian Fox and Richard Sheen both bring high energy and expertise of the highest order. They are a pleasure to deal with'.

Key Clients

Civitas Social Housing PLC

JP Morgan Cazenove Limited

Starwood European Real Estate Finance Limited

Schroder Real Estate Investment Management

JPMorgan Income & Growth Investment Trust plc and JPMorgan Elect plc

Numis Securities Limited

The Renewables Infrastructure Group Limited (TRIG)

Macau Property Opportunities Fund

Trian Investors 1 Limited

Work highlights

  • Acting for Trian Investors 1 Limited, a newly incorporated Guernsey company, on its IPO and application for admission of its shares to the Specialist Fund Segment of the London Stock Exchange.
  • Acting in relation to the redomiciliation of Utilico Emerging Markets Limited from Bermuda to the UK and the establishment of its successor vehicle Utilico Emerging Markets Trust plc.
  • Acting for JPMorgan Cazenove, Goldman Sachs and Bank of America, as joint bookrunners, on an initial placing and offer for subscription of C Shares by BioPharma Credit plc and the establishment of a subsequent placing programme of New Ordinary Shares and C Shares.
  • Acting in relation to the proposed IPO of a newly incorporated investment company and its application for admission of its securities to the premium segment of the Official List and the Main Market of the London Stock Exchange.
  • Acting for Canaccord Genuity Limited, as sponsor and placing agent, in connection with the IPO of Baillie Gifford US Growth Trust plc.

'Niche expertise in specific areas balanced by sound commercial advice' is a unique feature of the investment funds group at Travers Smith LLP, according to one client. The team is led by Sam Kay, with core practitioners Aaron Stocks and Will Normand highlighted as being 'highly engaged and motivated partners'. Besides working for high-profile funds on the London market, the firm also represents managers with global investor bases and leading investment banks. Recent years have been marked by an increase in the number of US-based managers who choose to instruct the firm, in part due to the ancillary expertise of the firm's in-house US securities law group led by Dan McNamee. Advising Smithson Investment Trust on what was at the time the UK's largest ever investment trust launch was a major recent highlight.

Practice head(s):Sam Kay

Other key lawyers:Aaron Stocks; Will Normand

Testimonials

'I find the whole of the Travers team to be highly engaging, commercial and pragmatic. They are highly knowledgeable and are always on hand to help find solutions. They are extremely well connected in the market and I would not hesitate to recommend them'.

'They managed the process extremely well, combining their knowledge of the client with their product expertise to deliver very sound advice. They combine attention to detail with the ability to consider the big picture'.

'Both Aaron Stocks and Will Normand have a great breadth of knowledge on the listed market and are the go-to lawyers for me in this sector'.

'Senior associate Leigh Stockey is highly skilled and knowledgeable. She will always go the extra mile for her clients'.

'Will Normand offers excellence in technical aspects and client management. Aaron Stocks is particularly strong in anticipating roadblocks and delivering sound advice'.

'Will Normand combines excellent technical knowledge with insightful commercial input to provide clear and pragmatic advice'.

'Professional, personable and very patient; they went above and beyond to help get us to market'.

Key Clients

Smithson Investment Trust Plc

Merian Chrysalis Investment Company Limited

Sir Martin Sorrell and S4 Capital Plc

Literacy Capital plc

Impact Healthcare REIT

Ranger Direct Lending Fund plc

Neuberger Berman Europe Limited

Stifel Nicolaus Europe Limited

Liberum Capital Limited

Numis Securities Limited

Franklin Templeton Investment Management Limited

Work highlights

  • Advising Smithson Investment Trust plc on its IPO and admission to the official list and to trading on the premium segment of the Main Market of the London Stock Exchange in the UK's largest ever investment trust launch.  
  • Advised Merian Chrysalis Investment Company Limited, which is advised by Merian Global Investors Limited, on its initial public offering and listing on the Main Market of the London Stock Exchange.
  • Advised new client Sir Martin Sorrell and his investment vehicle, S4 Capital Limited, on S4 Capital's establishment, accelerated £51m private placement and share-for-share reverse acquisition by S4 Capital plc.
  • Acting for the issuer, Franklin Templeton Investment Management Limited, on the proposed IPO of up to 300 million shares of €1 each in a Luxembourg SICAV and applications for admission to trading on the Specialist Fund Segment of the Main Market of London Stock Exchange plc and the Regulated Spot Market of the Bucharest Stock Exchange.
  • Advised new client debt fund Blue Ocean Maritime Income plc in connection with its proposed US$250 million IPO and admission to trading on the Specialist Funds Segment of the London Stock Exchange.  

'Always available, pleasant to deal with and clear at communicating' is how one client describes Charles Russell Speechlys LLP's investment funds department, which is jointly led by Jonathan Bayliss  and Keir Gordon. The group was strengthened by the addition of real estate funds expert Melville Rodrigues, who joined from CMS in April 2018. A varied client list is a key feature of the practice, which regularly assists both major institutional fund management groups and smaller boutique managers. The firm's charity-sector group works hand-in-hand with the funds practice, attracting a number of charity fund managers. Victoria Younghusband is recommended for her 'extremely responsive manner'.

Practice head(s):Jonathan Bayliss; Keir Gordon

Other key lawyers:Victoria Younghusband; Melville Rodrigues

Testimonials

'A very capable practice boasting reasonable fees and competent, helpful staff'.

'Melville Rodrigues has exceptional market knowledge and is always keen to help'.

'Victoria fully understands our expectations, provides valuable insights into the industry, and helps solves legal issues pragmatically and efficiently'.

Key Clients

Resonance Limited

Vistra (UK) Limited

PropertyMatch

Mithras Investment Trust Plc

Alecta Investment Management

The Biotech Growth Trust Plc

Liberum Capital Limited

Chelverton UK Dividend Trust plc

Fidelity Asian Values PLC, Fidelity China Special Situations PLC, Fidelity European Values PLC, Fidelity Japan Trust PLC

Ocean Dial Investment Funds plc

Work highlights

  • Advised Resonance Limited on its current and proposed social impact real estate funds: providing accommodation for the homeless and persons with disability.
  • Advised Vistra Limited in relation in several fund establishment projects for clients of Vistra.
  • Advised PropertyMatch (a joint venture between CBRE and GFI) in relation to secondary trades of closed and open-ended real estate fund units, including associated regulatory issues.
  • Conducted legal due diligence for Alecta Investment Management in relation to commitments in institutional real estate funds, as well as secondary trade in fund units.

The 'very calm and assured' Delphine Currie heads up the investment funds practice group at Reed Smith LLP. Currie specialises in listed funds and REITs, while fellow partner Daniel Winterfeldt is the name to note for US securities advice in the context of matters involving the London Stock Exchange or Link Asset Services. Winterfeldt is one of several dual-qualified practitioners who give the team a transatlantic edge. The practice advises across much of the fund life cycle from fund formation and structuring to regulatory compliance and downstream transactions. Bookrunners, REITs and listed infrastructure vehicles all feature on the firm's varied client roster.

Practice head(s):Delphine Currie

Other key lawyers:Daniel Winterfeldt

Testimonials

'I have found the team to be very responsive and able to offer pragmatic advice, not just theoretical options. They know our business well and continue to invest time into the relationship outside of simply providing legal advice'.

'Delphine Currie gives well thought-out views on any topic.  Nicola Delaney is very responsive and produces high quality work'.

At Slaughter and May, Roland Turnill and others are advising Prudential on the demerger of its UK & Europe business; this transaction will form two separate listed companies. The firm has developed a reputation for advising financial institutions on the impact of Brexit, including potential restructuring options for the asset management and investment fund arms of these entities. Cross-jurisdictional fund mandates are a core area of work, with pan-European structures being a particular favourite for the corporate team. Robert Chaplin, Paul Dickson and Jan Putnis together lead the practice and are key contacts.

Practice head(s):Robert Chaplin; Paul Dickson; Jan Putnis

Key Clients

3i Group

Blackrock UK

Honeycomb Investment Trust

HM Government

Legal & General

Neptune Investment

Pollen Street Capital

Prudential plc

Schroders

Standard Life Aberdeen

Work highlights

  • Acting for Standard Life Aberdeen (SLA) on the sale of its capital-intensive insurance business to Phoenix Group.
  • Acting for Prudential plc on the demerger of its UK & Europe business (M&G Prudential).
  • Acting for Honeycomb Investment Trust plc on the establishment of a new placing programme.
  • Acting for 3i Investments plc (a wholly owned subsidiary of 3i Group) on a new investment management agreement with 3i Infrastructure.
  • Acting for a number of global, UK and EU asset managers on their Brexit-related planning work.


Private funds

Index of tables

  1. Private funds
  2. Leading individuals: Hall of Fame
  3. Leading individuals
  4. Next Generation Partners
  5. Rising stars

Leading individuals

  1. 1

Next Generation Partners

  1. 1

Rising stars

  1. 1

Large, high-value private equity fund formation work remains the cornerstone of¬†Simpson Thacher & Bartlett LLP's leading private funds practice. Besides assisting elite private equity sponsors on both their flagship mega funds and additional fund vehicles and strategies, the firm boasts a number of specialist mid-market firms on its client list. Innovative areas of service include representing General Partners (GPs) in minority stake acquisitions, working on hybrid structures involving parallel Alternative Investment Funds (AIFs) and bespoke tax structuring capabilities. Head of department¬†Jason Glover¬†garners praise from peers and clients alike for his dominance of the London funds world and his depth of knowledge. Glover and recently made-up partner Robert Lee¬†led on the¬†‚ā¨10.75bn fundraising of EQT Partner's eighth flagship buyout fund,¬†EQT VIII.¬†Also strongly recommend are Gareth Earl¬†and Seema Shah, who recently worked on the ‚ā¨4.2bn Astorg VII closing and the¬†BC European Capital X¬†‚ā¨7bn¬†fundraising respectively. Senior associate¬†Amy Fox¬†is one to watch.

Practice head(s):Jason Glover

Other key lawyers:Gareth Earl; Seema Shah; Robert Lee; Amy Fox

Key Clients

CVC Capital Partners

EQT Partners

Apax Partners

Cinven

BC Partners

Bridgepoint

Affinity Partners

Triton Partners

Coller Capital

Oakley Capital

Actis

Astorg

Work highlights

  • Acted as fundraising counsel to EQT Partners in connection with the establishment of EQT VIII, EQT’s eighth flagship buyout fund.
  • Acted as fundraising counsel to Astorg in relation to its seventh flagship buyout fund, Astorg VII, which was significantly over-subscribed.
  • Acted as fundraising counsel to Bridgepoint in relation to its sixth flagship buyout fund, Bridgepoint Europe VI.
  • Acted as fundraising counsel to Actis in relation to its first Asian focused real estate fund, Actis Asia Real Estate, formed to acquire a portfolio of assets from Standard Chartered Bank, as well as to make blind-pool investments.

Considered 'experts in their field' by many clients, Clifford Chance LLP's private funds practice  is instructed on mandates covering an impressive breadth of asset classes including private equity, real estate, infrastructure, debt, credit and emerging markets and has a growing client base. Integrated tax and regulatory capabilities are a key strength of the group, which also boasts the expert support of offices in New York, Hong Kong, Singapore and Luxembourg. One success saw real estate debt fund specialist Gerard Saviola and others assisting Apis Partners with the fundraising of its emerging markets fund, Apis Growth Fund II. Work involved representing the client in negotiations with a highly varied investor base, which included development finance institutions, sovereign wealth investors and funds of funds. Also of note is Alexandra Davidson, who acted as lead partner to Epiris in the successful closing of the £821m Epiris Fund II. Nigel Hatfield is practice head.

Practice head(s):Nigel Hatfield

Other key lawyers:Gerard Saviola; Alexandra Davidson

Testimonials

''Clifford Chance's investment fund formation team are knowledgeable and approachable, minus the egos of some of their peers'.

'Exceptional technical knowledge and very approachable; their advice is always clear and to the point'.

'Fast, efficient and knowledgeable with deep international experience'.

Key Clients

Bridgepoint

DWS Private Equity

Allianz Global Investors

Capital Dynamics

Infracapital

Generation Investment Management

Equistone

Stirling Square Capital Partners

Aberdeen Standard Investment

Epiris

DWS Infrastructure

Apis

Axcel

Arcus Infrastructure Partners

SMBC Aviation Capital

Work highlights

  • Advising Generation Investment Management on Generation's Sustainable Solutions Fund III.
  • Advised Equistone on the formation, structuring and marketing of its latest fund -Equistone Partners Europe Fund VI - as well as on associated carried interest, co‐investment and co‐invest loan arrangements.
  • Advising Stirling Square Capital Partners on its Fourth Fund. The fund is targeting a wide range of investors from Europe, Asia and North America.
  • Advised Epiris on the successful closing of its £821m UK-focused private equity fund Epiris Fund II.
  • Advising Apis Partners LLP on the formation of Apis Growth Fund II, a $400m growth fundraising targeting Fintech and other financial services opportunities in Africa and Asia.

Richard Watkins is head of the 'outstanding' investment funds team at Kirkland & Ellis International LLP, which comprises a credit fund practice, led by Anand Damodaran and James Board, and a real assets practice headed up by Jonathan Tadd. Large fundraisings are core area of work for both teams, with Tadd recently advising Ares on the formation of the $6.5bn Ares Credit Europe IV Fund. Tadd also advised BGH Capital on the formation of the A$2.6bn BGH Capital Fund I. The group also includes a liquidity solutions division, which handles a large number of GP-led restructuring mandates, including the recent fund restructuring of EOS Partners, led by Theodore Cardos. Amala Ejikeme is also recommended, while secondaries expert Andy Shore joined from Proskauer Rose LLP  in February 2019.

Practice head(s):Richard Watkins

Other key lawyers:Theodore Cardos; Andy Shore; Anand Damodaran; James Board; Jonathan Tadd; Amala Ejikeme

Testimonials

'The team provides excellent technical advice with a commercial overlay, which is grounded in its deep market knowledge'.

'The team boasts long-term experience of the market and is always available, proactive and commercially-driven. Having worked with us for a long time, the team knows what is important to us and what is not, and tailors its advice accordingly'.

Key Clients

AMP Capital

Ares Management

CVC Credit Partners

FSN Capital

IK Investment Partners

Livingbridge

Montagu Private Equity

Nordic Capital

TDR Capital

Vitruvian Partners

Work highlights

  • Advised Ares on the Formation of Ares Credit Europe IV Fund.
  • Advised BGH Capital on the Formation of BGH Capital Fund I.
  • Advised EOS Partners on its fund restructuring.
  • Advised Highland Europe on the formation of Highland Europe Technology Growth Fund III.
  • Advised IK Investment Partners on the formation of IK Small Cap Fund II.

Strong expertise in the secondaries market is the hallmark of the private funds practice at Proskauer Rose LLP, which is led by 'trusted adviser' Nigel Van Zyl. In addition to assisting clients with fund restructurings and acquiring and selling portfolios, the firm's fund formation instructions constitute approximately 65% of its private funds offering. While some of these are from large, well-established managers, the team is becoming a particular favourite of first-time fund manager clients (especially those that have spun out from prior firms). Although GP-side work forms most of the practice, the firm advises over 100 Limited Partners (LPs) globally, ensuring a breadth of market knowledge. Kate Simpson is a name to note, having led on a structured  transaction for Investcorp involving the sale and transfer of $185m worth of assets to a new fund. Also recommended for his specialist secondaries expertise is Bruno Bertrand-Delfau. Although Andrew Shore departed for Kirkland & Ellis International LLP in February 2019, Proskauer Rose LLP moved to rebuild with the hire of Leith Moghli from Reed Smith LLP in August of the same year. Brendan Gallen joined as special counsel from Fried, Frank, Harris, Shriver & Jacobson LLP in the same month.

Practice head(s):Nigel Van Zyl

Other key lawyers:Kate Simpson; Bruno Bertrand-Delfau; Leith Moghli; Brendan Gallen

Testimonials

'Strong team who always go the extra mile to deliver top quality service'.

'Nigel Van Zyl has the adeptness to successfully navigate even the most challenging negotiations'.

'Kate Simpson is a dedicated and knowledgeable partner'.

Key Clients

Hg

Ardian

Schroder Adveq

Silverfleet Capital Partners

Gilde Buy Out Partners

G Square Health Care Private Equity

Apiary Capital

GIC

Adams Street Partners

M&G Investment Management Limited

Litorina

Aberdeen Standard Investments

EMK Capital

Pomona Capital

Work highlights

  • Advised long-time client Hg on the formation of Hg Saturn, which closed at its hard cap of £1.5 billion.
  • Advised Apiary capital on its debut fundraising, which closed at its hard cap of £200m.
  • Advised Litorina Capital Advisors on the closing of Litorina V at the SEK 3b target, representing a 20% increase to Litorina IV.
  • Advised on a GP-led transaction for Investcorp, the fund sponsor. This was a structured transaction involving the sale of certain assets, which were transferred to a new fund managed by Investcorp and funded by Harbourvest, for a total value of $185m.

Advising The Abraaj Group on its liquidation was a major highlight for Weil, Gotshal & Manges (London) LLP's well-regarded private funds department., which is led by Ed Gander . The advice given pertained to the disposal of management rights and of the Abraaj Global Healthcare Fund and certain Latin American funds, among other issues. The practice covers a broad range of work for leading buyout houses. In addition to a steady stream of fundraisings (primarily in the private equity and real asset sectors), the firm also handles a number of GP-led secondaries and restructuring processes. Funds regulatory and strategic advisory is another core service; James Bromley (who was made up to the partnership in January 2019) is a key contact on this front. In a recent success, James Sargent and others acted as lead fundraising counsel for Dalmore Capital on the £950m Dalmore Capital III fund, which is one of the largest UK-only infrastructure funds raised.

Practice head(s):Ed Gander

Other key lawyers:James Sargent; James Bromley

Key Clients

8 Miles

Actis

Aleph Capital Partners

AMP Capital

Apax Partners

aPriori Capital Partners

Argos Wityu

AS Equity Partners

Astarte Capital Partners

Benefit Street Partners

Brookfield

CapMan

Castleforge Partners

Covalis

Columbia Threadneedle Investments

Crow Holdings

Dalmore Capital

Disruptive Capital Finance

Farview Equity Partners

Forward Partners

Generation Investment Management

Graphite Capital Partners

GMT Communications Partners

ICG Enterprise Trust

IFM Investors

Incus Capital

InfraRed

Ingenious

KKR

Local Globe

Montagu Private Equity

NCB Capital

Octopus Investments

PAI Partners

Parker Infrastructure Partners

Prudential Portfolio Managers

Revetas Capital

UNION Group

Yoo Capital

Whitehelm Capital

Work highlights

  • Acting for the joint provisional liquidators of the manager entity within the Abraaj group, the largest ever collapse of a private equity fund manager.
  • Advised Actis in relation to the formation and fundraising of its $1.5 billion target Actis Long Life Infrastructure Fund.
  • Advised Astarte Capital Partners LLP in respect of the establishment of their flagship fund, Alternative Special Opportunities Platform, a $200 million specialist alternatives co-investment platform targeting investments in real assets.
  • Acted as lead fundraising counsel for Dalmore’s largest fund to date by a significant margin (raising £950 million, far exceed the initial hard cap)
  • Advised GMT Communications Partners LLP in 2018 on the establishment of Apse Capital, a new independent European private equity group that focuses on buyout and development capital opportunities in European tech-enabled information and services businesses..

The investment management group at Debevoise & Plimpton LLP, which¬†'provides a boutique-like experience wrapped up in a US powerhouse offering', took on more than a dozen new fund clients during 2018. The team works with a wide range of clients, from brand new fund managers and independent boutiques to global alternative asset firms and the private equity arms of major banks. In a first-time fund formation of its kind for the client, European private equity chair¬†Geoffrey Kittredge¬†advised Apera Capital on the establishment of its new debt fund, Apera¬†Capital Private Debt Fund I; the fund raised approximately¬†‚ā¨750m.¬†Funds regulatory specialist and international counsel John Young¬†joined the team from Ropes & Gray LLP¬†in September 2018, while¬†John Rife¬†was made up to the partnership and¬†Delphine Jaugey¬†was promoted to international counsel.

Practice head(s):Geoffrey Kittredge

Other key lawyers:John Rife; Delphine Jaugey; John Young

Testimonials

'The firm's private funds practice provides outstanding services well informed not only by the latest European legal developments, but also by US private funds developments'.

'Legal excellence is paired with strong negotiation experience, which helps to arrive at amicable agreements with even difficult counterparties'.

'The Debevoise & Plimpton team differentiates itself by giving true advice at critical points of the process. Unlike other firms, who tend to merely explain what the options are, Geoff Kittredge and his team give you practical advice and get the job done'.

'Geoff Kittredge is a hugely experienced partner who has an immense history assisting major PE clients. His technical knowledge, industry nous and commercial focus wrapped up in a charismatic character makes him a formidable lawyer'.

'John Rife has become a leading partner in the team. He is a technically very able lawyer with a great pedigree of experience'.

'The London private equity practice at Debevoise & Plimpton is led by a group of excellent lawyers with extensive experience in the market who work well together as a team.  When working with Debevoise you are confident that you will receive top quartile advice and will therefore be well placed in any legal discussion or negotiation'.

'This team is at the cutting edge of the fund formation space.  It is reliable, effective and always able to deliver against tight deadlines in tough situations'.

'John Rife is an excellent lawyer in the private equity market,  with a strong reputation and excellent commercial judgement.'

Key Clients

Glendower Capital

Tishman Speyer

DBAY Advisors Limited

LeapFrog

Exponent Private Equity Partners

Park Square

Morgan Stanley

Apera Capital

Baring Vostok

Metric Capital

Work highlights

  • Advising Glendower Capital in connection with the fundraising of Glendower Capital Secondary Opportunities Fund IV, which is seeking $2.5bn in aggregate commitments.
  • Advised Tishman Speyer in connection with the fundraising of Tishman Speyer European Real Estate Venture VIII, a European-focused value-add real estate fund.
  • Acted as legal counsel to Apera Capital UK in connection with the formation of its first private debt fund, Apera Capital Private Debt Fund I SCSp.
  • Advised Canson on the formation of Canson Capital Partners Co-Investment, SCSp, structured as a Luxembourg limited partnership.

Combining 'technical excellence in the law with commercial street smarts', Fried, Frank, Harris, Shriver & Jacobson LLP's asset management department handles a steady stream of work involving private equity, credit and real estate assets. The firm has also seen an upswing in mandates in the¬†energy and natural resources sector.¬† Global tax and regulatory capabilities ensure the group is able to structure bespoke products in the funds market.¬†Kate Downey¬†leads the team in London, alongside New York duo¬†Kenneth Rosh¬†and Lawrence Barshay. Also highly recommended is London managing partner¬†Mark Mifsud, whose practice is focused on GP representation across a wide range of funds. Recent highlights include¬†Mifsud and others acting for RoundShield on the raising of its third European special opportunities fund at ‚ā¨500m; the fund was almost three times oversubscribed. The group hired¬†Sam Wilson¬†from Simpson Thacher & Bartlett LLP¬†in September 2018.

Practice head(s):Kate Downey

Other key lawyers:Mark Mifsud; Sam Wilson

Testimonials

'The Fried Frank private funds team combines exceptional industry knowledge and insight with first rate legal service. The team understands the commercial drivers behind fund structures and well as the assets classes they are structured around, which is essential in delivering superior results. The team also provides exceptional fiduciary advice'.

'I would highly recommend the Fried Frank team. It goes without saying that all practitioners have incredible knowledge and practical experience in the funds sector, but they are also a pleasure to work with'.

'Fried Frank have been integral to our firm's growth and have helped us from Fund I. Their support and advice has been invaluable through the numerous hurdles and milestones we experienced'.

'The team is always accommodating and works towards our often very tight deadlines. It works seamlessly with our corresponding offshore lawyers and administrators'.

'Kate Downey is a rare combination of an exceptional technical lawyer and a practical and commercially-driven provider of solutions. She also provides excellent fiduciary advice on complicated issues not answerable in the four corners of the document or in the governing law'.

'Ken Rosh is one of the few people who understands the unique issues and challenges of the current market dynamics his clients are operating in'.

'Mark Mifsud's personality is a big part of the firm's London profile'.

'We see Sam Wilson as an extended arm of our internal legal team because he works so seamlessly. We can always count on Sam for strategic advice, both during fundraising and after'.

Key Clients

FSN Capital

RoundShield

Balderton Capital

BlueBay

Vitol

Work highlights

  • Representing new client, FSN Capital, the Norway-based private equity investment firm focused on the mid-market segment in connection with fund advisory matters and co-investment activities.
  • Represented RoundShield, the leading UK-based independent investment firm focused on European asset-backed special opportunities, in the successful raising of its third European special opportunities fund.
  • Representing Balderton Capital, the UK-based venture capital firm and Europe's leading early-stage venture capital investor, on a wide range of complex matters throughout the year.
  • Advising BlueBay in connection with Direct Leading Fund III, BlueBay’s latest, circa €6 billion European-focused private debt fund, and in an associated parallel accounts direct lending mandate.
  • Advising Vitol on the establishment of a joint venture with Low Carbon; and on its investment in VLC Renewables Fund I, a fund that will invest in European renewable energy generation projects that will be managed by Low Carbon.

'One could not ask for a better team of partners than Michael Halford, Shawn D’Aguiar and Patrick Deasy' at Goodwin, according to one client of the firm. The private investment funds group boasts 'decades of proven track record working with both large and emerging funds across the world', as well as Luxembourg vehicle-specific expertise. Tax, regulatory and finance capabilities are also integrated within the offering. D’Aguiar boasts a clear specialism in infrastructure, energy and emerging markets funds; he recently assisted Ambienta with the raising of Ambienta III, which is dedicated to private equity investments related to long-term environmental growth trends. 'True professional' Ajay Pathak led on the establishment of VLC Renewables Fund I for Low Carbon, which will invest in European renewable energy generation projects. Also highly recommended is associate Benjamin Yeoh, whose practice spans private equity, real estate, infrastructure, debt and venture capital funds.

Practice head(s):Michael Halford

Other key lawyers:Shawn D'Aguiar; Patrick Deasy; Ajay Pathak; Benjamin Yeoh

Testimonials

'The team possesses a comprehensive knowledge of the dynamic requirements of fund regulation, legal structures and investor needs. It is always on top of client communication'.

'After a decade of working with Michael Halford, Shawn Aguiar and Patrick Deasy, I can say they are truly exceptional industry leaders with proven track records in successfully structuring fund platforms and working with investors across the globe'.

'The Goodwin Procter Fund formation team is the best in the market for several reasons; they are extremely reliable and trustworthy, available at any time of day and night and they go the extra mile to gather market insight from their colleagues in other offices where relevant. Most importantly, they are extremely creative in terms of fund formation solutions, as well as secondary advisory work'.

'They are the most commercial of any funds legal team we have ever worked with. They are highly responsive, creative with solutions to problems and are a genuine pleasure to work with. Their depth of knowledge is second-to-none'.

'Ajay Pathak offers insights which are practical but also unique. No problem is too large to overcome. He fully integrates himself into the ambitions of the fund or business and makes himself one of the team. We always feel that we are in safe hands when working with him'.

'Ben Yeoh is a real up-and-comer. He is extremely bright, insightful and refreshingly cost-conscious. He always makes himself available to assist which, during difficult fund closings, is a real life-saver'.

'Michael Halford deserves the reputation he has garnered as a industry figurehead. His ideas are always one-step-ahead of the competition'.

Key Clients

Abingworth LLP

Ambienta SGR S.p.A

Bregal Unternehmerkapital

Capital D

Centum Investment Company Ltd

Circuitus Capital

Cordet Capital

Core Equity Holdings GP Ltd

Endless

Glennmont Partners

Investcorp

Kharis Capital Partners

Low Carbon

Macquarie

Patron Capital

SL Capital

Triton Partners

UBS Asset Management Funds Ltd

Work highlights

  • GP-led restructure of five existing assets, plus a stapled primary commitment, for Invetscorp.
  • Advised longstanding client Macquarie on the structuring and fundraising of the first series of Macquarie Super Core Infrastructure Fund SCSp.
  • Advised Core Equity Holdings as it achieved final close on its maiden fund at over €1 billion (including general partner commitment), exceeding by one-third its target of €750 million.
  • Advised longstanding client Bregal on the structuring and fundraising of Bregal Unternehmerkapital II, believed to be the largest DACH-focused fund ever raised.
  • Assisted Ambienta on the raising of its third fund, Ambienta III, with a first and done close after less than three months of active marketing.

'Great support from other groups within the firm such as tax, financial and regulatory' reinforces the four partner-strong investment funds team at Linklaters LLP, which is led by key partner Matthew Keogh. In addition to a robust Luxembourg presence, the firm also boasts a significant LP offering, with investor-side mandates constituting at least 30% of the London team's total workload. In a major ongoing mandate, Jonathan de Lance Holmes and newly made-up partner Rahul Manvatkar are advising SoftBank Investment Advisers on the operations and subsequent closings of the world's largest technology fund valued at $98bn. The 'creative, flexible, hands-on and commercial' Tom Alabaster is recommended given the insight he can offer from his previous in-house experience at The Carlyle Group. 'Highly capable associates' are also part and parcel of the practice;  among them managing associates Clare Baker and Charmaine Yeoh. Baker specialises in representing institutional investors, while Yeoh has prior experience at the firm's Hong Kong office.

Practice head(s):Matt Keogh

Other key lawyers:Tom Alabaster; Clare Baker; Charmaine Yeoh; Jonathan de Lance Holmes; Rahul Manvatkar

Testimonials

'Excellent legal expertise combined with deep industry and market knowledge. The work is high quality and the team are very sensitive to client's needs and goals'.

'Very good at identifying the most appropriate solution for each particular client and situation'.

'Tom Alabaster has an understanding of how things work in Asia and is very flexible and creative in addressing the peculiarities of the market and investors here. The team is also highly responsive and willing to work around time zone differences'.

'What makes the practice unique is the calibre of individual practitioners who work very well together to provide seamless service to clients. The attorneys are always responsive and provide high quality advice, and are also very friendly and personable individuals. Overall an absolute pleasure to work with'.

'Tom Alabaster is very comfortable across a range of subject matters. He instils confidence in his clients and brings an aura of calm. Given his in-house experience, he really understands the client's perspective and provides great client service'.

'Matt Keogh is excellent in every way. He has exceptional legal knowledge, a deep understanding of the asset management world and provides top level service to his clients'.

'Clare Baker is a standout associate. An extremely knowledgeable lawyer with a solutions-based approach, she provides excellent service to clients.  She is always approachable and engaged'.

'Charmaine Yeoh is outstanding - hardworking, responsible and good at drafting'.

'Jonathan de Lance Holmes is a true expert in his field'.

'Rahul Manvatkar has been a great lawyer to work with, providing high quality advice while remaining personable and approachable in manner'.

Key Clients

SoftBank Investment Advisors

KKR

Nexus Point

Oaktree

Cinda International Holdings Limited

23 Capital

Macquarie

Permira

British Business Bank

Deutsche Bank

Vannin Capital

Wilmcote Holding

Work highlights

  • Advising SoftBank Investment Advisers on ongoing operation and further closings on the world’s largest technology fund which initially closed with c.$93bn of capital and now has capital commitments of over $98bn.
  • Act for British Business Bank (BBB) and its subsidiaries in relation to proposed investments into seven venture capital funds, with BBB making commitments of up to £230m.
  • Advising Deutsche Bank in relation to various alternative investment products. The firm acts as fund counsel and provides ongoing support to DB Asset Management in respect of their closed-ended products, including the German Access Fund.
  • Advised Marwyn on the applicable marketing rules in various EEA and non-EEA jurisdictions where shares of Wilmcote Holdings plc would be marketed to investors with a view to securing equity financing for Wilmcote’s proposed acquisition of a life sciences company.
  • Advised Vannin Capital on matters of English law and regulation in the context of its IPO.

Stephen Robinson leads the investment funds team at Macfarlanes LLP, which dominates the mid-market private funds space. The group works very closely with the firm's expert tax offering, and is most often instructed by fund managers seeking to implement pan-European strategies. The firm advises both LPs and GPs, ensuring it is able to provide well-balanced advice. It covers a range of mandates, with fund instructions spanning the private equity, credit, infrastructure and venture capital asset classes. Alexander Amos and Christopher Good are both highly recommended; Amos is the name to note for alternative fundraisings while Good focuses on private equity and venture capital.

Practice head(s):Stephen Robinson

Other key lawyers:Alex Amos; Christopher Good

Testimonials

'Working with Macfarlanes and its competent and responsive team was a key success factor in executing our highly time-sensitive and complex matters'.

'Macfarlanes is well structured, organised and coordinated; I have not had a single negative experience with the team'.

'Macfarlanes are very much the go-to firm in the City for domestically-focused UK mid-market private funds work; it has a substantial team which is properly focused on this market'.

'The scale of Macfarlanes' practice in the City is comparable to the scale of practice of the major funds firms which are focused on much larger fundraisings.  Macfarlanes focus on the mid market is very much to their advantage.'

'Response times are good, even when the team are clearly busy.  They are commercial and provide practical ,relevant advice based on evolving market conditions'.

'Alex Amos and Chris Good are particularly remarkable in their ability to view the matter at hand with a global commercial perspective'.

'Chris Good stands out as excellent; he is technically very able, always available (he is hands on when required but not excessively so) and has the judgement to make appropriate commercial calls when necessary'.

'Stephen Robinson has been a consistent and reliable partner for nearly 20 years; he is knowledgeable and calm, gives great advice and has that rare ability to give a 360 degree perspective on any legal or LPA issue. We rate him exceptionally highly'.

 

Key Clients

LGPS Central Limited

Mayfair Equity Partners

Dawn Capital

ECI Partners

Apposite Capital

Hayfin Capital Management LLP

Alcentra

Circularity Capital

Tosca

Lyceum Capital (now Horizon Capital)

Novalpina

Aberdeen Standard Investments

Work highlights

  • Advised LGPS Central Limited, one of eight local Government pension scheme pools in England and Wales, on the launch of its inaugural pooled private equity platform.
  • Advised London-based private equity firm Mayfair Equity Partners on the raising of its second fund, Mayfair Equity Partners Fund II LP, which closed at its hard cap of £650m - exceeding its target of £600m.
  • Advised venture capital investor Dawn Capital on the raising of its third fund, Dawn III, which after increasing its hard cap twice, attracted commitments of £165m, making it one of the largest venture capital funds raised in Europe in the last couple of years
  • Advised UK-based private equity firm ECI Partners on the raising of its eleventh buyout fund (ECI 11), its largest to date, which closed after hitting its hard cap of £700m within 80 days of launching.
  • Advised healthcare-focused private equity firm Apposite Capital on the closing of its second fund Apposite Healthcare Fund II and associated vehicles at £144.5m.

The investment funds department at Travers Smith LLP possesses 'excellent insight into industry standards and has a great understanding of private equity strategies, including venture', according to one client. Another comments that 'we cannot rate them highly enough'. While private equity fund formation is a core area of operation, the group also handles a regular flow of secondaries transactions and some work relating to the infrastructure and private debt asset classes. Head of practice Sam Kay is a key contact, while Jeremy Elmore is the name to note for institutional investor representation. Also recommended is senior associate Edward Ford, who advises GP clients on fundraisings in the private equity, infrastructure and debt spaces.

Practice head(s):Sam Kay

Other key lawyers:Jeremy Elmore; Edward Ford

Testimonials

'Travers Smith are professional, commercial and highly responsive. They are our go-to law firm for our most important strategic projects'.

'Travers Smith is excellent in terms of quality, commercial acumen and technical expertise'.

'A great team with partners from several disciplines who really work together to bring the optimal solution to the client. They listen to what you want or need and build solutions around that. They will also work seamlessly with other providers'.

'Sam Kay will always give us the time and attention that we need; he very much leads from the front. His technical expertise is first-rate but, just as important, he is very solutions-orientated. We also value his calm strategic input when we are dealing with various business challenges'.

'Senior associate Ed Ford is an excellent lawyer and a valued member of the team. In particular, he understands the responsibility that comes with facing our investors and he manages the process expertly'.

'Ed Ford is commercially-minded and always prompt'.

'Sam Kay is excellent'.

Key Clients

SV Health Investors LLP

Hermes GPE LLP

Benson Elliot Capital Management LLP

Local Pensions Partnership Investments Ltd

Medicxi Ventures Management (Jersey) Limited

Piper PE LLP

GLIL Infrastructure LLP

PiP Managers Ltd

Abris Capital Partners Ltd

Kester Capital LLP

Pemberton Asset Management

Njord Partners LLP

Work highlights

  • Advised SV Health on the successful fundraising of the Dementia Discovery Fund, with total commitments of £250m.
  • Advised long-standing client Benson Elliott on the £830m fundraising of Benson Elliott Fund V.
  • Advised Hermes GPE on the GP-led secondary of a $1.5bn portfolio of a private equity funds of funds portfolio.
  • Advised ADM Capital on the successful fundraising of Cibus LP.
  • Structured and implemented the new LGPS infrastructure pooling vehicle for GLIL.

An influx of private equity fund specialists from O'Melveny has significantly enhanced the investment management offering at  Akin Gump LLP. Daniel Quinn and Aleksander Bakic, who joined in April 2019, both focus on private equity fundraisings, secondary transactions and LP representation. The following month saw the team welcome John Daghlian and Mary Lavelle, now boasting a total of eight London-based fund partners. Besides private equity mandates, the group is also able to handle work related to distressed debt and credit, real estate and infrastructure.

Other key lawyers:John Daghlian; Mary Lavelle; Aleksander Bakic; Daniel Quinn

Ashurst 'strikes the perfect balance between representing fund managers as clients while maintaining an excellent dialogue with investors and making them feel comfortable'. Private equity, debt and credit, infrastructure and real estate funds all lie within the scope of the practice, which receives additional support from the firm's specialist tax and regulatory teams. Besides handling core fund formation mandates, the group also offers services in tax structuring, commercial negotiations, advisory and secondary transactions. Practice head Piers Warburton assists clients with private equity, private debt and sector specific funds. Also recommended is Nick Goddard, whose practice extends to carried interest and co-investment work.

Practice head(s):Piers Warburton

Other key lawyers:Nick Goddard

Testimonials

'Ashurst's fund formation team is incredibly strong, reliable and easy to work with. They not only deliver high-quality results, but are also extremely good at easing the work load burden for in-house fundraising teams by adopting a highly structured approach'.

'Ashurst is able to thoroughly understand the broader commercial strategies being pursued and advise accordingly; the team is highly practical'.

'Nick Goddard always makes himself available and understands our goals.'

'Piers Warburton is a humble fundraising superstar. He stands out thanks to his ability to fulfil his clients' wishes while ensuring our investors feel satisfied with the structure and terms of their investment.'

Key Clients

Intermediate Capital Group

Altor

Shard Credit Partners

CapMan

Equitix

Sprints Capital

Inflexion Private Equity

Platina Partners

Oaktree Capital

Rothschild Merchant Bank

Work highlights

  • Advised Intermediate Capital Group on the establishment of its €4.5 billion fund, ICG Europe Fund VII.
  • Advised Altor Equity Partners on the establishment of its €2.5 billion private equity fund, Altor Fund V.
  • Advised Inflexion on the simultaneous establishment of two private equity funds which raised £2.25 billion and included a market-leading innovation by providing for substantial funding for a charitable foundation.
  • Advised Rothschild Merchant Bank on the establishment of the €625m Five Arrows Direct Lending Fund.
  • Advised Equitix on the establishment of multiple co-investment structures which, alongside other consortium members, acquired interests in John Laing Infrastructure Fund's infrastructure portfolio, the Intercity Express Programme and the M25 motorway network.

The financial services and investment management department at Dechert LLP has a clear focus on private debt and fund work. Thanks to additional practices in Luxembourg, Dublin, Munich and Paris, the group boasts a 'strong fund structuring knowledge when it comes to pan-European vehicles'. The practice receives further support from the firm's broader tax team, as well as from financial regulatory specialists who sit within the funds group itself. Gus Black, who leads the offering, represents both sponsors and cornerstone investors. Also recommended is Christopher Gardner, noted for his dual specialism in debt and credit funds and private equity buyout funds.

Practice head(s):Gus Black

Other key lawyers:Christopher Gardner

Testimonials

'The funds team at Dechert is a great asset to any asset manager or investment company requiring legal advice across the full value chain of setting up and managing the life of a fund'.

'Highly commercial and client focused.  The team takes a flexible approach and is willing to think outside the box, with all partners willing to go the extra mile for their clients'.

'The firm's strength lies in its expertise in market trends in as well as its strong connections to important market players'.

'The team has a deep understanding of regulation and utilises its knowledge to produce innovative and creative solutions'.

'Dechert's breadth of experience in private funds launches, as well as its industry engagement, ensures that the client benefits from market insights'.

'The team is fantastically knowledgeable and uniquely experienced to help clients. They are always available and present all available solutions. They truly provide personalised advice and always remain objective'.

Key Clients

Apollo Global Management

AGC Equity Partners Limited

Amber Capital UK LLP

Columna Capital LLP

Pemberton Capital Advisors LLP

Steadfast Capital GmbH

Tyndaris LLP

Work highlights

  • Advising one of the world’s largest alternative investment managers on a broad range of matters globally including a number of European fund launches, regulatory matters and Brexit planning.
  • Advising on the launch and close of European-focused private loan funds, a global-focused private loan fund and separate managed accounts.
  • Advised an asset management firm on the structuring of a new private equity fund of funds.  
  • Advised on the structuring, formation and first two closings of a fund to invest in small to mid-market companies in Europe.
  • Advised a private equity firm on the structuring and establishment of an Irish loan origination vehicle for European mid-market loans.

Latham & Watkins' investment funds practice group is highlighted by one client for its 'availability, competence and thoroughness'. The practice, led by Nick Benson, assists both fund managers and investors in fundraisings and fund-related transactions. The latter was an area of particular growth in the past year, with the firm advising on a number of LP joint investments and GP-led secondaries deals. Real estate fund formation instructions have increased, though private equity, private debt, venture capital and infrastructure remain core areas of focus. James McRory boasts in-house secondment experience at BC Partners, LaSalle and Actis.

Practice head(s):Nick Benson

Other key lawyers:James McRory

Testimonials

'The team is creative, available, competent, thorough and rigorous'.

'Latham is able to fully understand the client's need and proactively operate to satisfy them all'.

'Latham's fund practitioners are very knowledgeable of the industry in which they operate and are able to add value to any job that is given to them'.

Key Clients

AlbaCore Capital

Alkemi Venture Partners

Argan Capital Management

ASK Investment Managers

Assicurazioni Generali

Avendus Capital

Buran Venture Capital

Caisse de depot et placement du Quebec

Capvis Equity Partners

Carlyle Partners

Charterhouse Capital Partners

China Life Insurance Co.

Citic Capital Partners

ConsenSys AG

Cornerstone Corporate Finance

Faering Capital

The Fine Art Group

Go Ventures

Harwood Capital

LaSalle Investment Management

Nalanda Capital

New Mark Advisors LLP

Novo Holdings A/S

Partners Group

Peepul Capital

Pravega Venture Capital

Quadriga Capital

Raine Securities LLC

Rockaway Capital

Searchlight Capital Partners

Step Exchange Pty Ltd

StepStone

Tata Capital

Temasek Holdings

United Pacific Venture Capital Management

Work highlights

  • Advised LaSalle with respect to the formation of its fifth generation, closed-end, pan-Asian real estate fund: LaSalle Asia Opportunities V.
  • Advised Capvis on the final closing and initial co-investment of its fifth European buyout fund, Capvis V, which raised a total of €1.2bn in commitments, a significant increase on the predecessor's fund size of €750m.
  • Advised CDPQ with respect to its multi-billion joint venture arrangement with Generation Investment Management LLP, together with the terms of the joint venture’s initial portfolio acquisition of FNZ.
  • Advise Generali’s private equity investments team on the investment of its annual private equity allocation.
  • Advised Quadriga on the formation of a single investor fund to acquire two companies (Vescon and Schiller) and develop a buy-and-build platform.

Simmons & Simmons has extensive experience across the whole asset management sector, with private funds forming part of its practice alongside its particularly well-known strength in hedge funds. The firm frequently advises clients, including large fund managers, fund service providers and large institutional investors, on complex matters and is willing to tailor advice and challenge clients. Key lawyers include private funds head David Williams, as well as Dale Gabbert, Matthew Pitman and Cindy Valentine . The London team benefits from an international network including a Dublin office launched in 2018 by funds partner Fionán Breathnach.

Practice head(s):David Williams

Other key lawyers:Richard Perry; Cindy Valentine; Dale Gabbert, Matthew Pitman

Key Clients

British Business Bank/British Patient Capital

Man Group

First State Investments

Therium Capital Management

AfricInvest

Catalyst

C5 Capital

Crestline Investors

Glendower Capital

Growthpoint

Work highlights

  • Advised British Business Bank/British Patient Capital (BPC) on implementing the legal and regulatory structure for the seeding of BPC with c. £400m of existing and approved venture and growth fund commitments.  
  • Advised Man Group FRM on the creation of two initial vehicles tailored to large individual investor requirements.
  • Fund counsel to First State’s flagship infrastructure fund, European Diversified Infrastructure Fund II.
  • Advised Therium Capital Management in connection with the establishment of two litigation finance funds, utilising an innovative structure designed to meet the requirements of a broad range of investors.

The asset management team at Allen & Overy LLP has a two-thirds to one-third split between GP representation and LP representation. In one highlight, a group led by Pavel Shevtsov and Nick Williams reviewed over 50 investment management agreements for various pension funds and sovereign wealth funds for investments totalling over £30bn. Private equity fund work has been a key growth area for the team, which also handles real estate and infrastructure mandates. The firm's presence in Luxembourg and other European jurisdictions lends further support to the London practice. Also recommended is Matthew Huggett, who leads the team together with Shevtsov and Williams. Nick Smith joined the London offering from the Dubai team.

Practice head(s):Matthew Huggett; Nick Williams; Pavel Shevtsov

Other key lawyers:Nick Smith

Testimonials

'Knowledgeable, familiar with the market and incredibly responsive'

'Pavel Shevtsov's team responds incredibly quickly'.

.'We have had a very positive experience with the team as a whole. Pavel Shevstov and the rest of the team are knowledgeable and responsive'.

Key Clients

Aviva Investors

Electra Private Equity

Macquarie

Sightway

Corestate

Work highlights

  • Advised Aviva Group in connection with the investment by it and other Aviva entities in the US$10.6bn Hillhouse Fund IV, Asia’s largest private equity fund, including advice in relation to the terms of the investment and certain regulatory issues.
  • Advising a UK pension entity on its proposed investment into a fund  with a leading global alternative asset manager.
  • Advising a large and diverse group of institutional investors, including many large pension funds and major sovereign wealth funds around the world, on their investments in a wide variety of pooled investment vehicles including dozens of limited partnership funds.

Strong relationships with key sovereign wealth funds are the hallmark of the investment funds practice at Baker McKenzie, which has a well-balanced approach to GP and LP representation. The firm has added a number of new clients to its roster and handled a number of matters, including acquisitions and disposals of funds and asset management firms. Highlights include James Burdett and his team  advising Mitsubishi UFJ Trust & Banking Corporation on its acquisition of Colonial First State Global Asset Management from Commonwealth Bank of Australia for $2.9bn with the help of the firm's Tokyo and Hong Kong offices. Mark Simpson is the name to note for funds regulatory work.

Practice head(s):James Burdett

Other key lawyers:Mark Simpson

Key Clients

Macquarie Infrastructure and Real Assets

Government Pension Fund of Thailand

Employees Provident Fund of Malaysia

GIC

Arcus Infrastructure Partners

Mitsubishi UFJ Trust & Banking Corporation

Harwood Capital

Oddysean Capital

Japan Bank for International Cooperation

Allianz Capital Partners

Work highlights

  • Advised Mitsubishi UFJ Trust & Banking Corporation on its acquisition of Colonial First State Global Asset Management from Commonwealth Bank of Australia for A$4.1bn (US$2.9bn).
  • Advised Odyssean Capital on its establishment and authorisation by the FCA.

Garnering client praise for its 'extreme dedication, professionalism and cost consciousness', the investment management department at Herbert Smith Freehills LLP is led by Nigel Farr. The group's 'thorough experience in funds matters' covers the areas of private equity, real estate and infrastructure, with a particular strength in funds investing in developing markets such as Asia and Africa. Blue chip entities such as BlackRock and BNP Paribas feature on the firm's client list, which also saw significant growth on the LP side due to the addition of new investor clients. Also noteworthy are Stephen Newby and Tim West; Newby boasts prior experience at the firm's Singapore and Dubai offices while West possesses funds regulatory expertise.

Practice head(s):Nigel Farr

Other key lawyers:Stephen Newby; Tim West

Testimonials

'Herbert Smith Freehills are very responsive and turn things around quickly. They are able to make commercially-savvy decisions and have a genuine interest in making a positive social impact'.

'HSF are very efficient, competent and work well within deadlines and budgets'.

'Stephen Newby  is highly experienced in pretty much all fund-related issues, from fund formation to GP-LP negotiation issues, fund economics and tax'.

'Stephen Newby is very approachable and engaged'.

Key Clients

BlackRock

Sustainable Development Capital

Alvin Partners

BNP Paribas

HSBC

Man Group

Neuberger Berman Private Equity Partners

Lendlease

Polar Capital

Baillie Gifford

J.P. Morgan Asset Management & JP Morgan Cazenove

HarbourVest Global Private Equity

Aberdeen Standard Investments

Pension Protection Fund

Work highlights

  • Advised Alvin Partners LLP on a number of partnership matters.

Hogan Lovells International LLP covers a wide range of investment funds work in London, with a particular focus on both private and listed infrastructure funds, including advising on the formation of funds investing in social infrastructure. The team is headed in the UK by Nicholas Holman, who co-leads the firm's investment funds group and advises across a broad range of alternative investment funds including real estate, private equity and infrastructure. The firm is also able to call on the dual US/UK qualifications of partner Jonathan Baird , who joined from Freshfields Bruckhaus Deringer LLP in 2017 and has a particular focus on listed funds.

Practice head(s):Nicholas Holman

Other key lawyers:Erik Jamieson; Jeremy Pickles; Amran Hanif

Key Clients

Aberdeen Standard Investments

Amber Infrastructure

Argent Related

Barts Charity

Cambridge Associates

CDC (UK development bank)

Dalmore Capital

DEG (German development bank)

Esmee Fairbairn Foundation

Fengate Capital Management

Foundation Investment Partners

FMO (Dutch development bank)

GELF Management (Lux) S.à r.l.

General Organisation for Social Insurance (Saudi Arabian sovereign wealth fund)

IFC (Part of the World Bank)

InfraRed Capital Partners

International Fund Management Limited

John Laing Capital Management

M&G Investment Management

Nippon Life International Inc

The Prudential Assurance Company

Ventiga Capital Partners

Work highlights

  • Advised UBS Asset Management on the launch of its second infrastructure debt fund, Archmore Infrastructure Debt Platform II (IDP II).
  • Advised Infracapital, the infrastructure equity investment arm of M&G Prudential, on the establishment of a new £1.85bn Europe-focused infrastructure fund, which is the largest fund raised to date by Infracapital.

Jones Day's cross-practice funds offering combines professionals from the firm's broader banking, finance and securities, real estate and private equity practice groups. While the firm's workload is primarily sponsor-side, it also occasionally represents investors in secondary transactions and fund co-investment transactions. Private equity and real estate funds are core areas of focus, while additional offices in traditionally buoyant markets including the US, Hong Kong and Singapore support the group's ability to handle cross-jurisdictional mandates. John MacGarthy and Anna Cartwright are practice heads; Alistair Grant is recommended for private real estate fund work.

Practice head(s):John MacGarty; Anna Cartwright

Other key lawyers:Alistair Grant

Key Clients

CBRE

Delancey Real Estate Asset Management Limited

Motion Equity Partners

Pantheon Ventures

True

Work highlights

  • Advised CBRE on a number of fund-type structures and joint ventures in the real estate sector, with assets located worldwide, including: Australia, France, Ireland, New Zealand, Spain and the United Kingdom.

Characterised by one client as 'proactive, business-friendly, excellent at negotiating and focused on problem solving', Mayer Brown International LLP's fund formation and investment management department acts for start-up investment management and family investment firms on both first time and subsequent fund formation matters. It is also known for its strong expertise in real estate private equity funds, where it tends to represent larger asset managers. The firm continues to expand its pension fund offering with experts assembled from different practice areas, all of whom boast a specialist knowledge of pension clients. Tim Nosworthy is practice head and key contact.

Practice head(s):Tim Nosworthy

Testimonials

'The team is very approachable and we know we can always phone them to discuss how a piece of work would best be scoped. The partners will draw in the relevant individuals for each piece of work from around the firm'.

'Duncan Watson pulls the stops out to complete instructions within even very tight deadlines. He looks at legal questions analytically without making assumptions and thereby achieves better outcomes'.

Key Clients

AEW Europe

British Telecom Pension Scheme

Electricity Supply Pension Scheme

Heitman NoPension Protection Fund

Principal Financial Group

USAA Real Estate

Varde Partner

Mishcon de Reya LLP's London funds team is well known for its technology-focused private equity funds niche. In addition to advising on fund formations, the practice also advises on matters such as spin outs and has in-house capabilities to advise on regulatory and tax law.  It has a particular emphasis on advising UK real estate institutions on capital raising efforts. The team is headed by Daniel Greenaway.

Practice head(s):Daniel Greenaway

Key Clients

Trispan

Frog Capital

Everbright

Crest Capital Partners

Woodford InvestmentManagement

NCL TechnologyVentures

AEW UK InvestmentManagement

Alony Hetz Properties &Investments

Work highlights

  • Advised NCL, a EuVECA manager, on the establishment of an onshore life sciences fund.
  • Advising AEW UK Investment Management on launch of €290m investment platform with Allianz.
  • Representing Frog Capital on fundraising matters.

Morrison & Foerster LLP's London funds team is led by partners Oliver Rochman and Rob Mailer. Sitting within a wider global offering, the team advise sponsors and institutional investors on a cross section of funds work including real estate, infrastructure and private equity. The firm has particular experience within the startup, venture capital and tech funds sectors in the UK, acting on a number of high profile matters in these markets.

Practice head(s):Oliver Rochman; Rob Mailer

Testimonials

'A knowledgeable and experienced team able to understand and cater to a client's individual needs.'

'I had a very positive experience working with Rob Mailer. Rob scored highly on all of my criteria for choosing a lawyer to set up my first venture fund. He is a pleasant person, trustworthy, has a strong professional manner and is always reachable on very short notice. He understands my business and has experience working with similar clients. He is commercial and realistic. He really helped me understand what was going on at each step of the process and helped coach me throughout. I felt that I could confide and ask for advice anytime. That was important to me.'

'Oliver Rochman is an outstanding lawyer who understands his clients well and is able to provide high quality and pragmatic advice and solutions.'

'Rob Mailer provides hands on support and, notwithstanding other client demands, is always available. He is personable, professional, and combines good legal knowledge with a very practical approach and good commercial awareness.'

Key Clients

SoftBank Group Corp.

Newgate Private Equity

Apis Partners

STAR Capital

Seedcamp

Global Logistic Properties (GLP)

Hoxton Ventures

Oxx

Force Over Mass Capital

Social Finance Ltd

Next Gen Capital

Connect Ventures

Outlier Capital

Brookstreet Equity Partners

Air Street Capital

Fabric Ventures

Blockhead AB

Concrete VC

Creolus Ltd

Eos Venture Partners

Edge Investments Ltd

Hermes GPE LLP

Impact X Capital Partners LLP

Playfair Capital

Voulez Capital

Ada Partners

Eka Ventures

Collective Equity Ownership

Work highlights

  • Advising Oxx on the formation and fundraising of its growth fund focused on B2B SAAS companies in Nordics and UK.
  • Advising Hermes GPE on multiple investments into private equity funds in Europe and the US as well as advising on multiple co-investments alongside private equity fund managers.

In  a particularly high-profile highlight, Helen Parsonage led a team which advised Amber Infrastructure on the launch of The Mayor of London's Energy Efficiency Fund. The fund invests in energy-efficient projects in the Greater London area, including decentralised energy schemes and small-scale renewable generation. In addition to innovative vehicles of this kind, the Osborne Clarke LLP investment funds practice also advises on matters involving venture capital and real estate funds, with an especially active secondaries offering. 'Parsonage leads her team extremely well' in the words of one client. Also recommended is practice head Tim Simmonds, who specialises in real estate funds.

Practice head(s):Tim Simmonds

Other key lawyers:Helen Parsonage

Testimonials

'Osborne Clarke listens to clients and offers suitable solutions rather than cookie-cutter versions of what has been done before'.

'A good breadth of industry knowledge which ensures the team can provide advice that is considered and well thought out from every angle. They take a highly pragmatic approach compared to other firms'.

Key Clients

Amber Infrastructure

Foresight Group LLP

Brent Capital LLP

PROfounders Capital

Notion Capital Managers LLP

Illuminate Financial Management

Passion Capital

Ardenton Capital

MMC Ventures

InReach Ventures

Oxford Capital Partners

Social Tech Trust

Work highlights

  • Advised Amber Infrastructure on the launch of The Mayor of London's Energy Efficiency Fund
  • Acted for Brent Capital LLP, an investment advisory vehicle set up by Brent Hoberman and Spencer Crawley, on the establishment of its first venture capital fund – firstminute capital I LP.
  • Advised Notion Capital Management on the final close of its first opportunities/growth capital fund, Notion Capital Opportunities LP, which brought the total fund size to its original target of £60m.
  • Acted for InReach Ventures on the establishment of its first venture capital fund, InReach Ventures I LP.
  • Key adviser to IFM  and advised on the launch of its second fund, IFM Fintech Opportunities II LP, structured as an English private fund limited partnership, targeting £75m in total commitments from investors.

With 'a straightforward and responsive manner' and 'high levels of integrity', Paul Hastings LLP's private funds offering is jointly led by Diana Minott, Christian Parker, Katherine Rainwood and Duncan Woollard. Private fund instructions fall within the scope of the firm's private equity practice group. Besides working across private equity, real estate, infrastructure and credit funds, the team further boasts a niche expertise in fund financing matters. In particular, the group is highly experienced in structuring leveraged financing for direct lending funds. One complex highlight saw Minott and Rainwood advise on the establishment of Pemberton European Mid-Market Debt Fund II, which involved parallel vehicles and multiple tax feeder structures. Practitioners are 'friendly and knowledgeable'.

Practice head(s):Diana Minott; Christian Parker; Katherine Rainwood; Duncan Woollard

Testimonials

'The Paul Hastings team is proactive, understands our business and is always ready to find solutions. This results in a partnership in which both the client and the law firm benefit'.

'Duncan Woollard is outstanding for innovative thinking'

'The team provides timely and high-quality advice, is very approachable and willing to help with whatever is needed to ensure a deal reaches a successful conclusion'.

'Duncan Woollard is experienced, easy to deal with and gives clear and useful answers to tricky questions'.

'Christian Parker is knowledgeable and solution focused'

Key Clients

CVC Credit Partners

Rothschild & Co

JP Morgan Asset Management

Wells Fargo Asset Management

Oak Hill Advisors

PGIM

Alcentra

Work highlights

  • Advised JP Morgan Asset Management on a $1bn fund for significant Far Eastern investment into US commercial mortgage loans. The fund was the first of its kind for JPMAM.
  • Advised on the establishment of Pemberton European Mid-Market Debt Fund II which closed at £2.5 billion in March 2019 and doubled the size of Fund I.
  • Advised on the establishment of Pemberton European Strategic Credit Opportunities Fund which closed at £1bn.
  • Advised the client on a global 'risk retention fund' – a fund structured to provide capital to Alcentra in London and New York.
  • Advising CVC Credit Partners and its Luxembourg securitisation vehicle in relation to the establishment of a follow-on C share offering by CVC Credit Partners European Opportunities Limited.

Reed Smith LLP has a broad investment funds practice in London covering private funds as well as listed. The firm advises on both domestic and cross-border transactions for investors and sponsors, with its strong US presence supported in London by dual US/UK fund lawyers. It advises clients on everything from fund formation and structuring through to secondaries work and restructurings, acting for investment funds, fund managers and individuals. The London team includes UK/US qualified Panos Katsambas and Winston Penhall. Leith Moghli left for Proskauer Rose LLP in 2019.

Practice head(s):Panos Katsambas; Winston Penhall

Testimonials

'Partner engagement is exceptional and that is what makes the firm stand out in my view. Matters are dealt with in a very efficient manner with a responsiveness at short notice that could not be surpassed. Practical commercial solutions are sought out with a conscious effort to limit drafting/cost to the minimum.'

'We primarily work with Winston Penhall; his engagement is exceptional. He has a deep knowledge of the industry and an ability to anticipate issues upfront and offer sensible options to resolve them. His availability (for instance at weekends or whilst on leave) often exceeds expectations. I trust his judgement.'

'Aside from offering knowledge and expertise', the investment management practice group at Schulte Roth & Zabel International LLP is also 'reliable and responsive'. In the emerging markets space, Christopher Hilditch and Cathy Weist assisted Falcon Edge Capital with launching its second fund which seeks to invest in private equity in India. Private equity fund formation of this kind is a key focus area, in addition to co-investment work and hybrid funds. The firm also offers funds-related tax and regulatory advice. On the LP side, the group boasts specialist expertise in distressed investing. The team hired Emily Brown from Macfarlanes LLP in November 2018. Josh Dambacher and Hilditch are joint practice heads.

Practice head(s):Josh Dambacher; Christopher Hilditch

Other key lawyers:Emily Brown; Cathy Weist

Testimonials

'Schulte has unparalleled knowledge of private fund structures and terms.  They are always on the cutting edge of developments'.

'The firm has breadth of expertise across various asset classes. They are making much progress in closed-ended fund work with the hire of Emily Brown, who is exceptional'.

'The individuals are proactive and provide a personal service'.

'Chris Hilditch is extremely experienced, thoughtful and responsive. Cathy Weist is always on top of every detail and knows the transaction documents inside out'.

'Emily Brown's energy and market knowledge is unbelievable. She functions like an extension of our team rather than an external service provider. She understands exactly what concerns GPs and LPs alike, and is able to plot a course that keeps both happy'.

Key Clients

Arcis Capital Limited

Blossom Capital Ltd

Dialectic Capital Management LLC

Falcon Edge Capital LP

Kingsway Capital LLP

Large European Institutional Investor

Norland Capital LP

Sprints Capital Management Ltd

UK Venture Fund Manager

Work highlights

  • Advised Arcis Capital Limited on a number of separately negotiated portfolio acquisitions.
  • Advised Blossom Capital Ltd on the establishment of its first fund which is focused on technology investments in Europe.
  • Advised Dialectic Capital Management LLC on a number of transactions and offers made in relation to two private equity funds.
  • Assisted Falcon Edge Capital LP in launching its second fund focused on private equity investments in India.
  • Advised Kingsway Capital LLP on the establishment and launch of two separate co-investment structures.

Willkie Farr & Gallagher (UK) LLP' asset management group is viewed by some clients as a 'trusted long-term partner'. The practice covers the full scope of fund formation work, from assistance with fund structuring and investment management arrangements to ancillary tax and regulatory advice. the team handles a number of innovative energy-related and emerging markets fund instructions, with practice head Solomon Wifa leading a team advising CardinalStone Capital Advisors on the establishment of its first private equity fund dedicated to investing in Nigeria.  Henrietta de Salis is the name to note for funds regulatory work.

Practice head(s):Solomon Wifa

Other key lawyers:Henrietta de Salis

Testimonials

'Practical advice informed by up-to-date market knowledge'.

'Solomon Wifa has excellent market knowledge and a pragmatic approach; he is happy to get stuck into the detail himself'.

Key Clients

Impax Group plc

NTR plc

Uhuru Investment Partners

Blue Water Energy LLP

Synergy Capital Managers Ltd

CardinalStone Capital

CapVest Partners LLP

CERN Pension Fund

Accor Hotels

Banque Cantonale de Geneva

Work highlights

  • Advised Impax on final closing of its third renewable infrastructure fund.
  • Advised NTR on the organisation and first closing of its second renewable energy income fund.
  • Advising Uhuru Investment Partners on the establishment of its first private equity fund focused on investing in Western Africa.
  • Announced the final closing of Blue Water Energy Fund II with total commitments in excess of $1.1 billion, surpassing its target of $1 billion.
  • Advised Synergy Capital on the establishment of its second private equity fund focused on investing in Western Africa.


Real estate funds

Index of tables

  1. Real estate funds
  2. Leading individuals: Hall of Fame
  3. Leading individuals
  4. Next Generation Partners
  5. Rising stars

Leading individuals: Hall of Fame

  1. 1

Leading individuals

  1. 1
    • Samantha Lake Coghlan - Goodwin
    • Justin Cornelius - Bryan Cave Leighton Paisner LLP
    • David Evans - Goodwin
    • Nigel Hatfield - Clifford Chance LLP
    • Amanda Howard - CMS
    • Tim Simmonds - Osborne Clarke LLP

Next Generation Partners

  1. 1

Rising stars

  1. 1

Real estate fund capabilities are embedded within the broader private funds practice at Clifford Chance LLP. Real estate credit funds are an area of particular expertise, with Gerard Saviola taking the lead on this front. A Luxembourg office ensures the firm can seamlessly handle increasingly popular Luxembourg vehicles. The group also boasts an integrated global tax and regulatory advisory service, which assists in the structuring of funds across Europe, Asia and the US. Further ancillary support is provided by the firm's real estate, real estate finance and infrastructure and projects departments, which offer asset-specific expertise. 'Exceptionally client- and-solution-oriented' partner Nigel Hatfield heads up the offering.

Practice head(s):Nigel Hatfield

Other key lawyers:Gerard Saviola

Testimonials

'Fast, efficient and knowledgeable with deep international experience'.

'Nigel Hatfield is very strong on limited partner agreements, especially in the international context'.

Key Clients

M&G Investments

DRC Capital

AEW

ICG-Longbow

Nuveen Real Estate

Intriva

Work highlights

  • Clifford Chance advised DRC Capital, a leading European real estate debt house, on its senior, mezzanine and whole-loan fund and separate account mandates.
  • Advising ICG-Longbow on the formation of ICG-Longbow UK Real Estate Debt Investments V.
  • Advised AEW in respect of its Europe Value Partners Fund – a pan-European value add fund aiming to provide attractive, risk adjusted returns investing in a diversified portfolio of assets.
  • Advising Intriva Capital Partners in relation to its distressed/special situations credit fund Intriva Capital European Principal Investment Fund I.

The 'excellent' funds and indirect real assets practice group at CMS assists clients across a broad spectrum of funds work encompassing high-value fundraisings, club deals and indirect investments. In addition to such mandates, practice head Amanda Howard also has experience of handling fund investments, exits and restructurings. While much of the firm's client base consists of large fund management houses, its services also extend to high-profile institutional investors and major investment banks. The department often coordinates with the firm's wider tax and regulatory practices, which are large enough to extend their assistance on multiple simultaneous transactions. Victoria Henry  is recommended for her extensive experience in the structuring of offshore Pan-European funds, including Luxembourg structures. Several arrivals bolstered the strength of the team including Ed Kingsbury, who joined the group from Dechert LLP in February 2019.

Practice head(s):Amanda Howard

Other key lawyers:Victoria Henry; Ed Kingsbury

Testimonials

'Amanda Howard and her senior associate Ravi Longia are excellent, highly reactive and always ready to provide solutions'.

'The team's key strength is its in-depth understanding and know-how of the market sector including the key players and new developments'.

'I had direct access to partners who were highly pragmatic in offering solutions to problems'.

Key Clients

Aberdeen Standard Investments

Aviva

Canada Pension Plan

Europa Capital

Legal & General

Nuveen

PATRIZIA (formerly Rockspring)

Savills Investment Management

Schroders

Tristan Capital Partners

UBS

Verdion Logistics

Work highlights

  • Advised Tristan Capital Partners on the launch of its fifth pan-European opportunity fund, EPISO 5, raising over €1.6bn.
  • Exclusively advise UBS Global Multi Manager on investments by its managed mandates into real estate, private equity and infrastructure funds across Europe, the Americas and APAC.
  • Advised Schroder Real Estate Investment Management Limited on the establishment of two UK focused funds: an opportunistic residential land fund and a UK commercial real estate debt fund.
  • Advised PATRIZIA on the launch of its seventh European property fund, PATRIZIA TransEuropean Property VII LP.
  • Advised UBS Asset Management on the launch of the UBS Long Income UK Property Fund.

'Responsive, thoughtful and pro-active' is how one client describes the real estate funds group at Goodwin, which is led by the 'very impressive' Samantha Lake Coghlan. The impressive breadth of the practice, which covers closed-ended, open-ended and variable-priced real estate funds, is matched by the wide range of underlying real estate asset classes it has experience in. These include office, retail, residential, senior housing and infrastructure projects. In-house expertise in the areas of tax, Luxembourg vehicles and the Employee Retirement Income Security Act (ERISA) ensure that the team is able to tailor fund structures to the highly specific regulatory requirements of both institutional and high net-worth investors. UK and pan-European fund specialist David Evans is a valued member of the team; also noted is Michael Halford, who is a particular favourite for investor-side clients.

Practice head(s):Samantha Lake Coghlan

Other key lawyers:David Evans; Michael Halford

Testimonials

'Goodwin is one of the most active fund formation advisers in the real estate sector;  it has a great breadth of experience'.

'Samantha Lake Coghlan provides an excellent, user-friendly and client-oriented service'.

Key Clients

Ares Management

Baumont General Partner S.à r.l.

Gramercy Europe

GreenOak Real Estate Advisors

Kennedy Wilson UK Limited

M7 Real Estate

Man Group

NREP (Nordic Real Estate Partners)

PGIM Real Estate

Slate Asset Management LP

Work highlights

  • Advised on the second vintage of funds for GreenOak’s Real Estate's European investment strategies.
  • Advised on the structuring and establishment of NREP’s third multi-strategy real estate fund.
  • Advised on pan European real estate fund raisings and co-investment.
  • Advised M7 Real Estate on its recent GP-led restructuring and joint venture.

Practitioners at Greenberg Traurig, LLP's investment funds department garner client praise for their ability to 'explain legal principles in clear and straightforward language'. With the arrival of funds tax expert Ben Eaton from Goodwin in November 2018, the integrated funds tax sub-team now boasts three dedicated partners. The client roster features a large number of funds raised with US capital or overseen by US-based managers, which are areas of specialist expertise for the firm. 'Commercially-minded' partner Steven Cowins leads the offering; Marc Snell and associate Kate Phillips are also highly recommended. Recent highlights include Cowins and others representing Rialto Capital on its fourth flagship US debt fund focusing on commercial mortgage backed securities and loans; the fund is targeting commitments of $2bn.

Practice head(s):Steven Cowins

Other key lawyers:Kate Phillips; Marc Snell

Testimonials

'The team's key strengths include its knowledge across multiple related disciplines  such as tax and regulatory and its multi-disciplinary approach, which results in a largely seamless service'.

'Greenberg Traurig have a very personal approach and put effort in to get to know their clients personally'.

'Excellent commercial understanding of real estate fund formation and management. Efficient at bringing together complex deals under pressure'.

'Steven Cowins is enthusiastic, responsive, commercially astute and possesses a great breadth of knowledge'.

'The team at Greenberg Traurig are very commercial but also possess the legal knowledge to back up its approach'.

'Steven Cowins is well-connected, always reachable and a great problem solver'.

'Kate Phillips is very efficient and takes responsibility for managing the deal process'.

Key Clients

British Airways Pension Fund

Brockton

Canmoor Asset Management

Chayton Capital

Cording Asset Management

Europa Capital

M3/Atrium Finance

Mitheridge Capital Management

MGT Investment Management and Lincoln Property Company

Paloma Capital

Patrizia

Revcap

Rialto Capital

Starwood Capital

Work highlights

  • Representation of British Airways Pension Trustee Limited on its partnership with General Ventures JAG Limited and General Projects RE Limited.
  • Representation of the founders of real estate investment fund Brockton Capital on a series of agreements with Alony Hetz, the Israel-listed property company, to establish a new permanent capital vehicle called Brockton Everlast to invest in the UK.
  • Representation of Canmoor Asset Management in relation to a UK pension fund to invest in UK real estate.
  • Representation of new client Chayton Capital on the incorporation and fundraising processes for its South Eastern European opportunistic real estate fund, SEE Real Estate I, targeting commitments of €100-150 million.
  • Representation of Cording Asset Engagement on a fund backed by a well-known UK pension fund to invest in UK real estate, as well as exploring other fund products.

Highlighted by one client for its 'practical approach', Linklaters LLP's real estate funds activity is conducted by the firm's broader investment funds practice . Besides a core roster of real estate asset management clients, certain sovereign wealth funds also instruct the team, which additionally boasts a growing Limited Partners (LP) offering. Mandates for private real estate funds constituted the majority of the firm's recent work, diversified by some listed real estate fund mandates. The London office has access to Luxembourg vehicle-specific expertise, thanks to the firm's robust Luxembourg office. Open-ended fund and illiquid asset specialist Matthew Keogh is team head; recently made-up partner (May 2019) Rahul Manvatkar works across the full range of open-ended and closed-ended vehicles and is noted for his funds regulatory expertise.

Practice head(s):Matthew Keogh

Other key lawyers:Rahul Manvatkar

Testimonials

'When our team was unaware of all the legal nuances of the local market, LInklaters' practice was great help in getting the ball rolling'.

'Rahul Manvatkar gets to the core and solution of each specific request'.

Key Clients

Aermont Capital

LaSalle Investment Management

CBRE Global Investors

BlackRock

Barings

ProLogis

Royal & Sun Alliance

Katara Hospitality

Future Fund Board of Guardians

Round Hill Capital

Aviva Investors

InfraRed

Emaar Properties

Lendlease

Work highlights

  • Acted for Aermont on the raising of their fourth opportunistic real estate Fund, Aermont Capital Real Estate Fund IV SCSp.
  • Provide ongoing regulatory advice to ProLogis, including in relation to the marketing of their Delaware fund (USLF), which has an investment objective of combining attractive current income with long-term capital growth by investing in operating logistics real estate assets in the US.
  • Acted for Royal & Sun Alliance  in relation to their investment into AB Commercial Real Estate Debt Fund III.
  • Advised Round Hill Capital on forming a Luxembourg joint venture with Kohlberg Kravis Roberts for investment in European student accommodation.
  • Provide ongoing advice to InfraRed, including in relation to amending the LLP Agreement in respect of InfraRed Capital Partners (Management) LLP.

Mandates involving real assets are a key area of specialism for the broader asset management department at Allen & Overy LLP, which is strengthened by expertise from the firm's real estate M&A, real estate finance and tax practices. A sizeable Luxembourg office is another source of support. The group is marked out by integrated expertise on the Alternative Investment Fund Managers (AIFM) directive and US regulation, in addition to Financial Conduct Authority (FCA) rules. The practice often advises major pensions funds, sovereign wealth funds and financial institutions on investments, co-investments and fund-of-one arrangements. Joint heads of team Matthew Huggett, Nick Williams and Pavel Shevtsov are all recommended. Huggett is noted for his national and international regulatory knowledge. Senior associate Dominic Von Wulffen often advises institutional investors, including sovereign wealth funds.

Practice head(s):Matthew Huggett; Nick Williams; Pavel Shevtsov

Other key lawyers:Dominic von Wulffen

Key Clients

Nuveen Real Estate

M&G

Hines

Aviva Investors

Tishman Speyer

Goodman

Cain International

Meyer Bergman

Local Government Pension Scheme

Work highlights

  • After advising Nuveen Real Estate on the establishment of European Outlet Mall Fund (EOMF), A&O now act as counsel to this open-ended real estate fund on an on-going basis, advising on both up-stream and down-stream matters and providing tax advice and UK, German and Luxembourg regulatory advice.
  • Advising Nuveen Real Estate on the establishment of the Asia Pacific Cities Funds and the European Cities Fund.
  • Advising M&G on the establishment and offering of a closed-ended specialty finance fund, the 'M&G Specialty Finance Fund'.
  • Advising Hines in relation to the Hines European Value Fund and its joint venture in relation to the Cherrywood site in Dublin.
  • Advising Hines in relation to the joint ventures between Hines and Blue Noble.

Bryan Cave Leighton Paisner LLP's 'whole team is highly recommended' according to one client, while another notes that its 'strengths range from co-investments and joint ventures through to heavily regulated funds'. While the firm maintains its stronghold in traditional real asset classes such as office and retail spaces, it recently made inroads into alternative classes including Student Accommodation and Build to Rent. Half of the firm's key highlights involve a cross-border element in offshore jurisdictions, Singapore, Canada, South Africa, the US and various European countries. Leading real estate asset managers form the majority of the group's client base, supplemented by a number of limited partners (LPs), demonstrating an active investor-side practice. Practice head Justin Cornelius specialises in private equity real estate funds and non-retail open-ended funds.  Antony Grossman, Kate Binedell and Keiran Saunders are also highly recommended.

Practice head(s):Justin Cornelius

Other key lawyers:Anthony Grossman; Kate Binedell; Kerian Saunders

Testimonials

'The team has a strong presence in real estate fundraisings - it clearly has a greater deal flow than other firms and is highly aware of standard market terms for this area'.

'Throughout our relationship, The BCLP team has been consistently responsive, commercial and proactive. In addition to top-quality legal support, they also provided relevant strategic advice'.

'A huge depth of expertise; they have experience in all types of real estate, from agricultural land to offshore investment trusts and shopping centres'.

Key Clients

Aviva Investors

BlackRock Investment Management

CBRE Global Investors

Clearbell Capital

Frogmore Real Estate Partners

Hermes Investment Management

M&G Investment Management

Unite Students

Ballymore

Blackstone

Frogmore

Morgan Sindall Investments Limited

Work highlights

  • Advising TFL on a unique, high profile joint venture to develop residential sites with a Build to Rent investment partner.
  • Advising private equity real estate firm, Frogmore, on raising its fourth fund, Frogmore Real Estate Partners IV.
  • Advised Blackstone on its sale of a 26-storey tower overlooking the Bank of England for £385m to Singaporean-listed City Developments Limited.
  • Advised private equity real estate fund manager, Clearbell, on the formation and equity capital raise of its third UK value add fund, Clearbell Property Partners III.
  • Advised Investec Property Fund on the acquisition (through its wholly owned subsidiary, Investec Property Fund Offshore Investments Proprietary Limited) of a 42.9% interest in a portfolio consisting of twenty-two logistics properties located across Europe.

Thanks to a strong historical reputation for funds regulation work, Eversheds Sutherland (International) LLP often advises clients on compliance with non resident Capital Gains Tax (CGT), European Market Infrastructure Regulation (EMIR), the Markets in Financial Instruments Directive (MiFID) and Brexit planning. Besides fund management work of this kind, the firm's recent highlights have been marked by an increasingly steady flow of fund formation instructions. The group is capable of handling matters involving alternative real asset classes such as build-to-rent schemes and homeless shelters. Additional teams in Luxembourg, Dublin, Hong Kong and the US ensure seamless coordination during cross-jurisdictional fund work. Michaela Walker heads up the practice; Richard Batchelor is an expert in alternative funds.

Practice head(s):Michaela Walker

Other key lawyers:Richard Batchelor

Key Clients

Aberdeen Standard Investments

BMO Real Estate Partners

M&G Real Estate

Schroders

AEW UK Investment Management LLP

Local Pensions Partnership

Aon Hewitt Limited

Nuveen

LJ Administration (UK) Limited

Lendlease

Work highlights

  • Acted for LJ Administration (UK) Limited on an innovative Property Authorised Investment Fund, the Home Long Income Fund, which invests solely in homeless shelters as an asset class.
  • Advised AEW Investment Management on the establishment and marketing of a new closed-ended opportunistic fund, structured as a limited partnership with an exempt unauthorised unit trust feeder.
  • Advised on the combination of two property authorised investment funds following the merger of Standard Life and Aberdeen in 2017.
  • Advised on the structuring of Gresham House Energy Storage Fund PLC, the first closed-ended fund listed on the specialist fund segment of the London Stock Exchange plc investing in real estate infrastructure of energy storage systems.
  • Acting for Long Harbour on the establishment of a fund for institutional and high net worth investments, structured as a Guernsey limited partnership, and its acquisition of land and partnership interests in two limited liability partnerships and related joint venture arrangements.

John MacGarthy is group head and key contact in Jones Day's London private equity practice, which manages the firm's real estate funds mandates. Real estate fundraises, fund exits and emerging managers mandates are core areas of operation for the team, which also has a burgeoning limited partner-side offering. While the London office generates funds work independently, it also regularly liaises with offices in New York, Chicago, Singapore and Hong Kong to offer a fully integrated global service. The group is known for fostering long-term client relationships and also has the advantage of expertise from the firm's tax and regulatory departments. Alistair Grant is another name to note.

Practice head(s):John MacGarty

Other key lawyers:Alistair Grant

Well regarded for a 'truly exceptional team culture' in the words of one client, Macfarlanes LLP's real estate equity team works on matters involving a range of different asset classes, including industrial, commercial and residential property. The practice is able to assist in the formation and management of a broad spectrum of funds which cover listed, unlisted, closed-ended, open-ended, onshore and offshore vehicles. Furthermore, the firm's tax department provides regular support and boasts recent experience in property income-focused structures. Practice head Alexander Amos specialises in real estate and credit funds while senior associate Harriet Miller is 'clearly experienced' in her field.

Practice head(s):Alex Amos

Other key lawyers:Harriet Miller

Testimonials

'Each partner has a good understanding of other partners' areas of expertise so the team as a whole can speak well to tax issues even if the tax partner is unavailable'.

'The team is capable of  providing seamless and consistent advice'.

Key Clients

Ergo Real Estate

Legal & General

Apache Capital

Venn Partners

Cale Street

Forum Partners

Queensgate Investment

Work highlights

  • Macfarlanes advised on the creation of new property investment company Ergo Real Estate and the terms of its first joint venture.
  • Assisted Legal & General on the restructuring of L&G’s £2bn Industrial Property Investment Fund as an evergreen fund and a capital raising project to raise an additional £150 million from existing and new investors.
  • Acting for a real estate fund manager to raise a third fund seeking to invest into the pan-European and North American real estate sector.
  • Advised UK-based Apache Capital Partners on the successful establishment of a new joint venture platform with investment from US investor Harrison Street Real Estate Capital, Apache Capital and other significant real estate investors.
  • Advised a major real estate debt and equity manager on raising a $2bn managed account for pan-European real estate equity and debt investments.

'Highly proactive, commercial and efficient', the investment funds team at Osborne Clarke LLP 'always delivers work to a high standard and in a solution-driven way'. Both financial institutions and real estate asset management houses feature on the group's client roster. The firm is especially noted for the range of fund managers it is able to assist, which vary from large multinational names raising repeat funds to first-time managers and start-ups. In terms of LP representation, the team saw continued activity in the secondaries market and has a demonstrable record advising a large number of US-based investors. Tim Simmonds, who heads up the practice, is 'highly commercial and proactive'.

Practice head(s):Tim Simmonds

Testimonials

'The strength of the team across all levels was exceptional. Any request or question throughout the fundraising process was answered efficiently and commercially'.

'The team's experience in the unlisted real estate fund formation space proved invaluable'.

'Tim Simmonds' knowledge and depth of experience is excellent and his ability to apply a commercial approach to negotiations facilitated a quick and successful first close'.

Key Clients

Palmer Capital Partners

Newcore Capital Management

Niam AB

Nuveen Real Estate (formerly TH Real Estate)

InfraRed Capital Partners

Bridges Fund Management Limited

Marchmont FM Limited

DWS

Hollyport Capital

Cording Real Estate Group

Orchard Street

Barwood Capital

Work highlights

  • Advised on the formation of The GCC UK Jersey Property Unit Trust, a Jersey fund which will invest in UK commercial real estate.
  • Acting for Newcore Capital Management on the establishment of its Fund IV.
  • Advising Niam on the launch of its seventh Scandinavian real estate fund, Niam Nordic VII, which is structured as a Swedish limited partnership and a parallel English limited partnership.
  • Acted for Nuveen Real Estate on the asset and investment management arrangements for the acquisition of Devonshire Square.
  • Acted for InfraRed Active Real Estate Fund III on the disposal of a £320 million portfolio of UK industrial assets to Blackstone and M7.

At Weil, Gotshal & Manges (London) LLP, real estate funds matters sit within the firm's broader private funds practice group. Besides real estate fundraisings and fund closings, the group also often works on general partner-led restructurings and secondaries matters. The offering is marked by a strong record for infrastructure fund work, particularly in the greenfield space. In addition, the group boasts an integrated strategic advisory function to provide a commercial perspective alongside its core legal services. Head of team Ed Gander is a key client contact while James Sargent specialises in real asset funds. James Bromley was made partner in January 2019.

Practice head(s):Ed Gander

Other key lawyers:James Sargent; James Bromley

Key Clients

8 Miles

Actis

Aleph Capital Partners

AMP Capital

Apax Partners

aPriori Capital Partners

Argos Wityu

AS Equity Partners

Astarte Capital Partners

Benefit Street Partners

Brookfield

CapMan

Castleforge Partners

Covalis

Columbia Threadneedle Investments

Crow Holdings

Dalmore Capital

Disruptive Capital Finance

Farview Equity Partners

Forward Partners

Generation Investment Management

Graphite Capital Partners

GMT Communications Partners

ICG Enterprise Trust

IFM Investors

Incus Capital

InfraRed

Ingenious

KKR

Local Globe

Montagu Private Equity

NCB Capital

Octopus Investments

PAI Partners

Parker Infrastructure Partners

Prudential Portfolio Managers

Revetas Capital

UNION Group

Yoo Capital

Whitehelm Capita

Work highlights

  • Advised Actis in relation to the formation and fundraising of its $1.5 billion target Actis Long Life Infrastructure Fund.
  • Advised Astarte Capital Partners LLP on the establishment of their flagship fund, Alternative Special Opportunities Platform, a $200 million specialist alternatives co-investment platform targeting investments in real assets.
  • Acted as lead fundraising counsel for Dalmore’s largest fund to date by a significant margin (raising£950 million, far exceed the initial hard cap).
  • Advised InfraRed Capital Partners in relation to the formation and promotion of its $1.2 billion global greenfield infrastructure fund

The investment funds team at Ashurst can handle both listed and unlisted real estate funds work spanning most of the fund life cycle from fund formation, tax structuring and commercial negotiations to carried interest and co-investment schemes, secondary transactions and management spin-outs. The arrival of real estate fund specialist Nicola Hopkins from Bryan Cave Leighton Paisner LLP in January 2019 has significantly bolstered the offering. Furthermore, the firm opened a Luxembourg office in October 2018 with new partner hires in the areas of funds, tax and regulatory. It is now better placed to provide a robust cross-practice service on matters involving Luxembourg vehicles. Piers Warburton and David Jones lead the London offering together.

Practice head(s):Piers Warburton; David Jones

Other key lawyers:Nicola Hopkins

Key Clients

Aviva Investors

Knight Frank Investment Management

CapMan

Bywater Properties

Equitix

Foresight

Tritax

Oxford Properties

Jefferies International

Akur Limited

Platina Partners

Intermediate Capital Group

Work highlights

  • Advised Jefferies International Limited and Akur Limited in relation to a placing of 109.4 million new ordinary shares in Tritax Big Box REIT plc.
  • Advised Tritax EuroBox plc on its successful initial public offering to raise £300 million.
  • Advised Oxford Properties on the sale of a 49.9% stake in its French portfolio to a fund advised by J.P. Morgan Asset Management.
  • Advised Oxford Properties on its acquisition of 100% of the units in Investa Office Fund.

Fund sponsors, institutional investors and financial institutions all feature on Baker McKenzie's varied client roster, which has seen significant expansion in the last year. On the institutional investor side, the firm boasts some particularly strong relationships with sovereign wealth funds. The investment funds department assists clients with a range of fund structures, such as blind pool funds, club deals, co-investments, consortium arrangements and managed accounts. Work highlights have been marked by a  recent resurgence of acquisitions and disposals of fund and asset management firms. James Burdett, who acts as team head, was especially active this year on consortium and co-investment instructions. Mark Simpson is the name to note for fund regulatory issues.

Practice head(s):James Burdett

Other key lawyers:Mark Simpson

Key Clients

Edmond de Rothschild/Orox Europe

Government Pension Fund of Thailand

Employees Provident Fund of Malaysia

GIC

The Townsend Group

Invesco

Harwood Capital

Oddysean Capital

Temasek

Work highlights

  • Advised Edmond de Rothschild and Orox Europe on its agreement to acquire a controlling stake in Cording Real Estate Group, creating a comprehensive European real estate fund and investment management business.
  • Advised Harwood Real Estate on the ongoing launch of the Multifamily Housing REIT Plc.

'Calm voice of reason' Sharon Ayres is a key contact at Gowling WLG's investment funds practice group, which is jointly led by Nick Heather and Lee Nuttall. While the firm has experience handling both listed and private funds, it has particular expertise in closed-ended listed funds and Real Estate Investment Trusts (REITs) work. Besides a steady flow of mandates involving student accommodation and mixed-use real estate assets, the group has also seen increasing instructions relating to specialist supported housing accommodation and private rented sector assets. Complex secondaries transactions are another demonstrable growth area, with large institutional investors a  key client class.

Practice head(s):Nick Heather; Lee Nuttall

Other key lawyers:Sharon Ayres

Testimonials

'Gowlings are easy to contact, responsive and keen to find solutions rather than dwell on problems. They are commercial and always apply, rather than just state, the law'

'Sharon Ayres is is quick to take a step back and recommend an alternative route to bring the matter to a successful conclusion'

Key Clients

Aberdeen Standard European Logistics Income plc

M&G Real Estate

CEIBA Investment Limited

Empiric Student Property plc

ICG-Longbow Senior Secured UK Property Debt Investments Limited

GCP Student Living plc

Pacific Industrial & Logistics REIT plc

AEW UK REIT PLC

AEW UK Long Lease REIT PLC

Urban Logistics REIT plc

Triple Point Social Housing REIT plc

Stockdale Securities Limited

CBRE

Pension Protection Fund

Greater Manchester Pension Fund (acting by Tameside Metropolitan Borough Council)

University Superannuation Scheme

Local Government Pension Scheme Panel

Work highlights

  • Acted on the London listing of CEIBA on the Specialist Fund Segment of the main market for listed securities of the London Stock Exchange in conjunction with an initial issue (by way of placing and offer for subscription) that raised £30 million.
  • Advised on the launch of a new investment platform between NFU Mutual, Apache Capital and Harrison Real Estate Capital.  The platform intends to invest in a range of up to seven build-to-rent schemes across England and Scotland.
  • Advised M&G Real Estate on the setup and structuring of a circa £94 million investment fund using the new private fund limited partnership vehicle and bringing together both national and international professional investors.
  • Advised University Superannuation Scheme, on the setup of a £300 million+ joint venture fund with Places for People.
  • Advise on the downstream disposal by Corby Land & Development on the sale of its investment which was implemented by way of a sale of a Jersey unit trust, a limited partnership interest and another English limited company to LXI REIT Plc.

Although General Partners (GPs) constitute the majority of Herbert Smith Freehills LLP's current clientele in the real estate funds space, the firm boasts a burgeoning LP practice, with a recent increase in mandates from sovereign wealth funds and other institutional investors. Backed by a strong real estate practice, the investment funds team maintains good relationships with a number of longstanding clients, with mandates highlighting advisory roles as they diversify into alternative asset classes. Practice head Nigel Farr focuses primarily on closed-ended investment vehicles; also recommended is Tim West. The group is praised by one client for its 'excellent availability and client service'.

Practice head(s):Nigel Farr

Other key lawyers:Tim West

Testimonials

'HSF's property team is excellent and brings all its knowledge to bear in structuring vehicles..

Key Clients

Aberdeen Standard Investments

AEW

Fiera Capital Corporation

Hermes Investment Management

Cabot Square Capital LLP

Canada Pension Plan Investment Board

Wittington Investments

Moorfield Real Estate Fund IV

Cain International

Allianz Real Estate

Public Sector Pension Investment Board

Work highlights

  • Advised Allianz Real Estate on the creation of a market leading student accommodation real estate joint venture in London with Greystar Real Estate Partners and Public Sector Pension Investment Board.
  • Advised Broadgate joint venture on the sale of 5 Broadgate, global headquarters of UBS.
  • Advised Cain International on its 50.50 joint venture with US fund Kennedy Wilson in respect of the €500 million development of City Block 3 in North Quays, Dublin.
  • Advised Hammerson on the sale and joint venture arrangements of a 50% stake in Highcross shopping centre in Leicester to an Asian investor for £236m.
  • Advised AEW on its managed account arrangements with UK and Dutch pension funds relating to a portfolio of UK retail assets.

The Crown Estate and M&G Real Estate are some of Hogan Lovells International LLP's key clients within the real estate funds department. A variety of real estate fund vehicles fall within the remit of the practice including closed-ended and open-ended vehicles, as well as private and listed funds. The firm has been expanding its real estate funds work, advising on a number of  fund launches. Practice head Nicholas Holman is a key contact.

Practice head(s):Nicholas Holman

Key Clients

Aberdeen Standard Investments

BlackRock Investment Management

Barclays Bank UK Retirement Fund

British Land

Cannacord Genuity

Columbia Threadneedle

Crosslane

Fortress Investment Group

Future Fund of the Commonwealth of Australia

ICG Longbow

Land Securities

M&G Real Estate

NAREIT

NTM Capital

PMM Partners

QIC

The Crown Estate

TPG

Shore Capital

SunSuper

UBS Asset Management

Work highlights

  • Advised Clipstone Logistics REIT plc on (i) approval of the sale of 5 warehouses for £85.4 million, (ii) its acquisition of Clipstone Industrial Unit Trust for £86.5 million via a units-for-shares exchange offer and (iii) and a £5 million share buyback.
  • Assisted on the disposal by an NTM managed fund of two sub-fund vehicles to new offshore partnership investment vehicles established between NTM and an investor/developer with experience in the Irish student accommodation sector and negotiation of new management arrangements.
  • Legal adviser to British Land on its proposed acquisition of a 50% interest in a tiered limited liability partnership investment structure and negotiation of new investor and management agreements.

Paul Hastings LLP's broad investment funds practice advises across a wide range of funds including credit funds, real estate funds and private equity funds, as well as handling fund financing matters. The team, which includes partners Duncan Woollard, who joined from King & Wood Mallesons in 2015, and former Ashurst partner Diala Minott, advises both funds and investors through the full life-cycle of a fund. It works with many well known fund managers and has advised on a number of particularly high-profile matters.

Other key lawyers:Duncan Woollard; Diala Minott; Katherine Rainwood

Testimonials

'The team is clearly highly experienced in the sector and able to provide both legal and some insight into practical and commercial considerations arising from possible choices. One of the most challenging aspects from a client perspective with little relevant experience was trying to establish a useful sense of the appropriate options available from what could be a baffling universe of choices. This was perhaps a challenge to all parties to begin with, but the advice and patient approach we believe has produced a good result.'

Key Clients

LaSalle Real Estate Finance III/IV LP

Farringdon LP

Bradda Capital

LaSalle Real Estate Debt Strategies III

SCSp

Baumont Real Estate

Work highlights

  • Acted for LaSalle Investment Management in the creation of the £1bn Farringdon LP structure, established to acquire the iconic Goldman Sachs HQ in London with funding from East Asian capital.  
  • Represented Bradda Capital in respect of the launch of its new real estate fund management business and the launch of its open-ended real estate fund.
  • Acted for Baumont Real Estate as sponsor investor and part owner of the Baumont business on the establishment of the first fund by this asset manager.  

With a core strength in listed real estate vehicles, Stephenson Harwood handles the structuring and launch of a range of fund types including REITs, offshore funds, authorised and unauthorised unit trusts and open-ended investment companies and limited partnerships. The investment funds group also regularly advises clients on joint venture arrangements aimed at real estate investment, as well as divestment transactions. William Saunders, who leads the practice, is name to note. Also recommended is Warren Allan who focuses on private funds, including private real estate funds.

Practice head(s):William Saunders

Other key lawyers:Warren Allan

Key Clients

Grit Real Estate Income Group Limited

Schroder European Real Estate Investment Trust plc

Schroder Real Estate Investment Trust plc

Schroder Real Estate Fund

LXi REIT plc

Phoenix Spree Deutschland Limited

Schroder Real Estate Management Ltd

Nexus Tradeco Ltd

Tristan Capital

Custodian REIT plc

Firethorn Real Estate Management LLP

Work highlights

  • Acted on the London IPO of Grit Real Estate Income Group Limited.
  • Acted on a secondary fundraising for LXi REIT plc.
  • Advised LXI REIT plc on its acquisition of five hotels in Aberdeen, Brighton, Liverpool, Llanelli and Nuneaton.
  • Acted for the property manager of Primary Health Properties plc on its merger with Medicx fund.
  • Advised Phoenix Spree Deutschland on its entry into a new property advisory and investor relations agreement.

Fund formation work is supplemented by specialist funds tax and regulatory capabilities in Travers Smith LLP's investment funds department, which is led by key contact Sam Kay. The firm is able to handle a wide range of fund structures including REITs, offshore investment entities, limited partnerships and unit trusts. Listed funds are another key focus point for the team, which has a strong record of assisting clients with healthcare real estate funds across both fundraisings and Initial Public Offerings (IPOs). Aaron Stocks is noted for his expertise in this area.

Practice head(s):Sam Kay

Other key lawyers:Aaron Stocks

Key Clients

Benson Elliot Capital Management LLP

Hermes Infrastructure

Impact Healthcare REIT Plc

Stifel Nicolaus Europe Limited

GLIL Infrastructure LLP

Pensions Infrastructure Platform

Voreda LLP

Assura Plc

Ares Management

Work highlights

  • Advised Impact Healthcare REIT on seven acquisitions of care homes, including asset and share acquisitions, and a portfolio sale and leaseback from and to Prestige Care Group.
  • Advised Stifel in its capacity as sole bookrunner and financial adviser on a placing, open offer and offer for subscription of £94m of Ordinary Shares in Target Healthcare REIT Limited and a subsequent placing programme of up to 150 million ordinary shares in Target.
  • Acted for long-standing client, Benson Elliott, on the successful fundraising of Benson Elliott Fund V.
  • Advised Hermes Infrastructure in connection with the structuring and fundraising of Hermes Infrastructure Fund II LP.


Retail funds

Index of tables

  1. Retail funds
  2. Leading individuals: Hall of Fame
  3. Leading individuals
  4. Next Generation Partners
  5. Rising stars

Leading individuals: Hall of Fame

  1. 1

Leading individuals

  1. 1

Next Generation Partners

  1. 1
    • Laura Hou√ęt - CMS
    • Andrew Massey - K&L Gates LLP

Eversheds Sutherland (International) LLP's track record serving clients in the fund management industry dates back to the 1960s. It has a particularly dominant presence in the retail funds market, where it acts for many of the largest and most active asset managers, insurance companies and pension funds. It is also increasingly sought out to act for banks and institutional investors. Team head Michaela Walker has an excellent record establishing unit trusts and open-ended investment companies, and handling mergers of authorised unit trusts, among other matters. Phil Spyropoulos is a go-to adviser for advice on charity authorised investment funds. Camilla Spielman is an expert in funds taxation. Richard Batchelor is another name to note. Pamela Thompson is chair of the firm and joint head of the UK financial services team. .

Practice head(s):Michaela Walker

Other key lawyers:Phil Spyropoulous; Camilla Spielman; Richard Batchelor; Jonathan Master; Stefanie Sahla-Jones; Sarah Burnside; Pamela Thompson

Key Clients

Aberdeen Standard Investments

BMO Real Estate Partners

M&G Real Estate

Schroders

AEW UK Investment Management LLP

Local Pensions Partnership

Aon Hewitt Limited

Nuveen

LJ Administration (UK) Limited

Lendlease

Work highlights

  • Advised AEW UK  on the establishment and marketing of a new closed-ended opportunistic fund, structured as a limited partnership with an exempt unauthorised unit trust feeder. The team advised on all fund structuring, regulatory and tax aspects of the launch.
  • Acted for LJ Administration (UK) Limited on an innovative Property Authorised Investment Fund (PAIF), the Home Long Income Fund, which invests solely in homeless shelters as an asset class.
  • Acting for Aberdeen Standard Investments on the merger of the PAIFs of Standard Life and Aberdeen.

Macfarlanes LLP's practice is led by Lora Froud, whose heavyweight reputation has seen the firm win a number of new clients recently, including Jupiter Asset Management and Carne Global Financial Services. In a notable mandate for the firm, Froud, senior solicitor Alexandra Cochrane and others have been acting for Quilter Investors on the high-profile separation of Old Mutual Global Investors from its parent Old Mutual Wealth. Elsewhere, the firm excels in advising private equity managers on accessing the retail market through open-ended funds.

Practice head(s):Stephen Robinson; Lora Froud (lead partner - retail funds)

Other key lawyers:Alexandra Cochrane

Testimonials

'Macfarlanes' investment management team is still the best in the market for regulated funds.'

'Excellent technical lawyers, who are personable and have the commercial understanding to advise on complex and strategic matters, rather than just following instructions and delivering documents within deadlines'

'Lora Froud is fantastic. She solves problems with a very commercial approach, while not ignoring the regulated nature of the products. Super- responsive and always cheerful'

'The team has its finger on the pulse of market trends and FCA sentiment. It has an excellent relationship with the regulator, which means we can gauge their feelings on matters in the very early stages of product development'

'Alexandra Cochrane is responsive, proactive and diligent'

Key Clients

Quilter Investors (formerly Old Mutual)

Legal & General

Jupiter Asset Management

Dimensional Fund Advisors

Carne Global Financial Services

Merian Global Investors (formerly Old Mutual Global Investors)

Vanguard Asset Management

Link Asset Services (formerly Capita Asset Services)

Work highlights

  • Advises Legal & General Investment Management Limited on numerous legal and regulatory issues affecting its UK authorised fund range. Recent work includes a review of the documentation relating to over 60 funds, rewriting the prospectuses for these funds, rationalising share classes and assisting with a number of applications to the FCA for the whole fund range and specific funds.
  • Advises Jupiter Asset Management on numerous legal and regulatory issues affecting its UK authorised fund range. Recent work includes: a review of the documentation relating to over 40 funds, assisting with specific fund changes, terminations, review of marketing and platform agreements and providing general regulatory advice, including on Brexit. The firm also advised on the change of depositary and administrator of the entire fund range.
  • Advises Dimensional on numerous legal, governance and regulatory aspects of its UK funds.
  • Assisted Vanguard with the renewal of its credit facility with JP Morgan in respect of its UK fund range, including providing a legal opinion on this. Alongside this the firm advised Vanguard on a variety of regulatory matters relating to its UK authorised funds; including the establishment of a UK money market fund.
  • Acted for Link Asset Services on the establishment of a new charities authorised investment fund (CAIF).

CMS¬†has a sizeable presence in the UK, fielding specialist authorised funds teams in London and Edinburgh. Its high quality offering was bolstered in July 2018 by the arrival in London of Laura Hou√ęt¬†from Eversheds Sutherland (International) LLP.¬†Hou√ęt's wide-ranging experience includes the structuring and authorisation of funds, as well as their reorganisation and rationalisation.¬†Hou√ęt works closely with Edinburgh-based¬†Karagh Gilliatt¬†, who has more than 15 years' experience of authorised funds, and Aidan Campbell¬†in Glasgow. Recent work saw Gilliatt and others acting for Aberdeen Standard Investments¬†on the harmonisation of the retail authorised funds of Aberdeen Asset Management and Standard Life Investments following their merger. Another matter involved acting for¬†Baillie Gifford & Co on the creation of a master-feeder arrangement between one of its UK OEIC sub-funds and a newly established Irish-domiciled feeder fund.

Practice head(s):Karagh Gilliatt (authorised funds); Laura Houet (authorised funds); Amanda Howard (head of funds group)

Testimonials

'Karagh Gilliatt shows excellent technical ability, which is combined with insightful knowledge of the funds industry.'

'Partner engagement and availability is excellent. Billing is transparent and the delivery of work is very efficient'

'Laura Houet is personable, commercial, always gets the point straight away and asks the right questions. She is  an exceptional funds lawyer.'

Key Clients

Lloyds Banking Group

Standard Life Aberdeen Group

Zurich Assurance

Baillie Gifford

BMO

Smith & Williamson

T. Bailey Fund Services

Kames Capital plc

Citibank Europe plc

Sanlam

Phoenix Group

Aegon

Work highlights

  • Advised T. Bailey Fund Services Limited (“TBFS”) on the  soft closure of the successful Evenlode Fund
  • Acted for Citibank Europe on its replacement of NatWest Trustee & Depositary Services Limited as depositary of Kames Capital Investment Portfolios ICVC.
  • Advised Close Brothers Asset Management on the removal of its then-current performance fee and on alternative structures/arrangements in its place.
  • Advising BMO on the implementation of the FCA’s asset management market study across its entire fund ranges.

Fieldfisher has a well-established reputation for regulated funds, but its broad funds practice encompasses a wide range of vehicles, including more bespoke and innovative structures. Beyond fund formation work, the firm provides an end-to-end service on a full spectrum of issues. Practice head Kirstene Baillie advises longstanding client Fidelity Investments on an ongoing basis on its UK authorised fund range. Another highlight involved Baillie and Nicholas Noble advising UK wealth manager Veritas on establishing its own fund range, which caters for clients who would usually fall below its typical threshold for taking on a discretionary management mandate.

Practice head(s):Kirstene Baillie

Other key lawyers:Nicholas Noble

Key Clients

Fidelity Investment Management Limited

Veritas Investment Management LLP

Williams Family

7im and Invesco

STANLIB Fund Managers Jersey Limited

Truffle Invest Limited

Guardian Media Group Plc

Drax Power Group of the Electricity Supply Pension Scheme

Other Groups of the Electricity Supply Pension Scheme

Ingenious Capital Management Limited

Work highlights

  • Advised 7IM and Invesco on their GDPR-related revised privacy policies

K&L Gates LLP's ability to work across offices are a value-add for US and European clients seeking advice on a full range of strategically and legally complex cross-border issues associated with retail funds. The London team advises clients on a standalone basis, and also works closely with practitioners in the US and Germany. Past mandates have seen the group act for Federated Investors on its £246m acquisition of Hermes Investment Management; Andrew Massey was the lead partner in this highlight. Practice head Michelle Moran meanwhile is part of a cross-practice team advising various companies in the Nordea group on their Brexit strategy. This work has included acting on the establishment of a UK-regulated MiFID entity for the distribution of their Luxembourg UCITS.

Practice head(s):Michelle Moran

Other key lawyers:Andrew Massey

Testimonials

'Michelle Moran has an encyclopedic knowledge of funds law, and, as a former GC of a major funds house, a shrewd understanding of the challenges internal counsel face'

'The practice is led by a very commercial lawyer, who has spent the larger part of her career as EU GC of a global asset manger. This helps the whole team to focus better on what an in-house counsel is looking for in terms of practical advice and, therefore, trusted advisers'

'Michelle Moran is very pragmatic. She looks for solutions, rather than just stating the law.'

Key Clients

Federated Investors

Nordea Group

Work highlights

  • The firm is advising Federated Investors on EU money market fund reform.  Its team is advising on the conversion of Federated’s UK fund range, which are UCITS (retail) funds, including liaising with the FCA and obtaining FCA approval. It has also been providing complex, wide-ranging advice, and liaising with Federated's Irish counsel, on changes affecting its Irish fund range.

Simmons & Simmons' team has vast expertise in regulatory and commercial issues impacting the retail funds sphere. It generates work from a broad client base, including investment banks, funds and fund managers, brokers and insurance companies. Neil Simmonds leads the group, which has been advising clients on matters such as the implementation of the Senior Managers and Certification  Regime and Brexit planning. In addition to assisting with the establishment of funds, the team also advises on regulatory requirements across multiple jurisdictions, licensing, registration and setting up commercial arrangements with distributors. Simmonds works closely with Mahrie Webb and Catherine Weeks. Associate John Dooley, managing associate Tristram Lawton and Ursula Goniszewska are other key practitioners in the team, as is supervising associate Andrew Desmond.

Practice head(s):Neil Simmonds

Other key lawyers:Mahrie Webb; Catherine Weeks; John Dooley; Tristram Lawton; Ursula Goniszewska; Andrew Desmond

Testimonials

'A strong group, which comprises of consistently good lawyers. The team advises a broad spectrum of players in the funds world, which gives it a breadth of experience, as well as a commercial understanding of the funds and asset management industry and its full range of products.'

'Neil Simmonds is technically very good, responsive, practical and commercial'

'One of the largest, most well-resourced practices in the City.'

Key Clients

Man Group

Hargreaves Lansdown

BMO Global Asset Management

Axa Investments

Baring Asset Management

Lombard Odier

AQR

Architas

First State

Invesco

M&G

Work highlights

  • Assisted Man Fund Management UK Limited with a significant project, arising from an internal restructuring, which involved changes to the lead investment management entities appointed across its entire range of UK authorised funds.
  • Acted for First State Investments (UK) Limited on the Brexit-related transfer of up to £4.3bn of assets of EU27-based investors to its Irish UCITS funds
  • Acted for Invesco Fund Managers Limited on changes to UK distribution arrangements as part of a major reorganisation of its funds structure.
  • Advised Man Fund Management UK Limited on the launch of the Man Dynamic Allocation Fund.
  • Advised M&G Limited on an in-depth review of services agreements entered into between M&G and/or one of its group entities and services providers for the purpose of provision of services to certain M&G products.

Burges Salmon LLP has a standout offering on authorised investment funds, where it provides full-service support to fund managers and distributors. It has a sizeable share of work in the Authorised Corporate Director market and distinguishes itself with Authorised Contractual Schemes and Funds of Alternative Funds. Although the firm is known for its work in the UK market, it also has access to a wider international network of preferred law firms, and is well-placed to serve international clients targeting other key funds jurisdictions. The firm also has a strong profile advising pension fund clients on their investments into open-ended funds; it acts for more than 750 trustee and employer clients in the public and private sectors. In addition to delivering core retail fund and pension fund expertise, the practice is rounded out by the firm's ability to provide additional support in areas such as tax, employment and data protection. Tom Dunn is the head of the retail funds team.

Practice head(s):Tom Dunn

Testimonials

'The team has an abundance of regulated funds knowledge. Burges Salmon's knowledge, approachability, competitive pricing and adaptability to our time frames without doubt make them a law firm of choice for us in many cases'

'Has its ears on the ground, in terms of latest industry developments and excellent relationships with industry bodies'

'Tom Dunn is hugely knowledgeable and pragmatic in his approach'

 

Key Clients

St. James’s Place

Praemium

Marlborough Fund Managers

Investment Fund Services

FundRock Partners

Premier Asset Management

Investment Funds Direct (t/a Ascentric)

All Wales LGPS Pool

Tatton Investment Management

WAY Fund Managers

Work highlights

  • Acted for FundRock Management Company on the launch of a £30bn Local Government Pension Scheme (LGPS) Authorised Contractual Scheme (ACS). This is a vehicle for pooling the pension funds of a number of local authorities in order to reduce costs and increase their purchasing power.
  • Acted for St. James's Place Plc on the launch of a fund of alternative funds.
  • Advised the All Wales LGPS Pool on pooling their respective pension scheme assets into a circa £15bn open-ended authorised contractual scheme structured as a co-ownership scheme.
  • Advised Investment Fund Services (IFSL), a leading provider of fund hosting services, on the transfer of the IFSL Tilney British Enhanced Income Fund into the IFSL Tilney Bestinvest Income and Growth Portfolio and the subsequent termination of the British Enhanced fund and implementation of changes to the Bestinvest fund following the scheme of arrangement.
  • Advised Tatton Investment Management (one of the UK’s fastest-growing platform-only investment managers), as sponsor and investment manager of a range of UK retail funds, on its negotiations appointing Valu-Trac Investment Management as the new authorised corporate director (ACD) of its funds. This included reviewing and negotiating the ACD agreement, investment management agreement and sponsorship agreement.

Dechert LLP's retail funds work is a pillar of its diverse asset management practice. Its London team has experience acting for many of the largest global fund managers (across multiple strategies, asset classes and fund structures), which is combined with an ability to work across a larger international platform. In the retail funds space, the group works closely with the Luxembourg and Dublin offices to advise clients (including hedge fund managers) on their activities in the European UCITS market. In addition to assisting US-based financial services firms with obtaining European market access, Karen Anderberg advises US, UK and European fund clients with US regulatory issues. Other names to note include Richard L. Heffner, Jr., Monica Gogna, Mikhaelle Schiappacasse, and associates Craig Borthwick and Alison Couchman. Gus Black is a global co-chair of the financial services group.

Practice head(s):Gus Black

Other key lawyers:Karen Anderberg; Richard L. Heffner, Jr.; Monica Gogna; Mikhaelle Schiappacasse; Craig Borthwick; Alison Couchman

Key Clients

TT International

Farrer & Co has a strong track record advising asset managers on the establishment of authorised funds, including Undertakings for Collective Investment in Transferable Securities (UCITS) and Non-UCITS Retail Schemes (NURS) funds. The firm has also established a notable profile in the area of charity funds and, in addition, has become highly reputed for its work for clients in the education sector. Senior associate Jessica Reed is part of the team which acts as a standing adviser to Rathbone Unit Trust Management on its range of funds; a past highlight involved assisting the client with its launch of the Rathbone Global Sustainability Fund, a new UCITS fund.  Another mandate saw group head Grania Baird and others act for the same client on the establishment of the Rathbone High Quality Bond Fund.

Practice head(s):Grania Baird

Other key lawyers:Jessica Reed

Key Clients

The Charities Property Fund

CCLA Investment Management Ltd / CCLA Fund Management Ltd

Omnis Investments Limited

Oxford University Endowment Management Ltd

Rathbone Unit Trust Management Limited

Thesis Unit Trust Management Ltd

Aubrey Capital Management Ltd

Work highlights

  • Acts for Thesis Unit Trust Management on a wide range of matters, including the launch of various new authorised funds.
  • Acted for a leading unit trust manager in relation to a number of matters, including a UCITS merger and advising on the impact of Brexit.


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