Investment funds: PRC firms in China

Fangda Partners

Fangda Partners is highly active in the investment fund space, advising on the full lifecycle of funds from formation and structuring through to closings. The team handles matters involving specialist funds such as funds-of-funds and funds-of-one. In addition to acting for Chinese clients, the practice assists international clients in entering the Chinese market through the Qualified Domestic Limited Partner program. Richard Guo acts for a range of fund sponsors in complex matters such as GP-led fund restructurings; elsewhere, Zhen Chen has experience across a range of fund types including angel, venture capital, and private equity funds. Flora Qian and Candy Tang are also key contacts in the practice; Qian specialises in private equity and acts for a number of prominent US sponsors.

Practice head(s):

Richard Guo

Other key lawyers:

Zhen Chen; Flora Qian; Candy Tang

Testimonials

‘As one of the first legal service teams to get involved in renminbi private equity funds, they have many years’ experience of serving well known Chinese and international PE funds. They offer a comprehensive range of services and have very solid capabilities in terms of both legal theory and business practice. The partners have an excellent legal skills and a wealth of experience of localisation, as well as a deep understanding of the complex business practices of the industry, enabling them to provide clients with realistic and workable legal solutions.’

‘Richard Guo has a wealth of experience of serving both international and Chinese private equity funds, as well as a high level of familiarity with the situation in China, as well as an incisive understanding of the laws and practical development of renminbi private equity funds, an area in which he is one of the key industry figures. Zhen Chen has excellent knowledge of legal theory and technique, and is able to provide clients with perfect legal solutions. Flora Qian is able to maintain good relationships and levels of interaction with clients, and provide realistic, workable legal solutions.’

Key clients

Primavera Capital

Jinyi Capital

Everbright Group

China Cheng Tong Holdings Group Ltd.

GGV Capital

Power Corporation of Canada

Taikang Qianheng Fund-of-funds

Oaktree Capital

AEW Capital

Starbucks

APlus Partners

PAG

Vision Knight Capital

China Manufacturing Transformation and Upgrading Fund

Boyu Capital

Buhuo Venture Capital

Work highlights

  • Handled Primavera Capital’s formation of its third RMB flagship fund with a total commitments of RMB3.3 billion, involving parallel funds and other complex structuring considerations.
  • Advised Jinyi Capital on the structuring and formation of its first RMB-denominated private equity fund.
  • Advised Everbright Group on the structuring and formation of a “One Belt One Road” fund with a target size of RMB 10 billion.

Han Kun Law Offices

Han Kun Law Offices’s varied investment fund practice handles the establishment of a broad range of funds, both onshore and offshore. The practice is increasingly active in the secondary market and in advising real estate funds, and also advises on the formation of funds-of-funds. As well as advising domestic clients, the team acts for international clients entering the Chinese market through the Qualified Foreign Limited Partnership structure. The investment funds practice also draws on the wider firm’s expertise in anti-monopoly law to advise on antitrust and competition issues related to funds. Daisy Qi leads the team and has experience across private equity, venture capital, and M&A funds. Lu Ran is also active in private equity as well as QFLPs, QDLPs, and QDIIs, and Lin Zhou is frequently instructed by both limited and general partners of funds.

Practice head(s):

Huaying (Daisy) QI

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

Hui Capital

Hike Capital

Venturous Capital

Longzhu Capital

Tencent

Taikang Investment

Sangel VC

CCBPE

Everbright FOF

CICC Capital

Work highlights

  • Assisted TR Capital to establish the first foreign-invested limited partnership, which then co-led a significant investment into Huagai Capital.
  • Advised IDG Capital on a cross-border secondary fund formation and transaction.
  • Acted for the Bank of China Financial Assets Investment Co., Ltd. in its investment in China Insurance Investment Fund Co., Ltd.

King & Wood Mallesons

King & Wood Mallesons’ full-service investment funds practice advises on the formation and structuring of funds and also handles investments and secondary market transactions. The team has expertise across a wide range of fund types, with Mulong Gong active in venture capital, private equity, and M&A funds, amongst others. Elsewhere, Alan Du is noted for his work on the QFLP and QDLP programs, providing advice both to government authorities on these schemes as well as to funds participating in them. Joanne Wang is noted for her focus on the private equity sector, while Yue Han advises domestic and overseas funds on their investments. The practice particularly stands out for its strong bench of associates, with Haixia Dai and Minxiu Wan both highly active in this area.

Practice head(s):

Mulong Gong; Tianning Ma

Other key lawyers:

Alan Du; Joanne Wang; Yue Han; Haixia Dai; Minxiu Wan

Testimonials

‘King & Wood Mallesons team works together very well and is able to bring together targeted responses to issues that involve a number of different areas of expertise, as well as identifying the relevant legal provisions and providing effective methods and solutions. The team has demonstrated that it is professional, unflashy, pleasant to work with, and excellent at communicating. Every member of the team demonstrated impressive analytical abilities for even the most difficult issues, as well as providing excellent reasoning time and time again, and helping each other to ensure that work progresses well, demonstrating their team spirit. They provide expert legal assistance by working as a true team, rather than as individuals attempting to show off their skills, so they provided effective and timely help. They always respond at the earliest possible opportunity and stay in close contact.’

Key clients

China SME Development Fund Co., Ltd

Shanghai Zhongyuan No.1 Equity Investment Fund Partnership, L.P.

China Everbright Limited (CHINA EB LTD (00165.HK))

SIP Oriza PE Fund Management Co., LTD.

Work highlights

  • Advised China SME Development Fund Co., Ltd. on its investment in Meridian Capital and China Fortune-Tech Capital and complete the landing of the first batch of sub-funds since the establishment of the China SME Development Fund Co., Ltd.
  • Advised Shanghai Zhongyuan No.1 Equity Investment Fund Partnership, L.P. on its series of C equity investment in Shenzhen Tianxingyun Supply Chain Co., Ltd. (a subsidiary of Xingyun Group).
  • Advised China Everbright Limited, working together with a number of Suzhou financial platforms on their establishment of the Lightcontrol Wujiang Innovation Fund for the Yangtze River Delta Integration Demonstration Zone at a scale of RMB10bn.

Zhong Lun Law Firm

Zhong Lun Law Firm handles fund formation across a range of fund structures, including buy-out, real estate, and funds of funds. The practice has a specialism in the venture capital and private equity spaces, particularly in funds focusing on life sciences and healthcare sector. The team acts across the full life-cycle of funds, from formation and structuring through to fundraising and eventually closing. Catherine Chen  and Ping Zhang are key partners in the practice and act for both domestic and international clients. Yanchun Zhao and Ursula Li are other names to note.

Other key lawyers:

Yanchun Zhao; Ursula Li

Testimonials

‘Zhong Lun Law Firm is one of our most favored PRC law firms. Zhong Lun has provided us with high quality professional services in fund formation. We had good experiences working with Zhong Lun’s investment funds team and would like to continue such cooperation.’

‘Catherine Chen is an excellent and responsive partner. She impressed us with her professional skills as well as the high quality and efficiency in the delivered work.’

Key clients

National Green Development Fund

Dao He Long-term Investment Management Co. Ltd.(“Dao He Investment”)

China Pacific Insurance (CPIC)

Shanghai Integrated Circuit Industry Fund Management Company

Fund Management Company established by Bank of Comm

Xinjin Investment

Qiansheng VC (Fibonacci)

Ming Bioventures

A-Capital

Northern Light Venture

Shunwei Capital

CICC Capital

6 Dimensions Capital

AlphaX Partners

Beishang Capital

Qingsong Fund

Yahui Precision Medical Fund

Kaola Fund

Kinetic Energy Investment

SMIC Juyuan Equity Investment Management (Tianjin) Partnership ,LLP

Beijing ALAN Asset Management Co., Ltd.

Shanghai SAIC Hengxu Investment Management Co., Ltd.

Work highlights

  • Provided advice to the National Green Development Fund.
  • Advised the Fund Manager, Dao He Investment on the formation of the Dao He Private Asset Allocation Fund.
  • Advised CPIC on the establishment, alongside Taikang and ESR, of the Logistics Core Fund.

Global Law Office

Global Law Office acts for both domestic and international fund managers in fund formation and structuring, as well as fundraising. The practice is active in the private equity and venture capital spaces, counting prominent funds in these areas amongst its clients. Amy Dai and Yuan Yuan jointly lead the team and have experience advising on matters involving a range of fund types.

Practice head(s):

Amy Dai; Yuan Yuan

Other key lawyers:

Xianlai Liu; Zhihong Jian; Jinghe Wang; Xuefei Zhang

Testimonials

‘They consistently maintain straightforward, honest and positive values, and work tirelessly to optimise the quality of work and coordinate communications in a client-focused manner, in order to efficiently and creatively solve clients’ legal problems. They serve clients in China and abroad by providing an international perspective, international teams and world-class quality. They have a consummate level of legal expertise, a wealth of practical execution experience, a highly professional attitude, and excellent professional ethics.’

‘Xianlai Liu has a wealth of experience of serving numerous private equity funds throughout the industry and covers everything from government-led funds to market-led PE/VC organisations and financial institutions. Xianlai Liu is able to precisely ascertain client needs and provide customised solutions, which is something that many other lawyers are not able to do. Mr Liu’s team makes appropriate use of lawyers of all levels of seniority and offers flexible fee rates, as well as being able to allocate lawyers for different fields from within the firm, providing clients with a one-stop service.’

‘Xuefei Zhang has a wealth of experience in setting up funds and knows how to consider issues from the client’s perspective, rather than simply sticking to conventions. She is very adept at proposing solutions, rather than simply asking questions.’

‘Yuan Yuan and Zhihong Jian’s expertise in services for establishing renminbi funds, as well as their reasonable fees, diverse range of client services and reputation in the market are all reasons why we have consistently chosen to work with them.’

‘Zhihong Jian – Whatever fund-related legal questions you have, you can always get a more than satisfactory answer from him. Zhihong Jian is a lawyer with a wealth of experience in fund establishment and compliance, a dedicated professional attitude, and a client-centred service approach, all of which are very impressive’

‘Yuan Yuan and Jinghe Wang have a wealth of experience in the entrusted management of private equity funds and are able to rapidly respond to client needs, provide effective and professional legal compliance services, and offer practical solutions to a wide range of practical problems from a compliance perspective.’

‘They are one of the first legal service teams to get involved in renminbi private equity funds. They have very solid capabilities in terms of both legal theory and business practice. The partners have excellent legal skills and a wealth of experience of localisation, as well as a deep understanding of the complex business practices of the industry, enabling them to provide clients with realistic and workable legal solutions.’

‘Yuan Yuan: She has a profound understanding of the industry’s complex business practices and is able to propose realistic, workable legal solutions that take the client’s position into account while complying with all the relevant laws and regulations. Jinghe Wang: Excellent knowledge of the fundamentals, patient and detail-oriented.’

Key clients

Hua Capital

Yuantaibaoman (Suzhou) Equity Investment Management Co., Ltd.

China Life Insurance (Group) Company

DAJIA BAOXIAN

Work highlights

  • Acted for CDH Investments in a fundraising mandate.
  • Assisted China Innovative Capital in raising Haihe Jing-Jin-Ji Fund of RMB10bn focusing on Intelligent Manufacturing industry and advised on fund structure design, fund formation agreement draft and review and negotiation with the main investor.
  • Acted as the legal counsel for GLP C&D’s equity investment fund, participating in the registration of managers, fund plan design and legal structure establishment, policy consultation, fund document drafting, investor negotiation, and assistance in completing the fund matters such as settlement and fund filing.

Jingtian & Gongcheng

The broad spectrum of investment funds work handled by Jingtian & Gongcheng varies from handling the establishment of RMB and offshore funds to advising funds on their investments. The team is also active in advising domestic and international clients on accessing the QFLP, QDLP, and QDIE programs. The practice is led by the highly experienced James Yong Wang, who previously worked for leading US firms. The team was bolstered in 2020 by the arrival of Eric Zou from Llinks Law Offices.

Practice head(s):

James Yong Wang

Other key lawyers:

Eric Zou

Key clients

Firstred Capital

Amundi Asset Management

Sequoia Capital China

Zhen Fund

CBRE Global Investors

Mirae Asset Global Investments (HK) Limited

Oceanpine Capital

GTJA Investment Group

Miracle Plus

Anxin Capital Co., Ltd.

Danone

Meituan

Quidel Corporation

Sino IC Fund II

Huawei Hubble Investment

Work highlights

  • Advised Firstred Capital on forming its first RMB buyout fund and the investors of such fund mainly include major insurance companies, renowned FOFs and listed companies.
  • Acted for Amundi Asset Management on its WFOE establishment in Beijing, application for its QDLP qualification in Beijing and registration with the AMAC as a private fund manager.
  • Advised Sequoia Capital China on its RMB fund formation with Starbucks to invest in the consumer goods industry.

JunHe LLP

JunHe LLP provides advice to clients on the formation, fundraising, and closing of private equity and venture capital funds. The team acts for Chinese government entities in the government-guided fund space, and also advises on matters involving the QFLP program. Wang Man and Xiyong Zhao are the key figures in the investment fund team, which frequently acts alongside partners from the firm’s corporate and M&A practice.

Other key lawyers:

Wang Man; Xiyong Zhao; Jiakun Cui

Testimonials

‘Their feedback is efficient and professional, they are able to provide advice to refer to that is comprehensive and looks at issues from the client’s perspective, their fees are flexible, and they offer a wide range of training sessions, talks and discussion activities.’

‘Cui Jiakun: Strong professional capabilities, excellent at communication and coordination, very good attitude to service.’

‘Cui Jiakun is very well-acquainted with legal services for funds and is able to fulfil all the Asset Management Association of China (AMAC) filing requirements by providing clients with targeted service solutions.’

‘Cui Jiakun distinguishes himself in that where other lawyers may hedge their bets between two possibilities for difficult questions, Mr Cui addresses complex issues by providing clients with clear, specific, constructive advice based on a clear understanding of the relevant laws, regulations and precedents, helping the client to resolve any issues.’

‘The team members have the best management and service capabilities in the market for fund-related services, including fund establishment, manager registration, fundraising and FOF investment. The team’s business logic is consistent with the actual needs of the client and they provide quick, efficient and professional responses to any client needs, as well as excellent legal opinions and solutions. They also provide specialised operations for private equity investment fund projects, as well as the management of IPO-related issues, and the team has very strong overall capabilities in terms of checking and reviewing. Their overall capabilities are very strong.’

‘Man Wang and Pei Fei are particularly outstanding lawyers.’

Key clients

Preparatory Group for Phase II of the China Culture Industrial Investment Fund

Beijing Source Code Capital Co., Ltd. – China

Lhasa Yuanchi Investment Management Co., Ltd. – China

National Manufacturing Transformation and Upgrade Fund Preparatory Group

Work highlights

  • Assists the National Manufacturing Transformation and Upgrading Fund with its investment in multiple sub-funds
  • Assisted Source Code Capital with the fundraising for its Fund IV (RMB).
  • Advised on the filing in respect of the Phase II of the China Culture Industrial Investment Fund.

Llinks Law Offices

Llinks Law Offices acts for Chinese and domestic fund managers on the establishment of new funds as well as investments in existing funds. The practice’s work includes advising on more specialised fund types, such as QFLP funds. The Shanghai-based team is led by Charles Qin and Sandra Lu. Selena She and Nicholas Lou are also key partners.

Practice head(s):

Charles Qin; Sandra Lu

Other key lawyers:

Selena She; Nicholas Lou

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 SHIVC on joint establishment of an industry fund with the Activation Group.
  • Advised Neuberger Berman Investment Advisers on establishing a wholly foreign-owned mutual fund management company.
  • Advised Utrust Private Equity Investment (Guangdong) Co., Ltd., RCIF, RDIF on the establishment of Russia-China Greater Bay Area Equity Investment Fund.

AllBright Law Offices

In addition to handling the formation and structuring of investment funds, AllBright Law Offices provides ongoing advice to fund managers on issues such as taxation. The practice also advises on investments and is particularly active in representing state-owned entities on these matters. Registration of fund managers is another area of focus. Yubin Shi leads the team.

Practice head(s):

Yubin Shi

Key clients

McINF (Ningbo) Baby Products Co., Ltd.

Zhongrong Holding Group

Shanghai Muhua Jinyu Equity Investment Management Partnership

Shanghai Muhua Jinyu Equity Investment Management Partnership

Ping An Chuangying Capital Management Co., Ltd.

Shanghai Ruitian Investment Management Co., Ltd.

Shanghai Aifang Asset Management Co., Ltd.

Fengyan Wealth Investment Management (Shenzhen) Co., Ltd.

Shanghai Ivy Asset Management Co., Ltd.

Shanghai Shangguo Investment Management Co., Ltd.

Shanghai Shangguo Investment Management Co., Ltd.

Shengdatiandi (Jiaxing) Asset Management Co., Ltd.

Zhuhai Yinshan Capital Equity Investment Management Co., Ltd.

Shanghai Muhua Jinyu Equity Investment Management Partnership (Limited Partnership)

Work highlights

  • Advised McINF (Ningbo) Baby Products Co., Ltd. on reorganising the overseas structure, withdrawing the original partner and introducing a new strategic investor to complete a “back-to-back” two overseas equity transfer transactions.
  • Advised Zhongrong Holding Group on investing in a Cayman investment platform as the sole limited partner.
  • Advised Shanghai Muhua Jinyu Equity Investment Management Partnership on establishing a new fund, Suzhou Muhua Equity Investment Partnership (Limited Partnership), which invested in Wuhan Polytechnic Digital Communication Engineering Co., Ltd.

DaHui Lawyers

DaHui Lawyers has an effective funds practice that acts across the fund formation space, advising on the establishment of both onshore and offshore funds. It is particularly active in handling the formation of private equity and venture capital funds, and also acts for investors into these funds. The team is jointly led by Zheng Zha and Cloud LiPei Zhao joined the firm in August 2020 from Shearman & Sterling LLP and focuses on USD fund formation.

Practice head(s):

Zheng Zha; Cloud Li

Other key lawyers:

Pei Zhao

Key clients

Alibaba Group (including Alibaba Pictures)

Ant Group

Chengwei Capital

China International Capital Corporation Limited (CICC)

ClearVue Partners

Crystal Stream Fund

FreeS Fund

Genecast Biotechnology

Genesis Capital

GSR Ventures Capital/GSR United Capital

GDC Capital

Hidden Hill Capital

Hillhouse Capital

IDG

Kinzon Capital

Matrix Partners China

Miracogen

New Horizon Capital

Prospect Avenue Capital

Sequoia Capital China

Shunwei Capital

Sinopharm-CICC Capital

Skyview Capital

Source Code Capital

THG Ventures

Viva Ventures

Work highlights

  • Advised China International Capital Corporation Limited on the formation of a RMB private equity fund with a fundraising target.
  • Advised Lenovo Capital and Incubator Group as co-investor in the series B financing of Cyclone, a leading RPA software and solution providers.

Grandall Law Firm

At Grandall Law Firm, the investment funds practice is experienced in fund formation, including acting for both USD and RMB funds as well as fund of funds. Key names in the practice include Jing Zou and Naijin Liu, who are based in Shanghai and Tianjin respectively.

Other key lawyers:

Naijin Liu; Jing Zou

Testimonials

‘Naijin Liu’s team of lawyers is very skilled at dealing with all types of investment fund, capital market and business services. The team is particularly adept at services for investment funds, and their professional expertise and strong background mean that they have a wealth of experience in such work. The team is very client-focused and very professional about walking clients through the entire service process.’

‘Naijin Liu began working on investment fund services at a fairly early stage, so he has a wealth of experience and a high level of professional expertise, and is able to provide invaluable support for every aspect of the business. Naijin Liu is miles ahead of his competitors in terms of the breadth and depth of his knowledge of investment fund services.’

‘Focused on private equity fund services, the team has a deep understanding of industry policies and a large number of clients, therefore has plentiful experience on both the theoretical and practical sides.’

‘Naijin Liu is professional, efficient and able to provide exceptional training resources to help improve the level of expertise in the client’s team. Lily Wang is professional, efficient and conscientious. She always considers the client and often provides additional advice that goes beyond the client’s needs, as well as proactively following up the progress of projects after providing legal services.’

Guantao Law Firm

Guantao Law Firm provides advice to clients on fund establishment and investments, and is particularly active in acting for private equity and venture capital funds. The team is also highly active in the government-guided fund space, assisting government entities with the formation and structuring of funds. Yang Wang  leads the team and has a broad practice, including advising on complex funds such as funds-of-funds.

Practice head(s):

Yang Wang

Other key lawyers:

Blank

Testimonials

Blank

Key clients

China Insurance Investment Co., Ltd.

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

SDIC Unity Capital Co., Ltd.

Unicom Guangxin One (Guangzhou) Equity Investment Partnership

MGI Tech Co., Ltd.

CapitalBio Technology Co., Ltd.

Lenovo Capital

Zhongma Qiyuan Asset Management Co., Ltd.

SDIC Unity Capital Co., Ltd.

A Cayman fund

Work highlights

  • Advised China Insurance Investment Co., Ltd. on subscribing to a stake in Pipe China.
  • Advised the Ministry of Industry and Information Technology and the Bureau of Small and Medium-sized Enterprises on the preparation of the Parent Fund of the China SME Development Fund, including but not limited to drafting the establishment documents and providing practical legal solutions for the smooth integration of the four Sub-Funds established first into China SME Development Fund Co., Ltd.
  • Providing ongoing advice to SDIC Unity Capital Co., Ltd. on post-investment management and exit matters of more than 20 sub-funds

Haiwen & Partners

With offices in Shanghai and Beijing, Haiwen & Partners assists clients throughout the process of fund formation, including designing fund structures, handling the drafting of limited partner agreements, and registering funds. The team acts for a range of fund types, including private equity funds. The practice is led by Wang Lei in Beijing.

Practice head(s):

Lei Wang

Other key lawyers:

Xiajun Fang; Shuangjuan Wei

Testimonials

‘As a Red Circle law firm, Haiwen & Partners is able to provide clients with effective, high quality legal solutions. Their high quality legal documents and legal services have helped our company to complete many projects.’

‘Haiwen & Partners has a very high level of expertise and skills in the fund services area. They help clients to uphold their rights and interests, as well as maintaining negotiations and dealing with legal documents, in a very time-efficient manner with reasonable fees.

Key clients

China Mobile Capital Holding Co., Ltd.

Shanghai Guosheng Capital Management Co., Ltd.

Goldstone Investment Co., Ltd.

Hony Capital (弘毅投资)

Work highlights

  • Advising China Mobile Capital Holding Co., Ltd. on the formation of the 5G Fund, including designing the fund structure, drafting transaction documents, and assisting with the registration of the fund.
  • Advising Shanghai Guosheng Capital Management Co. Ltd. on the formation of Sheng Ying Ying Zhan Fund.
  • Advised Goldstone Investment Co., Ltd., a subsidiary of CITIC Securities, on the formation of Jiaxing Goldstone Pengheng Equity Investment Partnership Enterprise.

Shihui Partners

Shihui Partners’ investment funds practice acts for both general and limited partners, advising on the establishment and structuring of funds as well as investments. Steven Zhao has a broad practice across venture capital and private equity; elsewhere, Hui Li is active across the capital markets and M&A space and is another key name in the practice.

Key clients

China Fortune-Tech Capital Co., Ltd. (Tianjin)

Vertex Ventures China

China Renaissance

CBRE Group, Inc.

Banyan Tree Group

Angelo, Gordon & Co., L.P.

Gopher Asset Management Co, Ltd.

The Blackstone Group Inc.

Shanghai PingAn HeDing Investment & Management Co., Ltd.

Noah Holdings Limited

Work highlights

  • Advised China Fortune-Tech Capital Co., Ltd. (Tianjin) on the establishment of a new fund.
  • Advised CICC Genesis National Emerging Industry Fund (Limited Partnership) on the establishment of the fund.