Investment funds in Germany

Clifford Chance

Clifford Chance's team co-led by Josef Brinkhaus and Gregor Evenkamp 'is a clear market leader in the funds sector', not least because of its 'excellent expertise in annex matters such as regulatory and tax law'. The team advises investment companies, financial institutions, asset managers and insurance companies as well as private investors on structuring, reorganisation and transactional matters, while also having experience in fund-related structured products. Marco Simonis, who specialises in tax and legal advice concerning investment funds and other asset management structures, is 'outstanding'.

Practice head(s):

Josef Brinkhaus; Gregor Evenkamp

Other key lawyers:

Sonya Pauls; Josef Brinkhaus; Marco Simonis; Jan Grabbe; Oliver Kronat

Testimonials

Outstandingly connected in the market.

Quick and constructive negotiations.

The interaction with Sonya Pauls is very pleasant; she is highly regarded in the German funds market.

Key clients

AllianceBernstein Holding L.P.

Amundi

Montana Capital Partners

InVision AG

EMERAM Capital PartnersGmbH

Union Investment

Deutsche Finance International

aba Arbeitsgemeinschaftfür betrieblicheAltersversorgung e.V.

Work highlights

  • Advice to two funds managed by Amundi Real Estate on the purchase of the top-5 potfolios with five high-end commercial properties in Berlin, Hamburg and Frankfurt am Main from a fund managed by Warburg-HIH.
  • Advice to the leading Equity-Secondary-investor Montana Capital Partners on the successful closing of its fourth fund mcp Opportunity Secondary Program IV, L.P.
  • Advised a large German insurance company on investments in several alternative investment funds (real estate, private equity and infrastructure).

Hengeler Mueller

Hengeler Mueller 'stands for excellent quality' and, alongside its stand-alone work, the team also handles transactional matters. Thus, the team's strength lies in dealing with mandates at the intersection with corporate and supervisory law, which also includes Brexit-related issues. Its client portfolio is equally broad and includes financial institutions, national and international asset managers, insurance groups, institutional investors and family offices. In other work, the team acts for asset managers in regulatory proceedings, including those pertaining to the breach of obligations for short sales. The 'excellentChristian Schmies and Edgar Wallach, who receives praise or his 'outstanding knowledge in closed-end funds', are among the main contacts. Thomas Paul retired.

Other key lawyers:

Christian Schmies; Edgar Wallach; Sven Henrik Schneider; Carl-Philipp Eberlein

Testimonials

Matters are handled in a quick and practice-oriented manner.

Edgar Wallach knows the right legal answer to all problems and proposes pragmatic solutions.

Christian Schmies creates real added value for his clients through his proactively developed ideas.

Key clients

GEG German Estate Group AG

Kohlberg Kravis Roberts & Co. L.P. (KKR)

Lupus alpha Asset Management AG

Prime Capital AG

Work highlights

  • Advice to a British investment adviser on the transmission of outsourcing-agreements for the portfolio management of German investment funds of a company based in Great Britain to an Irish subsidiary company.
  • Advice to an international financial company on the cross-border merger in the course of the reorientation of European activities.
  • Advice to the Prime Capital AG on the realignment of a Luxembourgish securitisation platform on the investment in foreign private-equity-funds as well as on the documentation of public offerings on the platform.

Linklaters

Linklaters focuses on providing assistance with the structuring and launch of regulated and unregulated investment funds in a national and international setting, which are marketed to institutional and private investors. Alexander Vogt and Markus Wollenhaupt are the main contacts.

Practice head(s):

Alexander Vogt; Markus Wollenhaupt

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer is best known for advising investment funds and capital management companies on regulatory and transactional matters. Konrad Schott, who specialises in structured investment products and closed-end funds, is one of the main contacts, while Thomas Emde is gradually withdrawing from private practice.

Practice head(s):

Konrad Schott; Thomas Emde

Other key lawyers:

Niko Schultz-Süchting; Alexander Schwahn; Gunnar Schuster

P+P Pöllath + Partners

Regarded as the 'top dog for private equity', P+P Pöllath + Partners stands out for its 'fast response times' and 'clear advice'. The team co-led by the 'outstandingAmos Veith and 'grand seigneurAndreas Rodin pursues a full-service approach, advising initiators and investors on private equity funds and other alternative investment funds as well as on fund investments, including associated regulatory and tax law issues as well as contentious proceedings, while also having expertise in fund structures in Luxembourg. Regulatory and fund structuring specialist Sebastian Käpplinger made partner in January 2019.

Practice head(s):

Amos Veith; Andreas Rodin

Other key lawyers:

Sebastian Käpplinger; Tarek Mardini; Uwe Bärenz

Testimonials

Well-connected team.

Very high technical expertise combined with a pleasant working atmosphere.

Proactive, pragmatic and extremely service-oriented.

Market penetration unlike most other firms.

Great team work and the client’s matter is everyone’s focus.

Safe haven in the area of German and indirectly also Luxembourg fund structures.

Key clients

Castik Capital S.à r.l.

Europäische Investitionsbank (EIB)

Fraunhofer-Gesellschaft

Commodus Real Estate Capital GmbH

capiton AG

Astorius Capital GmbH

Elvaston

Caplantic GmbH

Ampega Asset Management GmbH

Angel Invest Ventures

Rheingau Investors Club

Work highlights

  • Advised Castik Capital S.à r.l. on all matters of contract, tax and supervisory law concerning fund structuring, documentation of contracts and negotiations with investors.
  • Advice to capiton AG on all matters of contract, tax and supervisory law with regards to fund structuring and the documentation of contracts as well as negotiations with investors.
  • Ongoing advice to Astorius Capital GmbH on all funds-related matters concerning law and tax law.

Simmons & Simmons

Simmons & Simmons' broad expertise enables the team to advise asset managers and investors on the full spectrum of legal, tax and regulatory matters, which arise from the structuring of and investing in funds. Regularly acting at the intersection with capital markets and financial services regulatory law, Harald Glander is well versed in setting up open-ended and close-ended funds. Jochen Kindermann is a key contact for regulatory issues, while Benedikt Weiser, who 'acts very calmly even under pressure', frequently handles mandates on alternative assets, and Jens Gölz is well equipped to guide clients through matters pertaining to infrastructure and energy projects. In tax law, Bernulph von Crailsheim regularly assists with fund structuring work and Heiko Stoll with investment tax issues.

Key clients

Houlihan Lokey, Inc.

First State Investments Ltd.

BlackRock

Macquarie Group

Baillie Gifford

Two Sigma Investments LP

Work highlights

  • Support to several German and Swiss insurances, professional pension insurance carriers and pension funds concerning the investment in 45 institutional target funds (including private equity, real estate and infrastructure).
  • Advice to First State Investments Ltd. on the restructuring via the foundation of a new branch of an Irish asset manager and subsequent transfer of assets from the existing branch to the new branch, as well as ongoing advice on regulatory matters, in particular on the registration of distribution funds in Germany.
  • Advised the Macquarie Group on matters of tax and law concerning several closed German investment funds.

CMS

Clients praise CMS' 'very good availability, its customer-oriented time management and very good industry knowledge', which leads to regular instructions on fund structuring, investment and transactional matters with a focus on alternative assets. 'Industry expertDaniel Voigt heads the team, which includes Tillman Kempf, who is experienced in the tax structuring of open and closed-end funds, and the Luxembourg qualified Andrea München. She is the main contact for German-Luxembourg structures.

Practice head(s):

Daniel Voigt

Other key lawyers:

Tillman Kempf; Andrea München

Testimonials

Very solution-oriented and pragmatic advice approach.

Very fast responses without lowering the quality.

Outstanding value for money.

Daniel Voigt is very client-oriented and also works reliable under time constraints.

Key clients

Aquila Capital Investmentgesellschaft mbH

Seafort Advisors GmbH

Encavis AG

Willis Towers Watson

Aberdeen Standard Investments Deutschland AG

Universal-Investment-Gesellschaft mbH

DIC Asset AG

Work highlights

  • Advice to the Aquila Capital Investmentgesellschaft mbH on the structuring, documentation and circulation of an infrastructure fund with the investment focus on renewable energies.
  • Advice to the Encavis AG on the structuring, documentation and circulation of a Luxembourgish renewable energies fund for an insurance group.
  • Support to the DIC Asset AG on the sale of its German-wide portfolio of 15 high street properties to Swiss Life.

Dechert LLP

The team at Dechert LLP stands out for its 'availability and profound industry knowledge' and, since spring 2019, is co-led by Joachim Kayser, Angelo Lercara and Hans Stamm, after former practice head Achim Pütz moved to Luther Rechtsanwaltsgesellschaft mbH in April 2019 together with Martin Hüwel and Frank Wilbert. Simultaneously, the team also lost investment tax law expert Klaus Hahne to WTS. With a client portfolio consisting of financial institutions, fund providers and institutional investors, the team specialises in matters concerning regulated investment funds within the meaning of the German Capital Investment Code (KAGB) and foreign legal systems as well as in alternative investments. This offering includes advice on regulatory, fund structuring and transactional matters.

Practice head(s):

Joachim Kayser; Angelo Lercara; Hans Stamm

Testimonials

Well connected.

Competent team which quickly finds efficient and pragmatic solutions.

Key clients

Altarius Asset Management Limited

DekaBank

FERI Trust GmbH

Generali

ICG Alternative Investment Limited

Investec Bank plc

LGT Capital Partners Limited

NN Investment Partners B.V.

Prime Capital AG

Robus Capital Management Limited

Sigma Analysis & Management Limited

Swiss Capital Alternative Investments AG

StepStone Group LP

Wealth Management Capital Holding GmbH

Work highlights

  • Advised Generali Insurance Asset Management (GIAM) on the purchase of the majority stake in Sycomore Factory, the controlling company of Sycomore Asset Management.
  • Advice to Generali Investments Europe on the purchase of Merrill Lynch Investment Solutions (MLIS).
  • Advised Robus Capital Management Limited on the circulation of two loan funds with the investment focus on German and European medium-sized-companies.

GSK Stockmann

GSK Stockmann focuses on fund structuring and regulatory matters, including tax issues, while also handling transactional work. The team predominantly acts for capital management companies but was also able to expand its investor client base. In addition, the group jointly led by Petra Eckl and Robert Kramer succeeded in expanding its private equity work by winning new PE clients. In conjunction with its Luxembourg office, the team also advises on Luxembourg funds investments.

Practice head(s):

Petra Eckl; Robert Kramer

Other key lawyers:

Sascha Zentis; Oliver Glück; Timo Bernau; Daniela Eschenlohr

Key clients

Swiss Life Gruppe

DF Deutsche Finance Investment GmbH

Signal Iduna Gruppe

HANSAINVEST Real Assets GmbH

NORD Holding Unternehmensbeteiligungsgesellschaft mbH

ZBI Gruppe

Deutsche Finance Group

Hannover Leasing Investment GmbH

Work highlights

  • Advice to the Swiss Life Gruppe on the purchase of 100% of shares in the special fund DIC HighStreet Balance by DIC Asset AG as well as several other investors.
  • Advised the HANSAINVEST Real Assets GmbH on the participation as a joint venture partner in the Global Tower-project development by the GEG German Estate Group AG
  • Comprehensive advice to the Deutsche Finance Group on the structuring and documentation of an investment in the course of an issuance of a registered bond.

King & Spalding LLP

The team at King & Spalding LLP led by managing partner and co-founder of the Frankfurt office Mario Leissner is particularly well versed in real estate investment fund work, advising capital management companies, institutional investors and fund platforms on the structuring, launch, administration, restructuring and liquidation of investment funds as well as on real estate-related regulatory issues. Other work pertains to representing fund companies and asset managers in disputes with investors. Investment and regulatory expert Alexandra Weis was elevated to the partnership in January 2019.

Practice head(s):

Mario Leissner

Other key lawyers:

Alexandra Weis

Key clients

BEOS AG

Tishman Speyer

Commerz Real Investmentgesellschaft mbH

HANSAINVEST Hanseatische Investment-GmbH

Barings Real Estate Advisers GmbH

Savills Fund Management LLP

PATRIZIA AG

Hannover Leasing Investment GmbH

PATRIZIA Frankfurt Kapitalverwaltungsgesellschaft mbH

Principal Real Estate Investors

RFR Management GmbH

STADT UND LAND Wohnbauten-Gesellschaft mbH

Prudential Financial, Inc.

CBRE Global Investors

Union Investment

Warburg-HIH Invest Real Estate GmbH

Deka Immobilien Investment GmbH

Allianz Global Investors

Work highlights

  • Advice to Tishman Speyer on the structuring and circulation of funds as well as on major transactions; supported the client most recently on the purchase of the office building at the Alte Oper in Frankfurt.
  • Advised Hannover Leasing Investment GmbH on matters of supervisory law and funds topics.
  • Advice to Savills Fund Management LLP on the structuring, circulation, management and liquidation of funds, products and vehicles.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP's team led by the renowned Patricia Volhard, who divides her time between Frankfurt and London, puts significant emphasis on advising funds on structuring and regulatory matters.

Practice head(s):

Patricia Volhard

Heuking Kühn Lüer Wojtek

Heuking Kühn Lüer Wojtek advises investment funds and capital management companies on the structuring and launch of alternative investment funds with a focus on real estate, as well as on the preparation of sales prospectuses and regulatory matters. Michael Dröge heads the team.

Practice head(s):

Michael Dröge

Key clients

HF Invest GmbH

Verianos Capital Partners GmbH

WealthCap Kapitalverwaltungsgesellschaft mbH

Work highlights

  • Advice to HF Invest GmbH as initiator and portfolio manager of an OGAW with the investment focus on internet shares.
  • Advice to a private-equity client on the structuring of a private-equity-special-AIF, including advice on the creation of an assets sales prospectus including assets.
  • Advice to a capital management company on the registration as AIF-KVG as well as on the launch of a venture-capital-fund with assets in crypto-assets.

K&L Gates LLP

Fund managers and institutional investors regularly instruct K&L Gates LLP's team to assist with the structuring, set-up and negotiation of investment funds as well as with other investment issues. The practice has expertise in regulated and unregulated, open-end and closed-end investment funds and covers various asset classes, including private equity, infrastructure, private debt, hedge, real estate and renewable energy. Till Fock and the 'very solution-orientedHilger von Livonius jointly head the practice.

Practice head(s):

Till Fock; Hilger von Livonius

Other key lawyers:

Philipp Riedl; Martin Berg

Testimonials

Quick response times to queries and competent replies.

Hilger von Livonius always keeps an eye on economic requirements and consequences.’ 

Philipp Riedl offers short-term advice at the highest level.

Key clients

Paragon Partners GmbH

Art-Invest Real Estate Funds GmbH

Principal Real Estate Spezialfondsgesellschaft mbH

Paradoxon Partners GmbH

Husky Capital

Work highlights

  • Advised Paragon Partners GmbH on the structuring, documentation and negotiation of the new Paragon Funds III.
  • Advice to Art-Invest Real Estate Funds GmbH on the structuring of a hotel investment at the Cologne airport as well as the establishment of a special fund for investments in Austrian residential properties.
  • Advised Paradoxon Partners GmbH on the structuring and establishing of an open crypto-currency fund in accordance with German law.

Schnittker Möllmann Partners

Schnittker Möllmann Partners, which emerged as a spin-off from Flick Gocke Schaumburg in mid-2017, is increasingly gaining market visibility and is already an established player in advising investors, management groups and asset managers on venture capital and private equity matters. Within these segments, the team assists with the structuring, setting up and distribution of funds including associated tax and regulatory issues. Team head Helder Schnittker is particularly active in the PE arena and regularly advises private equity companies on the structuring and operation of funds. Fund expert Fabian Euhus, who joined the team in April 2018 from P+P Pöllath + Partners, was elevated to the partnership in January 2019.

Practice head(s):

Helder Schnittker

Other key lawyers:

Jens Kretzschmann; Stephan Bank; Fabian Euhus

Testimonials

‘Extremely focused in specialist topics with an eye for the client’s commercial and operational implications.’

‘Scientifically sound and nevertheless pragmatic with practicable solutions, all deadlines are adhered to.’  

‘Extremely responsive, a good feel for practical solutions.’

‘Business-oriented, empathic and very competent in all applicable topics.’ 

SMP advises a large number of funds and is therefore always up-to-date on new developments.

Stephan Bank. High engagement, good knowledge also of investment activity.

Key clients

BlueYard Capital

Sunfish Partners

Allianz SE

PropTech1 Ventures

Cherry Ventures

e.ventures

Atlantic Labs

Deutsche Telekom Capital Partners (DTCP)

Moonfare S.a.r.l.

AV8 Ventures

42CAP

Work highlights

  • Advice to Atlantic Labs on the development and structuring as well as the draw up and distribution of the internationally positioned Early Stage-fund with a volume of €80 million.
  • Advised the early-stage investor Investors Sunfish Partners on the launch of a Venture Capital-fund with a focus on Poland.
  • Advised PropTech1 Ventures on the launch of the first German Venture Capital-fund specialised on European PropTech-start-ups.