Fund structuring specialist firm Fangda Partners has long stood amongst the market’s pioneering firms. Advising clients through the full life cycle of the fund, the ‘resourceful and practical‘ team is led by Richard Guo who draws on a wealth of experience in the formation and operation of alternative investment products, funds of funds, co-investment funds and corporate venture funds using both USD and RMB currencies. Zhen Chen, Zhiyi Ren, Candy Tang and Flora Qian are further names to note, and count Morgan Stanley and Sequoia as their main clients.
Investment funds: PRC firms in China
Fangda Partners
Practice head(s):
Richard Guo
Other key lawyers:
Zhen Chen; Flora Qian; Candy Tang; Zhiyi Ren
Testimonials
‘Very knowledgeable while can also deliver practical advice.’
‘Responsive and responsible.’
‘They are very experienced and resourceful.’
‘Very creative at coming up with solutions.’
‘They have rich experience and deep expertise.’
‘Very resourceful. They can help connect us with helpful contacts.’
Key clients
Morgan Stanley
Boyu Capital
Zoo Capital
DCP Capital
Vision Knight Capital
Alibaba Group
Yunfeng Capital
Ant Financial
Sequoia Capital
CICC Capital
Synergis Capital
Work highlights
- Represented Morgan Stanley on the structuring and formation of its third flagship RMB Fund in China.
- Advised Sequoia Capital on the structuring and formation of its first, second and third qualified foreign limited partnership (“QFLP”) funds in Hainan.
- Assisted Boyu Capital with the structuring and formation of its fourth flagship RMB Fund, Boyu RMB Fund IV.
Han Kun Law Offices
Han Kun Law Offices covers private, venture capital and private equity funds in the majority of industry sectors and provides a ‘knowledgeable‘, ‘practical‘ and ‘efficient‘ service. Practice head Daisy Qi has a decade of experience in fund formation and investment management. Lin Zhou focuses her practice on the formation and operations of various types of funds, including the structuring and the formation of venture capital funds, private equity funds, M&A funds, film and entertainment funds, sports funds, infrastructure funds, real estate funds, logistics funds and more. Lu Ran is another name to note.
Practice head(s):
Daisy Qi
Other key lawyers:
Lin Zhou; Lu Ran; Vincent Song; Qian Jin
Testimonials
‘Very knowledgeable and always keeping up with the latest regulatory development in the PRC.’
‘They have a lot of practical experience in dealing with potential LPs or local governments.’
‘Ran Lu and Qian Jin are my key contacts for Han Kun funds team. Both are very knowledgeable and responsive.’
‘Professional and time efficient.’
Key clients
CICC Capital
China Broadband Capital / CBC
CITIC PE
Goldstone Investment
Matrix
IDG Capital
China Renaissance Capital
CDH
Gaorong Capital
XVC
(CEC Capital)
Hui Capital
Hike Capital
Venturous Capital
Tencent
Taikang Investment
Jadespring Capital
CCBPE
Everbright FOF
China Growth Capital
SOSV-SCGC
SummitView Capital
Eastern Bell Capital
Meituan Longzhu
Source Code Capital
YuanBio Venture Capital
China Structural Reform Fund Co., Ltd.
SDICFOF
Zhongguancun Capital FOF
Everybright Trust
Minmetal International Trust
SAIF Partners,
Xiaomi Fund
Guotaijunan International
AIA
Work highlights
- Advising China Everbright Limited (165.HK) on the establishment of multiple funds and LP investments into PE/VC funds.
- Represented SOSV-SCGC as GP counsel in its formation of SOSV-SCGC Shenzhen QFLP Fund.
- Assisted Goldstone in establishing a fund in Hangzhou (“Hangzhou Fund”) which will not only make direct equity investments, but also invest in other funds.
King & Wood Mallesons
King & Wood Mallesons investment funds lawyers advise on fund formation, structuring and negotiations on business and legal terms with investors, as well as providing various drafting services. The firm provides ‘tremendous support’ on both private equity and venture capital fund formation. Assistance on the establishment of funds overseas is a key strength of the practice. Mulong Gong has extensive experience in enterprise restructuring, domestic and overseas listings as well as PE fund investment, formation and fund-raising of PE funds; he co-leads the team with Ma Tianning. Alan Du has advised on several major high-profile fund formations and has expertise in foreign direct investment. Minxiu Wan has been promoted to partner. Zhaoyan Wang is well recommended by clients.
Practice head(s):
Mulong Gong; Ma Tianning
Other key lawyers:
Alan Du; Minxiu Wan; Zhaoyan Wang; Zehui Gu
Testimonials
‘King & Wood Mallesons helps us to form the fund structurse, provides tremendous legal support on our PE/VC investment projects, and advises us on day-to-day compliance issues.’
‘The team offers valuable counseling to our oversea projects, in particular providing insights on establishment of overseas investment vehicles and advice on practicability of investment proposals.’
‘We maintain smooth communication, and they can quickly make our business ideas into specific text plans.’
‘They have extensive knowledge and experience of the area, and they have requisite skill set to fulfill our needs and respond in a competent and responsive manner.’
Key clients
China SME Development Fund Co., Ltd.
Suzhou Industrial Park Major Industrial Project Investment Fund, L.P.
Suzhou Innovation Industry Development Guidance Fund, L.P. (Suzhou FOFs)
Zhong Lun Law Firm
‘Reliable and timely’ in their advice, Zhong Lun Law Firm‘s investment funds practice acts as regular counsel to a number of prominent private equity and venture capital firms and has also represented numerous emerging companies in fund-raising transactions. QDLP and QDII funds also form a core part of the practice. Private equity and asset management specialist Catherine Chen and the highly experienced Ping Zhang are among the key names in a strong bench of partners. Zhang has worked for over ten years in the field and has expertise in the formation, operation and project investment of domestic and offshore private investment funds as well as their management entities. Ursula Li is another name to note.
Practice head(s):
Catherine Chen; Borong Liu; Lefan Gong; Ping Zhang
Other key lawyers:
Yanchun Zhao; Ursula Li
Testimonials
‘When we move on quite a few fund formation projects, Zhong Lun team always supplies reliable and timely support, which shall be ascribed to their abundant lawyers and strong responsibilities.’
‘Mr. Ping Zhang is very familiar with all aspects of the field of fund formation, and remains at the forefront of the industry. He always provides clever legal advice combined with commercial sense and broad view when projects get stuck.’
Key clients
Dao He Investment
CICC Capital
Centurium Capital
Chengwei Capital
CPIC Capital
Shunwei Capital
Northern Light Venture
Yahui Precision Medical Fund
CICC Capital
String Capital
Sunshine Life Insurance Group
Nanjing Fosun Tongrui Venture Capital Partnership (Limited Partnership)
Sunshine Life Insurance Co., Ltd.
Zhongqing Xinxin huayu (Shanghai) Equity Investment Partnership (Limited Partnership)
Growth FOF(Guofang Capital)
Hushan Investment
Taicang Asset Management Group Co., Ltd.
LFC Investment Hong Kong Limited
Chongqing Liangjiang Equity Investment Fund Management Co. Ltd.
Chongqing Jiangbeizui Fund Management Co., Ltd.
Work highlights
- Advised Shunwei Capital on establishing Shunwei RMB fund IV.
- Assisted Sunshine Life Insurance Group with its fund formation in Suzhou City, Jiangsu Province.
- Advised Yahui Precision Medical Fund on establishing Yahui RMB fund IV.
DaHui Lawyers
DaHui Lawyers has a burgeoning investment funds practice representing a number of dynamic clients. Cloud Li leads the China practice from Shanghai, while Zheng Zha operates in both Beijing and New York, serving large US funds investing in China. The firm provides services in the establishment, investment, maintenance, restructuring and dissolution of funds and also in dispute resolution following the dissolving of a fund. The team helps fund founders, institutional and high-net-worth individual investors with the establishment of RMB funds, USD funds, parallel funds, close-end funds, feeder funds and cross-border funds.
Practice head(s):
Zheng Zha; Cloud Li
Other key lawyers:
Brendon Wu; Jie Tong; Julia Dai
Global Law Office
Global Law Office advises on fund formation for clients in various sectors, including semiconductors, pharmaceutical, mining and new energy. The practice also represents some of China’s largest insurance companies as well as multinational real estate investment firms. Yuan Yuan, who focusses on structuring and forming private funds, and Amy Dai co-lead the practice. Dai advises RMB funds, USD funds and joint venture fund with various structures including QFLP, QFGP and funds of funds. Xianlai Liu, who demonstrates extensive knowledge of the Chinese private equity and venture capital markets, is another key name.
Practice head(s):
Amy Dai; Yuan Yuan
Other key lawyers:
Xianlai Liu
Key clients
China Reform Fund
CICC Capital
Sinopec Haihe (Tianjin) Equity Investment Fund Management Co., Ltd
Yuantaibaoman (Suzhou) Equity Investment Management Co., Ltd.
China Life Insurance (Group) Company
DAJIA BAOXIAN
IDG Capital
Poly Capital
GLP
Hua Capital
PRO Capital
Work highlights
- Advised on the formation of a private equity investment fund built by China Post Group Corporation and GLP.
- Advised GLP on the establishment of a RMB 4.5 billion fund in China.
- Advised SK Hynix, a world-renowned Korean investment institution which has been involved in many domestic investments, for the establishment of the fund in a project.
Jingtian & Gongcheng
At Jingtian & Gongcheng, Yong Wang advises on various aspects of the life of a fund, including formation, structuring, marketing and as well as dissolution and liquidation. The practice provides legal services to domestic and foreign-invested RMB funds, cross-border investment funds (QFLP and QDLP) such as venture capital funds, private equity funds, industry funds, M&A funds, and securities investment funds. Wang’s team represent both domestic Chinese funds and a range of well known multinational companies in the financial services sector, alongside funds in various specific sectors such as healthcare and technology. Bangwei Xu, who has also a background in commercial litigation and intellectual property, assists Wang in this practice.
Practice head(s):
Yong Wang
Other key lawyers:
Bangwei Xu
Key clients
Multiple investment funds of Hillhouse Capital
Himalaya Capital
Heliconia Capital Management Pte. Ltd.
IDG Capital
Hangzhou XinFengwei Internet Technology Co., Ltd
Jiangsu Jiequan Guoxin New Resources Industry Investment Fund Partnership (Limited Partnership)
Beijing Daodiguowei Internet Technology Co., Ltd
Beijing Percutek Therapeutics Co., Ltd.
Nanjing Huimu Information Technology Co., Ltd.
Shanghai Beyond Science Co., Ltd
Credit Suisse
National Military-civilian Integration Industrial Investment Fund Co., Ltd.
Beijing AviChina Phase I Aviation Industrial Investment Fund (Limited Partnership)
EDDA Healthcare and Technology Holding Limited
Orchid Asia Group
GLP StarRock Ventures I, L.P.
Mirxes Holding Company Limited
Rainmed Medical Limited
JunHe LLP
JunHe LLP offers a tailored service in fund formation, assisting clients to implement a range of structures and strategies. Its large team is led jointly by Xiyong Zhao, Wang Man and Qing (Natasha) Xie, who displays ‘exceptional‘ industry knowledge. Each advises an impressive array of both state backed and private clients assists with fund manager registration, fund formation, fund filing, funds of funds investment and secondary investment. Jie Tang is another name to note but Fei Pei has left the firm.
Practice head(s):
Xiyong Zhao, Wang Man; Qing (Natasha) Xie
Other key lawyers:
Jie Tang
Testimonials
‘Natasha Xie is the leading lawyer in this field in the PRC and is our trusted long term adviser for any PRC related funds issue or trading issue – including for example, investment restrictions, the QFII scheme, Shanghai connect, PRC securities law, PRC futures law. Natasha’s industry knowledge is exceptional.’
Key clients
Source Code Capital
Hillhouse Capital
CDH
Eastern Bell Capital
China Resources Capital
CICC Capital
National Council for Social Security Fund
National Integrated Circuit Fund
National Manufacturing Transformation and Upgrading Fund
National Military-Civilian Integration Industry Investment Fund
Work highlights
- Assisted Source Code in completing the establishment of the RMB Fund V.
- Assisted NRL Capital and Sunshine Asset to complete the establishment of NRL Sunshine Multi-Strategy Fund.
- Advised Guoxiang Shangheng in completing the formation of Beijing Guoxiang Shangheng Fund.
Llinks Law Offices
Llinks Law Offices provides an impressive technical offering co-led by Charles Qin and Sandra Lu, who trained as an economist before becoming a lawyer and brings this experience to bear in her market analysis. The practice advises domestic and foreign fund management companies and their subsidiaries, working on both private equity and venture capital funds. The firm also has expertise in advising trusts as well as insurance, asset management and securities companies. Selena She is an experienced advisor to large funds, and the firm has a promising next generation of partners exemplified by Candice Du and Daisy Ding. The practice offers consultation on fund establishment and advises on fund formation.
Practice head(s):
Charles Qin; Sandra Lu
Other key lawyers:
Selena She; Candice Du; Daisy Ding
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 Prescient Investment Management (Pty) Ltd on the setup of a private securities investment fund management company in China.
- Advised CHINA-AFRICA DEVELOPMENT FUND on its strategic participation of A-share placement of China Mobile Limited.
- Assisted The Rhodes Trust on its contemplated establishment of a representative office in China and foreign NGO’s operational issues under the Chinese law.
AllBright Law Offices
Industrial funds and funds set up by provincial governments form the bulk of the AllBright Law Offices practice. The firm advises on the establishment of investment funds, registration and filing, major event changes, fund raising, fund structure design and fund contract drafting and negotiation as well as dispute resolution in case of exit. Shi Yubin is active in M&A and dispute resolution, while Fuzhi Lin is another key name at the practice, with experience advising SOEs.
Practice head(s):
Shi Yubin
Other key lawyers:
Fuzhi Lin
Key clients
Jiangsu Provincial Government Investment Fund (limited partnership)
Gongqingcheng Jiyaosheng Equity Investment Partnership (limited partnership)
Shanghai Muhua Jinyu Equity Investment Management Partnership (limited partnership)
Taicang Industrial Investment Fund Partnership (limited partnership)
Xiamen Self-China Investment Development Co., Ltd.
Chongqing Yufu Industrial City Operation and Construction Development Co., Ltd
Xiamen Junxida Capital Management Co., Ltd.
Xiamen Bluemap Tianxing Investment Partnership (limited partnership)
Grandall Law Firm
Jing Zou and her team at Grandall Law Firm advises a range of clients, including medical investment groups and green development funds. It has experience in both private equity and venture capital, and represents both state backed and private organisations. Naijin Liu is another key name. The team provides services in fund formation, filing and licensing, investment, securities, dispute resolution and dealing with risk events.
Practice head(s):
Jing Zou
Other key lawyers:
Naijin Lin
Key clients
National Green Development Fund Co., Ltd.
Shanghai Guotai Junan Innovation Equity Investment Fund of Funds Center (Limited Partnership)
Fosun Capital Co., Ltd.
Suzhou Saixiang Equity Investment Partnership Enterprise (Limited Partnership)
Lhasa Yuanchi Investment Management Co., Ltd.
Pagoda Capital Co., Ltd.
GF Xinde (Suzhou) Health Industry Venture Capital Partnership Enterprise (Limited Partnership)
PuXin Capital Co., Ltd.
Jolywood (Suzhou) Sunwatt Co., Ltd.
Suzhou FG Phase III Venture Capital Management Partnership|Enterprise (Limited Partnership)
China Tourism Industry Fund Management Co., Ltd.
Grand China Overseas Investment Management CO., Ltd.
CDIB Equity Investment Management Co., Ltd.
Yinling Private Fund Management (Hainan) Co., Ltd.
Shenzhen Fortune Chuanghong Private Equity Investment Enterprise (Limited Partnership)
Shanghai Jingan Municipal Financial Services Office
GAC Capital Co., Ltd.
Kunshan Yinshi Equity Investment Partnership Enterprise (Limited Partnership)
Goldstone Investment CO., Ltd.
Harmonia Capital Co., Ltd.
Dezhou Med-Fine Health Venture Capital Partnership Enterprise (Limited Partnership)
Guangdong Guangxin Emerging Industry Investment Equity Fund Management Co., Ltd.
Suzhou Oriza Holdings Corporation
Boway Group Co., Ltd.
Ruicheng Family Information Consulting (Beijing) Co., Ltd.
Donghao Lansheng (Group) Co., Ltd
Yuyao Shunxing Venture Capital (Limited Partnership)
Shenzhen Longhua Industrial Capital Investment Co., Ltd.
Shanghai Qixu Investment Management Co., Ltd.
Tallwood Equity Investment (Guangdong) Co., Ltd.
Luzhou Urban Construction Investment Group Co., Ltd.
Chengdu Xiangrong Venture Capital Co., Ltd.
Chengdu Wufa Equity Investment Fund Management Co., Ltd.
Sichuan Shenwan Hongyuan Changhong Equity Investment Management Co., Ltd.
Sichuan Innovation Development Investment Management Co., Ltd.
Hongyuan Huifu Venture Investment Co., Ltd.
Chengdu Xingcheng Hongye Equity Investment Fund Management Co., Ltd.
Chengdu Jinxin Medical Investment Management Group Co., Ltd.
Haiwen & Partners
Fund formation, downstream acquisitions and exit strategies all fall within the scope of the Haiwen & Partners investment funds practice. The team, co-led by Wang Lei, covers funds work in various industries from agriculture to e-commerce and can also offer expertise in offshore fund formation and cryptocurrency investments. Xue Tang joined the team from Jingtian & Gongcheng.
Practice head(s):
Wang Lei; Qingjian Wang
Other key lawyers:
Shuangjuan Wei; Xue Tang
Key clients
Source Code Capital
Shihui Partners
Hilda Li and Steven Zhao lead the practice at Shihui Partners, a boutique firm which advises on the establishment and structuring of funds as well as investments. The team has a special area of expertise in tech funds, an example being their advice provided to integrated circuit industry investment funds. Private equity funds work also forms a large part of the practice, as does venture capital.
Practice head(s):
Hilda Li; Steven Zhao
Other key lawyers:
Ting Li; Beibei Chen
Key clients
JD.com, Inc.
Vertex Ventures China
Matrix Partners China
Aqua Ventures
Donghe Venture Capital
Galactic Capital
Softbank Asia Ventures
China Renaissance
China Fortune-Tech Capital
New Alliance Capital
HHF Capital
3E Bioventures Capital
4 Paradigm
Work highlights
- Advised China Fortune-Tech Capital (SMIC) on its formation of an integrated circuit related fund with Guangdong Integrated Circuit Guidance Fund as the anchor LP at a total price of approximately CNY 7 billion.
- Assisted New Alliance Capital on its raising of the Phase IV RMB Main Fund at a total price of approximately CNY 2 billion.
- Advised HHF Capital On its formation of their First PE Fund at a total price of approximately CNY 1.1 billion.