Hall Of Fame

Leading Individuals

Next Generation Partners

Firms To Watch: Investment funds: foreign firms

Headed by Penelope Shen in Hong Kong, the team at Stephenson Harwood showcases particular experience advising clients in the structuring, establishment and regulation of hedge, private equity and real estate funds. The team welcomed Yong Ren who joined from Proskauer Rose LLP in September 2023. Ren focuses on advising fund sponsors, investors and managers in the formation of investment funds in Asia.

Investment funds: foreign firms in China

Baker McKenzie FenXun

The China and Hong Kong practice at Baker McKenzie FenXun demonstrates particular strength in the private equity real estate segment; the formation of joint venture fund platforms is an additional core skill. Practice head Jason NG is experienced in the structuring and formation of fund products. Edwin Wong specialises in high-profile general partner-side fund formation and is lauded by one client as a 'responsive adviser' demonstrating 'solid experience in both transaction execution and deal structuring'. Sophia Man handles both transactional and regulatory matters, while Jeremy Ong is a key contact for the formation and structuring of REITs. Senior associate Hayley Irons majors on bespoke club funds and joint ventures and supports both sponsor and investor clients. All the aforementioned individuals are based in Hong Kong.

Practice head(s):

Jason Ng

Other key lawyers:

Edwin Wong; Sophia Man; Jeremy Ong; Hayley Irons


‘Experienced, with commercial sensitivity and a sense of commitment. Familiar with the common needs and objectives sought by Chinese financial institutions.’

‘Edwin Wong is a responsive adviser – solid experience in both transaction execution and deal structuring. Delivers high-quality professional service and attends to commercial needs from a business angle.’

Key clients

Amber Global

APG Asset Management

BOC Life

Cambium Grove Capital

Canada Pension Plan Investment Board

CapitaLand Investment

Eastgate Capital Management

EC Healthcare

ICBC International

Gaw Capital Partners

Keppel Capital / Alpha Investment Partners


M3 Capital Partners

Pleiad Investment Advisors

SF Holding / SF REIT

Sprint REIT

Weave Living

Work highlights

  • Assisted Gaw Capital with the formation of GCP’s seventh flagship private equity real estate fund, Gateway Real Estate Fund VII, seeking to raise in excess of $2bn in commitments.
  • Acted as international fund counsel to CLI on the establishment of an upstream fund vehicle investing in CapitaLand China Data Centre Partners (CDCP), a new China data centre development fund established by CLI together with one of Asia’s largest sovereign wealth funds and prolific investors in the region.
  • Advised Link REIT on its successful HKD 18.8bn rights issue, which was 240% subscribed.

Clifford Chance LLP

With offices in Beijing, Shanghai, and Hong Kong, Clifford Chance LLP is the first port of call for international and regional fund managers in the establishment and operation of the full range of alternative private investment funds. The team’s extensive offering spans over 25 years and includes advice on fund life cycles, including raising, structuring, and launch, with further expertise in governance and investment vehicles. Practice head Matthias Feldmann – who splits his time between Hong Kong and Singapore – is noted for his advice on hedge fund and private real estate fund launches. Other recommended individuals include funds and investment management head Ying White (Beijing and Shanghai); Viola Lui, a financial regulatory expert with a strong funds practice; and Liyong Xing who joined from Kirkland & Ellis International LLP in mid 2022 and is an advisor to emerging fund sponsors. All named individuals are based in Hong Kong unless noted otherwise. Former practice head Mark Shipman retired in April 2023.

Practice head(s):

Matthias Feldmann

Other key lawyers:

Ying White; Viola Lui; Liyong Xing; Bernice Lin


‘Very commercial and capable.’

‘Liyong Xing is great and always helps us to solve the issue.’

‘The team is very commercially focused and professional.’

‘Bernice Lin always provides quick responses of high quality.’

Work highlights

Simmons & Simmons

As an established figure in the China and Hong Kong markets, Simmons & Simmons is regarded for its focus on investment funds and financial regulation, advising on hedge funds, private equity funds, exchange-traded funds, and leveraged and inverse products. The practice is distinguishable for its geographical spread, with a global network further featuring offices in London, Dublin, Luxembourg and Singapore. Within the Beijing-based team are Melody Yang, who focuses her practice on fund formation and fund regulatory issues, known for her strong reputation in the hedge fund market while also handling market entries and the launch of USD funds at a global scale; and Yuying Wang, a regular advisor to global asset and fund managers, and institutional investors. Rolfe Hayden retired in April 2023.

Practice head(s):

Jek-Aun Long

Other key lawyers:

Melody Yang; Yuying Wang

Work highlights

A&O Shearman

The group at A&O Shearman is routinely instructed by fund sponsors and investors for its fund formation expertise, which encompasses private equity, venture capital and co-investments. Capital markets transactions, recapitalisations, and portfolio financings are additional specialities of the practice. Leading from Hong Kong, Asia asset management and investment funds practice founder Lorna Chen regularly advises sponsors on the formation of fund structures. The key associate-level contact is Anil Motwani, also based in Hong Kong, who specialises in the formation and operation of private equity funds, venture capital funds, and real estate funds.

Practice head(s):

Lorna Chen

Other key lawyers:

Anil Motwani

Cooley LLP

Boasting a team of lawyers stationed across Beijing, Shanghai and Hong Kong, Cooley LLP's investment fund practice handles the gamut of matters, including fund formation, start-up fundraising, and M&A, debt and equity transactions. Practice co-head Xun Zeng focuses on the formation, structuring and operation of investment funds, including venture capital, private equity, hybrid and co-investment funds. Leading alongside her, Pang Lee's practice has notable emphasis on the offering, investment and operation of private equity funds, special situation funds, and investment advisory businesses. Jordan Silber completes the leadership team.

Practice head(s):

Jordan Silber; Pang Lee; Xun Zeng

Key clients

Qiming Ventures

Dragonfly Capital

NIO Capital

Gaorong Capital

Ascend Vietnam Ventures

Do Ventures

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP's Hong Kong-based team specialises in the formation and operation of private funds and has additional expertise in matters relating to buyout funds, credit funds, limited partner representations, distressed debt and restructuring. The practice is co-directed by a trio of experienced partners, comprising Justin Dolling, who handles the restructuring, leveraging and refinancing of private equity funds; Carol Liu, whose broad experience includes fund tender offers and advising on equity stakes transactions; and Damian Jacobs, who majors on the acquisition of portfolios and the restructuring of funds.

Practice head(s):

Justin Dolling; Carol Liu; Damian Jacobs


‘The Kirkland team is very knowledgeable and experienced.’

‘Carol Liu provides insight and attention to her clients and is very attentive.’

Key clients


BGH Capital

CBC Group

Cathay Life Insurance


Insignia Ventures Partners

Princeville Capital

Hosen Capital

Hidden Hill Capital

L Catteron Asia

Panacea Venture

Yuanbio Venture Capital

Azalea Asset Management

Kunling Capital

Work highlights

  • Represented GLP in the formation of its GLP China Logistics Fund III (GLP CLF III), targeting $2.5bn in commitments.
  • Acted for BGH Capital in connection with raising its second private equity fund focused on investment in Australasia.
  • Advised CBC Group, a leading healthcare-dedicated investment firm, on the successful fundraising and closing of its fifth healthcare fund, C-Bridge Healthcare Fund.

Morrison Foerster

The Hong Kong-based practice at Morrison Foerster specialises in assisting clients with the formation of private equity, venture capital, and real estate funds. Banks and insurance companies regularly feature on the group’s client roster and benefit from the team’s expertise in regulatory and fund governance matters. Practice head Serena Tan has focused her practice on the formation of private funds, as well as advising sponsors on regulatory matters, carried interest plans, and operational matters. Associate Sylvia Cheng supports the partners on fund formation matters.

Practice head(s):

Serena Tan

Other key lawyers:

Sylvia Cheng; Bryan Lam; Jeffrey Lau


‘The team has top-notch specialized expertise on fund operation and management and highly reliant team. Outside of fund management, their work extended to extraordinary circumstances, including change of control of investment manager, US regulatory compliance, legal dispute between placement agent and compliance consulting on underlying investment, that affected funds we have managed. ’

‘Serena Tan has been the partner who had oversight of the team and she has always keen on our accommodation and general direction of the firm’s service.

‘Bryan Lam has been a legal professional who helped us with myriad of transactional documents, which we have been satisfied with, and the work has been done in a highly professional manner.’

‘Jeffrey Lau has assisted us with navigating through jurisdictional compliance and filing for the fund management, which has been essential to us and our fiduciaries.’

Key clients

Affirma Capital

Ally Bridge Group

Ascendent Capital Partners Asia

BHG Long Hills

CBC Group (formerly C-Bridge Capital)

China Ping An Insurance

China International Capital Corporation

FWD Group


Hony Capital

Junson Capital


Morgan Stanley Private Equity Asia

ORIX Asia Capital

SBVA Future Innovation Fund

Sino-Ocean Capital

SoftBank Ventures Asia

Taiwania Capital

Work highlights

  • Represented MSPEA in the formation and ongoing operations of a PRC-domiciled, RMB-denominated private investment fund focused on investments in China.
  • Represented an Asian-based fund manager in the formation of its first flagship USD-denominated Cayman private fund, intended to be an evergreen fund that generates long-term capital appreciation and dividend income for both affiliated investors and third-party investors.
  • Advised Sino-Ocean Capital on the formation of a $600m credit fund to invest in residential or residential-anchored real estate in China.

Paul Hastings LLP

The expertise of the team at Paul Hastings LLP covers the range of investment fund work, including the structuring and establishment of private equity, offshore and onshore lending structures, venture capital, and fund restructuring. The group is also well-versed in real-estate finance matters, and routinely represents sponsor-side clients. Financial institutions, insurance companies, and smaller entities seeking to invest in the Chinese market regularly feature on the practice’s client roster. Beijing-based practice head Meka Meng focuses on private equity fund formation and investment transactions, venture capital investments, M&A, and joint ventures.

Practice head(s):

Meka Meng; Vivian Lam

Key clients

Arch Capital

Baring Private Equity Asia

ICBC International

Mapletree Greater China Commercial Trust

Ping An

China Life

ARA Asset Management

Proprium Capital Partners

China International Capital Corporation

ICBC Asset Management

Sino-Ocean Capital

Ascent Real Estate Investors

NRL Capital

MM Capital/NX Fund Partners

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP‘s investment funds practice is a dynamic force, handling a diverse range of investment management activities, spanning from local to cross-border and global matters. With a strong and active client base, the practice serves both sponsor and investor clients in various capacities across Asia, the United States, Europe, and other pivotal global markets. Geoffrey Chan, based in Hong Kong, expertly leads the practice, consistently representing institutional investors in their commitments to Asia-based private equity funds and alternative investment vehicles. Angela Liu, a seasoned counsel, is another pivotal figure in the team, specialising in guiding Asia-based fund sponsors through the intricacies of structuring, forming, and managing U.S. dollar-denominated private equity and venture capital funds.

Practice head(s):

Geoffrey Chan

Other key lawyers:

Angela Liu

Key clients

Virtue Advisors Ltd.

PME Partners

Ping An Overseas Holdings

Sky9 Capital Ltd.

Cenova Capital

FountainVest Partners

Cowin Capital Asset Management Limited

Atma Capital

INCE Capital Ltd.

Unicorn Partners Advisors Limited

CPE Capital

Flow Capital

RRJ Management Limited

01VC Advisor Ltd.

FT Life Insurance

DLA Piper

Leveraging the robust support of DLA Piper‘s tax, regulatory, finance, employment, and dispute resolution teams, the investment funds practice delivers cost-effective and comprehensive advice across the entire spectrum of funds, including fund formation, tax structuring, carried interest, co-investment schemes, and management spin-outs. Headed by industry leader Luke Gannon, the team, with a wide geographical reach, boasts extensive experience across various jurisdictions, covering all types of funds and asset classes. Their expert guidance extends to fund sponsors and investors, with particular strength in establishing hedge funds, private equity funds, and real estate funds in Hong Kong, Singapore, and the PRC.

Practice head(s):

Luke Gannon

Key clients

Zheng He Capital

Nine Blocks Capital Management

UBS Asset Management Switzerland AG

Medtronic plc

Apex China

Work highlights

  • Advising private equity firm, Zheng He Capital, on the establishment of ZH Bella Romaine Fund (“the Fund”), one of the first tokenised art funds in Asia with a target fund size of US$1 billion.
  • Advising Nine Blocks Capital Management on its establishment of a digital asset fund and its ongoing compliance matters. The crypto fund focuses on generating alpha from inefficiencies in the crypto markets using relative value, arbitrage and quantitative strategies.
  • Assisting Alpine Investment Management to restructure its existing fund from a single segregated portfolio company (SPC) to a dual-legged master-feeder structure with a total fund size of approximately US$1 billion.

Mayer Brown

Mayer Brown's investment funds practice, based in Hong Kong with a global reach spanning four continents, stands ready to offer expert counsel to top-tier companies and financial institutions. They provide comprehensive guidance on legal, regulatory, and commercial matters, serving the needs of fund sponsors, institutional investors, and players in the alternative investment sector. Led by seasoned professionals Paul Moloney and Mark Uhrynuk , the practice excels in managing the complete fund lifecycle, from inception and ongoing compliance to the intricacies of restructuring and winding-up processes.

Practice head(s):

Paul Moloney; Mark Uhrynuk

Key clients

Excelsior Capital Vietnam Partners, LP

Caitong International Asset Management Co., Limited

Nanjia Capital Limited

Centaline Investment Management Co. Ltd. (Cayman)

InnoPinnacle Fund I L.P.

Hong Kong Digital Asset Ex Limited

Pioneer Asset Management Limited

Bin Yuan Capital Limited

Work highlights

  • Advised Caitong International Asset Management Co., Limited, a licensed corporation licensed by the Securities and Futures Commission, on the establishment of a number of hedge and private equity (pre-IPO) funds for which they acted as investment manager or investment advisor.
  • Advised Nanjia Capital Limited, a licensed corporation licensed by the SFC, on the setting up and all major fund maintenance matters of Nanjia Capital ICAV, which is an Irish domiciled UCITS umbrella fund.
  • Acted for Centaline Investment Management Co. Ltd. (Cayman) (“Centaline”), part of the Centaline property agency group, in establishing their third fund investing in student accommodation in the United States. Previously, the lawyers in Hong Kong also acted for Centaline to establish their second fund investing in student accommodation in the United Kingdom.

Proskauer Rose LLP

Active in the secondaries market, Proskauer Rose LLP‘s Greater China investment funds team is regularly involved in GP-led restructurings and continuation funds. The team works in tandem with the firm’s global network to advise on cross-border fund formation and fund finance. Former practice head Yong Ren and Lijuan Hou departed in September 2023.

Practice head(s):

Monica Arora; Howard Beber; Nigel van Zyl

Key clients

Schroders Capital

Adams Street Partners

Cindat Capital Management

CDH Investments

Harvest Wealth Management Co., Ltd

Partners Group

Cathay Life Insurace

Hollyport Capital

Grand China Overseas Investment Management

Bessemer Venture Partners

Work highlights

  • Advising leading fund of funds manager, Schroders Capital investing globally in venture and growth capital, buyouts and turnarounds.
  • Advising Cindat Capital Management on restructuring and setting up a new US investment platform.
  • Advising CDH Investments on issues relating to fundraising and operation of its new offshore real estate fund.

Ropes & Gray LLP

Ropes & Gray LLP‘s asset management team remains a strong choice for US and global sovereign wealth funds and practice head Vincent Ip also counts institutional investors and fund sponsors among his clients. The team advises on a full range of investment transactions, as well as secondary transactions, such as GP-led fund recapitalisations. With a ‘wealth of market experience‘, Chune Loong Lum offers advice on the establishment and operation of private investment funds across China and Asia.

Practice head(s):

Vincent Ip

Other key lawyers:

Chune Loong Lum


‘Ropes’ investment funds team represents a large number of LPs, in Asia in particular, and as a result they are able to observe market trends in real time and assist their clients to make decisions and assess issues based on latest information available in the market.’

‘Ropes’s investment funds team in Asia (HK and Shanghai) has a steady team, which is helpful for clients looking for dedicated legal team that understands the client’s internal process.’

‘Vincent Ip not only provides thorough advice from a legal perspective, but also has a very strong business sense and provides great suggestions from a business perspective.’

‘Vincent Ip and Chune Loong Lum both have great attention to detail and are always available to provide support to clients.’

‘I work with the funds team for LP investments into Cayman funds set up by China GPs. The team’s experience with China GPs gives them an edge over other firms.’

‘Fund partner Chune Loong Lum has a wealth of market experience and is very helpful in tailoring legal expertise to the relevant commercial context. ’

Key clients

HarbourVest Partners

Hamilton Lane

Korea Investment Corporation

iCapital Network

Work highlights

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP fields a strong fund formation practice, with particular expertise in first-time funds. Based in Hong Kong, Adam Furber leads the firm's Asia investment funds group, representing funds in almost every asset class. The team advises global clients on the formation of funds in the real estate and real asset sectors, and Michael Ceulen, who was promoted to partner in the Hong Kong office in January 2022, specialises in the structuring and operation of global private equity funds. The practice's global reach is strengthened by Dave Azcue, based in Tokyo, and the group offers advice on mega funds to sponsors across Asia.

Practice head(s):

Adam Furber; Dave Azcue; Michael Ceulen

Key clients

Advantage Partners

Affinity Equity Partners


Ant Group Co.

Aspirant Group


Brummer & Partners

CapSquare Asia Partners


CLSA Capital


Delos Capital

Diamond Realty Management



Excelsior Capital Asia


Integral Corporation

Japan Growth Investment Alliance (J-GIA)

Japan Post Investments



Kyoto Pacific Capital

Lexington Partners

Mercuria Investment

Morgan Stanley

Nippon Investment Company

Nissay Asset Management



Polaris Capital Group

Seven Seas Advisors

Shunwei Capital

SK Group

Silver Lake

SL Capital

T Capital Partners

Tor Investment Management

Unison Capital

Vivo Capital

Welkin Capital Partners

Yunfeng Capital

Zebra Global Capital

Work highlights

  • Advised Blackstone on the formation of BCP Asia II, which closed at $6.4bn.
  • Advised Carlyle Group on the formation of Carlyle Asia Partners Growth II, L.P. which closed at $951.6m.
  • Advised Advantage Partners, Inc. on the formation of the AP VII Series Funds, at ¥130bn (approximately $1bn).