With significant resources in situ in Hong Kong and mainland China, the 'knowledgeable and well co-ordinated' five-partner Greater China offering at Clifford Chance provides a 'very professional and commercial' service to Chinese and international sponsors raising funds regionally and globally. Led by Mark Shipman, who has vast transactional and regulatory knowledge, the team has broad coverage across a myriad asset classes within the alternative space, including as it relates to hedge, private equity and real estate funds. Splitting his time between Hong Kong and Singapore, Matthias Feldmann is also a key member of the team, and as well as having advised on many of the largest hedge fund launches in the region, is also well-versed in advising institutional investors' role as Limited Partners (LPs). Of the more junior partners, Rocky Mui is forging a strong regulatory and transactional practice across a range of asset classes, including as it relates to tech and fintech.

Drawing upon significant market intel and also benefitting from strong ties with Hong Kong’s Securities and Futures Commission (SFC), Deacons 'understands the Hong Kong fund market very well', particularly in the context of retail funds. In this segment of the market, Jeremy Lam spearheads a 'cost-effective' team that 'handles the majority of authorised funds in Hong Kong', for Chinese and international fund managers. The 'very dependable' Su Cheen Chuah and Pinky Siu, who is able to draw from an 'abundance of experience', both excel in the ETF space, and are able to guide many leading sponsors through the fund life cycle, from structuring advice and stock exchange listing guidance, through to advice on marketing and distribution, as well as on post-authorisation and regulatory developments. Taylor Hui has excellent traction among Chinese stakeholders across both retail and private funds; he excels at advising PRC fund managers on fund establishment in Hong Kong and on bringing RMB investment products to the Hong Kong market.

Drawing upon 'in-depth market knowledge' and very strong deal flow, as a result of key roles in many of the largest fund raisings in Greater China, Debevoise & Plimpton LLP has established a 'top-notch' reputation for a GP-focused client base, which is appreciative of its 'very responsive and innovative advice'. Although it also handles real estate, as well as an increasing volume of credit fund work, the firm's sweet-spot continues to lie in its representation of leading regional and international fund managers on their private equity fund raisings. Recognised as 'one of the best investment funds lawyers in Asia', team head Gavin Anderson  provides 'solutions-focused and very user-friendly' advice to GPs across a range of private closed-end fund structures, as well as in the context of subsequent restructurings and secondaries work. International counsel Mai Shapiro is also an integral part of the firm's offering and provides 'impeccable' tax structuring advice, both in relation to fund formation, as well as subsequent downstream investment activity. 'Resourceful and very easy to work with', New York-qualified practitioner Shawn Yang  was recently promoted to partner in recognition of his excellent work for GPs and a select group of blue-chip investor clients. Although he is less active on fee-earning work than other named practitioners, New York and Hong Kong-qualified of counsel Andrew Ostrognai remains a towering presence in the team as a result of his long and distinguished track record advising on private equity fund structuring and downstream investment work.

Acting on its own, as well as demonstrating a 'willingness to co-ordinate experts from their offices around the world to give real time advice where necessary', Kirkland & Ellis has developed a market-leading reputation advising international and Chinese clients on sizeable primary and secondary transactions. Although it is perhaps best-known for its GP-led private equity expertise, the team also has significant visibility in other alternative asset classes, including credit, real estate and growth capital. Triple qualified in Hong Kong, US and the PRC, Carol Liu is able to effectively bridge the cultural gap between Chinese sponsors and international investors, and is a very popular choice on a range of high-profile primary fundraisings and secondary transactions. Justin Dolling is also a key contact for managers seeking to establish funds across an array of strategies formed under closed-end structures, including healthcare, credit, private equity and growth capital.

The ‘strong and experienced’ one-partner team at Akin Gump Strauss Hauer & Feld LLP provides ‘practical and results-oriented’ advice to sponsors and investors on the formation of private equity and hedge funds, throughout Asia and the Middle East. ‘Available virtually 24-hours a day’, team head Anne-Marie Godfrey provides a ‘very user- friendly’ service to both international and local clients and is effectively able to lean upon the firm’s broader global resources on cross-border deals. Consequently, it is able to punch above its weight and is praised for its understanding of ‘Western institutional investor needs and tie that into a local practice’. 

DLA Piper is 'prolific in all asset classes', ranging from traditional private equity, hedge fund and real estate, through to more esoteric ones, including tokenised and crypto funds. The scope of the work not only involves establishing the funds for both well-established and first-time sponsors, but also in concomitant licensing, operational and regulatory issues. The team also continues to pick up a considerable amount of work for large investors, including UBS Asset Management, which it recently advised on its investment in the $2.5bn PAG Real Estate Partners III LP. Team head Luke Gannon  is able to provide 'very practical, commercially sensible and cutting-edge advice based on many years' of experience', both in-house and in private practice.

‘Best in class in advising on complex fund formation matters’, Morrison Foerster displays a ‘perfect combination of sector expertise, technical knowledge, and commercial savviness’ for GPs and LPs, in relation to closed end funds. Private equity/venture capital instructions remain the primary driver of the practice (across buyouts, growth capital and real estate) with Asian and international sponsors benefitting from strong bilingual capabilities, as well as ‘deep expertise in both the China and US markets’. Serena Tan is ‘astute and commercially minded’, and has extensive experience in the formation of, and investment in, private funds (including USD funds, RMB funds, and dual-currency funds). Tan co-heads the team alongside Nicholas Sheets, who ‘has extensive knowledge in relation to the investment fund industry’. 

With two dedicated Hong Kong-based partners and also able to tap into the expertise of many different partners in different geographies, Ropes & Gray LLP provides ‘consistently thoughtful’ advice to international and Asia-based private equity funds on fund investments, co-investments and secondary transactions. The firm also advises investor clients, including sovereign wealth and pension funds, ensuring that has an excellent perspective of “both sides of the table” and thereby to be well-placed ‘to offer unique perspectives to GPs’. Team head Vincent Ip  is appreciated, not only for his knowledge of the legal structures but also his ‘excellent grasp of commercial drivers’, ensuring that he is able to provide ‘very balanced advice’ to private investment funds and institutional investors on their investments in alternative assets. 

With significant resources in Greater China and also able to leverage a strong Asian platform that includes offices in Singapore and Tokyo, Sidley Austin‘s ‘responsive and knowledgeable’ team is particularly effective at advising global and regional hedge and private equity fund managers across a range of standalone regulatory, transactional and fund formation matters. As well as her transactional work, team head Effie Vasilopoulos has been at the forefront of the firm’s advice to the Hong Kong Monetary Authority in relation to the recently passed ordinance ushering in the Limited Partnership Fund – designed to make Hong Kong a more flexible and favourable jurisdiction for the establishment of private funds. Other key contacts include ‘immensely bright’ counsel Dominic James, who has a ‘great knowledge of financial regulations’, including as it relates to hedge funds, and recently promoted partner David Lee, who provides ‘very commercial and responsive’ advice to private equity sponsors on fund formation and subsequent downstream investment matters. The team has also established strong credentials advising on digital assets, although this was recently weakened somewhat by the departure in January 2022 of Joy Lam to Baker McKenzie.

Led from Hong Kong by 'business savvy and client-friendly' counsel Anthony Wong and able to leverage significant global resources, White & Case has 'deep experience and expertise in fund formation and structuring across various strategies and geographies'. Private funds-related work is the team's core strength and its versatility at advising on both closed and open-ended vehicles has seen it regularly instructed on both standardised, as well as highly bespoke hybrid structures. Wong is key to the most complex and sophisticated mandates the team handles, including on the formation front for hedge and private equity funds, as well as for sovereign wealth funds as investors.

While it is smaller than many in the ranking, Dechert‘s two-partner China-focused funds offering is able to “punch above its weight” as a result of being able to leverage expertise from key locations across the firm’s global network of offices, including in the US and London. Team head Michael Wong  handles work for a range of stakeholders, including fund managers, investors and investment banks, particularly in the context of private equity and hedge funds. Although private funds,  account for the bulk of the work, the team also picks up some registered funds work, including recently a growing amount with an ESG component.  

Under the guidance of Vivien Teu, Dentons Hong Kong has very successfully re-established its fund credentials in the Greater China market, following many years without a credible offering. Teu, who has significant experience in private practice (where she recently established her own firm), as well as in-house at a major asset management firm, brings tremendous insight, both from a regulatory and structuring perspective, including in the context of the burgeoning ESG funds market. Of counsel Simon Wong is ‘diligent and very thoughtful’ and has a strong following among private funds clients, including in relation to hedge, real estate and private equity.

With three partners based in Hong Kong and able to leverage the expertise of lawyers in key international fund centres, including London, Luxembourg and New York, Goodwin is regularly instructed on fund structuring mandates with a cross-border complexion. Instructed by a mix of established sponsors, as well as first-time funds and spin-out managers, the firm' sweet-spot lies in the alternative fund sector, where clients receive 'high-quality advice' derived in part from the team's 'strong market intelligence'. Gregory Barclay is well-versed at structuring private investment funds and heads the team that also includes Phil Culhane, who is adept at advising on the structuring of JV funds and the unique challenges they present.

Combining 'nimble and innovative thinking with big international firm resourcing', K&L Gates' burgeoning Greater China offering continues to gain traction in the market among new and established investment managers in relation to hedge, venture capital and private equity funds. An 'elder statesman of funds lawyers in Asia', Scott Peterman has vast experience in the market, and is able to provide 'innovative and bespoke solutions' to both fund managers and investors.

Shearman & Sterling has ‘a lot of knowledge in investment funds industry’, particularly as it relates to private equity and venture capital matters. The scope of the work is broad and includes structuring, restructuring, formation and advice on the operational requirements of funds, often working alongside colleagues from across the firm’s wide international network, particularly out of New York. Investor side work is also a strength and led by Hong Kong, PRC and US-qualified partner Lorna Chen , the team has been particularly active of late advising sovereign wealth funds in relation to co-investment fund structures.

Stephenson Harwood provides 'top-tier quality advice' at a cost-effective rate for emerging and institutional managers across a range of private asset classes, including hedge, private equity and real estate. Team head Penelope Shen  has been pivotal to the firm's success in the area since joining in June 2020 from Kwok Yih & Chan; she has deep knowledge of Hong Kong's regulatory framework, including as it pertains to the developing area of ESG.