Next Generation Partners

Firms To Watch: Investment funds

Orbit advises investment funds with a full-service approach and focuses on the private equity and venture capital segment.

Investment funds in Germany

Clifford Chance

Clifford Chance 's expertise in investment law is complemented by interfacing tax and regulatory competencies pertaining to capital investments, which cover all asset classes, including alternative assets such as real estate, private equity and private debt. Among the client roster are investment companies, financial institutions and insurance companies, which regularly instruct Marco Simonis (structuring, launch and management of investment products; fund-related structured products) and Sonya Pauls (corporate, private equity). Most recent work pertains to alternative investment structures, the restructuring of fund participation and fundraising as well as traditional fund launches and structuring; the team demonstarted these competencies in the infrastructure and energy sectors.

Other key lawyers:

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


Linklaters

Linklaters‘ key strength in the investment fund area is the advice on the structuring and launch of funds. The team focuses on alternative asset classes, including real estate funds, as well as debt funds and European long-term investment funds (ELTIFs). Matters pertaining to fundraising, regulatory law and ESG are also covered. The practice management demonstrates real estate expertise with co-head of the real estate practice Markus Wollenhaupt and Alexander Vogt, who advises on alternative investments as well as transactions in the asset management sphere. Olena Tokman made partner in May 2023 and is well versed in regulatory issues and transactions.

Practice head(s):

Alexander Vogt; Markus Wollenhaupt


Other key lawyers:

Olena Tokman


Testimonials

‘Very high level of commitment and service orientation, very broad and deep expertise.’

‘Olena Tokman: Expertise, solution orientation and holistic case consideration.’

‘The team provides a one-stop shop for US real estate fund managers seeking access to capital outside of Europe. Strong English-speaking resources in Germany coupled with US-based colleagues leave no stone unturned.’

Dechert LLP

Dechert LLP cooperates closely with its global financial services and investment management group and comprehensively advises on the structuring and launch of financial and investment products. The team covers various asset classes with a focus on ​​private debt and other alternative investments. This is complemented by expertise in related regulatory and tax issues, including ESG. Hans Stamm is a key contact for tax law matters and jointly heads the practice with banking supervisory and investment law expert Angelo Lercara; Lercara has additional expertise in regulatory issues pertaining to ESG.

Practice head(s):

Angelo Lercara; Hans Stamm


Other key lawyers:

Arne Bolch


Testimonials

‘Very pragmatic and solution-oriented, always respond quickly.’

‘Angelo Lercara always approaches larger challenges in a relaxed and pragmatic manner and has incredible expertise and experience at EU and national level.’

‘The team works in an absolutely solution-oriented manner. Absolute top address in the area of ​​structuring funds and advice as well as BaFin procedures.’

‘Angelo Lercara: speed, excellent expertise and solution-oriented approach.’

‘Dechert has built a unique, holistic asset management team that works seamlessly across locations and provides world-class service.’

‘Angelo Lercara combines outstanding legal expertise with excellent business acumen and extremely high responsiveness.’

Key clients

Altarius Asset Management Ltd. / Malta Fund Manager/AIFM


Crescent Capital Group


Investec Bank


Prime Capital AG


Robus Capital Management Ltd


Rubinstein&Schmiedel AG


Swiss Capital Alternative Investments AG / Stepstone Group


Union Investment


Hengeler Mueller

German and international banks, PE funds and asset managers regularly instruct Hengeler Mueller‘s team on cross-border and cross-practice issues as well as interfacing regulatory and corporate law matters. Recent work includes the advice on a private debt platform in Europe and launching a fund with several investment segments for the special fund of the city of Marburg in a Europe-wide procurement process. Carl-Philipp Eberlein (insurance, banking supervision and investment law) and Christian Schmies (banking supervision law, blockchain and crypto assets) are the key contacts.

Other key lawyers:

Christian Schmies; Carl-Philipp Eberlein


POELLATH

POELLATH's mainstay is the advice on private equity funds and other alternative investment funds; recent instructions frequently pertain to the technology sector. The practice is jointly led by Amos Veith (fund structuring) and Jens Steinmüller, who is well versed in regulatory and tax issues as well as fund participation and investments. Thus, the team covers investor-related regulatory matters as well as the implementation of EU legal frameworks in connection with ESG, fundraising and contract documentation.

Practice head(s):

Amos Veith; Jens Steinmüller


Other key lawyers:

Philip Schwarz van Berk; Peter Bujotzek; Stephan Schade


Testimonials

‘Peter Bujotzek is always available, always solution-oriented and pragmatic.’

‘The team is highly specialized and interdisciplinary. The personal contact and the service quality are outstanding.’

‘Peter Bujotzek is very experienced and efficient. He knows and concentrates on all transaction-relevant aspects without getting bogged down in unimportant details. It is an asset particularly in legal and tax fund structuring.’

Key clients

Astorius Consult Partners


Ampega Asset Management GmbH


Auxxo Fund Management GmbH


BRIGHT CAPITAL GmbH


Bundeswirtschaftsministerium für Wirtschaft und Klimaschutz (BMWK)


capiton AG


Capnamic


Castik Capital S.a.r.l.


Circle Eleven GmbH


Cusp Capital


DPE Deutsche Private Equity


Deeptech Future Fonds


EMERAM Capital GmbH


EIF European Investmentfund


Extantia Climate Flagship II GmbH & Co. KG


High-Tech Gründerfonds


Maxburg Beteiligungen VI GmbH & Co.KG


PINOVA Capital GmbH


Signal Iduna


Swift Capital Partners GmbH b


SwanCap Partners


Venture Stars Beteiligungsgesellschaft III


Work highlights


  • Advising DPE Deutsche Private Equity on the successful placement of the DPE Continuation Fund I following successful fundraising with a volume of €708 million.

  • Advising Afinum Management GmbH on the €420 million fundraising of the Afinum 9 fund.

  • Advising the High-Tech Gründerfonds (HTGF) on the launch of its fourth fund with a total committed volume of over €400 million at the first closing.

Simmons & Simmons

Simmons & Simmons‘ combined regulatory and tax expertise is regularly called upon by national and international asset managers, institutional investors and fund sponsors, which also benefit from close cooperation with the Luxembourg office when launching suitable vehicles in Germany and Europe. Practice head Benedikt Weiser is well versed in fund structuring and fund launches; his team has recently been increasingly active in advising on ​​sustainability-related matters, including in connection with disclosure and taxonomy regulations. Weiser is the sole practice head since May 2023, former co-heads Harald Glander (launch and sales of open and closed funds, master KAG structures and ETFs) and Jochen Kindermann (regulatory, compliance, asset management) are still among the key contacts. Sabrina Schwiebert and Daniel Lühmann (both regulatory law) are experienced in the asset management and investment fund sector and made partners in 2023.

Practice head(s):

Benedikt Weiser


Other key lawyers:

Bernulph von Crailsheim; Harald Glander; Jochen Kindermann; Daniel Lühnmann; Sabrina Schwiebert


Key clients

Coinbase


Harris


Threadneedle


Jane Street


Odey Capital Baillie Gifford


Two Sigma


D.E. Shaw


Jupiter


M&G PLC


Work highlights


  • Ongoing advice to Coinbase on tokenized financial instruments.

  • Advising various investment companies, such as Harris, Threadneedle and Jane Street, on the implementation of notification requirements such as proxy notifications and short sale notifications.

  • Advising Jupiter on the restructuring by establishing a new branch of a Luxembourg asset manager and on the subsequent asset transfer of the existing branch to the new branch.

YPOG

YPOG impresses with expertise in structuring venture capital funds and increasingly advises on infrastructure, debt and private equity funds. The latter is a key strength of Andreas Rodin, who jointly covers tax law issues with Sebastian Schwarz; Schwarz was appointed partner in December 2023. Practice head Fabian Euhus is experienced in the venture capital space, he is also well versed in fund structuring, international fundraising and regulatory matters.

Practice head(s):

Fabian Euhus


Other key lawyers:

Helder Schnittker; Stephan Bank; Jens Kretzschmann; Lennart Lorenz; Tammo Lüken; Julian Albrecht; Andreas Rodin; Sebastian Schwarz


Testimonials

‘Dedicated specialist knowledge in the regulatory area.’

‘Good general assessment and very quick understanding of the issues.’

‘Extremely reliable and outstanding partners and very good results.’

Key clients

10x Founders


468 Capital Global Opportunities


BlueYard Capital (BlueYard 3)


Digital Infrastructure Vehicle II SCSp SICAV-RAIF


DTCP Growth Equity III


FLEX Capital


Golding Capital


Greenfield One Opportunities I


Headline Europe (Headline EU VII)


HV Capital


La Famiglia Fonds III / Growth Fund I


Planet A GmbH – Below One Fund I


Rethink Mobility Fund I


Speedinvest


Visionaries Club Growth & Seed Fund II


Vorwerk Ventures


Vsquared Ventures II


Zintinus Fund I


CMS

CMS combines its multidisciplinary approach with a focus on fund structuring, including all asset classes, as well as investor advice and fund-related transactions. Recent instructions pertain to fund structuring in the real estate, renewable energy, venture capital and private equity sectors, as well as large investment fund restructurings. Practice head Daniel Voigt is well versed in fund structuring and the acquisition of fund participations, he also comprehensively covers regulatory matters. Tillman Kempf complements this with expertise in the tax structuring of funds.

Practice head(s):

Daniel Voigt


Other key lawyers:

Tillman Kempf


Testimonials

‘The team is characterized by outstanding specialist knowledge and competent advice.’

‘All projects supported so far have been completed to the client’s complete satisfaction.’

‘Daniel Voigt is characterized by excellent and in-depth specialist knowledge in his field. Every project support was executed in a communicatively open manner and above-average negotiation results were achieved compared to the market.’

Key clients

Aberdeen Standard Investments Deutschland AG


Allianz Global Investors GmbH


Aquila Capital Investmentgesellschaft mbH


DEKA Investment GmbH


Encavis Asset Management AG


GEG German Estate Group GmbH


Joh. Berenberg, Gossler & Co. KG


KanAm Grund


Kingstone Investment Management GmbH


Lennertz & Co. Beteiligungs GmbH


Savills Investment Management


Universal-Investment-Gesellschaft mbH


Willis Towers Watson Investments GmbH


Work highlights


  • Advising Commerzbank AG on the launch of the third fund with the fintech investor CommerzVentures with a volume of €300 million.

  • Advising Kingstone Investment Management GmbH on the launch of the Kingstone Group’s first opportunistic real estate fund, which is intended to appeal to investors across Europe. The target equity capital is €500 million.

  • Advising KENFO on an investment in ICP, a UK debt fund, and other target funds.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP specialises in advising on German and Luxembourg fund structures as well as European regulatory law and has a strong focus on the private equity market. The team covers fund sales as well as sustainability-related disclosure matters. Practice head Patricia Volhard travels between the London, Paris, Luxembourg and Frankfurt locations and international counsel Jin-Hyuk Jang is well versed in regulatory matters, including the management and sale of private funds as well as fund structuring. Volhard complements this with ESG-related expertise and her qualification as a French lawyer, thus she routinely covers cross-border matters.

Practice head(s):

Patricia Volhard; Jin-Hyuk Jang


Testimonials

‘Extensive knowledge of the emerging area of ​​ESG regulations. Responsive and concise.’

‘Patricia Volhard is a dedicated, highly qualified professional who provides useful insights into market practices. Jin-Hyuk Jang is a very responsive and reliable advisor in everyday life.’

‘We have had very positive experiences with this practice. The team has always provided excellent service. They are incredibly knowledgeable, give clear and concise advice.’

‘Debevoise & Plimpton provides reliable and extremely professional advice on fund supervision and fund financing. The practice areas and the locations cooperate smoothly with one another.’

‘Patricia Volhard on the fund supervision side is an absolute expert and proven advisor with strong commitment to all projects.’

Key clients

Adams Street Partners


Apera Asset Management


The Carlyle Group


Coller Capital


Deutsche Beteiligungs AG


Finance in Motion


Tikehau


KKR


Lexington Partners


LGT Capital Partners


Morgan Stanley


Novum Capital


Work highlights


  • Advising Clayton, Dubilier & Rice on the structuring and formation of the EU parallel fund of a $23 billion private equity fund.

  • Advising Tikehau Capital in connection with the structuring and closing of a collateralized fund obligation (CFO) with a transaction volume of $300 million.

  • Advising Allianz Capital Partners on various larger fund projects, including in connection with the management of the Allianz Global Diversified Infrastructure Equity Fund with a transaction volume of approximately €1 billion.

GSK Stockmann

Led by Robert Kramer (regulatory law) and Petra Eckl (tax law), GSK Stockmann regularly assists fund-launching institutions, initiators and investors in the structuring of special funds across various asset classes, including related tax matters. Clients also benefit from the close cooperation with the Luxembourg office on cross-border tax issues. Recent work pertains to the ESG area (with frequent ties to the real estate sector), such as the launch of ESG funds, including related regulatory matters and ESG upgrades for closed funds, as well as German mezzanine fund structures in the real estate sector and fund restructuring. Dominik Berka (tax law) and Lisa Watermann (sustainable finance, institution- and product-related advice on investment law) were appointed local partners in January 2023.

Practice head(s):

Robert Kramer; Petra Eckl


Other key lawyers:

Oliver Glück; Lisa Watermann; Dominik Berka


Testimonials

‘The focal points of the advice are very well distributed across the competent team. One is advised by the best-suited person.’

‘Practical, instantly usable statements.’

‘Very fast response times in critical cases, high in-house expertise in many fields.’

‘High client orientation, quick and efficient assistance.’

‘The collaboration with Robert Kramer is very good and based on trust.’

‘Competent team with quick response times.’

‘Always available and solution-oriented.’

‘Very good cooperation on all regulatory issues, including ESG. Good accessibility and flexibility.’

Key clients

ATMIRA Zentrale Dienste GmbH


Catella Real Estate AG


Competo Capital Invest GmbH


RECON AG


Terra Kapitalverwaltung AG


AIF Kapitalverwaltungs-AG


Real I.S. AG Gesellschaft für Immobilien Assetmanagement


CORESTATE Capital Group GmbH


Work highlights


  • Advising RECON AG on the structuring and launch of a closed special AIF as a loan fund to finance real estate project developments as a depot A investment product for investors from the banking sector.
     

  • Advising CORESTATE Capital Group AG in Germany, Luxembourg and France on the implementation of the requirements of the Sustainable Finance Disclosure Regulation.

  • Advising an investment company on structuring a real estate fund portfolio regarding the establishment of a central unit that produces renewable energy.

Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH routinely cooperates with the Luxembourg team in assisting asset managers and institutional investors with the structuring, launch and sale of alternative investment funds, investments in alternative investment products and the structuring of investment platforms. This is complemented by expertise in regulatory and tax matters. Practice head Bela Jansen ((investment) tax and regulatory issues in the asset management area), Achim Pütz (conception, documentation and sales of structured financial products) and Martin Hüwel (asset management, investment and insurance supervisory law). Henning Brockhaus (previously at KPMG Law in Germany) joined the practice in July 2023 and is well versed in the securities fund area. Frank Wilbert (asset management and regulatory law) joined WTS in 2023.

Practice head(s):

Achim Pütz; Martin Hüwel; Bela Jansen


Other key lawyers:

Henning Brockhaus; Nicole Bittlingmayer


Testimonials

‘Pragmatic collaboration.’

‘Martin Hüwel and Nicole Bittlingmayer deserve special mention.’

‘Great team for representing investor interests in the financial investment business.’

‘Firm has an office in Luxembourg (also German-speaking). It now covers almost the entire spectrum of fund investment matters.’

‘They provide outstanding quality ranging from employees to partners, keen business knowledge and cutting-edge insights into business risks.’

‘Martin Hüwel is always my first point of contact when I need an effective and efficient answer to a tricky question regarding German law. His technical knowledge is unparalleled and supported by a wealth of economic insight. It’s rare to find a partner who is talented, commercial and personable – Martin combines all three and stands out from the crowd.’

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


AEW Invest GmbH


R+V Lebensversicherung AG


HIH Invest Real Estate GmbH


Investitions- und Förderbank Niedersachsen – NBank


Work highlights


  • Advising AEW Invest on the acquisition of a real estate complex in Mallorca from Banco Sabadell.

  • Advising the Investitions- und Förderbank Niedersachsen – NBank on options regarding the structuring and launch of regulated funds in the venture capital market.

  • Advising HIH Invest Real Estate GmbH on the structuring and launch of an infrastructure fund (green energy).

Ashurst LLP

Ashurst LLP comprehensively advises on regulatory matters, which are regularly called upon in connection with infrastructure, real estate and debt funds. Investment houses constitute a large proportion of the client roster, which the team advises on fund launches, including frequent cooperations with the Luxembourg location on cross-border matters, as well as ESG-related matters. Co-practice head Detmar Loff is well versed in regulatory law and advises on licensing matters, risk management and investment suitability checks; he jointly heads the team with Jasmin Gütle, who specialises in advising institutional investors on investments in international fund structures.

Practice head(s):

Detmar Loff; Jasmin Gütle


Key clients

DLE


Dr. Peters Group AG


Edmond de Rothschild


Hansainvest


PIMCO


SFS RE GmbH


Victoria Partners GmbH


Work highlights


  • Advising SFS RE GmbH on the launch of an ESG-compliant Luxembourg umbrella fund.

  • Advising Dr. Peters Investment GmbH on the launch of an ESG-compliant Luxembourg renewables AIF and on expanding the range of funds.

Heuking

Heuking's full service approach covers competencies at the interfaces with real estate, corporate law as well as M&A; practice head Michael Dröge is a key contact for the latter. The team advises on the launch and structuring of funds, regulatory issues and matters pertaining to investments in funds, including crypto-based funds. Among the client roster are capital management and investment companies as well as family offices.

Practice head(s):

Michael Dröge


Other key lawyers:

Christoph Gringel; Sven Johannsen; Julia Cramer


Testimonials

‘We have been working with Heuking in a very trusting manner for years. They are very strong in implementing innovative fund structures.’

‘Michael Dröge and Sven Johannsen are our first contacts. Both are very strong in terms of content and are able to explain highly complex issues, which leads to clear decisions.’

‘Very good understanding of the regulations accepted by the supervisory authority.’

Work highlights