Investment funds: PRC firms in China

Fangda Partners

Fangda Partners advises a number of well-known conventional private equity and venture capital managers as well as other alternative asset managers. Showing its market-leading position in handling high profile RMB fund formation matters, it assisted Bridgewater, the largest hedge fund manager, with securing private fund manager license and launching an RMB-denominated hedge fund in China. Richard Guo focuses on both RMB and US fund matters, and jointly lead the RMB fund practice with Zhen Chen. The duo assisted Joy Capital with structuring and forming an RMB venture capital fund, and advised Vision Knight Capital on structuring and forming its second RMB-dominated venture capital fund, which focuses on investment opportunities in new financial services and new economy. Candy Tang and Hong Kong-based Flora Qian are also highly recommended.

Practice head(s):

Richard Guo

Other key lawyers:

Chen Zhen; Flora Qian; Zhiyi Ren; Flora Qian

Testimonials

‘Familiar with local practice and strong connection with regulators.’

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

Key clients

Bridgewater

Boyu

DCP Capital

CITIC Capital

Warburg Pincus

YF Capital

Blackstone

SAIF Partners

Vision Knight Capital

Carlyle

Primavera Capital

KKR

TPG

Oaktree

Work highlights

  • Advised Bridgewater, the largest hedge fund manager, on securing a PFM license from the Asset Management Association of China (AMAC) and launching its first RMB-denominated hedge fund featuring its “all weather” strategy.
  • Advised Blackstone Group on its acquisition of a passive minority stake in PAG, a leading Asia-focused alternative investment firm, via its Strategic Capital Holdings Fund.
  • Acted for DCP Capital, formed by David Liu, the former co-head of KKR Asia Private Equity and CEO of KKR Greater China, in structuring and forming its first RMB private equity fund.
  • Advised CITIC Capital on structuring and forming its China Fund III, one of its RMB-denominated flagship private equity funds.
  • Advised Warburg Pincus, as one of the co-sponsors, on structuring and forming a QFLP fund in Shanghai focusing on the opportunities in the long-term rental apartment sector.

Han Kun Law Offices

Han Kun Law Offices has 'a strong team for RMB fund raising, both at partner and associate level'. The 'highly experienced' team advises both multinational industrial groups, offshore established fund managers and state-owned enterprises. It has seen a steady flow of RMB and offshore fund formation mandates, as well as handling foreign asset management firms' Asset Management Association of China (AMAC) registration and related compliance matters. Recent highlights include advising China Broadband Capital on the formation and fund raising of its Cheng Bai II Fund, and advising Matrix in setting up its second RMB Fund. Huaying (Daisy) QI has 'a thorough understanding of dollar fund and RMB fund' and is able to provide 'a solution that is both technical [and] commercial'Ping ZhangChaoying Li and Yijun Chao are further names to note within the team which lost private investment specialist James Wang to Jingtian & Gongcheng in 2019.

Other key lawyers:

Li Zhou; Daisy Qi; Lu Ran; Lin Zhou

Testimonials

Han Kun has a strong team for RMB fund raising, both at partner and associate level‘.

Key clients

Qiming Venture Partners

China Broadband Capital

Matrix

IDG Capital

China Renaissance Capital

Sinovation Ventures

CDH

Banyan Capital

CEC Capital

AlphaX Partners

Xiang He Capital

Yahui Precision Medical Fund

Baidu Capital

Tencent

Work highlights

  • Acted for Qiming Venture Partners in connection with the formation and fund raising of its RMB fund V.
  • Acted for CBC on the formation and fund raising of its Cheng Bai II Fund.
  • Handling the formation of China Renaissance New Economic Fund III.
  • Advised IDG Capital on its various RMB fund matters, including its VC fund and a PE fund focused on Future Transportation.
  • Act for XVC on its debut USD-denominated fund and RMB-denominated fund.

King & Wood Mallesons

King & Wood Mallesons's sizable team is regularly instructed by industry leaders, including hedge funds, real estate funds, secondary funds, funds of funds and emerging market funds, on multibillion-RMB fund formation and structuring transactions. Recent workload includes advising a leading global alternative asset manager on the restructuring of a US fund and its onshore investment structure and acting for CASH Capital (Beijing) Investment Management on the formation of a fund that focuses on investing in artificial intelligence and its applications. Mulong Gong specialises in private equity fund formation and downstream investment, onshore and offshore capital market deals and M&A, Shanghai-based Alan Du focuses on FDI and RMB fund formation, and is recommended alongside Shanghai office founding partner Yi Zhang who has notable experience in private equity, securities and M&A transactions with particular expertise in advising private equity funds in privatisation deals. Hong Kong-based Helena Huang and Cindy Shek are further names to note.

Practice head(s):

Mulong Gong; Yi Zhang

Other key lawyers:

Alan Du; Helena Huang; Cindy Shek

Testimonials

The team is able to put forward very constructive opinions, based on its deep understanding of the local Chinese market and the other jurisdictions relevant to the project‘.

‘The team not only provides reasonable legal advice and advice based on the needs of the clients, but also provides clients with many excellent industry experience‘.

Key clients

Guosheng Group

Jifeng Co., Ltd.

Guosheng Group

City Developments Limited

Manulife-Sinochem Life Insurance; Bank of China Group Investment Limited (BOCGI); ICBC-AXA Life

Genharmony Capital

China Pacific Life Insurance Co., Ltd

Cisive

CMC Inc.

China Structure Reform Fund Corporation Limited

GX-ASEAN Equity Investment Fund Partnership

Days One Purple Teng Asset Management (Ningbo) Co., Ltd.

CASH Capital (Beijing) Investment Management Co, Ltd

Work highlights

  • Advised Guosheng Group and New Alliance Capital on formation of an RMB fund in Shanghai focusing on civil-military integration industry
  • Advised Jifeng and its actual controller on the formation of a buyout fund in connection of its acquisition of Grammer.
  • Acted for Guosheng Group and several other state-owned enterprises on the formation of an RMB fund in Shanghai focusing on cultural industry, with a fund size of about RMB10bn.
  • Assisted City Developments Limited with the formation of a RMB fund focusing on the field of pan-artificial intelligence (AI).
  • Acted for Manulife-Sinochem Life Insurance, Bank of China Group Investment Limited (BOCGI), ICBC-AXA Life respectively on their investments into a private equity fund sponsored by a top tier PE fund manager.

Zhong Lun Law Firm

Zhong Lun Law Firm's 'excellent' funds practice spans fund formation, fundraising, investment, project management and fund exit. The team is regularly instructed on the formation on domestic RMB funds and offshore US funds. Kejun Guo and Catherine Chen advised GLP on its RMB10bn fund formation with a consortium of financial institutions and insurance companies including China Post Capital Management. Chen also counts IDG Capital as a key client which she advised on the formation of Yiwu Jinhong Fund, IDG tourism fund, as well as Henan Fund and Yiwu Fund. Hao Han regularly handles multibillion-RMB investment and particularly active in the real estate sector. Shanghai-based corporate group head Yun Zhou is also noted.

Practice head(s):

Limin Chen; Zhang Zhong; Catherine Chen; Lefan Gong; Jiyong Feng

Other key lawyers:

Jason Liu; Jason Liu

Key clients

IDG Capital

CDH Investment

CITIC PE

Goldman Sachs

China Life Capita Investment

Spring REIT

Go High Fund

Boehringer Ingelheim Vetmedica GmbH

DHL Logistics (China) Co., Ltd.

Parametric Technology Corporation (PTC)

YUM Restaurants Consulting (Shanghai) (YUM China)

Lear (China) Investment Co., Ltd. (Lear)

LaSalle Investment Management

Park Place Real Estate Group

Pfizer Investment Co., Ltd.

Work highlights

  • Advised IDG Capital on the establishment of Henan Fund and Yiwu Fund.
  • Assisted Zhongxin Juxin (Beijing) Capital Management with the formation of New Oriental Education Fund.
  • Acted for Spring Reit on its RMB1.65bn acquisition of Huizhou Central Place Mall and the issuance of consideration units.
  • Advised Tishman Speyer on the formation of the Beijing Fund, which was jointly established by Tishman Speyer and Shougang Fund.
  • Advised Boyu in the formation of Boyu Vanke real estate logistics fund, which was jointly initiated by Boyu and Vanke.

Jingtian & Gongcheng

Jingtian & Gongcheng entered into the ranking with the hire of the highly respected private equity specialist James Wang who joined from Han Kun Law Offices. The practice advises insurance companies, asset management entities, government guidance funds, fund of funds, domestic and overseas public companies, and other investors in their investment in various types of investment funds. Wang recently advised US China Green Fund on forming its RMB Fund II, and acted for Shanghai-based Guohe Capital, a state-owned enterprise conglomerate, in forming its modern logistics RMB fund.

Practice head(s):

James Wang

Other key lawyers:

Bangwei Xu; Pengfei Xu

Testimonials

James Wang and his team have rich experience and professionalism in the establishment of domestic and overseas funds‘.

Work highlights

  • Advised Tianjin ByteDance on its fund manager registration and the internet fund raising with the amount of around RMB 10bn.
  • Assisted Huatai Securities with forming a major Co-GP buyout fund with a leading financial institution.
  • Advised Everbright Holdings on the forming a number of blind-pool and SPV RMB funds.
  • Acted for Sequoia in forming a number of blind-pool RMB funds including sector-focus and in investing in over a dozen US and RMB funds.
  • Advised Zhen Fund in setting up its RMB Fund VI.

JunHe LLP

JunHe LLP handles a large number of fund formation and investment transactions, in the form of limited partnership, corporation and contractual basis. The team has experience in a broad range of fund structures, including parallel funds, umbrella funds, fund of funds, feeder funds and mezzanine funds, and is particularly noted for its expertise in governmental guide funds. The team is jointly led by Xiyong Zhao and Shelley Wang. Zhao handles private equity investment and securitisation matters, and Wang has represented a number of well-known sponsors in the formation of more than 50 RMB funds.

Practice head(s):

Sammuel Zhao; Man Wang

Key clients

Zhongan Xincheng

Mi Tec.Ltd

Work highlights

  • Advised Mi Tec on its establishment of a private equity fund.

AllBright Law Offices

AllBright Law Offices' recent highlights include advising a number of clients on the registration of private equity fund managers, and assisting Tibet Yunshang Equity Investment Fund Management with the establishment of the RMB160bn Yunnan Transport Industry Investment Fund. Yubin Shi and are Xiaomeng Xie are recommended.

Practice head(s):

Xiaomeng Xie

Other key lawyers:

Yubin Shi

Testimonials

The team is dedicated and diligent, professional and efficient, and the overall quality of the legal service is very high‘.

Key clients

Shanghai BitrockpartnersJiasui Business Management Consulting Co., Ltd.

Shanda World Investment Management (Zhejiang Free Trade Zone) Co., Ltd.

Shanda World (Jiaxing) Asset Management Co., Ltd.

Shanghai Jingchen Equity Investment Fund Management Co., Ltd.

Shanghai Jingshi Equity Investment Fund Management Co., Ltd.

ShangHai Jinghaon Nianrong Investment Center (Limited Partnership)

Shanghai Yongnuo Chengjin Asset Management Co., Ltd.

Tibet Yunshang Equity Investment Fund Management Co., Ltd.

Shanghai IvistacapitalShengchu Investment Management Co., Ltd.,

Xiamen Xiangyu Asset Management and Operation Co., Ltd.

Work highlights

  • Advised Shanghai Bitrockpartners Business Management Consulting on the formation of a RMB3bn fund for investing in logistics industry.
  • Advised Shanda World (Jiaxing) Asset Management on the registration of private equity fund managers.
  • Handled the establishment a real estate fund focused on urban renewal projects.

Global Law Office

Leveraging its full-service offering and its strong expertise in sectors such as TMT and healthcare, the team at Global Law Office advises on a broad range of fund formation, license application, tax, regulatory and compliance, and ongoing operations and closing transactions. The team's 2019 hire of five lawyers, including Xianlai LiuYuan YuanJinghe WangZhihong Jian and Huijie Xu from a major PRC firm, has allowed it to expand its offering in the fund formation and investment space. The team operates from its Beijing, Shanghai and Shenzhen offices in China where Jinrong Liu, Amy Dai and Shifang Guo are highly recommended.

Practice head(s):

Jinrong Liu; Huawei Lin; Amy Dai; Rui Wang; Shifang Guo

Testimonials

Amy Dai always consider the potential issues from the client’s prospective and delivers high quality service‘.

The service the firm provides is very professional and timely, and is able to coordinate and communicate with overseas law firms smoothly‘.

Key clients

CICC Capital Management Ltd.

CITIC Capital

National Council for Social Security Fund

Tiantu Gp

Work highlights

  • Advised CITIC Capital on the establishment of CITIC Integrated Fund and the parallel RMB fund for the investment in a private hospital.
  • Acted for National Council for Social Security Fund on the formation of Hillhouse Tiancheng Fund  II.
  • Handled the structuring and establishment of Tiantu China Consumer Fund II, L.P for Tiantu GP Limited Company.

Grandall Law Firm

Grandall Law Firm's Jing Zou is singled out for her 'dedicated attitude and high professionalism'. Zou's recent highlights include handling the establishment of local M&A fund, fund of funds and advising the asset managers on compliance issues. Tianjin-based Naijin Liu is a further name to note.

Practice head(s):

Jing Zou; Naijin Liu; Mengjun Zhou

Testimonials

The team maintains timely and efficient communication with the clients, and provides excellent professional legal services‘.

Guantao Law Firm

Guantao Law Firm is experienced in private equity funds, hedge funds, real estate funds, venture capital funds, and fund of funds. Its clients features investment firms, sponsors, venture capitals, institutional investors as well as portfolio companies which it advises through the full life cycle of the funds. Yang Wang's recent highlights include a mix of establishment, raising and investment of domestic and foreign private equity funds and management companies, including Governmental Guiding Funds.

Practice head(s):

Dongying Sun; Bo Su

Other key lawyers:

Xiangwei Cui; Fei Xiao; Hongli Zou; Yan Li

Key clients

SDIC Unity Capital Co., Ltd.

China Life Investment Holding Company Ltd.

Henan Lingcheng Private Equity Fund Management co. LTD

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

HongDa Financial Holding Limited(listed on the main board of The Stock Exchange of Hong Kong)

Shanghai Guosheng Capital Management Co., Ltd.

Shanghai Chengtou Environmental Protection Financial Services Co., Ltd.

CCBI Healthcare Fund

China Cinda (HK) Holdings Company

Work highlights

  • Advised Shanghai Guosheng Capital Management  on the establishment of a RMB8.13bn SOE Reform Fund.
  • Advised China Building Material Test & Certification Group on its co-establishment of a equity investment fund with China Capital Management.

Llinks Law Offices

Llinks Law Offices' client list includes domestic fund management companies and their subsidiaries, private equity and venture capital funds, securities investment funds, trust companies, insurance and insurance asset management companies as well as foreign fund management institutions. Sandra Lu and Elva Yu are names to note.

Practice head(s):

Charles Qin

Other key lawyers:

Elva Yu; Sandra Lu; Selena She

Work highlights

  • Advising Nantong Qiming Investment Management on establishing its private equity investment fund project.

Shihui Partners

Shihui Partners acts for general partners for the fund formation and assists limited partners in their FOF investment. Besides its steady flow of RMB fund formation mandates, recent caseload saw an increasing instruction in advising domestic private equity and venture capital institutions on the formation of their overseas US funds. George NiuHilda Li and Steven Zhao highly recommended.

Practice head(s):

George Niu; Hilda Li; Steven Zhao

Key clients

ABC Investment

ABC Capital

Aqua Ventures

JD Group

Donghe Capital

Work highlights

  • Assisted ABC Capital with the establishment of its first market-oriented debt-to-equity bank fund.
  • Advised Aqua Ventures on establishing of the second phase fund.
  • Advised JD Group on the establishment of a fund jointly raised by JD Group and Cosmo Lady.
  • Advised JD Group on the establishment of the second phase fund of Danqing Fund.