The Legal 500

Zubair Mir and Judith Watson at Herbert Smith LLP are ‘recommended for funds work’, both conventional and Islamic. Both lawyers have an impressive track record, having acted for EFG-Hermes on its $1bn MEDA fund and asset management business, and for Investcorp on setting up Investcorp Gulf Opportunity Fund 1 and Investcorp Islamic Gulf Opportunity Fund 1. Other clients include Dubai Islamic Bank, Global Investment House, and Abraaj Capital.

Allen & Overy LLP is highly rated for private equity deals and fund formation. The team established Abraaj Capital’s pan-MENA real estate fund, advised Global MENA Financial Assets on its de-listing from the LSE and its investment in Al Fajer Retakafal Insurance, and advised National Bank of Abu Dhabi on certain growth funds. Nick Smith recently chaired a panel reviewing the DIFC’s Collective Investment Funds regime.

In 2010, Ashurst LLP’s Dubai team advised Deutsche Bank and Masdar on their joint venture to create The DB Masdar Clean Tech Fund, and IDFC Capital on structuring and establishing a proposed $500m fund of funds to invest in emerging markets focused private equity funds. The group recorded an impressive year in a difficult market, but in October 2010 lost lead partner Chézard Ameer to Gibson Dunn.

Much of the investment funds work handled by Clifford Chance is run from the London office, although a number of the lawyers based in Dubai are heavily involved in the work. Recent highlights include advising Noor Islamic Bank on establishing a Sharia-compliant private equity feeder fund, and The First Investor on setting up a CIS-focused real estate fund.

King & Spalding is noted for its real estate investment funds capabilities, and particularly Sharia-complaint structures. The group primarily represents financial institutions and wealthy individuals based in the GCC. The five-partner team includes the highly rated Jawad Ali.

Norton Rose (Middle East) LLP advised Royal Capital on its first fund, Royal Capital MENA Fixed Income Plus Fund, and acted for BNP Paribas Asset Management on the closing of a closed-end MENA region private equity fund. All five corporate finance partners are active in the funds space, and Jane Clayton is highly recommended for such work, partly thanks to almost a decade’s experience in Dubai.

Al Tamimi & Company counts Abu Dhabi Commercial Bank, Prudential Asset Management, and ING Investment Management as clients. Managing partner Husam Hourani leads the team, and is assisted by Lynette Brown, who served as deputy chair of the panel to review the DIFC’s Collective Investment Fund regime.

Conyers Dill & Pearman is called in by market leaders when ‘clients are looking to establish funds with an offshore element’; ‘the firm is without exception reliable, accurate and extremely well informed’. Clients include EFG Hermes and GE Capital. Kerri Lefebvre and Fawaz Elmalki are ‘very knowledgeable in their subject matter’.

Gibson Dunn boosted its UAE team in October 2010 when it recruited Chézard Ameer from Ashurst LLP, where he led the emerging markets and UAE funds practices. The team recently advised Bahamdan Group on a MENA-focused fund joint venture, and acted for Carlyle MENA Partners on acquiring a 30% stake in General Lighting Company. Paul Harter provides ‘exceptional client service’.

Hadef & Partners is highly rated for its local law expertise. Dubai-based Sameer Huda recently advised IDM on a $250m private equity fund, and is recommended for his ‘overall knowledge and ability to provide solutions and alternatives’.

Imtiaz Shah’s team at Hogan Lovells (Middle East) LLP advised Fair Capital on acquiring a controlling interest in an Islamic bank in Brunei, and acted for Lifeline Investment Management Services on setting up a US distressed real estate fund.

Latham & Watkins LLP works to ‘very tight timescales, providing great knowledge of what is or is not market standard’. The team acted for Al Masah Capital, Dubai Group and QInvest on fund formation. Newly promoted partner Kai Schneider heads the team, and is ‘reliable, smart, experienced, and flexible’.

Maples and Calder ‘understands working on high-pressure deals and tight time lines, and proves commercially savvy and legally sound’. It regularly works with international firms, advising on the offshore aspects of matters. Recent highlights include providing Cayman Island legal advice on the launch of Abraaj Buyout Fund IV. Tahir Jawed is ‘a genuine expert who leads the market’.

SJ Berwin LLP opened its Dubai office in June 2009, and the relocation of Benjamin Aller immediately provided it with funds expertise. Aller leads a four-lawyer team in Dubai, and has significant support in London. Clients include AXA, Access Capital and BNP Paribas Private Equity.

Simmons & Simmons Middle East LLP is best known for advising on Sharia-complaint investment funds, acting for clients such as Allianz Global Investors and Dubai Islamic Bank. Muneer Khan and Vanessa Abernethy recently advised Gulfmena Alternative Investments on its Gulfmena Arab Opportunities Fund, one of the few funds to launch in 2010.

Vinson & Elkins L.L.P. represents Lime Rock Partners, TVM Capital and Bahrain Mumtalikat Holding. Lead contact Ayman Khaleq recently advised NBK Capital GSC Mezzanine on its acquisition of Metito Utilities. James Knight is ‘proactive in working out problems and resolving any issues’.

Walkers LLP regularly works alongside international firms to provide offshore legal advice to asset managers and banks. Dubai-based Tim Buckley and two associates advise on investment funds, but Rod Palmer recently relocated to the Cayman Islands.