Investment funds in Hong Kong
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.
‘The team has a market leading practice in Hong Kong in this space and is able to advise on regulatory implications when structuring products’.
‘Mark Shipman is an industry leader while other members of his team (particularly Teresa Leung) are very proactive in responding to queries’.
‘They are able to provide commercial and pragmatic advice that takes into account market practice’.
Greater Bay Area Homeland Development Fund
Phoenix Property Investors Limited
CBRE Global Investors
- Advised Chelsfield on the establishment of Chelsfield Asia Fund 1 and the fund’s subsequent closings with international and supranational investors.
- Advised Panview Capital on the establishment of an equity long-short hedge fund.
- Advised GE Energy Financial Services, Inc. on its cooperation with Silk Road Fund Co., Ltd. in the establishment of a joint venture platform for investment in energy infrastructure assets in connection with the “Belt and Road” Initiative.
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.
Other key lawyers:
‘The team is led by a group of partners who are subject matter experts and understand what the regulator is thinking versus what the client wants to achieve’.
‘Pinky Siu and Alwyn Li are always ready to help and offer practical solutions in a timely manner at any time of day’.
‘Su Cheen provides us with practical advice and guidance on navigating the regulatory regime in Hong Kong’.
‘Deacons has been a leader in providing legal advice in the investment funds area’.
‘Their partners and associates are very familiar with the latest practice in the market’.
‘Pinky Sui is an experienced lawyer in the investment funds space and is very knowledgeable on aspects relating to authorised funds in Hong Kong’.
‘Alwyn Li maintains good relationship with the clients, peers and regulators’.
‘Alwyn Li is always able to provide timely, useful and business-sensible advice to me’.
Aberdeen Standard SICAV I
Aberdeen International Fund Managers Limited
Bank Consortium Trust Company Limited
Baring Asset Management Limited
BOCHK Asset Management Limited
Bank of China Investment Management
First State Investments (Hong Kong) Limited
GaoTeng Global Asset Management Limited
Haitong International Asset Management (HK) Limited
Invesco Hong Kong Limited
JPMorgan Funds (Asia) Limited
Natixis Investment Managers UK Limited
Oaktree Capital (Hong Kong) Limited
Ping An of China Asset Management (Hong Kong)
Ping An Asset Management (Shanghai)
Principal Global Investors (Ireland) Limited
Schroder Investment Management (Hong Kong) Limited
Schroder Investment Management (Singapore) Ltd.
St. James’s Place Unit Trust Group Limited
St. James’s Place Wealth Management Plc
Sumitomo Mitsui Trust (Hong Kong) Limited
UBS AG – Global Asset Management
Value Partners Group Limited
VMS Securities Limited
- Advised Mirae Assets on the successful launch of two exchange traded fund (ETFs) designed for investors seeking exposure to the growing Chinese biotech and cloud computing sectors.
- Advised Janus Henderson on the establishment of the Horizon Global Sustainable Equity Fund, the first environmental, social and governance (ESG) fund to be authorized under the SFC’s new disclosure requirements introduced in April 2019.
- Assisted AllianceBernstein to launch the first SFC-authorized RMB- denominated UCITS fund in Hong Kong.
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.
‘Excellent technical lawyers who are commercially savvy’.
‘The depth of the domain knowledge and service quality is par excellence’.
‘Gavin Anderson is simply superb in problem solving and a valuable asset in negotiations’.
‘Gavin Anderson’s depth of market standards is excellent.
‘Turn-around times and availability are fantastic’.
Baring Private Equity Asia
Ontario Teachers’ Pension Plan Board
- Advising long term client Baring Private Equity Asia in the formation of its seventh private equity fund with $6.5bn in total commitments.
- Representing Ontario Teachers Plan Pension Board in connection with their $2.1bn investment in NIIF and NIIF’s corresponding investor-owned fund manager which is backed by the Government of India, in collaboration with other leading global and domestic institutional investors.
- Represented CDH in the formation of CDH Fund VI, a $1.5+ bn China growth fund.
Gibson Dunn has a strong Chinese fund sponsor client base in Asia. Under the leadership of John Fadely and Albert Cho, the firm is able to provide advice on US issues with US-qualified lawyers. The team leans on its global network of offices for support and has practitioners in key global jurisdictions, including Hong Kong, the US, Dubai and the UK. Cho is noted for his experience in the formation of private investment funds; co-investment transactions; operational and structuring matters; and regulatory compliance matters. Fadely is recommended for the formation of private investment funds, including buyout funds, growth capital funds, venture capital funds and real estate funds. Counsel Youjung Byon advises clients on fund formation, governance and economics matters.
Other key lawyers:
‘John Fadely and his team are well respected in the fund formation practice in Hong Kong’.
‘They fully understand the market terms and will try their best to protect the interest of their clients’.
‘John Fadely and his team, including Youjung Byon, are very professional with good technical knowledge and are also commercial’.
‘They can think out of the box and are diligent’.
‘Their responses are prompt and they fully understand the needs of their clients’.
‘They are very good at working across cultures’.
‘John Fadely stands out due to his Asian language abilities’.
Anchor Equity Partners
ARA Asset Management
Capital Today Group
CITIC Capital Partners
CLSA Capital Partners
Global Infrastructure Partners
JP Morgan Asset Management
Starcrest Capital Partners
The Longreach Group
- Represented Hahn & Company in the formation of their third Korea-focused buyout fund and a co-investment fund, which closed at $3.2bn in total commitments.
- Represented CITIC Capital in the formation of its latest US dollar-denominated China fund, which closed at $2.8bn.
- Represented DCP Capital in the formation of a China-focused private equity and buyout fund.
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.
Ascendent Capital Partners
NewQuest Capital Partners
Lilly Asia Ventures
Loyal Valley Capital
Eastern Bell Capital
Forebright Capital Management
SSG Capital Management
SC Capital Partners
- Represented Ascendent Capital Partners, a private equity firm focused on Greater China-related investment opportunities, on the successful closing of its third China fund, securing commitments totaling $1 bn.
- Represented NewQuest Capital Partners, a leading secondary private equity firm in Asia, in the raising of its fourth dedicated secondary fund — NewQuest Asia Fund IV, L.P. (“the Fund”).
- Advised C-Bridge Capital, a healthcare-dedicated private equity firm, in the fundraising and closing of its fourth healthcare fund, C-Bridge Healthcare Fund IV.
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.
Bank of New York Mellon
CSOP Asset Management
UBS Asset Management
WT Asset Management
Venture Smart and Arrano Capital
9M Stone Capital
- Advising Mirae on the listing of the first ETFs in the form of open-ended fund company (OFC) in Hong Kong. The ETFs are also the first public OFCs registered in Hong Kong.
Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP is noted for its strength in large pan-Asia funds, China-focused funds, and Japan-focused funds. It advises global sponsor clients on domestic, RMB-denominated fundraisings and is vastly experienced in first-time China funds and co-sponsor arrangements for China funds. Areas of focus include China-focused private equity fund formation and real estate fund formation. Adam Furber heads the Asia private funds practice, which includes English, Japanese, and Mandarin speakers. Furber handles funds in most asset classes, including buyout, growth and venture capital, fund-of-funds, and secondaries to real estate, credit, special situations, and debt. Recommended senior associate Michael Ceulen is a native French and Dutch speaker.
Other key lawyers:
Affinity Equity Partners
Ant Financial Service Group
Brummer & Partners
CapSquare Asia Partners
Diamond Realty Management
Excelsior Capital Asia
Japan Growth Investment Alliance (J-GIA)
Japan Post Investments
Lavender Hill Capital Partners Limited
Nippon Investment Company
Nissay Asset Management
Polaris Capital Group
Seven Seas Advisors
T Capital Partners
Welkin Capital Partners
Zebra Global Capital
- Advised PAG Real Estate in the formation and fundraising of SCREP VII, its flagship opportunistic real estate fund, with $2.75bn capital commitments.
- Advised CVC Capital Partners in the formation and raising of CVC Capital Partners Asia V, with $4.5bn capital commitments.
- Advised Advantage Partners in the formation and fundraising of their sixth flagship Japan buyout fund series, with ¥85bn capital commitments.
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.
Baker McKenzie focuses on active funds across Asia, acting for both general partner (GP) and limited partner (LP) funds. It is also adept at handling the formation of bespoke joint venture fund platforms between established managers and investors. The private equity real estate space is a key area of focus for the firm, here it has a significant market share and advises on bespoke fund structures. It leverages mandates in a broad range of sectors and has recently been active in high growth sectors, including data centres, logistics, co-living, education and proptech. Jason Ng heads the practice and is noted for his experience in advising prominent fund clients on transactions across Asia Pacific.
‘Baker McKenzie is a pioneer and leading law firm in the Hong Kong REIT market and has in-depth knowledge and expertise in the area’.
‘They have extensive experience in dealing with regulators’.
‘They are responsive and their advice is practical’.
‘The firm has a strong crew of different experts including conveyancing solicitors, litigation solicitors and finance solicitors’.
‘This makes the firm different from the others as they can provide comprehensive and all-round advice for us’.
‘Sophia Man is highly responsive, has a good regulatory knowledge of the MPF regulations, and provides practical and commercial advice’.
‘Jeremy Ong, the partner heading the REIT team, is not only an expert in the Hong Kong REIT regime, but also has extensive experience in handling corporate transactions’.
‘Jeremy Ong is always a reliable legal adviser who truly acts for the best interest of his clients’.
APG Asset Management (the Dutch Pension Fund)
ARA Asset Management
Ardian (formerly AXA Private Equity)
B.Grimm Capital Partners
Caisse de dépôt et placement du Québec (CDPQ)
Cambium Grove Capital
Canada Pension Plan Investment Board (CPPIB)
China Merchants REIT
Gaw Capital Partners
Keppel Capital / Alpha Investment Partners
M3 Capital Partners
Taubman Centres Inc.
Yuexiu Real Estate Investment Trust
- Acted as lead counsel for our longstanding client, Gaw Capital Partners, on the structuring, marketing, formation and successful closing of its sixth flagship private equity real estate fund, Gateway Real Estate Fund VI.
- Acted as the lead counsel to both APG Strategic Real Estate Pool and Canada Pension Plan Investment Board on the establishment of a $1bn joint venture fund platform with ESR Cayman Limited that will invest in and develop a portfolio of institutional-grade industrial and warehouse logistics assets in the Seoul and Busan metropolitan areas in South Korea.
- Acted as lead counsel to Canada Pension Plan Investment Board on its re-up investment into an existing joint venture fund platform with pan-Asian real estate logistics specialist LOGOS, LOGOS Singapore Logistics Venture (LSLV), as well as the establishment of a successor joint venture fund platform, LOGOS Singapore Logistics Venture 2 (LSLV 2), alongside Ivanhoé Cambridge.
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.
‘Strong knowledgeable team that is very available and provides swift responses’.
‘Michael Wong is the partner I work with, he is very knowledgeable, straight to the point, available and swift’.
‘A friendly and professional team with a broad base of knowledge and a willingness to help with any issue that arise’.
‘They have been excellent in helping us through the entire structuring and documentation processes.
‘Innovative result-driven solutions’.
‘In cross-jurisdictional projects, Dechert’s teams in different jurisdictions are highly collaborative and efficient’.
‘Michael Wong fully understands our company’s business characteristics and structure, and truly works with our best interests at heart’.
‘Michael Wong has a high-level of professionalism and rich industry experience’.
Apeiron Capital Limited
China Resources Capital Management
China Everbright Limited
Greenwoods Asset Management Hong Kong Limited
Hauck & Aufhauser Asset Management
JIC Capital Management
Manulife Asset Management
Ping An Insurance
- Advised longstanding client China Everbright on the structuring, legal, and regulatory aspects of 10 funds.
- Instructed as lead counsel on the formation of the CR-CCT Industry Pilot Fund L.P., a private equity fund with a focus on growth stages technology companies operating in the health, artificial intelligence, information technology, ecological technology, industrial and manufacturing sectors.
- Advised German private bank Hauck & Aufhäuser’s Luxembourg-based management company, Hauck & Aufhäuser Fund Services S.A, on its launch of the H&A Aktien Small Cap EMU fund in Hong Kong.
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.
Avataar Venture Partners
Gaw Capital Partners
Willing Capital Management Limited
Nine Masts Capital Management
China Ping An Insurance Overseas (Holdings) Limited
Enhanced Investment Products Limited
CITIC Capital Holdings Limited
- Advised Mohan Kumar, one of the founders of Avataar Venture Partners, on the formation and launch of Avataar Venture Partners I, an India-focused VC fund backed by US-headquartered HarbourVest, one of the world’s largest private equity investment firms and its spinout arrangement from Norvest Venture Partners.
- Represented Minghong Capital on the formation of a new hedge fund attracting new capital globally, with assets under management exceeding $1bn.
- Represented Crane Capital in its spinout arrangement from M3 Capital Partners, and formation of Crane Partners LLC, a real estate fund.
King & Wood Mallesons
The investment funds team at King & Wood Mallesons is licensed to practice PRC law, Hong Kong law and other international laws like Australian, US, English and a range of European laws. It acts for PRC clients on domestic and international transactions, and international clients on PRC-related funds matters. The team advises sponsors and investors on private equity, real estate, infrastructure and energy funds. It also handles investments, joint ventures, including clubs and consortia, co-investments, investments into funds and secondaries. With in-house tax and regulatory expertise, the firm is well-placed to handles cross-border transactions. The practice is headed by Hayden Flinn, who advises on matters across Asia Pacific. Guo Sun Lee is recommended for the formation of mid-size to large private equity, buy-out, real estate and emerging market funds.
‘The team are commercial, practical, and respond timely to tasks and adhere to tight deadlines’.
‘They are able to grasps concepts quickly and provide good execution support’.
‘Guo Sun Lee is efficient in delivery and knowledgeable about industry practice’.
‘Provides practical advice and is reliable in executing required works’.
‘Thorough and able to provide strong technical views on subject matters’.
‘It has a wealth of experience in dealing with Chinese institutional and high-net-worth limited partners’.
‘Cindy Shek went out of her way to put us at ease and they were always readily available to provide us with solutions to our problems’.
‘Cindy Shek is a true partner to her clients, providing strong technical and regulatory advice together with a commercial overlay and strong understanding of the clients’ goals’.
Shui On Land Limited
KaiLong Investment Management Hong Kong Limited
Mizuho Asia Partners Pte. Ltd.
Hua Ding International Asset Management Company
Cedar Asset management (HK) Limited
Mirae Asset Global Investments (HK) Limited
Venture Smart Asia Limited
Harvest Global Capital Investments Limited
- Advised China Resources, Mitsui and HOPU on the establishment of a healthcare fund targeting $1bn, domiciled in the Cayman Islands, which achieved a first close in September 2019 of approx. $500m.
- Advised LOGOS on the completion of its first close to establish a new logistics development venture in China with Ivanhoé Cambridge, Bouwinvest and a GCC-based (Gulf Cooperation Council) investor.
- Advised Pamfleet, an Asian value-add real estate investment manager with $1.1bn of assets under management, on the sale of a majority stake in its investment management business to the UK-based multinational asset manager Schroders.
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.
Other key lawyers:
‘Any e-mail or request I get an answer within 24 hours’.
‘They always know the answer’.
‘Serena Tan just gets things done’.
Ally Bridge Group
China Great Wall Asset Management Co., Ltd.
Fosun International Group
FWD Group Management Holdings Ltd
GLP PTE, Ltd. (GLP)
BHG Long Hills
SoftBank Ventures Asia
Silicon Valley Bank
- Advised C-Bridge Capital on the formation of a fund dedicated to investments principally in healthcare royalties and other cash flow assets that have a significant nexus to Greater China.
- Advised a Chinese financial institution on the establishment of its first USD-denominated offshore fund.
- Advised a PRC real estate conglomerate on the formation of a real estate fund focusing on the acquisition, operation, and disposition of prime retail projects in mainland China.
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.
Other key lawyers:
‘Their understanding of the market and clients’ needs are key strengths’.
‘They can take the initiative to give us constructive suggestions for our fund products, the regulatory environment and even some strategic matters’.
‘They are mindful of our needs in cost control and can sometimes propose ways to improve the efficiency’.
‘Lorna Chen has a very good combination of technical sophistication and commerciality’.
‘Lorna Chen’s clients benefit greatly from her solid experiences and her ability to integrate the firm’s resources on a cross-border basis’.
‘Sean Murphy is very technically solid and has good commercial sense’.
‘Sean Murphy is responsive and provides a very fast turnover’.
‘We are impressed by Sean Murphy’s capability in cross culture communication’.
Asian Infrastructure Investment Bank (AIIB)
CarVal Investors, LLC
China Creation Ventures (CCV)
China Investment Corporation (CIC)
CITIC Securities International (CITIC CLSA)
Frontier Service Group
ICBC International Holdings Limited (ICBCI)
International Finance Corporation (IFC)
Investcorp Securities Limited
Korea Investment Corporation (KIC)
Noah Wealth Management
Qatar Investment Authority (QIA)
- Represented a joint venture formed by CITIC Capital Holdings Limited (CITIC Capital) and Frontier Services Group Limited (FSG) in launching a private equity fund.
- Acted as fund counsel to China Creation Ventures (CCV) on all aspects of the establishment of its first flagship fund.
- Representing Qatar Investment Authority in its investments in various investment funds globally.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP advises investors, sponsors and strategic parties on the formation, capitalisation and operation of investment funds. It also acts for venture capital clients on the restructuring of venture capital firms and funds and in portfolio transactions. The team is noted for its planning and compliance expertise, and handling matters relating to changes in the regulatory environment. It is experienced in private equity, hedge, real estate, credit, infrastructure and hybrid funds. Practice head Geoffrey Chan specialises in the formation and structuring of Asia-based US dollar-denominated private investment funds, with a focus on Greater China.
Other key lawyers:
INCE Capital Ltd.
Unicorn Partners Advisors, Ltd.
CMC Capital Advisors, Ltd.
Sky9 Capital Ltd.
SSG Capital Management (Hong Kong) Limited
- Advised SSG Capital Holdings Limited (Hong Kong) in its sale of a controlling stake to Ares Management Corporation.
- Advised CMC Capital in the formation of its third U.S. dollar-denominated private investment fund, the $950m CMC Capital Partners III Fund, well surpassing its original target size.
- Advised JD.com in connection with the JD Logistics Properties Core Fund, L.P. together with GIC, Singapore’s sovereign wealth fund, for a total committed capital of over RMB 5.66 billion ($ 800m).
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.
‘White & Case boasts a strong banking practice with expertise in private credit and complex transactions’.
‘Anthony Wong leads the way in difficult fund formation work’.
‘Professionalism with custom-made solutions and advice’.
‘Anthony Wong provides excellent client service’.
‘Always timely with detailed responses and always with a solution.
‘Years of experience and good grasp of industry dynamics’.
‘Anthony Wong provides professionalism, expertise, extensive industry knowledge and excellent client service’.
‘Anthony Wong is very capable, knowledgeable, solutions-focused and client-oriented’.
- Representation of PAG the structuring and establishment of PAG Real Estate Partners II L.P., a $2bn closed-end fund focused on core-plus real estate investment opportunities in the Asia-Pacific region.
- Representation of AM Squared on its spin-out from Highbridge Capital Management.
- Representation of PAG in the structuring and establishment of PAG Loan Fund IV L.P., a $1.5bn credit fund focused on debt and loan opportunities in the Asia-Pacific region.
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.
Other key lawyers:
‘Commercial and pragmatic team’.
‘Willingness to solve a problem’.
‘Dean Moroz is technically strong, yet pragmatic and commercial’.
Alberta Investment Management Company
APG Strategic Real Estate Pool N.V.
Asia Summit Capital
Delta Capital Myanmar
Heitman Asia-Pacific Property Investors AIV, L.P.
Mitsui Alternative Investments
PGGM Vermogensbeheer B.V.
Provest Holdings Ltd
PT Sarana Multi Infrastruktur (Persero)
- Advised Weave Co-Living Cayman Limited on a joint venture with 32 Capital in the establishment of an investment company to acquire, develop, refurbish and operate co-living accommodation assets in Singapore.
- Advised Mitsui Alternative Investments in relation to their joint sponsorship and establishment with Australia’s Westbourne of a successor fund, the Westbourne Infrastructure Debt Fund II L.P. for investing in OECD infrastructure debt.
- Advised PT Sarana Multi Infrastruktur (Persero) on the potential formation of an infrastructure fund management business.
Goodwin focuses on in private equity funds, venture capital funds, and real estate and infrastructure funds. The firm’s global presence allows it to handle complex cross-border fund formation matters. Gregory Barclay heads the team and is adept at handling the structuring and establishment of international private investment funds. Barclay deals with investment-related matters across alternative asset classes, such as joint ventures, co-investment deals, segregated accounts, investment management appointments and secondaries transactions.
AEW Capital Management
Cinda International Investment Holdings
Drum Tower Ventures
DSG Consumer Partners
Falcon Edge Capital
Global Hospitality Investment Group
Korea Investment Corporation
Tybourne Capital Management
- Represented A91 Partners in the formation of their inaugural growth capital fund, which focuses on investing in early to growth stage companies in the healthcare, financial services, consumer, and technology sectors across India.
- Advising GHIG on the establishment of their investment manager business and inaugural investment platform.
- Representing LionRock Capital in the formation of a sports-focused fund with retailer Li Ning participating as an anchor LP.
O'Melveny is well-regarded for its private equity fund formation practice, which focuses on the PRC and Southeast Asia. It specialises in the burgeoning secondaries market and advises on specialist secondary funds, sovereign wealth funds and funds of funds. James Ford heads the practice and has particular expertise in advising clients on funds, both traditional and publicly traded, in the private equity and related sectors. Ford is a founding member of Hong Kong Private Equity and Venture Capital Association’s Technical Committee (HKVCA).
Other key lawyers:
‘Very efficient and responsive’.
‘Bills come in lower than expected’.
‘James Ford is a street fighter’.
‘Jonathan Shelley is low key but very smart’.
InfraRed NF Advisers
Abax Global Capital
- Advised Coller Capital in its acquisition of interests in EduCo Global, held by Baring Asia Private Equity.
- Advised InfraRed on establishing InfraRed NF China Real Estate Fund III.
- Advised GIC on primary and secondary investments in funds.
Paul Hastings LLP
Paul Hastings LLP specialises in real estate finance and private equity investment funds matters. It handles the structuring and establishment of private equity, venture capital and other types of investment funds in Asia. It acts for US, European and China-based institutions, sovereign funds and large financial organisations, insurance companies and state-owned enterprises. The team is now headed by Neil Torpey, Vivian Lam, Paul Guan and Beijing-based Meka Meng.
Baring Private Equity Asia
The Carlyle Group
HOPU Capital/Triwater Asset Management Holdings
Mapletree Greater China Commercial Trust
ARA Asset Management
Proprium Capital Partners
China International Capital Corporation Ltd.
ICBC Asset Management
Ascent Real Estate Investors
Hashglobal Alpine Capital Management
- Representing ARA Asset Management in its formation of a partnership with Straits Real Estate and ICBC International for the RMB2.42 billion ($347 million) acquisition of Shanghai retail mall Sanlin InCity.
- Represented Jaguar Partners Asia and JHJ Logistics in the formation of a joint venture to acquire Brilliant Enterprise Management Consulting in Shanghai and represented Jaguar Partners Asia in the formation of a new private equity fund dedicated to real estate opportunities in Asia.
- Represented Proprium Capital Partners and its co-investor, a middle eastern sovereign wealth fund, in the formation of a $500m joint venture to invest in high quality rental apartment projects in gateway cities in China.
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.
Other key lawyers:
China Ping An Insurance Overseas (Holdings) Limited
Schroder Adveq Management AG
Cindat Capital Management
Grand China Overseas Investment Management Co., Ltd
Harvest Wealth Management Co., Ltd
Lunar Capital Management
Haitong International Securities Group
- Advising China Ping An Insurance on a range of fund-related mandates.
- Advised Schroder Adveq’s Asia team on investments in Asia funds as well as co-investments and secondary transactions.
- Advising HQ Capital, the global asset manager, on primary and secondary investments globally.
Ropes & Gray LLP
Ropes & Gray LLP continues to see expansion of its client base, particularly on the GP side, resulting in an increase in traditional fund formation mandates. It is active in a range of asset classes, including infrastructure, private credit and real estate funds. Under the leadership of Vincent Ip, the Hong Kong practice acts for investment advisers and fund sponsors on the formation and on-going representation of Asia-focused private investment funds. It also advises institutional investors, such as sovereign wealth funds, pension funds and funds of funds, on investments in alternative asset classes.
Other key lawyers: