The Legal 500 > Asia Pacific > Hong Kong > Investment funds

The funds and investment management team at Clifford Chance has 40 years’ experience in Greater China. On the private equity side, the firm advises on upstream fund formation; it also handles all types of hedge fund structures, including those targeting US and EU investors. Real estate funds are another area of focus, where it acts for sponsors, issuers and underwriters on cross-border transactions. The practice also advises on registered funds, including establishing and structuring authorised funds, such as exchange-traded funds (ETFs) and real estate investment trusts (REITs). Mark Shipman, who co-heads the team, is experienced in the full range of investment funds and is a board director of the Alternative Investment Management Association (AIMA) and a member of the Advisory Committee and Products Advisory Committee to the Hong Kong Securities and Futures Commission (SFC). Matthias Feldmann also heads the team and acts as fund investor’s counsel, advising on securities and banking regulatory work, as well as direct private equity investments. Viola Lui was promoted to partner.

Hong Kong-headquartered Deacons is well-regarded for its registered and alternative funds expertise. Its key areas of strength include retail funds, exchange traded funds (ETFs), mandatory provident funds (MPFs), hedge funds and private equity funds. It advises a number of international and local asset managers on structuring and obtaining authorisation for new funds, marketing and post-authorisation compliance issues. The firm has strong links to the SFC and a large team that is well placed to handle SFC regulatory, licensing and compliance matters. Jane McBride heads the practice alongside Jeremy Lam, who handles a large portfolio of local and international asset management clients, and is a member of the Regulatory Sub-Committee of the Hong Kong Investment Funds Association. Pinky Siu and Ming Chiu Li, who specialises in SFC authorised funds and MPF and pension funds, were promoted to partner. Counsel Joanna Fung is recommended.

The investment management team at Debevoise & Plimpton LLP has been at the forefront of private funds in Asia for over 15 years. It acts for a broad range of clients, from large pan-Asian buyout funds to smaller sector or country-specific funds, including RMB-denominated funds. The firm advises on managed accounts, joint ventures, co-investments, carried interest planning and complex secondary transactions. Head of practice Gavin Anderson is noted for his expertise in advising sponsors and investors on fund formation, co-investment, fund restructurings and carried interest arrangements. Counsel Mai Shapiro is recommended for her experience advising private fund sponsors on fund formation tax and structuring matters, and also the tax aspects of a fund’s downstream investment activities. Andrew Ostrognai continues to work at the firm as a consultant.

The investment funds group at Kirkland & Ellis has a broad geographic spread, covering Asia, Europe and the US. It focuses on private equity and covers buyout funds, funds of funds, credit funds, growth funds, mezzanine and distressed debt, and secondaries and restructuring matters. The team is experienced with SEC-registered advisers, including forming and operating private funds and registered investment companies, and advising on structuring and formation issues. Head of practice Justin Dolling handles the full range of investment fund matters globally. Carol Liu heads the China private funds practice and acts for high-profile sponsors. Michelle Cheh and Jamie Hill were promoted to partner. Yue Zhang left for Fangda Partners.

Simmons & Simmons has a broad investment funds practice which handles matters across Asia and draws on expertise from firm’s network of offices including Singapore, London, Dublin and Luxembourg. Hedge funds are a key area of focus and the firm provides a dedicated online resource called LaunchPlus which assists hedge fund managers in setting up new funds. It also assists in the setup of private equity funds in PRC and further afield. Other areas of expertise include ETFs, leveraged and inverse (L&I), retail funds, and licensing and regulatory matters. The team is particularly experienced in the fintech sector, where it has a niche expertise in cryptofunds. Head of practice Rolfe Hayden is experienced in all types of collective investment schemes. Consultant Ivy Yam specialises in funds and financial services regulatory work.

Akin Gump Strauss Hauer & Feld LLP’s global network of offices includes the leading centres of alternative investment management; Hong Kong, Singapore, New York, London and Geneva. It advises investment management clients on a range of issues, including regulatory matters relating to the SEC, National Futures Association (NFA), the Markets in Financial Instruments Directive (MiFID), the Alternative Investment Funds Managers Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR). The team’s broad funds expertise includes private equity funds, hedge funds, retail funds and sovereign wealth funds. It leverages mandates from asset managers, trustees, custodians and institutional investors across the globe. Anne-Marie Godfrey heads the practice and advises investors on the acquisition of fund management companies and the redomiciliation of Cayman funds to Hong Kong. Counsel Tamilia Chiu left for an in-house role at Hong Kong Jockey Club.

Dechert draws on strength from its European and US-qualified partners to offer a holistic approach to fund formation, fund raising, fund investments, and regulatory and fund disputes matters. The firm is well-versed in private equity funds, hedge funds, registered funds and regulatory matters, including licensing, non-contentious regulatory advice and compliance. It counts investment funds and asset managers, diversified financial institutions, insurance companies, sovereign wealth funds, investment banks and private banks amongst its clientele. Michael Wong, who has deep regulatory experience, heads the practice.

DLA Piper focuses on Hong Kong and China-based hedge funds, real estate funds and private equity funds formation work. Experienced in all types of funds and asset classes, the firm also handles licensing and regulatory matters. The Hong Kong team is a key part of the wider global team which has offices across Europe, the Middle East and the US. It attracts capital from US and European investors, and is experienced in the formation of various hedge fund structures, such as master-feeder, standalone and segregated portfolio company structures. It also advises on tokenised funds, hybrid funds and other alternative strategies. Luke Gannon heads the practice with over 25 years’ experience; he acts for financial institutions, investment banks, fund managers, sponsors and investors on the establishment of a broad range of investment products.

Morrison & Foerster focuses on private equity funds, private equity real estate funds and venture capital funds. Clients include financial institutions, private equity firms and insurance companies. It is well-versed in advising clients on regulatory issues, carried interest plans, and operational matters. Head of team Serena Tan is recommended for the formation of, and investment in, private funds, including USD funds, RMB funds, and dual-currency funds. Nicholas Sheets joined from Kirkland & Ellis and now co-heads the team. Sheets advises Asia-based sponsors in the structuring, formation and offering of private equity funds, and co-investment activities and secondaries transactions.

Shearman & Sterling has dedicated expertise on both private equity and hedge funds. Being a US-headquartered firm with on-the-ground coverage for regulatory matters, it is well-placed to handle US and Hong Kong securities regulations. It has strong experience advising both GPs and LPs, and has advised on funds sponsored by multiple governments, government-owned financial institutions and development finance institutions. Practice head Lorna Xin Chen has over 20 years of experience in the investment funds and private equity space. Counsel Sean Murphy acts for private equity, venture and growth capital, real estate, infrastructure, credit and hedge fund sponsors.

White & Case has experience of both the closed-end fund space and the open-end fund space. It advises on market standard structures and hybrid structures. Areas of focus include private equity, direct lending, special situations, distressed, real estate, infrastructure and venture capital, and open-end funds in the hedge fund space. It also acts for GPs and LPs in structuring, documenting and negotiating co-GP and GP joint venture arrangements. The practice takes a multidisciplinary approach, drawing on strength from its experts in real estate, insolvency and restructuring. The team is now headed solely by Anthony Wong after the retirement of Sharon Hartline.

The investment funds practice at Ashurst focuses on private close-ended funds across all alternative asset classes. It is particularly experienced in regulated industries such as real estate, infrastructure and energy. The team is well-placed to advise institutional investors on cross-border investments into private funds in Asia, with an integrated team spanning Hong Kong, Singapore and London. Dean Moroz, who heads up the team in Hong Kong, focuses on asset management and advises sponsors, first time fund managers and niche fund managers on the structuring and establishment of open and closed-ended funds.

Proskauer Rose LLP has a focus on the secondaries market and is noted for its experience in structuring and negotiating secondary transactions and fund restructurings. It continues to see an uptick in cross-border mandates, expanding core client relationships from Asia to the US and UK, and vice versa. The team is led from Beijing by Yong Ren. Senior counsel Lynn Chan is the key practitioner in Hong Kong.