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.
Investment funds: foreign firms in China
Baker McKenzie FenXun
Practice head(s):
Jason Ng
Other key lawyers:
Edwin Wong; Sophia Man; Jeremy Ong; Hayley Irons
Testimonials
‘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
Link REIT
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
Testimonials
‘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
Testimonials
‘The Kirkland team is very knowledgeable and experienced.’
‘Carol Liu provides insight and attention to her clients and is very attentive.’
Key clients
GLP
BGH Capital
CBC Group
Cathay Life Insurance
Creador
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
Testimonials
‘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
GLP PTE (GLP)
Hony Capital
Junson Capital
KHL
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
Testimonials
‘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
Apax
Ant Group Co.
Aspirant Group
Blackstone
Brummer & Partners
CapSquare Asia Partners
Carlyle
CLSA Capital
CVC
Delos Capital
Diamond Realty Management
EmergeVest
EQT
Excelsior Capital Asia
Hillhouse
Integral Corporation
Japan Growth Investment Alliance (J-GIA)
Japan Post Investments
J-Star
KKR
Kyoto Pacific Capital
Lexington Partners
Mercuria Investment
Morgan Stanley
Nippon Investment Company
Nissay Asset Management
NSSK
PAG
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).