Clifford Chance comprehensively advises its versatile client roster, which consists of asset managers, insurance companies, investment companies and financial institutions. The group combines investment, corporate and tax law expertise, which leads to frequent instructions on the launch of investment vehicles and platforms, fund structuring and fundraising as well as transactions and investments. Key lawyers Marco Simonis , Sonya Pauls and Josef Brinkhaus cover the area comprehensively.
Investment funds in Germany
Clifford Chance
Other key lawyers:
Gregor Evenkamp; Josef Brinkhaus; Sonya Pauls; Marco Simonis; Jan Grabbe; Oliver Kronat
Testimonials
‘Innovative, solution- and goal-oriented.’
‘Know-how; practical relevance; customer understanding; Solution orientation.’
‘Sparring on new developments; Reachability; Capacities.’
‘Marco Simonis has an excellent understanding of customer-specific regulatory requirements.’
‘Gregor Evenkamp has a very good understanding of funds and in particular securities law, and he is always solution-oriented.’
Linklaters
Asset managers and investment funds utilise Linklaters‘ expertise in the structuring, launch and sale of investment funds for institutional investors, including related regulatory, tax and transactional issues. The practice covers various alternative asset classes, with a strong focus on advising real estate fund providers on the launch of funds in the logistics, residential, hotel and retail sector. Also noteworty are the capacities at the capital markets interface, which are evident in the team’s regular assistance with the public offering of real estate funds. Alexander Vogt and Markus Wollenhaupt lead the team and have strong expertise in the funds area.
Testimonials
‘Linklaters masters all asset classes and thus has a market overview that not many others have. The good Luxembourg office and the strong tax practice are very helpful and make it feel like we are in good hands when launching complex products.’
‘The team is very dedicated, works very hard and is very cooperative.’
‘Has an excellent understanding of the customer’s needs and business issues. They also have a very extensive knowledge of the European regulatory environment.’
Dechert LLP
In close cooperation with the Luxembourg and London locations, the German Dechert LLP team regularly assists fund managers and initiators as well as institutional investors with the structuring and launch of funds as well as various related supervisory, corporate and tax law issues. The latter is a key strength of Hans Stamm, who jointly heads the practice with banking supervisory and investment law expert Angelo Lercara. Various alternative asset classes are covered by the team, which focuses on real estate, renewable energies and private debt and recently increasingly assisted with fintech and crypto-related funds.
Testimonials
‘Many years of experience, very good navigation in unwritten supervisory law, seamless cooperation between the various offices.’
‘The team is very knowledgeable, responsive, available and extremely easy to work with.’
‘I value Dechert as a leading law firm with a truly global and integrated wealth management practice. Dechert has a clear and transparent billing structure that also adapts to the respective case.’
‘Angelo Lercara offers great, practical and economically sensible advice on subjects that are often very complicated and difficult to understand.’
‘I have been working with Mr. Lercara for more than 5 years on fund and asset management issues in general. He always combines an extremely high level of technical knowledge with a strong business acumen. He is particularly responsive when it comes to day-to-day business and visionary when it comes to strategic issues. He also demonstrates a strong ability to effectively assess risk.’
Key clients
Swiss Capital Alternative Investments AG / Stepstone
Union Investment
Aukera Real Estate
Altarius Asset Management Ltd. / Malta Fund Manager/AIFM
Investec Bank
Prime Capital AG
Hengeler Mueller
Hengeler Mueller ‘s key strength is combined regulatory and corporate law expertise. The team assists German capital management companies, foreign asset managers and financial institutions with the design of product innovations, the sale of funds, German market entry and various compliance issues as well as corporate restructurings and mergers. Here, in addition to Christian Schmies, who also covers interfacing fintech matters, Carl-Philipp Eberlein regularly takes the lead.
King & Spalding LLP
King & Spalding LLP has a strong focus on real estate investment funds and comprehensively advises its client base, including German and international investment fund managers, asset managers, institutional investors and banks on transactions, financing and regulatory issues; the team also covers cross-location matters. These interface capacities complement the traditional advice on the structuring, management and restructuring of open and closed real estate funds in the special and mutual funds area. Investment and regulatory law expert Alexandra Weis and Andreas Böhme (fund structuring, financing and restructuring) are among the key contacts; Mario Leißner retired in June 2022.
Key clients
Hannover Leasing
AEW Invest GmbH
AXA Investment Managers
Tishman Speyer
HansaInvest Hanseatische Investment GmbH
Commerz Real Investmentgesellschaft
Savills Fund Management GmbH
BEOS AG
Institutional Investment Partners Group (2IP)
BMO Real Estate Partners
Savills Fund Management GmbH
RAM Invest
Patrizia Frankfurt Kapitalverwaltungsgesellschaft mbH
LaSalle Investment Management
La Française
Wertgrund
Union Investment
Universal Investment
Warburg-HIH Invest Real Estate
bsi Bundesverband Sachwerte und Investmentvermögen
Ärzteversorgung Westfalen-Lippe
Galleon Capital Partners
GRR Real Estate
Proprium Capital Management (UK), LLP
Work highlights
- Advising a fully licensed AIF capital management company on the launch of its first open-end mutual fund with five different share classes for real estate investments in Germany; the fund is one of the first financial products on the German market to qualify as an ESG strategy product in accordance with disclosure regulations.
- Ongoing advice to AEW Invest GmbH on supervisory law and on the launch and structuring of funds as well as on real estate financing.
- Advice to Hannover Leasing on fund launch and structuring as well as on various real estate transactions.
POELLATH
Amos Veith jointly heads POELLATH‘s private funds team with Jens Steinmüller since the departure of former founding partner Andreas Rodin to YPOG in July 2022 (he previously worked briefly for fund law boutique Orbit). Both cover regulatory and tax issues in connection with fund structuring and fund investments. This is characteristic of the team’s interdisciplinary approach, which was further strengthened by the appointment of Stephan Schade to partner in January 2022. German and international fund managers and investors request this expertise, particularly in the private equity sector. The latter is a key strength of the team, although other investments are also covered.
Testimonials
‘Young and dynamic team. Very commercially oriented, focus on providing solutions rather than primarily highlighting legal risks.’
‘High professional competence and industry understanding.’
‘Philip Schwarz van Berk: Pragmatic and solution-oriented.’
Key clients
Allianz Global Investors
Ampega Asset Management GmbH
BRIGHT CAPITAL GmbH
capiton AG
Capnamic
Castik Capital S.a.r.l.
Circle Eleven GmbH
Cusp Capital
EMERAM Capital GmbH
Bundeswirtschaftsministerium
Deeptech Future Fonds
EIF European Investmentfund
Hightech Gründerfonds
Insight Partners
PINOVA Capital GmbH
SHS VI Healthcare Investments GmbH & Co. KG
Signal Iduna
Swift Capital Partners GmbH b
DPE Deutsche Private Equity
SwanCap Partners
Astorius Consult Partners
ECE Real Estate Partners
Uniqa Insurance Group
Work highlights
- Advising the DeepTech Future Fund (DTFF) on fund structuring and the negotiations with the Federal Ministry of Finance and KfW on all corporate, tax and regulatory issues with a volume of €1 billion.
- Advice to Ampega Asset Management GmbH on tax and legal matters pertaining to investments in private equity, debt and infrastructure funds; approximately 57 target funds with a total volume of around €1.8 billion.
- Advising Allianz Global Investors as lead counsel on the launch and fundraising of the Emerging Market Climate Action Fund (EMCAF) on all contractual, tax and regulatory aspects of fund structuring, contractual documentation and negotiations with investors.
Simmons & Simmons
Simmons & Simmons offers comprehensive advice in the asset management sphere, which, in addition to the key areas fund structuring and fund launches as well as regulatory law and compliance, also includes corporate law, tax law and strategic aspects. These capacities are reflected in the team’s composition: Benedikt Weiser (structuring and design of investment funds), Harald Glander (establishment and sale of open and closed funds, Master KAG structures and ETFs), Jochen Kindermann ( regulatory issues and compliance) and Bernulph Von Crailsheim (national and international tax law). The client portfolio includes asset managers and investors.
Testimonials
‘The team supports us primarily in the regulatory area and acts extremely flexibly and is always available to meet our needs.’
‘Harald Glander: Deep understanding of the business and the legal framework, very trusting cooperation.’
‘Dr. Benedikt Weiser is characterized by an extremely high level of expertise and at the same time an understanding of the client’s interests.’
Key clients
AEW
Baillie Gifford
Cambridge Associates
Citadel
Harris, Threadneedle, Jane Street, Odey Capital, Baillie Gifford, Two Sigma, D.E. Shaw etc.
First Sentier (Ireland) Ltd
Harris Associates
Houlihan Lokey
Jupiter
M&G PLC
Macquarie Bank Limited
Millenium Capital
Multi Family Office
Schonfeld LLC
Schroder Real Estate Investment Management Ltd.
Select Equity Group, Inc
Stockbridge
Susi Partners
Work highlights
- Advising a leading global investment manager on the ESG requirements according to SFDR, which came into force in March 2021, both at group level and for the individual real estate funds. This included the drafting and updating of internal policies and the revision of numerous fund documentation and marketing materials.
- Advising Baillie Gifford on their entire European business, creating a distribution network with offices in different EU countries.
- Advising various German and Swiss pension schemes, pension funds and insurance companies on over 70 projects; including support in investing in private equity, real estate, infrastructure and debt funds. Each valued at between €30 million and €80 million.
CMS
CMS‘ fund practice follows an interdisciplinary approach with combined expertise in fund structuring, investor advice, funds-related transactions and compliance. Both Daniel Voigt, whose focus is on the structuring of open and closed funds and advising regulated investors on fund participation, and Tillman Kempf, who specialises in the tax structuring of investment funds, regularly take the lead. The team covers various asset classes, recent prominet areas include real estate, private equity and renewable energies.
Testimonials
‘Practical and solution-oriented, hands-on, very good expertise in fund law (also cross-border).’
‘The team makes a very down-to-earth impression and you have the feeling that even as a small customer/newcomer you experience maximum appreciation. At the same time, the approaches to fund structuring are very pragmatic and goal-oriented.’
‘We can unreservedly recommend Daniel Voigt because of his knowledge of the industry, his approach and his personal qualities.’
GSK Stockmann
GSK Stockmann offers combined regulatory and tax expertise, which is also evident at practice head level: Robert Kramer covers regulatory and investment law matters – including the establishment and registration of capital management companies as well as the launch and structuring of funds -, while Petra Eckl is well versed in tax-optimised fund structuring. This expertise is also utilised in transactions and, most recently, particularly in connection with ESG compliance-related issues and extends across various asset classes. Advising players from the real estate sector is a traditional strength of the team, other sectors include private equity, venture capital, renewable energies and private debt. The client base consists of investors, capital management companies and asset managers, which are frequently advised in cooperation with the Luxembourg office.
Testimonials
‘Professionally very good and diversified law firm, with which the cooperation works smoothly.’
‘Good accessibility, quick feedback, technically very good, know our company well, good exchange on new topics.’
‘Very competent and pragmatic.’
‘Very good accessibility; work proactively and proactively with in-house legal departments; no change of individual team members during the project.’
Key clients
AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH
Baloise Asset Management AG
Catella
CommerzVentures II Beteiligungs GmbH & Co. KG
coparion GmbH & Co. KG
Donner & Reuschel AG
EB-Sustainable Investment Management GmbH
HomeToGo
Quantum Immobilien KVG
BECKEN Holding GmbH
Target Global
WohnSelect Kapitalverwaltungsgesellschaft mbH
Work highlights
- Advising BECKEN Holding GmbH on the acquisition of a majority stake in INDUSTRIA WOHNEN GmbH as part of a structured bidding process.
- Advice to Target Global as lead investor on the recent series C financing round in the insurtech wefox.
- Advice to WohnSelect Kapitalverwaltungsgesellschaft mbH on adapting their products, services and organization to the legal requirements of ESG regulation.
Luther Rechtsanwaltsgesellschaft mbH
Institutional investors regularly instruct Luther Rechtsanwaltsgesellschaft mbH ‘s team on alternative investment products and the structuring of own investment platforms. Asset managers and fund initiators are also among the client base, which the practice assists with the structuring and administration of alternative investment funds in Germany and Luxembourg; the advice offering is complemented by regulatory and tax law capacities. Achim Pütz and Martin Hüwel, who both comprehensively cover the investment funds sector, are among the key contacts as well as investment tax law expert Bela Jansen.
Testimonials
‘German-speaking team with many years of market experience (in particular regulated alternative investment funds) in the institutional investor sector.’
‘Very dedicated and reliable advisor advising us on alternative investment funds, SMAs and investment platforms.’
‘Excellent knowledge of the relevant regulations and easy translation of complex problems into commercially understandable advice.’
‘Martin Hüwel is an excellent lawyer and a pleasure to work with.’
‘I’ve been working with Martin Hüwel for years and he never fails to impress both me and my colleagues. He is responsive, commercial and knowledgeable – a combination not always found at partner level! Martin is particularly adept at providing cross-border transaction advice and is helping us set up extremely complex investment funds in innovative ways.’
‘Martin Hüwel: Outstanding as a person and professionally, very pragmatic, one of the few partners in law firms who are actually “hands-on”.’
‘Dr. Wilbert has excellent investment knowledge and is a pleasure and easy to work with.’
Key clients
Quadoro Investment GmbH
aam2cred Debt Investments GmbH
CEE 1. Vermögensgesellschaft mbH
Hauck & Aufhäuser Alternative Investment Services SA
I Squared Capital Advisors (US) LLC
Union Investment Luxembourg S.A.
AEW Invest GmbH
R+V Lebensversicherung AG
Work highlights
- Advised CEE 1. Vermögensgesellschaft mbH on the establishment of a new Luxembourg renewable energy fund in the legal form of a SCS SICAV RAIF and ongoing fund advice.
- Tax and regulatory advice to AEW Invest on the acquisition of real estate located in other European countries for various real estate AIFs.
- Comprehensive corporate, transformation, insurance supervisory and employment law advice to R+V Lebensversicherung AG on the cross-border merger of R+V Luxembourg Lebensversicherung SA into R+V Lebensversicherung AG.
YPOG
With the addition of former POELLATH founding partner Andreas Rodin in July 2022 and the appointment of Tammo Lüken to partner in January of the same year, YPOG expanded its team at personnel level on the one hand, and its capacities regarding private equity (Rodin) and fund taxation (Lüken) on the other. Venture capital remains a core focus of the practice with competencies in fund structuring and taxation as well as transactions and ongoing regulatory issues. This offering is complemented by relevant fintech expertise, which was recently demonstarted in advising Greenfield One on the structuring of Europe’s largest crypto fund. Fabian Euhus (fund structuring and fundraising) leads the team.
Other key lawyers:
Helder Schnittker; Stephan Bank; Jens Kretzschmann; Lennart Lorenz; Tammo Lüken; Julian Albrecht; Andreas Rodin
Testimonials
‘Experts for fund structuring, remarkable market overview and overview of structuring options in the field of venture funds, onboarding suite for LPs, corporate law and tax law competence perfectly represented in the team.’
‘Many years of experience, extremely remarkable commitment, always persistent.’
‘Stephan Bank & Julian Albrecht are a well matched duo when it comes to fund structuring: quick to identify and solve problems, amazing in the depth of detail and linking of the contractual regulations, pool of design options and, due to the recognizable deep and broad experience, very trustworthy, very pleasant, relatable and unpretentious personalities.’
Key clients
Revent
Discovery Ventures
Greenfield One
Visionaries Club
Food Labs / Atlantic Labs
Headline and ESCALAR (EIF)
Allianz AV8 Ventures
Speedinvest
Apollo Health Ventures
WF World Fund Management GmbH
468 Capital
Cherry Ventures
Armira
Project A Ventures
Planet A
10x Founders
FindosInvestor
Creandum
Moonfare
Armira
Work highlights
- Advising Armira on the acquisition of a stake of approx. 50.09% of the share capital of Sartorius Aktiengesellschaft, which is listed on the DAX.
- Advised Allianz AV8 Ventures on the structuring and launch of the $180 million early stage venture fund AV8 II.
- Advice to Greenfield One on the launch of the largest European crypto fund with a volume of €130 million.
Debevoise & Plimpton LLP
Debevoise & Plimpton LLP follows an integrated cross-locational approach which is evident at practice head level: Patricia Volhard acts from the Frankfurt and London locations as well as Luxembourg and is supported in Germany by international counsel Jin-Hyuk Jang. He focuses on regulatory issues, which, in addition to advising on German and Luxembourg fund structures, constitute the practice’s mainstays. The firm assists clients from various sectors, particularly private equity, but also infrastructure and private debt. Fund sponsors and investors are among the client base.
Testimonials
‘The D&P team always reacts very quickly, recognizes the problems and reliably delivers good results very promptly.’
‘The partner shows interest in our concerns and helps us in a comprehensive sense. I have therefore developed a great deal of trust in the team.’
‘We could count on them. Overall, the project was completed with very reasonable effort.’
‘Professionally and culturally, Debevoise is a very pleasant mixture of an excellent “white shoe” law firm, which, however, shows a very human, pragmatic touch when processing mandates and obviously also gives the individual lawyers the freedom to develop their personal strengths. Overall always very pleasant to work with.’
‘High quality; high level of responsiveness; strong regulatory competence.’
‘Mrs. Volhard is a real partner for me. She understands me, thinks along with me and reliably delivers excellent solutions. She also accompanies our issues outside of the individual projects and is a great help to us.’
Key clients
Adams Street Partners
Alpine Space Ventures
American International Group
Apera Asset Manager
FitzWalter Capital
Hannover Finanz
HF Debt
Schroders Capital
Morgan Stanley
Work highlights
- Ongoing advice to a German fund sponsor on the launch of Luxembourg fund structures in the areas of private equity, infrastructure and renewable energy.
- Advising HF Debt on the structuring and establishment of the HF Debt Fund II.
- Ongoing regulatory advice to Adams Street (Europe) GmbH, which is registered as a securities institute and has its registered office in Munich.
Heuking
Heuking's investment fund practice is headed by Michael Dröge, who covers investment funds, corporate law, M&A and real estate, which is characteristic of the firm’s full-service approach. The team advises capital management companies on various regulatory issues pertaining to mutual and special AIFs, including fund launches, sales issues and compliance. The practice also assists clients with the defense against investor claims under capital investment law, where the team exclusively represents sellers.
Other key lawyers:
Christoph Gringel; Sven Johannsen; Julia Cramer
Testimonials
‘Long-established track record and thus excellent wealth of experience in all conceivable specialist areas on this topic.’
‘The team is characterized by competent, effective and timely processing and offers one-stop advice for all required service modules.’
‘Even for non-lawyers very understandable and comprehensible way of expression – excellent work (think outside the box, present sensible options/alternatives, know all practical implementation possibilities).’
‘Christoph Gringel: Very pragmatic and precise, to the point (you get exactly what you ask for and want; no long statements where you have the feeling that the fee/hourly rates are being pushed up unnecessarily) .’
‘The collaboration with Mr. Dröge on conception/prospecting topics is very pleasant.’