Investment funds: PRC firms in China

Fangda Partners

Fangda Partners has a strong client offering and services a wide client base from first-time funds and independent boutiques, to institutionally sponsored private equity businesses and multi-strategy alternative asset firms. Other key clients include sovereign wealth funds, local government-sponsored funds, and family offices. The team regularly structures, negotiates, and documents a broad range of investment fund products such as hedge funds, private equity funds, venture capital funds, all in both RMB and USD. Practice head Richard Guo and Zhen Chen continue to maintain a strong presence. Chen is praised for her 'insightful knowledge and practical solutions'. Flora Qian and Candy Tang are also noted and both specialise in private equity fund formation.

Practice head(s):

Richard Guo

Testimonials

Ms. Zhen Chen is the leading partner of our account who offers insightful knowledge and practical solutions.

Professional and dedicated.

Lawyer Zhen Chen – Professional and reliable, 24 hours availability.’

Key clients

Aberdeen Standard

Boyu Capital

BridgeWater

Brookfield

Carlyle Group

Blackstone

China Renaissance

CICC Capital

Morgan Stanley

DCP Capital

JinYi Capital

Joy Capital

Oaktree Capital

Primavera Capital

Vista

Yunfeng Capital

Work highlights

  • Advised Carlyle, one of the largest private equity and alternative investment firms, on structuring and forming its second RMB flagship fund.
  • Assisted Boyu Capital with structuring and forming its third flagship RMB-denominated private equity fund in Shanghai.
  • Advised on the PRC legal and regulatory matters in connection with the acquisition of 61.2% of Oaktree Capital Management by Brookfield Asset Management, creating the largest publicly traded alternative investment manager.

Han Kun Law Offices

Han Kun Law Offices has a sizeable investment funds practice and possesses a strong client offering, advising on both RMB funds and offshore funds matters. The practice has a wide breadth of expertise in venture capital funds and has also been involved in a significant number of private equity funds. Key clients include CITIC PE, CICC Capital, and Tencent. The main focus is on fund formation, however, the team also advises domestic and international institutional investors on regulatory, tax, and business structure matters. Practice head Daisy Qi specialises in fund formation and operation and handles funds such as hedge funds and venture capital funds. Lu Ran and Lin ZHOU are also noted.

Other key lawyers:

Lu Ran; Lin Zhou

Key clients

CICC Capital

China Broadband Capital / CBC

CITIC PE

Goldstone Investment

Matrix

IDG Capital

China Renaissance Capital

CDH

Banyan Capital

XVC

CEC Capital

Summitview Capital

Xiang He Capital

Baidu Capital

Taikang

Tencent

TSFOF

China Life Investment

Everbright FOF

Work highlights

  • Advising CICC Capital on raising the Yangtze River Delta Technology and Innovation Fund.
  • Advising K2VC as lead counsel for the concurrent formation and fundraising of K2VC’s fourth USD-denominated angel fund and K2VC’s debut USD venture fund.
  • Advised IDG Capital as lead counsel for IDG Capital in connection with its various RMB fund matters.

King & Wood Mallesons

King & Wood Mallesons has a long history and 'profound understanding' of investment funds and has a full-service offering. The practice is involved with all types of funds including debt funds, infrastructure funds, real estate funds, and emerging market funds. Key areas of strength include advising on off-shore funds and cross-border transactions. The team regularly receives instructions on fund formation and structuring, negotiations and drafting JV agreements and partnership agreements. Gong Mulong heads the firm's private equity and fund formation teams, as well as the finance and capital markets group. Founding partner Zhang Yi is also noted and has been active in many IPOs and M&A transactions.

Practice head(s):

Gong Mulong; Zhang Yi

Testimonials

The team has profound understanding regarding investment funds especially on LPA terms, and can provide clients with their knowledge of best practice, which offer great value to clients.’

Alan Du (partner) and Huang Siqi (Senior associate) demonstrate strong client orientated working style, deep understanding of clients’ needs and strong professional skills , all of that makes them stand out from competitors.’

Key clients

Guosheng Group, Lingang Group

Guosheng Group, New Alliance Capital

City Developments Limited (CDL)

China Pacific Life Insurance Co., Ltd

Zhong Lun Law Firm

Zhong Lun Law Firm has an 'in-depth understanding of market conditions' and displays particular expertise in private equity. The practice covers a broad range of services including fund formation, fundraising, investments, project management and fund exits. The team regularly handles both domestic RMB funds and off-shore USD funds. The firm's key clients include CICC, CITICPE, Yueyin Capital and more. Practice head Catherine Chen has been particularly active and co-heads the practice alongside Lefan Gong and Jiyong Feng. Zhong Zhang is also noted. Recent changes to the team include the arrival of Ping Zhang from Han Kun Law Offices and the internal promotion of Shi Yi.

Other key lawyers:

Ping Zhang; Shi Yi

Testimonials

The team has top-notch investment fund formation experience, an in-depth understanding of relevant laws and practices, and an in-depth understanding of market conditions and trends.

Key clients

Gohigh Capital

IDG Capital

CITICPE

Shunwei Capital

CICC

Beishang Capital / Daxing FOF

Kaola Fund

3E Bioventures

Yahui Precision Medical Fund

Yueyin Capital

Wuhan Yangtze River Guidance Fund

Wuhan Optical Valley Guidance Fund

Suzhou Softbank Yuesheng Venture Capital Management Co., Ltd.

Chongiqng Jiangbeizui Fund Management Co., Ltd.

Chongqing Liangjiang Equity Investment Fund Management Co., Ltd.

Inspiration Capital

Ping An Basic Industry Investment Fund Management Co., Ltd.

Shanghai Guohe Modern Service Industry Equity investment management Co., Ltd

Yingdao Investment

Lilly Asia Ventures

Tishman Speyer

Newease China

China Merchants Capital

China Life

Work highlights

  • Advised IDG Capital on setting up the real estate funds with other famous investors such as Beijing Capital Land and the investment on real estate projects in Beijing, Shanghai, etc.
  • Advised Shunwei Capital on setting up RMB fund III, together with two parallel funds and a feeder fund.
  • Advised CITICPE on establishment of various funds, corporate financing, investment on real estate projects.

Global Law Office

Global Law Office has expertise in a range of funds from private equity, venture capital, private funds of funds to sovereign wealth funds. The practice has strong industry knowledge including pharmaceutical and healthcare, life sciences, medical care, telecommunications, new energy and semiconductors. Key areas of work include advising on the formation, fundraising, management, investment and exit phases of private equity funds. Amy Dai has a strong background in fund formation, M&A, PE and VC funds, and outbound investments. Yuan Yuan is also noted and advises key players in the domestic private equity market.

Practice head(s):

Amy Dai; Yuan Yuan

Key clients

CITIC

China Life Investment Holding Company Limited

ICBC

Lilly Asia Ventures

Manulife Insurance Co., Ltd

Ventech China

China Innovative Capital

China Merchants Capital

Work highlights

  • Advise CITIC as the manager and general partner in both the RMB fund and the USD fund.
  • Assisting China Life Investment with reviewing the LPA, cooperation framework agreement and transferred the share of fund to Manulife.
  • Represented ICBC International to subscribe for RMB 300 million fund shares on behalf of ICBC international.

Jingtian & Gongcheng

Jingtian & Gongcheng advises funds in a broad range of sectors including real estate, film and tv, energy and mining. The practice advises insurance companies, asset and wealth management firms, government guidance funds, fund of funds, domestic and overseas public companies. The firm has a strong client base including the likes of Sequoia Capital, Zhen Fund, Huatai Securities. Specialist James Wang heads the practice and represents a wide range of domestic and international funds. Bangwei Xu and Pengfei Xu are also noted.

Practice head(s):

James Wang

Other key lawyers:

Bangwei Xu; Pengfei Xu

Testimonials

Wang Yong responds very fast and professionally. Is able to quickly grasp the problems that customers care about and provide solutions.’

Key clients

Sequoia Capital

Zhen Fund

Huatai Securities

Everbright Holdings

US China Green Fund

Nest Bio

Citic Trust

ORIZA PE

ABC International

Oceanpine Capital

Archaeus Capital

Suning Group

Work highlights

  • Advised Zhen Fund on the formation of Zhen RMB VI Fund and assisted with the formation of a parallel fund.
  • Advised Oceanpine Capital on its formation of USD Fund I and Fund II.
  • Represent Sequoia Capital China on its investment in a number of venture capital’s vintage USD funds.

JunHe LLP

JunHe LLP advises institutional LP investors, primarily fund of funds, government investment funds, and insurance companies. Practice head Xiyong Zhao has a strong background in investment fund formations and receives instructions from a range of leading clients including private equity and venture capital funds, financial institutions and government entities. Wang Man is also noted and represents clients such as Hillhouse, CICC Capital, and China Resources Capital.

Practice head(s):

Xiyong Zhao; Wang Man

Work highlights

  • Advised Yuanjian Gongchuang Capital Management Co., Ltd. on the establishment of Yuanjian Gongchuang Real Estate Fund.
  • Advised the National Council for Social Security Fund (SSF) on the investment in Sequoia Capital RMB Fund V, with an investment amount of RMB3 billion.
  • Represented CICC Capital in its establishment of CICC-Transfer Fund, negotiating with investors including CICC Qirong Fund, Transfer Group, and Ningbo Communications Investment Holdings Co., Ltd.

AllBright Law Offices

AllBright Law Offices has an effective investment funds team that handles the design of the transaction structure, and the drafting and review of transaction documents. The firm has particular experience in handling financial trusts, banking, and debt investment plans. Key areas of growth include internet finance such as fintech, consumer finance, and supply chain finance. Shi Yubin heads the practice.

Practice head(s):

Shi Yubin

Key clients

Shandatiandi (Jiaxing) Asset Management Co., Ltd.

Shanghai Shangguo Investment Management Co., Ltd.

Shanghai Venture Capital Co., Ltd.

Shanghai Venture Relay Technology Finance Group Co., Ltd.

Huarong Tongyuan (Shanghai) Investment Management Co., Ltd.

China Railway Ping An Investment Co., Ltd.

Zhuhai Yinshan Capital Equity Investment Management Co., Ltd.

Work highlights

  • Advised Shanda Tiandi (Jiaxing) Asset Management Co., Ltd. on setting up Shanda Science Park No. 2 Equity Investment Fund (fund number SGX968), with clients as GP.
  • Advising Shanghai Shangguo Investment Management on establishing Shanghai Yong Kong Business Information Consulting Partnership (Limited Partnership) as an LP investment and invest in Shengmei Semiconductor through the fund.
  • Advising Shanghai Shangguo Investment Management on investing as an LP investment in Huahang Qihanguang (Xiamen) Investment Partnership (Limited Partnership) through the fund to invest in Wuhan Optics Valley Aerospace Sanjiang Laser Industry Technology Research Institute Co., Ltd.

Grandall Law Firm

Grandall Law Firm advises on fund formation and has particular experience advising government guide funds, as well as fund of funds. Shanghai-based practice head Jing Zou advises on both RMB and USD private funds and advises on licenses and compliance issues. Naijin Liu is also noted and heads the team based in Tianjin.

Practice head(s):

Zoujing; Naijin Liu

Work highlights

  • Advised Cura Investment as legal adviser for the fund establishment and fund investment of multiple real estate funds.
  • Advised Silicon Harbor Investment Management on establishing a RMB private equity fund (Suzhou Silicon Star Venture Capital Partnership (Limited Partnership) whose investment fields are artificial intelligence, 5G and information technology.
  • Assisted Sinochem Huili Investment with successfully applying for the qualification of a private equity manager and assisted in the establishment and filing of multiple RMB fund products.

Guantao Law Firm

Guantao Law Firm advises investment firms, sponsors, venture capital firms, institutional investors as well as portfolio companies through the complete life cycle of the funds. Typical matters that the team handles include fund formation, regulatory and compliance, M&A, and fund exit strategies. Beijing-based Dongying Sun and Bo Su head the practice together.

Practice head(s):

Dongying Sun; Bo Su

Other key lawyers:

Xiangwei Cui; Fei Xiao; Yan Li

Key clients

Ministry of Industry and Information Technology,Bureau of Small and Medium-sized Enterprises

SDIC Unity Capital Co., Ltd.

China Insurance Investment Co., Ltd.

China Building Material Test & Certification Group Co., Ltd.

Zhong Neng Jian Ping An (Tianjin) Equity Investment Fund Management Co. LTD

General Technology Venture Capital Co., Ltd

CTV

Yuntai Network Co. Ltd.

Henan Lingcheng Private Equity Fund Management co. LTD

IReader Technology Co. Ltd

CCBI Healthcare Fund

Work highlights

  • Advised the establishment of the State FOF Fund of Development of Small and Medium-Sized Enterprises
  • Advised China Building Material Test & Certification Group Co., Ltd. on the set up of Equity Investment Fund (limited partnership) jointly with China Capital Management Co., Ltd.
  • Advised Zhong Neng Jian Ping An (Tianjin) Equity Investment Fund Management Co. on the establishment of the contractual private equity investment funds and investment in PPP projects of Chongqing new urbanization.

Llinks Law Offices

Llinks Law Offices advise a broad range of clients including domestic fund management companies and their subsidiaries, private equity funds, venture capital funds, securities investment funds and more. Charles Qin and Nicholas Lou head the practice and are based in Shanghai.

Practice head(s):

Charles Qin; Nicholas Lou

Other key lawyers:

Sandra Lu; Elva Yu; Selena She

Key clients

Neuberger Berman Investment Advisers

GF Fund Management

Morgan Stanley Huaxin Fund Management Co., Ltd.

E Fund Management Co., Ltd.

Shanxi Securities International Asset Management Limited

CICC Qiyuan National Emerging Industries Venture Investment Guidance Fund

Nanjing Jinjijiang Equity Investment Fund (GSR Capital)

EverbrightAshmore (Beijing) Investment Management Co., Ltd.

Hengqin Ping An Real Estate Equity Investment Management Co. Ltd.

Work highlights

  • Advised Neuberger Berman Investment Advisers on establishing a wholly foreign owned mutual fund management company.
  • Advised Morgan Stanley International Holdings on the acquisition of the equity of Morgan Stanley Huaxin Fund held by Shenzhen Zhaorong Investment Holdings Co., Ltd.
  • Advised Schroders on the establishment of a QFLP Fund.

Shihui Partners

Shihui Partners handles all the key areas of investment funds from fund formation advice to handling regulatory and compliance issues. The practice has experience advising on both RMB and USD funds. Steven Zhao and Hui Li head the practice, alongside Xiaomei Li who joined from Commerce & Finance Law Office.

Practice head(s):

Hilda Li; Steven Zhao; Xiaomei Li