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Investment funds in Germany

Clifford Chance

Clifford Chance's considerable range of services spans the entire fund cycle, from fund structuring, fund set-up and administration to reorganisations and transactions, and includes tax and regulatory matters. With Marco Simonis and Gregor Evenkamp, the team is also well placed to advise on fund-related structured products. Based on this wide spectrum, the team receives regular instructions from an equally diverse client base including investment companies, financial institutions, asset managers and insurance companies as well as private investors. While handling all asset classes, Josef Brinkhaus has a focus on open and closed-end real estate, infrastructure, debt and private equity funds. In addition, energy and tech funds are gaining in importance, as are blockchain-based investments.

Testimonials

' The integrated fund and tax practice has a unique selling point. '

' Clifford Chance advised us on fundraising for our second fund. Extremely competent, friendly and effective in communication, also with investors. '

' Sonya Pauls is a well-respected fund expert. Is characterized by high professional competence and also a very good understanding of the commercial aspects (can assess what is really important). '

Hengeler Mueller

Hengeler Mueller specialises in matters at the transactional and regulatory intersection, which are frequently handled in cooperation with other practices. This leads to regular instructions from national and international asset managers, banks, corporates and insurance groups on fund structuring and fund launches as well as on the establishment of new branches, including licence applications, cross-border mergers and transactions including various associated regulatory issues. Edgar Wallach is a central contact for the regulatory space and for advice on the structuring and launch of investment products, while Christian Schmies is particularly experienced in blockchain and crypto assets.

Testimonials

' Your extremely good expertise; Reliability; very good judgment; always friendly, goal-oriented cooperation. '

' Proactive. '

' Christian Schmies: Experienced, reliable, friendly and proactive. '

Linklaters

Linklaters' team is well versed in the structuring, launch and distribution of regulated and unregulated investment funds in Germany and abroad marketed to institutional and private investors. Both Alexander Vogt and Markus Wollenhaupt have a focus on alternative investments such as private equity, real estate, debt and infrastructure funds.

POELLATH

POELLATH's work is based on the close cooperation between the segments fund structuring, supervisory law and tax law, leading to regular instructions from initiators and investors in the private equity space - which is a particular area of expertise for the team - on various matters at these intersections. But the team also advises other alternative investment funds, such as VC and real estate, alongside global fund investments, and also has expertise in Luxembourg fund structures and fund litigation. With the two fund structuring specialists Amos Veith and Andreas Rodin heading the team, this advisory segment takes a special position, but the group also provides regular advice on the placement and distribution of fund investments as well as on investor negotiations.

Practice head(s):

Andreas Rodin; Amos Veith

Testimonials

Excellent market penetration and market overview, practical and very solution-oriented, easy to reach, excellent service understanding.

POELLATH and especially Andreas Rodin have outstanding know-how in the area of fund structuring. He is almost always easy to reach and, thanks to his wealth of experience, can provide quick and pragmatic feedback on specific questions without extensive research. In addition, POELLATH can cover many other areas, especially regulation and supervisory law, very well.

Philip Schwarz van Berk: Experienced, confident even in critical negotiation situations.

Key clients

415 Capital

Allianz Global Investors GmbH

BID Equity

Capiton AG

Deutsche Beteiligungs AG

ECE Progressive Income Growth Fund

EIF / UnternehmerTUM – Initiative for Industrial Innovators

Heartbeat Labs / Flying Health

Khanu Management GmbH

S-UBG – TechVision Fonds I

LIQID

Acton Capital

SwanCap Management

M Cap Finance Mittelstand III GmbH & Co. KG

Earlybird VC Management GmbH & Co. KG

Work highlights

  • Earlybird: Advising on the sale of Peak Games to Zynga for a volume of $ 1.8 billion. As well as advising the client on the participation in the Series D financing round of the Berlin FinTech company N26 GmbH with a total volume of $ 470 million.
  • Capiton AG: Advising the private equity investor on GP-led single asset secondary and setting up new fund structures to secure additional capital for KD Pharma.
  • 415 CAPITAL Fund I: Advice on the first closing of 415 CAPITAL Fund I.

Simmons & Simmons

Simmons & Simmons assists asset managers and investors with fund structuring and fund investments, including various regulatory and tax issues. This thematic composition is reflected in the expertise of practice head Jochen Kindermann, who has a focus on regulatory work (including Brexit-related issues) and compliance in particular, while Harald Glander typically advises clients on the set-up and distribution of open-end and close-end funds, Master KAG structures and ETFs. Benedikt Weiser is another key contact for investment fund structuring and design and also covers corresponding tax and regulatory issues. The practice's mandate portfolio covers all asset classes, including private equity, real estate and energy.

Testimonials

' Very good understanding of the client's needs. High flexibility in the use of resources. Very good accessibility. '

' Benedikt Weiser: Very good competence in investment law and in the VAG as well as in tax law interactions. '

Key clients

AEW

Diverse Investmentgesellschaften: Harris, Threadneedle, Jane Street,Odey Capital, Baillie Gifford, Two Sigma, D.E. Shaw und weitere

FIL Fondsbank GmbH

First State Investments Ltd

Harris Associates

Jupiter

La Salle

Macquarie

Stockbridge

SUSI Partners

Work highlights

  • SUSI Partners: Advice on the launch of a renewable energy fund in Luxembourg for German institutional investors with a special structure according to the investment ordinance and with Solvency II optimization. In addition, advice on setting up an infrastructure fund for global sales.
  • Various German and Swiss pension funds, pension funds and insurance companies: Assistance in investing in private equity, real estate, infrastructure and debt funds.
  • BlackRock: Advice on sanction proceedings by BaFin for violating reporting obligations.

CMS

CMS' integrated tax and regulatory practice is based on the three cornerstones fund structuring, investor advice and fund-related transactional assistance, including adjacent compliance issues. Within these segments, the focus is on alternative investments such as real estate, infrastructure and renewable energies and, increasingly, VC and PE. Practice head Daniel Voigt has a specialism in alternative investments and regularly takes the lead in mandates pertaining to the structuring of open-end and closed-end funds, while also advising regulated investors on the acquisition of fund investments.

Practice head(s):

Daniel Voigt

Other key lawyers:

Tillman Kempf;  Andrea München

Dechert LLP

Dechert LLP's cooperation with various other practices and offices within the firm's network, most notably its Luxembourg office, enables the team to cover a wide range of regulatory, investment, corporate and tax issues arising from mandates on regulated open-end and closed-end investment funds. Consequently, the team advises credit and financial services institutions, asset managers and fund providers on the structuring and launch of funds across various asset classes with a focus on alternative investments, as well as on structured investment products, while also advising institutional investors on investments. Banking regulatory and investment law experts Angelo Lercara and Hans Stamm, who also handles associated tax law matters, jointly head the practice, which was strengthened with the arrivals of national partner Arne Bolch from GSK Stockmann in November 2019 and Sebastian Bruchwitz, also national partner, from Linklaters in February 2020; both have extensive fund structuring experience. Joachim Kayser moved to Goodwin at the beginning of 2021.

Practice head(s):

Angelo Lercara; Hans Stamm

Key clients

Altarius Asset Management Ltd. / Malta Fund Manager/AIFM

Bentall Kennedy

DekaBank

Energy Infrastructure Group (EIG)

FERI Trust GmbH

Investec Bank

LGT Capital Partners (Ireland) Limited

LGT Group

NN Investment Partners

Prime Capital AG

Swiss Capital Alternative Investments AG / Stepstone

Wealth Management Capital Holding GmbH

Work highlights

  • Swiss Capital Alternative Investments AG / Stepstone: Advising on the structuring and launch of a Luxembourg fund platform (SCSp RAIF) for German and European institutional investors with an investment focus on European loans (middle market lending). The investment volume is over € 1 billion. As well as advice on the structuring and launch of two Irish fund platforms (Unit Trust / ICAV) for German and European institutional investors with a focus on US loans (Middle Market Lending) The investment volume is over € 1 billion.
  • Altari Asset Management Ltd.: Advising on the launch of a technology VC fund as a Malta master / feeder structure for VC investments in US tech companies.
  • Prime Capital AG: Advice on structuring a fund platform in Luxembourg as a master (SCS) / feeder.

GSK Stockmann

GSK Stockmann's client base, primarily consisting of capital management companies and asset managers, receives regular advice on investment and investment tax matters, which are handled in close cooperation with its Luxembourg office. Tax law expert Petra Eckl is a key contact for investment tax and jointly heads the practice with supervisory law expert Robert Kramer. Kramer has a focus on closed-end funds; an area that was further strengthened with the arrival of banking regulatory and investment law specialist Volker Baas from Taylor Wessing at the turn of 2019/ 2020. The team is however equally well versed in open-end funds and focuses in both segments on alternative asset classes, most notably real estate, but also infrastructure and renewable energies, as well as increasingly PE and VC. As well as advising on the launch of funds and transactional matters, the group has also been increasingly active in the regulatory space, including insurance supervisory law matters.

Practice head(s):

Petra Eckl; Robert Kramer

Testimonials

Very competent and all questions about banking, capital market and capital management company law are covered extremely profoundly. Work goal-oriented within the time budget with a clear focus on the desired result.

The team has many years of experience and a good overview of the market. When providing good advice, the team keeps an eye on the needs of the practice.

Strong law firm in banking, real estate and finance law with partners offering state-of-the-art advice, which is also very pragmatic.

Sascha Zentis: Is the contact person for all questions about banking law and about regulated capital management companies. Also for real estate investments in special funds according to investment law. Goal-oriented, resource-saving and extremely reliable.

Sascha Zentis has a very fast reaction time and has enormous detailed knowledge, including the administrative practice of BaFin and the history of the development of this administrative practice.

Key clients

Real I.S. AG / Real I.S. GmbH

Corestate Capital Group / Hannover Leasing

ZBI Fondsmanagement AG

Catella Real Estate AG

PGIM Real Estate Germany AG

Deutsche Finance Investment GmbH

AIF Kapitalverwaltungsgesellschaft

ILG Kapitalverwaltungsgesellschaft mbH

Verifort Capital Group

Work highlights

  • Hauck & Aufhäuser Privatbankiers AG: Ongoing advice on investment law, tax, insurance supervisory law and banking supervisory law issues in connection with the establishment of alternative investment funds.
  • Deutsche Finance Investment GmbH: Advice on investment law, tax law and insurance supervisory law when accompanying an investment by a German institutional investor in a US real estate fund to invest in real estate in Asia.
  • GPEP GmbH / HANSAINVEST Hanseatische Investment-GmbH: Advice on the acquisition of a large retail real estate portfolio. Advice on real estate, tax, investment, finance, compliance and public law.

King & Spalding LLP

Managing partner Mario Leißner heads the team at King & Spalding LLP specialising in matters at the intersection of funds and real estate law, which is also where Leißner's expertise lies. In this space, the team advises on fund structuring, launches and administration alongside the restructuring and liquidation of funds including associated regulatory, investment and transactional issues. The practice's regulatory expertise was further expanded with the arrival of counsel Achim Döser from BRP Renaud & Partner in March 2020. In addition to advising capital management companies, institutional investors, fund platforms and asset managers, a significant share of the team's workload arose from the defence of investment funds in court and arbitration proceedings against claims brought by large institutional investors.

Practice head(s):

Mario Leißner

Other key lawyers:

Alexandra Weis; Achim Döser

Key clients

Tishman Speyer

2IP Institutional Investment Partners

HansaInvest Hanseatische Investment GmbH

Hannover Leasing Investment

BEOS AG

AXA Investment Managers

Commerz Real Kapitalverwaltungsgesellschaft mbH

PATRIZIA

BMO (Bank of Montréal) Real Estate Partners

Savills Fund Management GmbH

AEW Invest GmbH

DWS Alternatives GmbH

Ratisbona Asset Management GmbH & Co. KG

Patrizia Frankfurt Kapitalverwaltungsgesellschaft mbH (ehem. TRIUVA)

Schroders

Barings Real Estate Advisers

Principal Real Estate Investors (ehem. Internos Global Investors)

Proprium Capital (UK)

RFR Management GmbH

La Francçaise

Wertgrund

Prudential Financial Inc.

CBRE Global Investors

Doric Investment

DIC Asset Management GmbH

Union Investment

Universal Investment

Warburg-HIH Invest Real Estate

Colliers

Allianz Global Investors

Ärzteversorgung Westfalen-Lippe

Atlantic Partners (USA)

Bouwfonds Real Estate Investment Managers

bsi Bundesverband Sachwerte und Investmentvermögen

Clarion Partners (USA)

Galleon Capital

GRR Real Estate

HIH Global Invest

Hypoport AG

JAMESTOWN US-Immobilien

Oakland Capital

Loyens & Loeff

McCafferty Asset Management

KGAL

Work highlights

  • Hannover Leasing: Advice on various regulatory issues and fund issues, including fund structuring, restructuring and new products, as well as support in transactions such as the purchase of the € 80 million Clouth 104 district in Cologne.
  • Tishman Speyer: Advice on regulatory issues and fund structuring as well as support in major transactions such as the purchase of the office building at the Alte Oper in Frankfurt, including fund launch and financing.
  • HANSAINVEST Hanseatische Investment-GmbH: Advice on the structuring of all activities of a pan-European fund in various European countries as well as advice on setting up the first German open-ended real estate investment fund for investors with a focus on US residential real estate and ongoing full advice for the German US real estate fund.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP's integrated fund practice works in close conjunction with its offices in Luxembourg, Hong Kong, London and Washington D.C. The Frankfurt office has a focus on German and Luxembourg fund structures, which leads to regular instructions from German and European investors, as well as on regulatory matters and fund structures for European and non-European fund sponsors. Its Luxembourg-related advisory capabilities received a considerable boost with the opening of the Luxembourg office in June 2020, which - due to the team's focus on advising private equity clients - also enabled the practice to further expand its private equity advisory capabilities. Patricia Volhard, who divides her time between Frankfurt and London, heads the team and specialises in fund structuring and supervisory law.

Practice head(s):

Patricia Volhard

Other key lawyers:

Jin-Hyuk Jang

Testimonials

' D&P has a very good fund team that covers the US as well as Europe and Asia. They offer global solutions from a single source, are creative, solution-oriented and have extensive knowledge of funds and fund investors. They're very efficient too. '

' Patricia Volhard is great. She understands both German and Anglo-Saxon legal issues and easily manages the balancing act between the two. She is also very solution-oriented. '

Key clients

Adams Street Partners

AIG Investments

Apera Capital

Bain Capital

Carlyle

Cinven Partners

Clayton, Dubilier & Rice

Coller Capital

Deutsche Beteiligungs AG

EIG Global Energy Partners

EQT

Finance in Motion

Global Infrastructure Partners

Hannover Finanz

Harbourvest Partners

HPS Investment Partners (ehemals Highbridge Capital)

HQ Capital

Intermediate Capital Group

Lexington Partners

Morgan Stanley

Navis Capital Partners

Novum Capital

Park Square Capital

Schroder Adveq

SVB Capital

SwanCap Partners

Top Tier Capital

Triton

Work highlights

  • Lexington Partners: Advice on regulatory issues.
  • new Capital: Advising on the launch of Novum Fund II, a German private equity fund with a volume of € 150 million.
  • Adams Street Partners: Advice on EU and German regulatory and fund-related issues.

Heuking Kühn Lüer Wojtek

Heuking Kühn Lüer Wojtek advises investment funds and capital management companies on the structuring and establishment of investment funds, most notably closed-end special investment funds in the real estate sector, and covers various associated regulatory and transactional issues, including the preparation of sales prospectus. Michael Dröge heads the practice with much work resulting from his expertise at the intersection between real estate law, corporate law and investment funds.

Practice head(s):

Michael Dröge

Testimonials

Perfect partner, entrepreneurial, fast, without lengthy legal statements but to the point. Really helps make decisions. Speaks the client’s language.

Michael Dröge is an all-rounder! Comprehensive knowledge of the matter.

Michael Dröge and his team provide economic and close advice to clients.

YPOG

YPOG has the asset classes VC and PE at its core. In this space, the team handles various areas that are becoming increasingly international in character. This is expressed not least in regular work on Luxembourg structures. Helder Schnittker and Jens Kretzschmann are key contacts for fund structuring, which is one of the cornerstones of the practice, while the fund regulatory segment received a boost with the partner appointment of Hamburg-based Lennart Lorenz in January 2020. Stephan Bank is another key figure and handles the full spectrum collective asset management, including fund formation and operational issues, alongside instructions at the interface with M&A and corporate law. The team’s client portfolio includes investment funds, asset and investment managers, VC and PE firms and institutional investors.

Key clients

Vorwerk Ventures

Speedinvest

Deutsche Telekom Capital Partners

Atlantic Internet / Food Labs

Cherry Ventures

e.ventures

Armira

468 Capital

La Famiglia

Merantix

DUBAG

Work highlights

  • Armira: Advice on setting up the Armira II Active Invest structure. A co-investment structure was developed and implemented, which consists partly of funds and partly of managed accounts.
  • 468 Capital: Advice on the launch of a new early-stage fund.
  • Project A Ventures: Advising on the launch of his third venture capital fund with a total volume of € 180 million.