Private equity: foreign firms in China

Clifford Chance LLP

The strength of Clifford Chance LLP’s private equity offering is epitomised by the breadth of its client base, regularly acting for international powerhouses such as Carlyle, CVC and Permira, as well as major pan-Asian and China-based clients such as Advantage Partners, Affinity and Navis Capital. The practice spans the full range of transactions, including LBOs, take-privates, PIPEs, and growth capital and venture capital investments. Terence Foo heads the group and works between Beijing and Shanghai, with his depth of PE expertise being matched by the broad range of sectors he specialises in; encompassing technology, healthcare and consumer goods. In Shanghai, Kelly Gregory has recently handled numerous private investments in the games, medtech and fintech industries across Europe, North America and Asia. Beijing-based Yufei Liao is noted for his cross-border capabilities and assisting international clients on their investment in China, while counsel Fang Bao is also particularly well regarded in the market. Yang Yi is another key contact in Shanghai, bringing considerable expertise in the PRC healthcare and real estate sectors.

Practice head(s):

Andrew Crook; Terence Foo

Other key lawyers:

Kelly Gregory; Yufei Liao; Yang Yi; Fang Bao

Key clients





Partners Group

Navis Capital Partners


L Catterton Asia

Advantage Partners


Work highlights

  • Advised CVC on its buyout of Xi’an Yikang Pharmacy Chain Co., Ltd.
  • Advised EQT on its majority stake acquisition of Guardian Shanghai Hygiene Service Ltd.
  • Advised PAG on its acquisition of the majority stake in Shandong Fengxiang Co., Ltd. through an auction and on the subsequent mandatory general offers.

Kirkland & Ellis International LLP

Drawing upon the firm’s global network, the China private equity practice at Kirkland & Ellis International LLP regularly handles the largest and most complex PE deals in the region, from joint ventures and PIPEs to LBOs and other M&A transactions. The offering is jointly led from Hong Kong by Gary Li and Jesse Sheley; with the former vastly experienced in complex leveraged buy-outs, take-privates and growth equity investments, and the latter a trusted advisor to PE firms, public and private companies, as well as SPACs and their targets. Peng Yu’s practice focuses exclusively on PE and M&A matters, with notable strengths in the technology, education, healthcare and life sciences sectors, while Joey Chau is highly regarded for her expertise in the Chinese market.

Practice head(s):

Gary Li; Jesse Sheley

Other key lawyers:

Joey Chau; Paul Guan; Nicholas Norris; David Patrick Eich; David Zhang; Peng Yu; Pierre-Luc Arsenault


‘Expert knowledge, deep experience, commercial and solutions-focused.’

Key clients

L Catterton Asia Acquisition Corp


DCP Capital Partners II, L.P., Ocean Link Partners Limited

Baring Private Equity Asia


Nexus Point Capital

Bain Capital

An Asia real estate fund managed by Apollo Global Management, Inc.

Oaktree Capital Management

Work highlights

  • Assisting L Catterton Asia Acquisition Corp with its business combination with Lotus Technology.
  • Assisted EQT with the €6.8bn acquisition of Baring Private Equity Asia, a private markets investment firm.
  • Acting for Carlyle on its acquisition of HCP Packaging from funds affiliated with Baring Private Equity Asia (BPEA).


Linklaters offers a deep bench of private equity specialists in Hong Kong and Greater China, with expertise spanning the gamut of relevant transactions including leveraged finance, public M&A, restructurings, and equity and debt capital markets. The group is renowned for its expertise in heavily regulated sectors, with energy and infrastructure, real estate, financial services and technology being particular strengths. Practice head Betty Yap has an established reputation in the China PE market, bringing extensive experience advising funds and sponsors in buyouts, divestments, joint ventures and structured investments and exits. She is supported by Xiaoxi Lin, who is one of the most experienced practitioners in Asia regarding take-private, PIPE and other transactions involving US public companies. A key contact in Shanghai is John Xu, someone instrumental to maintaining the firm’s unique portfolio of Chinese SOEs, financial institutions and other PE clients on the mainland.

Practice head(s):

Betty Yap

Other key lawyers:

Xiaoxi Lin; John Xu; Christopher Yip; Ying Fu


‘Attention to detail, partner attention and good practical advice.’

‘Betty Yap continues to be sharp and provides high-quality legal services.’

Key clients

An international private equity investor

Macquarie Asset Management

Evenstar Capital


China Merchants Bank and Shanghai Pudong Development Bank as the lenders to the acquisition financing of 51job Inc.

Hopu Fund Management Company Limited

OCI International Holdings Limited


Work highlights

  • Advised an international private equity investor on its $320m convertible note investment and its further $300m convertible note investment in GDS Holdings, a China-based data centre business.
  • Advised Macquarie Infrastructure and Real Assets’ third Asia-focused infrastructure fund (MAIF3) as part of a consortium on its approximately $610m acquisition of a significant minority stake in Bersama Digital Infrastructure.
  • Advised Actis on the acquisition of a majority stake in Levanta Renewables, a Southeast Asia-focused renewables platform with 300MW of onshore wind power projects in advanced development in Vietnam.

Morrison Foerster

Continuing to solidify its reputation in the China private equity space for handling innovative and high-value transactions, Morrison Foerster has established significant expertise in key economic sectors, spanning technology, life sciences, data, education, and real estate. One of those leading the practice from Hong Kong is Thomas Chou, whose practice focuses on venture capital investment in the biotech industry throughout the Asia-Pacific region. Global co-chair of PE Marcia Ellis is another significant player in Hong Kong, handling significant transactions for global powerhouses such as SoftBank, Macquarie and Celadon. Maureen Ho is particularly well regarded for advising PE and real estate funds across a broad range of transactions, including pre-IPO investments, bolt-on acquisitions and leveraged buyouts. Ruomu Li departed to join Cooley LLP in December 2022.

Practice head(s):

Marcia Ellis; Thomas Chou

Other key lawyers:

Chloe Liu; Maureen Ho


‘Very impressed by the MoFo team. Led by Marcia Ellis, the team anticipated issues, prepared us well, and brought their expertise to all kinds of scenarios that we ran into.’

‘Marcia Ellis, leader of the group, is always the consummate legal advisor, combining her great legal mind, personality, strong commercial sense and decades of experience handling the most difficult or pioneering deals around the world. Can’t possibly ask for a better person to represent our interest.’

Key clients

Ark Pacific Capital

Ally Bridge Group

Alibaba Group

Affirma Capital Managers (Singapore) Pte. Ltd.

Ascendent Capital Partners

Bain Capital Credit


C2 Capital

Celadon Partners

Farallon Capital Asia


Intudo Ventures

Hony Capital


PAGAC Tea Holdings I Ltd.

NewQuest Capital Partners

Prax Capital

Princeton Digital Group

Serenity Capital

SoftBank Group Corp

SoftBank Vision Fund

Silver Crest Acquisition Corp.

Vectr Ventures

Work highlights

  • Advised SoftBank Group Corp. and SoftBank Vision Fund on the acquisition of a substantial interest in Arm China.
  • Advised Silver Crest Acquisition Corporation on its successful completion of $1.4bn business combination with TH International Limited.
  • Represented Ally Bridge Group in various growth, late stage and public life sciences investments across the US and Europe, including as lead investor in connection with the $101m Series B financing of Endeavor BioMedicines.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has a long-established presence in Greater China, with the private equity practice regularly representing Chinese state-owned and non-state-owned companies and financial institutions in their dealings domestically and across multiple jurisdictions, spanning the US, Europe, the Middle East and Africa. Splitting his time between Hong Kong and Tokyo, Ian Ho is a trusted advisor to a number of major players in the PE sphere including KKR, Alibaba, Blackstone and Ant Group. Beijing-based Yang Wang is also a key contact for major PE investments in mainland China, assisting a global client base. Hong Kong remains an important hub for the firm’s PE specialists, such as Jonathan Hwang, who focuses on real estate transactions across the Asia Pacific, and Amy Liu, who regularly advises PE sponsors in connection with private and public M&A and leveraged buyouts.

Practice head(s):

Ian Ho; Jin Hyuk Park; Jonathan Hwang; Erik Ping Wang

Other key lawyers:

Yang Wang; Amy Liu; Jie Min

Key clients

Affinity Equity Partners

Alibaba Group Holding Limited

Ant Group

Apax Partners

B.Grimm Capital Partners

Bank of America Merrill Lynch

Blackstone Inc. (and portfolio companies)

BEST Logistics

Cainiao Smart Logistics Network


GDS Holdings


Hillhouse Capital



J.P. Morgan

Kohlberg Kravis Roberts & Co. (and portfolio companies)

Koubei Holding Limited

Kyoto Pacific Capital

Marelli (f/k/a Calsonic Kansei)

Morgan Stanley Private Equity


Primavera Capital Group


Seatown (Temasek)

Sequoia Capital China Fund

Silver Lake Partners

SK Group

TAL Education

Warburg Pincus

XPeng Inc.

Yunfeng Fund

Work highlights

  • Acting for 51job on its $4.3bn going-private transaction.
  • Acting for Primavera Capital Acquisition Corporation on its business combination transaction with Lanvin Group, with a combined pro forma equity value of up to $1.7bn.
  • Acting for a buyer consortium consisting of New Frontier Public Holding Ltd. and affiliated investment vehicles, certain private equity firms and certain other investors in connection with the $1.58bn going private transaction of New Frontier Health Corporation.

Weil, Gotshal & Manges LLP

The private equity group at Weil, Gotshal & Manges LLP specialises in the largest and most complex cross-border transactions for premium financial sponsor clients, handling deals of all types including auctions, exits, take-privates, distressed deals and PIPEs. Across both public and private transactions, the practice has demonstrated significant expertise in multiple growth sectors, from advanced manufacturing and pharmaceuticals to media and technology. Splitting his time between Shanghai and Beijing, China practice head Charles Ching is one of the best regarded PE lawyers in the region, who, in addition to representing top PE sponsors, is regularly referred to by major investment banks. In Beijing, counsel Yujing Liu focuses on representing Chinese companies in their outbound investments, while Shanghai-based Kenny Yu is adept regarding competitive and proprietary buyouts, as well as fund formation. Tim Gardner also has a strong reputation in the market.

Practice head(s):

Charles Ching


Other key lawyers:

Yujing Liu; Kenny Yu; Tim Gardner


‘With significant and long-term industry experience in the field of life sciences and healthcare, as well as outstanding achievements in domestic and foreign financing, the team is stable and provides continuous legal support to clients.’

‘They have managed to navigate through the crises and remained strong.’

‘Charles Ching has a rare combination of expertise in both US and Chinese PE practices.’

‘Weil is particularly experienced in the private equity market in China, with deep cross-border knowledge and execution capability. Diversity also stands out as a highlight.’

‘Charles Ching stands out as the best partner I worked with who has unmatched knowledge in both Chinese and international private equity and M&A market.’

‘Yujing Liu, who works for us on a couple of deals, is a very experienced legal counsel.’

‘Their practice is rather focused on complex M&A deals, particularly where there is a private equity angle. Their lawyers respond very quickly, precisely and commercially, particularly Charles Ching.’

‘In the mainland legal market, I don’t truly see many outstanding bilingual commercial/deal lawyers but Kenny Yu and Charles Ching are surely the two individuals that stand out of the crowd. The pair is terrific in that they execute deals at lightening-fast speed, and most importantly, at a quality that is reflective of a tier-one international law firm. Kenny Yu is up and coming and surely will go far in this market.’

Key clients

Advent International

Alibaba Group

BPEA EQT (formerly known as Baring Private Equity Asia)

CBC Group (formerly C-Bridge Capital)

Citigroup Asia

FountainVest Partners

Gores Guggenheim Inc.

Hillhouse Capital

Mr. Rick Yan (Co-founder and CEO of 51job, Inc.)

MBK Partners


Primavera Capital

TPG Growth

Work highlights

  • Advised Advent International on its leveraged acquisition of a controlling stake in Shanghai Wagas, a Chinese health-food and bakery chain.
  • Acting for Advent International on its investment in LBS Group, a pest control operation and hygiene solutions provider in Greater China.
  • Advising Gores Guggenheim, Inc., a SPAC sponsored by affiliates of The Gores Group and Guggenheim Capital, on its $20bn business combination with Polestar Performance AB.

A&O Shearman

A&O Shearman offers extensive expertise advising on China-related private equity transactions across a broad range of industries including infrastructure, logistics and healthcare; with notable expertise acting for funds and investors within the private capital industry, regularly assisting with formation, compliance, transactional and regulatory matters. Splitting her time between Beijing and Hong Kong, Li Chen is a key contact for Greater China PE matters and brings a particular strength in the TMT, manufacturing and financial services sectors. Hong Kong-based Lorna Chen is an authority on compliance and regulatory issues, with cross-border expertise that spans Asia, Europe and North America. Also in Hong Kong, Sean Wang’s practice focuses primarily on advising financial institutions and major SOEs, while Beijing-based associate Weina Guan is building a strong reputation for her knowledge of complex take-privates, minority investments and divestitures.

Other key lawyers:

Li Chen; Lorna Chen; Sean Wang; Won Lee; Wanda Woo; Weina Guan

Work highlights

  • Advised Investcorp on the restructuring of Beijing Lu Daopei Biotechnology Co., Ltd., one of its portfolio companies.
  • Acted for PTT of Thailand on its investment into an energy transition business, as well as strategic cooperation arrangements for the development of the business in Asia.

DLA Piper

With considerable depth of experiences and resources throughout Hong Kong, Beijing and Shanghai, the China private equity practice at DLA Piper assists clients throughout the entire PE life cycle, with particular sector specialisms spanning technology, automobiles, life sciences, pharmaceuticals and chemicals. Shanghai-based Qiang Li specialises in high-end cross-border transactions, whilst Stewart Wang focuses on venture capital investment, FDI and joint ventures; the pair combining to advise Wise Road Capital on the regulatory aspects of its $9.4bn acquisition of Chinese chip-making giant Tsinghua Unigroup. In Beijing, James Chang brings deep transactional and regulatory expertise and regularly advises investors and companies on early stage and growth capital investments. Corporate and PE specialist Xin Fang joined the team from Mayer Brown in January 2023 and is based in Hong Kong.

Practice head(s):

Luke Gannon

Other key lawyers:

Stewart Wang; Qiang Li; James Chang


‘Excellent in advising cross border M&A transactions.’


Key clients

Wise Road Capital

Silk Road Fund Co., Ltd.

Arlington Capital Partners

New Enterprise Associates, Inc.

Recco Control

Auster Capital

Huntsman Corporation

CPE Fund

Blue Ocean Structure Investment Company Ltd.

Qumei Runto S.à r.l. (Qumei Runto)

Scientia Technologies Limited

Work highlights

Hogan Lovells International LLP

Adopting a strategic sector focus on the TMT, life sciences and healthcare sectors, Hogan Lovells International LLP’s private equity practice works in conjunction with PRC law firm Fujan Fidelity Law Firm to offer clients fully integrated international and domestic Chinese legal advice. Heading the private equity group for Greater China from Hong Kong is Stephanie Tang, whose expertise covers the spectrum of transactions including LBOs, take-privates, de-SPACs, PIPEs and equity investments. Don Williams is a vastly experienced contact in Shanghai, having recently led when advising Ping An as lead investor on the $100m initial closing of the Series E financing of Visby Medical, a developer of PCR-based diagnostics tests for infectious disease detection. Also in Shanghai, Tony Mou is a trusted advisor to PE and VC funds, entrepreneurs, venture-backed growth stage and public companies, while Beijing-based Lu Zhou brings deep industrial regulatory knowledge to help clients navigate complex structuring and operational issues.

Practice head(s):

Stephanie Tang; Don Williams

Other key lawyers:

Tony Mou; Lu Zhou; Yu Xia

Key clients

Ping An Global Voyager Fund


Glory Star New Media Group Holdings Limited (Nasdaq: GSMG)

Work highlights

  • Advised Ping An Global Voyager Fund, as the lead investor, in the $100m initial closing of the Series E financing of Visby Medical.
  • Represented GuanData in its Series C financing of $45m, led by Tiger Global Fund, followed by Sequoia China, Linear Capital, Xiang He Capital and Unicorn Capital Partners.
  • Acted as the US counsel to the special committee of the board of directors of Glory Star New Media Group Holdings Limited, in connection with the going-private transaction led by its founder.


Having continued to represent special committees, issuers, management and PE sponsors in numerous take-private transactions, the Greater China-based group at O'Melveny also commands a strong reputation in buyouts, PIPEs, debt financings and recapitalisations. Additionally, the practice has developed deep expertise in a variety of sectors, from technology and life sciences to real estate and entertainment. One of those leading the offering from Shanghai is Walker Wallace, his extensive experience in international transactions sees him handling inwards Chinese investment for multinationals, as well as PE funds buying assets throughout Southeast Asia. Over in Beijing co-head Ke Geng specialises in financings of Chinese companies, M&A and other corporate transactions, while Nima Amini regularly advises on complex cross-border transactions across Asia, Europe and the US.

Practice head(s):

Walker Wallace; Ke Geng

Other key lawyers:

Nima Amini

Key clients

Acotec Scientific

Lazadaand Alibaba

Go 1

ITCS Group

Fang Holdings

China Vast

3D Medical Inc.

Work highlights

  • Advised Acotec Scientific Holdings Limited on the voluntary partial offer by Boston Scientific Group plc.
  • Advised Lazada, a subsidiary of Alibaba Group Holding, in connection with its $375m equity investment in PT ELANG ANDALAN NUSANTARA.
  • Advised ITCS Group in its strategic growth investment by Dymon Asia Private Equity.

Paul Hastings LLP

Strategically focused on the handling of late-stage buyout deals, Paul Hastings LLP’s China private equity offering is renowned for handling the full range of investment transactions, with particular strength in the TMT, entertainment, real estate and healthcare sectors. The firm boasts an impressive and diverse client roster, handling significant transactions for the likes of Ping An, GenScript Biotech and Alpha Investment Partners. David Wang has established a strong reputation for M&A and PE transactions in the technology sector, splitting his time between Beijing and Shanghai. As does Jia Yan, whose expertise in Hong Kong and US IPOs, fund formation and other PE investments is well known in the Chinese market. Beijing-based Meka Meng specialises in a wide array of investment fund work, while in Hong Kong, Fang Pei and Vivian Lam remain key contacts.

Practice head(s):

David Wang; Jia Yan; Fang Pei; Vivian Lam

Other key lawyers:

Meka Meng

Key clients

CDH Investments

Ping An Group

Alpha Investment Partners

AEW Global

China Orient Summit Capital (COS Capital)

ARA Asset Management

NewQuest Capital

Montana Capital Partners

De Well

GenScript Biotech Corporation

Probio Technology Limited

YF Capital

Work highlights

  • Advised GenScript Biotech Corporation and its subsidiary Probio Technology Limited in Probio’s Series C financing with investments from Legend Capital, Highlight Capital, Hillhouse (Probio’s Series A investor) and other institutional investors.
  • Assisted Bain Gamma with successfully closing its $90m Series A financing.
  • Represented Chindex Medical Limited in its and other investors’ subscription of new shares in Telefield Medical Imaging Limited.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP continues to be highly active in the Chinese private equity market, acting for corporate giants and PE powerhouses across a number of key economic sectors, encompassing biotechnology, consumer, education, food and beverage, financial services and transportation. The team is noted for its capability to handle work for international and regional funds, as well as sovereign wealth investors. One of those leading the practice is Judie Shortell. She splits her time between Beijing and Hong Kong and is a trusted advisor to major international clients, including KKR and L Catterton Asia. Greg Liu co-heads the practice from Beijing and he regularly advises corporate, multinational and other PE clients on numerous investments, sales and M&A involving Chinese entities. Counsel Jack Sun also focuses on China-related corporate investments, having a proven track record acting for SOE and PE clients.

Practice head(s):

Judie Shortell; Greg Liu

Other key lawyers:

Jack Sun

Key clients

Baring Private Equity Asia (BPEA)

L Catterton Asia


Didi Global

Work highlights

  • Advised BPEA on its sale to EQT, whereby BPEA received 191.2 million new ordinary EQT shares and $1.57bn in cash.
  • Advised KKR on its investment in Ruichen Pet Hospital Group Co., Ltd., a Chinese pet hospital chain.
  • Advised KKR on its investment in ZJLD Group Inc., the company that owns Guizhou Zhen Liquor Brewing Co., Ltd.

Skadden, Arps, Slate, Meagher & Flom LLP

Best known for its ability to handle big ticket Greater China and Hong Kong related private equity deals, Skadden, Arps, Slate, Meagher & Flom LLP is particularly strong on transactions involving Chinese and multinational companies; as well as Chinese new economy companies. Peter Huang leads the firm’s Beijing office and is particularly renowned for his skills handling take-privates for leading US-listed Chinese companies. In Shanghai, Haiping Li has led on various IPO investments for PE firms, while Yuting Wu has strong expertise regarding high value PIPE transactions. Also in Shanghai, Flora Lu works on numerous significant cross-border and domestic PE and M&A deals, while in Hong Kong, head of the firm's corporate offering for Asia Jonathan Stone is a supporting presence. The practice has also established a proven track record advising target companies, boards of directors and special committees in leveraged buyout transactions.

Practice head(s):

Haiping Li; Jonathan Stone; Peter Huang; Yuting Wu

Other key lawyers:

Flora Lu

Key clients


Growatt Technology Co. Ltd.

The special committee of the board of directors of O2Micro International Limited

Northstar Advisors

Buyer group of LAIX

The special committee of the board of directors of BlueCity Holdings Limited

Work highlights

White & Case LLP

Leveraging the firm’s in-depth expertise in sponsor finance, public M&A and IP, White & Case LLP’s private equity team in Greater China boasts an impressive roster of global clients such as Carlyle, CVC, Goldman Sachs and LionRock; global co-head and head of Asia PE Daniel Yeh is a key contact in Hong Kong for these powerhouses. As well as the gamut of PE areas, the practice offers an extensive range of sector specific expertise that covers consumer and retail, telecoms, digital infrastructure and renewable energies. China head Alex Zhang splits his time between Shanghai and Beijing, being particularly well regarded for handling both inbound and outbound transactions with multi-jurisdictional issues. Christopher Kelly is another key contact in Hong Kong and regularly acts for major sponsors, being especially strong in Asia’s energy transition industry. William Fong primarily advises PE sponsors and their portfolio companies on cross-border M&A and divestitures with a Chinese nexus.

Practice head(s):

Alex Zhang; Daniel Yeh

Other key lawyers:

Vivian Tsoi; Christopher Kelly; Steven Sha; William Fong; Tzi-Yang Seow; Amy Yang; Yan Yan

Key clients

AGIC Capital

Brookfield Asset Management

The Carlyle Group

Copenhagen Infrastructure Partners

Creative Artists Agency, LLC

CVC Asia Pacific Limited

DigitalBridge Group, Inc.

Flow Digital Management Pte Ltd

Goldman Sachs (Asia) LLC

Hopu Investment Management Co. Ltd.

Macquarie Capital

Magnum Opus Acquisition Limited

RRJ Capital

Work highlights

  • Advised long-standing client RRJ Capital on its $645m recapitalisation buy-out merger of Singapore-based Fullerton Healthcare Corporation Limited.
  • Advised a global sovereign wealth fund on its investment in a pre-IPO financing round of a biopharmaceutical company with businesses and operations in the PRC and the subsequent secondary purchase of shares of from other shareholders.
  • Advised a leading private equity firm with dozens of $billion in AUM on its sale of oil & gas assets in China.

Baker McKenzie FenXun

Baker McKenzie FenXun utilises an extensive global network to advise private equity sponsors, pension and sovereign wealth funds and their portfolio companies on some of the most complex and cross-border investment, divestment and other transactions. The firm has offices in key hubs of Hong Kong, Beijing and Shanghai, practice head Hong Zhang located in the latter and highly regarded for complex PE and venture capital investments and financings, as well as pre-IPO equity financings. Derek Poon was appointed as Asia Pacific chair of private equity in July 2022, recognising his extensive expertise in representing Pan-Asian PE firms, investment banks and major corporations.

Practice head(s):

Derek Poon; Hong Zhang

Other key lawyers:

Robert Wright; Dorothea Koo; Xinxing Chen


‘Strong client coverage – the team spend lots of time to get to know its client and their requirement to ensure they are bringing the right team to the table, and providing the right level of service and support required for the deal.’

‘Derek Poon is very personable, and solution oriented.’

‘Bakers has a presence across the globe and in particular Southeast Asia, where finding talented and English speaking lawyers is particularly challenging. Bakers has the leading edge on their quality partner network across the globe and each partner collaborates a lot with another which provide significant synergies.’

Key clients



APG Strategic Real Estate Pool (“APG”)

Bain Capital


Caisse de dépôt et placement du Québec (“CDPQ”)

Canada Pension Plan Investment Board


CMC Capital

Digital Bridge/Vantage Data Centers

EQT Mid Market GP B.V.

Gaw Capital Partners

Global Infrastructure Partners

One Equity Partners

Ontario Teacher’s Pension Plan

Platinum Equity

Snow Lake Capital


TR Capital

Vitruvian Partners

Work highlights

  • Advised AGIC Capital on its investment in Eulitha AG, a Switzerland-based specialised technology provider of non-contact nano-UV-lithography equipment and services, for an undisclosed amount.
  • Advised AGIC Capital on its acquisition of a majority stake in Grafotronic AB and its subsidiaries for an undisclosed amount.
  • Advised AllianzX, the PE/VC arm of Allianz, on its investment into the WeLab consortium that has completed the acquisition of an Indonesian commercial bank, PT Bank Jasa Jakarta (BJJ), together with PT Astra International Tbk (Astra).

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton consistently handles a varied range of complex investments, from leveraged buyouts and consortium deals to co-investments and minority investments. The experienced team is characterised by the calibre of PE houses it acts for, with Brookfield Asset Management, DCP Capital and Silk Road Fund considered key clients. Denise Shiu leads the offering from Beijing, her practice focuses on PE, M&A and FDI transactions throughout China and wider Asia.

Practice head(s):

Denise Shiu


‘Cleary is one of the best firms in MAPE and ECM markets in Greater China.’

‘Denise Shiu is one of the best lawyers in the market. She is alway responsive, very close to the deal, and can provide business-oriented and solution-driven advices to her clients.’

Key clients

Brookfield Asset Management

DCP Capital


L Catterton

Morgan Stanley Private Equity


PAG Asia

Silk Road Fund

Temasek Holdings


Work highlights

  • Advising DCP Capital on a minority investment in the Chinese operations of Jamieson Wellness Inc. as well as a PIPE investment in Jamieson Wellness.
  • Advised the Alexander Wang companies in an equity investment by Challenjers Cepheus LLC and Starry Fashion Limited.
  • Advised Brookfield on its acquisition of Trimco Group from Affinity Equity Partners.

Cooley LLP

Renowned for its skills in handling venture capital mandates, Cooley LLP offers specialists across a number of core growth sectors including pharmaceuticals and biotech, healthcare, energy, media, IT and transportation. Yiming Liu is a key contact in Shanghai, bringing extensive cross-border experience and specialising in strategic transactions with private equity and venture capital funds; Christina Zhang is another key contact, with a particular strength in life sciences, high-tech and industrial sectors. The practice was bolstered by the addition of Ruomu Li from Morrison Foerster in December 2022, bringing a proven track record when handling high-profile transactions, especially in the technology sector.

Other key lawyers:

Yiming Liu; Christina Zhang; Matthew Bartus; Peter Werner; Rumuo Li; Lunga Su


‘This team is very professional, dedicated, customer-oriented, has strong industry accumulation, and cross-border expertise.’

‘Christina Zhang and team member Lunga Su were excellent in our project cooperation. Our cross-border financing as a start-up involves many details and complicated issues, and it is during the isolation period of the epidemic in Shanghai. They assisted us in successfully completing financing and setting up an international structure. A lot of value-added services and forward-looking suggestions were given.’

‘With significant and long-term industry experience in the field of life sciences and healthcare, as well as outstanding achievements in domestic and foreign financing, the team is stable and provides continuous legal support to clients.’

Key clients

Become Consulting

CBC Capital

Eight Roads Capital

Full-Life Technologies

Horizon Ventures


Jacobio Pharmaceuticals

Lupeng Pharmaceuticals

NeuExcell Therapeutics

Pappas Capital

Pulnovo Medical


SJ Semiconductor Corporation


Work highlights

  • Represented SJ Semiconductor in signing the first batch investment agreement of its $340m Series C+ financing.
  • Represented Eight Roads Capital in its investment in the $200m Series B financing of Sinora.
  • Acted for Lilly Asia Ventures on its investment in the $155m Series B financing of Arrivent Biopharma.

Davis Polk & Wardwell LLP

Servicing a broad array of clients in China, Japan, Korea and across the Asia Pacific, Davis Polk & Wardwell LLP‘s private equity practice covers the entire service spectrum, from fund formation and structuring to investments, recapitalizations, and dispositions. Miranda So leads the firm’s Asia M&A and PE offering, regularly assisting clients with complex buyouts, sales, FDI, and going-private transactions. Annie Yan was promoted to partner in January 2023 and brings extensive experience representing companies and investment funds on cross-border PE transactions.

Practice head(s):

Miranda So

Other key lawyers:

Annie Yan

Work highlights

Latham & Watkins LLP

The Greater China practice at Latham & Watkins LLP is consistently engaged in the largest and most complex private equity transactions in the region, heavily involved in high-growth sectors including technology, healthcare and e-commerce, as well as advising PE clients on their infrastructure related investments throughout Asia. Based out of Hong Kong, Simon Cooke has advised on multiple landmark joint values, equity investments, disposals and privatisations, while Frank Sun is also a key contact for complex in-bound and out-bound China transactions. Stephen Shi is known for his experience in cross-border M&A.

Practice head(s):

Simon Cooke

Other key lawyers:

Frank Sun; Stephen Shi

Work highlights

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP acts for some of the most sophisticated PE entities globally, including Warburg Pincus, Permira, Sequoia Capital and Hillhouse, with Ning Zhang being a trusted advisor to these clients from Beijing. The practice is experienced across the spectrum of transactions, including buyouts, add-ons and co-investments, dispositions and other exits. Maurice Hoo spearheads the offering from Hong Kong, bringing more than three decades of PE experience and is particularly strong in the TMT sector.

Practice head(s):

Ning Zhang; Maurice Hoo

Other key lawyers:

Alex Wang

Key clients

Sequoia Capital

Warburg Pincus


Hong Kong Science and Technology Parks Corporation

Meten International Education Group

China Distance Education

Silk Road Fund

Lake Bleu Capital

Bank of China International

Work highlights

Orrick, Herrington & Sutcliffe LLP

Having established a recognisable strength in China-related SPAC transactions, Orrick, Herrington & Sutcliffe LLP handles a steady stream of high value cross-border private equity transactions, operating at the cutting-edge of technology related trends. Jeffrey Sun is a leading figure and renowned in the Chinese market for his technology M&A expertise, while co-head Jeff Zhang, splitting his time between Beijing and New York, focuses on China-related inbound and outbound M&A and PE transactions and is especially skilled in life sciences and fintech.

Practice head(s):

Jeffrey Sun; Jeff Zhang

Key clients

Baidu Inc.


Hailiang Education Group Inc.

Betta Games

Pactera Technology International Ltd.

Chery Automobile Co., Ltd

Keyarch Acquisition Corporation

Fuwei Films

Brookfield Growth Fund

COVA Acquisition Corp

Canaan Inc.

Pop Mart

Zhejiang Geely Holding Group

Toyota Motor

Work highlights

  • Advised COVA Acquisition Corp, a special purpose acquisition company listed on NASDAQ, on its merger with mobility tech company ECARX Holdings.
  • Advised the Special Committee of the Board of Directors of Hailiang Education Group Inc on its going-private transaction.
  • Advised Fuwei Films on its $800m merger with with BaiJiaYun Limited.

Ropes & Gray LLP

Ropes & Gray LLP service major players in the Chinese and Asia Pacific private equity market, spanning the likes of Ares, Bain Capital, ICBC and TPG. The diversity of mandates received is mirrored by the range of sector specialists the practice offers, with technology, consumer goods, financial services and real estate considered key areas of expertise. Oliver Nip leads the Hong Kong-based practice, highly active across the spectrum of transactions including minority investments, buyouts, joint ventures and co-investments. Boxin Wang was promoted to counsel in November 2022 and is highly sought after by Chinese, Hong Kong and multinational clients.

Practice head(s):

Oliver Nip

Other key lawyers:

Jenny Qi; Boxin Wang; Arthur Mok


‘Oliver Nip is always responsive and very close to the deals that he works on.’

Key clients

Ares SSG Capital Management

Baillie Gifford

Bain Capital

Baring Private Equity Asia (BPEA EQT)

China Resources Capital Management

ICBC International

Inspiration Advisors HK Limited

Manulife Investment Management

MBK Partners

Nexus Point Advisors HK Limited

Siguler Guff

TPG Inc.

Work highlights

  • Represented Nexus Point Advisors HK Limited in the leveraged buyout of Honour Lane Shipping.
  • Advised funds affiliated with Baring Private Equity Asia on the acquisition of Hong Kong- headquartered Tricor Group.
  • Represented BPEA in the approximately $1bn take-private acquisition of Ginko International by BPEA-backed Glamor Vision.


The private equity offering at Goodwin is heavily invested in the Chinese new economy sectors, having built a strong track record in areas at the intersection of private equity, technology and life sciences. Yash Rana leads the practice from Hong Kong and has extensive expertise of transactions spanning North America, Europe, EMEA and Asia Pacific, with major clients such as B Capital Group, DST Global and Hillhouse Investment considering him a trusted advisor. Douglas Freeman is also a key contact, recently counselling LionRock Capital on the sale of its remaining indirect stake in British-based shoe manufacturer Clarks to Viva China Holdings.

Practice head(s):

Yash Rana; Douglas Freeman

Other key lawyers:

Victor Chen; Chi Pan; Edwin Chan

Key clients

Hillhouse Investment

FountainVest Partners

B Capital Group

LionRock Capital


DST Global

TA Associates

Ontario Teachers’ Pension Plan

Goldman Sachs


Aspex Management


Horizons Ventures

Work highlights

  • Advising LionRock Capital on the sale of its remaining indirect stake in Clarks.
  • Acting for TA Associates on its acquisition of Faria Education Group.
  • Acting for Goldman Sachs’s Principal Strategic Investments Group on the sale of Tora Holdings, in which it is a significant investor.

Mayer Brown

A global firm with a well integrated regional presence, Mayer Brown’s private equity group regularly advises top PE, venture capital, hedge, real estate, infrastructure and sovereign wealth funds across the spectrum of transactions. The Hong Kong-based team of Mark Uhrynuk, David Ellis and Ricky Yiu are key players, being considered experts in the ESG and real estate sectors respectively. Steven Tran departed to Morrison Foerster in December 2022.

Practice head(s):

Mark Uhrynuk; David Ellis; Ricky Yiu

Key clients

TPG Capital

LimeTree Capital

Excelsior Capital Asia

Leapfrog Investments



Principal Financial


Gaw Capital Partners

BEI Capital Partners (HK) Limited

IGIS Asset Management Company Limited (a Korean PE fund)

Sun Hung Kai & Co.

UI Holdings

GPA Global

Brawn Capital

DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”)

Siu Sing Investment Limited

Leapfrog Investments

Work highlights

  • Advised Sun Hung Kai & Co. Limited (SEHK: 86), a Hong Kong-listed alternative investment financial services institution, on its Series B investment into Sygnum Bank AG (Sygnum).
  • Advised Principal Financial Group, a global financial investment management and insurance company, on the extension of its asset management partnership with CIMB Group Holdings Berhad.
  • Advised Erik Ryd, the founder and president of Hop Lun Group, on his sale of a controlling stake in the business to Platinum Equity, a global investment firm based in the United States.

Proskauer Rose LLP

Proskauer Rose LLP offers a dedicated Greater China private equity team that is recognised in the market for its co-investment work, both direct and indirect transactions, as well as structuring co-investment funds across China, India and Southeast Asia. Yuval Tal, who splits his time between Hong Kong and Beijing, also leads the team and has specialist expertise in the fields of hospitality, real estate, technology and finance.

Practice head(s):

Yuval Tal

Key clients

Schroders Capital

Partners Group

Hollyport Capital

Work highlights

Sidley Austin LLP

Sidley Austin LLP ‘s China private equity team is increasingly active in transactions involving diversified and high-growth sectors, including the likes of cutting-edge technology, education, transport, AI, and internet and e-commerce; being particularly prominent regarding SPAC transactions. Constance Choy jointly leads the practice and is a trusted advisor to major clients in the real estate, life sciences and financial services sectors. Co-head Raymond Oh’s practice is particularly diverse, advising on complex issues concerning pre-IPO investment, PE fund formation, PIPE transactions, start-ups and emerging companies.

Practice head(s):

Constance Choy; Raymond Oh


‘It was my first time working with Sidley Austin this year on a private equity deal. They did a great job delivering an outstanding result within a very tight timetable and across very complicated topics including IP, restructuring and etc.’

Key clients

Inspiration Capital Partners

Cloudview Technology Limited

Lilly Asia Ventures

Work highlights

  • Advised Inspiration Capital Partners, on its leveraged acquisition of Antute (Beijing) Technology Limited.
  • Advised Cloudview Technology Limited on its Series A preferred shares financing round, with investments from a well-known South East Asian sovereign fund and existing shareholders, Tencent and Transsion.
  • Advised Lilly Asia Ventures, one of the lead investors, in the Series A financing of Precede Biosciences, Inc.