Firms To Watch: Investment funds

Founded in October 2021 by the ‘very commercial and technical’ Willa Chan, boutique specialist private investment fund Willa Legal has quickly gained market recognition as a result of its ability to provide ‘bespoke legal services tailored specifically to asset management’. Chan, who ‘demonstrates a deep understanding of Hong Kong legal intricacies, especially in investment management and family office matters’, has been very effective at advising clients wishing to establish and/or grow their Hong Kong presence and structure private funds with some Hong Kong nexus.
The arrival in November 2022 of the ‘diligent and very thoughtful’ Simon Wong from Dentons Hong Kong has enhanced Withers' funds offering in light of his deep knowledge of the operation, structure and regulatory strictures surrounding private investment funds. Since his arrival the team has picked up a number of mandates for fund managers which are appreciative of the team’s ability to advise across the entire lifecycle of open-end and closed-end funds and to effectively utilise the firm’s international tax advisory team.

Investment funds in Hong Kong

Clifford Chance

Clifford Chance remains a popular choice among investors and funds due to its deep institutional knowledge base built up over its many years in the market, and its ability to draw from broader resources both in the region and globally through its international network of offices. Following the retirement of Mark Shipman in May 2023, Matthias Feldmann heads the team, and combines deep industry knowledge, gleaned through strong trade body relationships, including the Alternative Investment Management Association (AIMA) with strong credibility among hedge and private real estate fund managers, in particular. Liyong Xing, who joined in June 2022 from Kirkland & Ellis, has strong connections with regionally headquartered funds including private equity funds, which she advises on structuring and regulatory matters, as well as on secondary transactions. As part of his broad ranging practice across asset classes, Rocky Mui has developed particular skill in relation to fintech matters.

Practice head(s):

Matthias Feldmann

Other key lawyers:

Viola Lui; Liyong Xing; Rocky Miu


‘CC has one of the top funds teams in Asia. They are the only firm that can cover all the relevant markets (HK, Singapore, Australia, Japan and China). They are the closest you’ll get to having a strong local firm and a strong international firm combined.’

‘The lawyers at CC are very knowledgeable and well-coordinated.’


Led by Jeremy Lam, the ‘tech-savvy, responsive and knowledgeable’ team at Deacons remains the market-leading firm for SFC-authorised funds work, where its strong connections with the regulator and pervasive deal flow ensures that it is at the cutting edge of the latest market intel. Taylor Hui has excellent traction with Chinese fund managers including on their establishment in Hong Kong and on bringing RMB investment products to the Hong Kong market. Praised for her ability to handle ‘multi-jurisdictional complexity while advising only on Hong Kong law’ Su Cheen Chuah provides ‘practical advice’ to international and local fund managers on both private and public funds, with a holistic approach that sees her advice on fund structuring, formation and marketing to ongoing compliance issues. Of the more junior partners, Pinky Siu, who is adept at handling the establishment and ongoing compliance requirements of a wide range of listed and unlisted SFC-authorised funds, and the ‘attentive and responsive’ Ming Chiu Li are both recommended.

Practice head(s):

Jeremy Lam

Other key lawyers:

Taylor Hui; Alwyn Li; Su Cheen Chuah; Pinky Siu; Ming Chiu Li; Lawson Tam; Calvin Li


The team is tech-savvy, responsive and knowledgeable.’

‘Su Cheen Chuah can give practical advice that works and can handle multi-jurisdictional complexity while advising only on Hong Kong law.’

‘Alwyn Li provides solutions-oriented advice.’

They have close dealings with the SFC and are able to advise clients on the latest trends and expectations from the regulator.’

‘Jeremy Lam provides clear and direct advice.’

‘They are always on top of industry development and market best practices.’

‘Su Cheen Chuah is very knowledgeable and experienced and knows our business very well.’

‘Ming Chiu Li is always attentive and responsive, and communicates efficiently and professional.’

Key clients




Bank Consortium Trust Company Limited

BEA Union

Bosera Asset Management (International) Co., Limited

Capital International


Colombia Threadneedle

First Sentier Investors

Franklin Templeton

Fubon Fund Management

Harvest Global


JP Morgan Asset Management

Man Investments


Pando Finance Limited

Phillip Capital Management (HK) Limited

Schroder Investment Management (Hong Kong) Limited

Samsung Asset Management

Work highlights

  • Advising JP Morgan on the debut of its first thematic sustainable fund in Hong Kong.
  • Advising Samsung Asset Management on the establishment and listing of one of Hong Kong’s first virtual assets ETFs.
  • Advising Bank Consortium Trust Company Limited on the launch of Hong Kong’s first inflation-protection MPF fund.

Debevoise & Plimpton LLP

Drawing upon ‘deep market knowledge’ gleaned over many years’ experience in the market, Debevoise & Plimpton LLP provides ‘an excellent work quality’ for a GP-focused client base establishing large pan-Asian buyout funds to smaller sector- or country-specific funds, including RMB-denominated funds. Praised for his ‘ability to break down complex problems into smaller bite sized pieces’, Gavin Anderson, who now splits his time between the firm’s Hong Kong and London, has, alongside vastly experienced of counsel Andrew Ostrognai, been instrumental in developing the firm’s high-calibre private equity offering which is adept at advising all aspects of fund formation, capital raising and closing.  Anderson co-heads the team alongside Shawn Yang, who as well as his GP fund formation work is also regularly active on secondaries and select investor-side representations. Mai Shapiro rounds out the team and provides the relevant US tax advice pursuant to both fund formation and subsequent downstream activity.

Practice head(s):

Gavin Anderson; Shawn Yang

Other key lawyers:

Andrew Ostrognai; Mai Shapiro; Guang Yang; Heng (David) Wan


‘They have deep market knowledge, an agile thought process and provide an excellent work quality.’

‘The excellent Gavin Anderson has the ability to break down complex problems into smaller bite sized pieces, and deliver practical advice.’

‘Debevoise & Plimpton is our go-to law firm for investments funds work. They have a very deep-bench of excellent lawyers in Hong Kong and across their international network, and really understand the funds space and how to help their clients achieve their objectives efficiently.’

‘The very experienced Mai Shapiro provides impeccable advice.’

‘Gavin Anderson is one of the best investment funds lawyers in Asia. He impresses with his formidable knowledge of market practice as well as legal/regulatory developments, and his ability to help clients seamlessly navigate complex fundraisings.’

‘Great knowledge of the market. Very responsive and innovative.’

Key clients

Advantage Partners

Ally Bridge Group


CDH Investments

Committed Advisors

HarbourVest Partners

Lightspeed India Partners

Morgan Stanley

Navis Capital

Sequoia Capital

TPG NewQuest

True North

Work highlights

  • Advised BPEA EQT on the structuring, formation and fundraising of their eighth pan-Asian flagship fund, one of the largest Asian private equity funds ever raised by an Asia-based sponsor (c. US$11 billion), which exceeded its initial target size.
  • Advised Pantheon in a single-asset GP-led secondary project with Hosen Capital involving an indirect acquisition of Kilcoy Foods.

Gibson Dunn

Led from Hong Kong by the ‘very client-focused’ Albert Cho, Gibson Dunn’s ‘strong investment funds practice’ is able to provide ‘creative and solutions-oriented’ advice to both Asia-based and global clients setting up private funds to invest in a range of asset classes and country specific matters. Cho has, himself, developed particular strength in relation to Korean-based private equity funds and is one of many in the team who is well-placed to engage with a preponderance of US investors by virtue of his US qualifications. Associate Kathy Wen is also a key member of the team with expertise advising sponsors on buyout, growth capital, and credit fund structuring, as well as on co-investment transactions and regulatory matters. Of counsel Youjung Byon regularly works alongside the firm’s Singapore office handling private equity, venture capital and growth capital fund formation work for funds investing in the region.

Practice head(s):

Albert Cho

Other key lawyers:

Youjung Byon; Kathy Wen


‘Gibson Dunn has a strong investment funds practice, and they are especially adept at fund formation for Korean private equity sponsors.’

‘Albert Cho is very client-focused and hands-on.’

‘Rich experience and deep expertise sharing market observations.’

Key clients

ADV Partners

Anchor Equity Partners

ARA Asset Management

Asia Partners

BAI Capital


Boyu Capital

C2 Capital Partners

Capital Today Group

CDIB Capital

CLSA Capital Partners

Crescendo Equity Partners

DCL Investments

DCP Capital

Elevation Equity Partners

Falcon House Partners

Glenwood Private Equity

Global Infrastructure Partners

Hahn & Company

Hereditas Capital

IMM Investment

JP Morgan Asset Management

Legend Capital

Lupa Systems

Lupin Capital

Maison Capital


Republic Asia

Starcrest Capital Partners

STIC Investments


The Longreach Group

Trustar Capital Partners (formerly CITIC Capital)

Trustbridge Partners

UCK Partners (formerly Unison Capital Korea)

King & Wood Mallesons

The ‘hardworking and responsive’ team at King & Wood Mallesons continues to generate substantial deal flow from China-based funds clients, which they are well-placed to serve not only due to their historic ties to the region but also the ability to advise on cross-border transactions due to its international network. The team, which is led by the ‘outstanding’ Jingjing Jiang, has a fairly balanced offering on both the GP and LP sides enabling it ‘to manage the expectations of both sides’ across a wide array of asset classes/strategies, and is ‘particularly knowledgeable about development finance institutions/multilateral institutions and their requirements as investors’. Jiang himself was at the vanguard of the development of the Limited Partnership Fund (LPF) vehicle in Hong Kong and following on from his work on the legislative process, has subsequently handled a multitude of mandates for funds seeking to utilise the product. As part of his broad corporate expertise that also includes downstream investment work and disposals, Hayden Flinn is a popular choice on private equity-related fund formation structures and is also active in the secondaries market. Guo Sun Lee is ‘on top of market trends’, enabling him to effectively advise both fund managers and investors, particularly in relation to mid-size to large private equity, buy-out and emerging market funds.

Practice head(s):

Jingjing Jiang

Other key lawyers:

Hayden Flinn; Guo Sun Lee; Cindy Shek; Helena Huang


‘The team has a good understanding of client’s needs and provides practical advice with strong commercial awareness.’

‘The lawyers are hardworking and responsive, and provide professional and practical advice.’

‘We choose KWM because of their multijurisdictional presence and capabilities, and that they are better able to serve Chinese clients in respect of cross-border transactions.’

Key clients

China Everbright Limited

China Orient Asset Management (International) Holding Limited

KaiLong Investment Management Hong Kong Limited

LOGOS Korea Core Venture 1 Pte. Ltd.

SUSI Partners Asia Pte. Ltd.

GLy Capital Management Limited

Mizuho Asia Partners Pte. Ltd.

Mirae Asset Global Investments (Hong Kong) Limited

Rigel Capital

Verod-Kepple Africa Partners

River Capital Limited

Work highlights

  • Advised China Everbright in the formation of its first Hong Kong Limited Partnership Fund.
  • Advised China Orient Asset Management (International) Holding Limited in the establishment of a Hong Kong Limited Partnership Fund.
  • Acting for KaiLong Investment Management Hong Kong Limited on the establishment of two separately managed accounts.

Kirkland & Ellis

Leveraging deep firm-wide institutional ties with many global private equity heavyweights and also entrenched in the regional market with more regional participants, Kirkland & Ellis maintains a compelling offering for a GP-focused client base across the spectrum of their needs, from fund structuring, advice on co-investment vehicles, secondary transactions, regulatory advice and subsequent downstream transactional work. As well as deep knowledge of the local market, clients also benefit from access to experts in London and throughout the US and thereby to give real time advice to an international investor base. Triple qualified in Hong Kong, US and the PRC, Carol Liu can effectively bridge the cultural gap between Chinese sponsors and international investors, and is a popular choice across a range of high-profile primary fundraisings and secondary transactions. As well as fund formation work, including within the credit fund and real estate front, Damian Jacobs is active on GP and LP-led secondary transactions, an area of considerable activity given recent market conditions. Justin Dolling is another key contact in the group.

Practice head(s):

Justin Dolling; Carol Liu; Damian Jacobs

Other key lawyers:

Jennifer Feng; Jamie Hill


‘The Kirkland funds team sets the bar when it comes to knowledge of the market, commercial solutions for their clients and handling fundraisings and secondary transactions efficiently.’

Key clients


BGH Capital

CBC Group

Cathay Life Insurance Co., Ltd.


Insignia Ventures Partners

Princeville Capital

Hosen Capital

Hidden Hill Capital

L Catteron Asia

Panacea Venture

Yuanbio Venture Capital

Azalea Asset Management

Kunling Capital

Work highlights

  • Represented GLP on the formation of its private closed-end real estate vehicle GLP China Logistics Fund III (GLP CLF III), targeting $2.5bn in commitments.
  • Acted for BGH Capital in connection with raising its second private equity fund focused on investment in Australasia.
  • Advised CBC Group, a leading healthcare-dedicated investment firm, on the successful fundraising and closing of its fifth healthcare fund, C-Bridge Healthcare Fund V, L.P.

Simpson Thacher & Bartlett LLP

The Hong Kong office of private equity heavyweight Simpson Thacher & Bartlett LLP forms an integral part of the firm’s global offering which also includes key offices in the financial centres of London, New York and Tokyo. As well as regularly acting for cornerstone firm-wide clients, including Blackstone and Carlyle on the establishment of their Asia-based funds, the team, which is headed by industry veteran Adam Furber, also has excellent market traction among Hillhouse and Yungfen Capital, developed over many years’ handling mandates throughout APAC. Furber is particularly adept at advising Japanese sponsors, regularly teaming up with lawyers on the ground in Tokyo, including on behalf of Advantage Partners in connection with the formation of the AP VII Series Funds, an approximately $1bn Japan-focused buyout fund series. Combining an international mindset with deep knowledge of the local market, Dave Azcue is a popular choice among large and mid-market sponsors on the establishment of funds targeted on investments throughout APAC, including in the buyout, real estate and growth sectors.

Practice head(s):

Adam Furber

Other key lawyers:

Michael Ceulen


‘Very professional, extremely smart and knowledgable from top to bottom. Client-focused and very responsive.’

‘Adam Furber is one of the best partners I have worked with. Intelligent, responsive, solution oriented and gives his best for the client.’

Key clients

Advantage Partners

Affinity Equity Partners


Ant Group Co.

Aspirant Group


Brummer & Partners

CapSquare Asia Partners


CLSA Capital


Delos Capital

Diamond Realty Management



Excelsior Capital Asia


Integral Corporation

Japan Growth Investment Alliance (J-GIA)

Japan Post Investments



Kyoto Pacific Capital

Lexington Partners

Mercuria Investment

Morgan Stanley

Nippon Investment Company

Nissay Asset Management



Polaris Capital Group

Seven Seas Advisors

Shunwei Capital

SK Group

Silver Lake

SL Capital

T Capital Partners

Tor Investment Management

Unison Capital

Vivo Capital

Welkin Capital Partners

Yunfeng Capital

Zebra Global Capital

Work highlights

  • Advised Blackstone on the formation of $6.4bn BCP Asia II.
  • Advised Carlyle Group on the formation of Carlyle Asia Partners Growth II, L.P. which closed at $951.6m.
  • Advised Advantage Partners on the formation of the AP VII Series Funds.

Baker McKenzie

The multi-faceted funds practice at Baker McKenzie provides a ‘cost-effective, efficient and professional service’ to GPs and LPs across the spectrum of their structuring and compliance needs relating to both registered and unregistered fund vehicles. The real estate asset class is a core area of focus, with ‘solutions oriented’ team head Jason Ng regularly instructed by marquee client Gaw Capital, including on the formation of its seventh flagship private equity real estate fund. Jeremy Ong heads up the REIT subgroup that is instructed by the majority of listed REITs on the HKSE, handling fund formation, capital markets-related mandates (including IPOs) and on their downstream investments. Edwin Wong is also very active within the real estate asset class, particularly as it relates to data centres. In addition, Wong is at the frontier of trends in the market, including the current popularity of continuation funds as a means of bridging the gap in providing liquidity to managers and their investors in a challenging economic environment. Joy Lam has an excellent understanding of the developing regulatory framework governing the crypto and excels in helping to establish funds investing in virtual assets and on the establishment of tokenised funds. Sophia Man rounds out the team at partner level, and has a multidisciplinary workload in the pensions space, including fund formation, restructuring, investment and regulatory matters.

Practice head(s):

Jason Ng

Other key lawyers:

Edwin Wong; Sophia Man; Jeremy Ong; Joy Lam; Hayley Irons; Elizabeth Mifsud


‘Baker & McKenzie provides a cost-effective, efficient and professional service.’

‘The outstanding Jason Ng and Edwin Wong provide solutions-oriented advice.’

‘The exceptional Hayley Irons really listens to her clients.’

Key clients

Amber Global Limited

APG Asset Management

Cambium Grove Capital

Canada Pension Plan Investment Board

CapitaLand Investment Limited

Eastgate Capital Management

EC Healthcare

Gaw Capital Partners

Keppel Capital/Alpha Investment Partners


M3 Capital Partners

Pleiad Investment Advisors

SF Holding/SF REIT

Sprint REIT

Weave Living

Work highlights

  • International, Hong Kong and Singapore counsel to Gaw Capital on the formation of GCP’s seventh flagship private equity real estate fund, Gateway Real Estate Fund VII, seeking to raise in excess of $2bn in commitments.
  • Assisted Amber with the establishment of Amber Eco Fund.
  • Advised APG Asset Management on the formation of its 90:10 joint venture fund platform with CapitaLand Investment Limited.

DLA Piper

Under the guidance of ‘skilful’ team head Luke Gannon, who is praised for his ‘unrivalled experience’, DLA Piper has gained a strong reputation throughout APAC for its advice to fund managers and investors (including sovereign wealth funds) across a myriad of strategies and asset classes, including real estate, private equity and hedge. In this context, clients benefit from access, not only to a strong core team in Hong Kong but also lawyers in complementary areas, including tax and regulatory, as well as practitioners based in key fund centres including London and Luxembourg. As well as traditional asset classes, Gannon has also successfully picked up work in frontier areas including the burgeoning fintech/crypto space; notably, he recently advised a regional private equity firm on the establishment of one of the first tokenised art funds in Asia.

Practice head(s):

Luke Gannon

Other key lawyers:

Agnes Yeung


‘Luke Gannon is skilful and has been able to gain the confidence of sophisticated managers.’

‘They have experience across all asset classes.’

‘Luke Gannon has unrivalled experience is the funds sector in Asia and is a genuine market leader. He has the depth of experience to provide practical, commercially sensible and cutting-edge advice.’

Key clients

Zheng He Capital

Nine Blocks Capital Management

UBS Asset Management Switzerland

Medtronic plc

Apex China

Work highlights

  • Advising private equity firm, Zheng He Capital, on the establishment of ZH Bella Romaine Fund, one of the first tokenised art funds in Asia with a target fund size of $1bn.
  • Advising Nine Blocks Capital Management on its establishment of a digital asset fund and its ongoing compliance matters.
  • Assisting Alpine Investment Management to restructure its existing fund from a single segregated portfolio company (SPC) to a dual-legged master-feeder structure with a total fund size of approximately $1bn.

K&L Gates

Combining ‘nimble and innovative thinking with big international firm resourcing’, K&L Gatesexcels at providing out-of-the-box solutions’ to private equity and hedge fund managers seeking to make cross-border investments throughout APAC. US and Hong Kong-qualified team head Scott Peterman is a popular choice among private fund sponsors and investors as a result of his ‘incredibly well-rounded knowledge base and skill set’, enabling him to provide ‘innovative and bespoke solutions’ on formation, compliance and associated transactional/financing work.

Practice head(s):

Scott Peterman

Other key lawyers:

Sook Young Yeu; Choo Lye Tan; Chloe Duan; Anson Chan


‘K&L Gates combines nimble and innovative thinking with big international firm resourcing.’

‘The funds practice excels at providing out-of-the-box solutions but can call upon the expertise, experience and resources of a global practice at a moment’s notice.’

‘Scott Peterman stands out as the elder statesman of funds lawyers in Asia. His legal experience, coupled with his in-depth understanding of financial products allows him to deploy a unique approach to problem-solving, providing innovative and bespoke solutions across hedge funds, PE funds, and related financing and M&A transactions.’

‘Scott Peterman is one of the few lawyers in the space that has the ability to be a truly trusted adviser because of his incredibly well-rounded knowledge base and skill set.’

Key clients

Aqua Lake

Asian Infrastructure Investment Bank

Brawn Capital

China Silver Asset Management

Federated Hermes, Inc.

Inception Asia

Morgan Stanley Private Wealth Group

Oakseed Ventures

RiverCircle OFC

Synergy Fund Management Group

The Hong Kong Jockey Club


VCA Capital

Work highlights

  • Advises The Hong Kong Jockey Club and Its Charities Trust (an institutional investor) on an on-going basis on its investments into a variety of private fund.
  • Providing regulatory support to Morgan Stanley Private Wealth Group in connection with new initiatives to be undertaken by them. We also review all private funds placed on their Hong Kong and Singapore high-net-worth platforms.
  • Advised Brawn Capital in the launch of a private equity energy fund investing in green assets in Japan.

Morrison Foerster

The ‘extremely reliable’ team at Morrison Foerster is ‘able to analyse complex situations and provide concise answers and solutions’ for both sponsors and institutional investors in the formation of, and investment in a myriad closed end funds including private equity, venture capital and real estate. As well as having a strong core group based out of Hong Kong, the firm is also appreciated for its highly collaborative approach, which draws upon experts throughout Asia, Europe and the US ensuring that they are able to handle ‘complicated international LP arrangements and regulatory questions easily and quickly’. ‘Knowledgeable and deeply experienced’ Mandarin-speaking team head Serena Tan has good traction among international and Asian funds, as well as Chinese based institutional investors, which are appreciative of her understanding of the ‘commercial aspects of fund-related legal issues’ and her ability to provide ‘solutions that are on point’.

Practice head(s):

Serena Tan

Other key lawyers:

Matthew Lau; Stephen Birkett; Sylvia Cheng; Bryan Lam; Jeffrey Lau; Conan Chen; Marcus To; Charmaine Mok; Zhifei Xie; Evelyn Zhu


The firm’s collaborative approach ensures that they are able to connect us to specialised teams in different offices and the connected team will work like we are their clients.’

‘Serena Tan is knowledgeable and deeply experienced.’

‘They are able to analyse complex situations and provide concise answers and solutions.’

‘The extremely reliable team has top-notch specialised expertise on fund operation and management.’

Strong international integration. Able to handle complicated international LP arrangements and regulatory questions easily and quickly.’

‘Serena Tan is able to understand the commercial aspects of fund-related legal issues and can provide solutions that are on point.’

‘Jeffrey Lau has been helping us navigate through fund-related regulatory compliance, which has been quite complex, and our investment fund would have struggled without his valuable assistance.’

Key clients

Affirma Capital

Ally Bridge Group

Ascendent Capital Partners Asia

BHG Long Hills

CBC Group (formerly C-Bridge Capital)

China Ping An Insurance

China International Capital Corporation

FWD Group


Hony Capital

Junson Capital


Morgan Stanley Private Equity Asia

ORIX Asia Capital

SBVA Future Innovation Fund

Sino-Ocean Capital

SoftBank Ventures Asia

Taiwania Capital

Work highlights

  • Representing MSPEA, Morgan Stanley’s private equity investment arm, in the formation and ongoing operations of a PRC-domiciled, RMB-denominated private investment fund focused on investments in China.
  • Representing an Asian-based fund manager in the formation of its first flagship US dollar-denominated Cayman private fund, intended to be an evergreen fund that generates long-term capital appreciation and dividend income for both affiliated investors and third-party investors.
  • Advising Sino-Ocean Capital, a fast-growing private equity-backed PRC real estate asset manager, on the formation of a $600m credit fund to invest in residential or residential-anchored real estate in China.

Ropes & Gray LLP

Drawing upon a ‘strong understanding of the private equity space’, the lean team at Ropes & Gray LLP provides a ‘careful, bespoke and thoughtful service’ to international and regional fund managers, which are appreciative of the firm’s ability to provide ‘commercial rationale on the comments from counter-parties’ due to its additional work for investors. Team head Vincent Ip is pivotal to the firm’s success in the market and is ‘able to understand/explain issues from a business perspective, helping clients make decisions based on balanced views and advice’. The ‘commercially minded’ Chune Loong Lumbrings a deep understanding of the pan-Asian landscape to both sponsors and investors’, both through his time in the Hong Kong office, and during time spent in the Shanghai office.

Practice head(s):

Vincent Ip

Other key lawyers:

Chune Loong Lum


‘The team has a strong understanding of the private equity space, being able to help deliver the intended outcome while providing careful, bespoke and thoughtful service.’

‘Vincent Ip not only provides thorough and exceptional legal advice but is also able to understand/explain issues from a business perspective, helping clients make decisions based on balanced views and advice.’

Vincent Ip is able to provide us with commercial rationale on the comments from counter-parties when we are negotiating documents with investors.’

‘Chune Loong is commercially minded and is able to deliver high-quality advice.’

Key clients

HarbourVest Partners

Hamilton Lane

Korea Investment Corporation

iCapital Network

Sidley Austin

Drawing upon ‘deep expertise of the local market and regulations’, coupled with the ability to ‘leverage off the expertise and experience from its international offices’, Sidley Austin is a popular choice among international managers on the formation of their Asia-based funds, as well as for regional institutional investors in their capacity as LPs. The balanced nature of the practice, which includes a myriad closed end funds, as well as work for hedge funds, across a variety of asset classes and geographies, has ensured that the team has maintained a vibrant practice in spite of challenging economic conditions and geopolitical headwinds. Team head Effie Vasilopoulos is ‘deeply knowledgeable on Hong Kong regulatory and fund matters’, and is particularly adept at advising on innovative investment fund structures and financial products, including private equity, infrastructure, hedge and credit funds.

Practice head(s):

Effie Vasilopoulos

Other key lawyers:

David Lee; Dominic James


‘They are able to leverage off the expertise and experience from its international offices while offering deep expertise on the local market and regulations.’

‘Effie Vasilopoulos is deeply knowledgeable on Hong Kong regulatory and fund matters.’

‘Dominic James has an exceptional financial services practice. He is very pleasant and easy to work with, and has a great knowledge of financial regulations.’

‘Very professional, good coordination between the China and HK team.’

‘Dominic James is the go-to, stand out performer. Immensely bright, responsive and great with clients.’

‘David Lee is commercial and responsible.’

Key clients



Canyon Partners

Morgan Stanley

Ward Ferry

Dignari Capital

PineBridge Investments

The March Group

Mirae Asset Management

Work highlights

  • Advised EQT on the $7.5bn agreement to acquire Baring Private Equity Asia.
  • Advised Morgan Stanley on the establishment of their first Hong Kong Limited Partnership Fund, which closed in December 2021.

Simmons & Simmons

Simmons & Simmons maintains a sizeable offering, primarily for hedge fund managers and in relation to retail funds. Chinese-speaking team head Eva Chan, who has strong connections with mainland and international fund managers, is one of several within the team who are particularly skilled in relation to Exchanged traded fund (ETF) work. In this context, Chan is at the vanguard of trends in the space, as was recently demonstrated by her work for Samsung Asset Management on the launch of the first global blockchain ETF listed in Asia. Ivy Yam also has vast knowledge of ETF matters, including as it relates to regulatory issues regarding virtual assets, work which she combines with broader open-ended fund work, including within the hedge fund space. Rolfe Hayden retired in April 2023.

Practice head(s):

Eva Chan

Other key lawyers:

Ivy Yam

Key clients

Hang Seng Investment Management Limited

Samsung Asset Management (Hong Kong) Limited

Value Partners Limited

CSOP Asset Management Limited

China Asset Management (Hong Kong) Limited

E Fund Management (Hong Kong) Co., Limited

Mirae Asset Global Investments (Hong Kong) Limited

Deutsche Bank AG and DWS Investments

BlackRock Asset Management North Asia Limited

Work highlights

  • Advised Hang Seng Investment Management in seeking SFC approval for the highly complex restructuring of Hang Seng Index ETF from a listed ETF to an unlisted index fund, and Hong Kong Stock Exchange approval for the delisting of the ETF.
  • Advised CSOP Asset Management Limited on the launch of the CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF. The ETFs are the first virtual asset futures exchange traded funds listed on the Hong Kong Stock Exchange, and are also the first in Asia.
  • Advised Samsung Asset Management (Hong Kong) Limited on the launch of the Samsung Blockchain Technologies ETF, the first global blockchain ETF listed in Asia.

White & Case

Blending a ‘unique understanding of US and institutional LP requirements with a knowledge of local Asian markets’, White & Case has developed strong traction among fund managers and investors across a range of alternative investment strategies, traversing asset classes and geographies. Clients also benefit from the team’s ability to effectively co-ordinate resources across the firm’s global network, including in other leading fund centres, including London, New York and Luxembourg. Team head Anthony Wong has ‘deep expertise and experience across all aspects of fund formation’, including as it relates to hedge fund, credit fund and private equity structures, as well as on secondary transactions and work for sovereign wealth funds as institutional investors.

Practice head(s):

Anthony Wong

Other key lawyers:

Ilan Wong


They are thoughtful with their responses, and in evaluating fund terms and our bargaining power.’

They helped us through the whole process of setting up our new VC fund. The unique part of their service was that they were able to co-ordinate with experts from different markets within their firm network to answer all the questions that our potential LPs from all over the world were asking.’

‘Anthony Wong has extensive knowledge of the China, US and global hedge fund industry. You can tell from working with Tony that he has years of experience and good grasp of the industry dynamics.’

‘Deep expertise and experience across all aspects of fund formation.’

They blend a unique understanding of US and institutional LP requirements with a knowledge of local Asian markets.’

Anthony Wong gathered all the necessary resources, suggested the ideal structure, and smoothly helped us set up my fund. Whenever I had any questions, concerns, or when I received requests from potential LPs, he was always able to provide me with the ideal suggestion.’

Anthony Wong has deep expertise and experience across all aspects of fund formation. He is extremely capable and sophisticated in handling very complex, time sensitive, multiple party/agendas type negotiation process.’

Key clients

ADM Capital

Aquilius Investment Partners

ESR Nogumi Cryptos Capital


Vortex Energy

Work highlights

  • Represented Aquilius Investment Partners, in its fundraise for its flagship fund, AIP Secondary Fund I Limited Partnership.
  • Represented gumi Cryptos Capital (gCC) in the establishment of gumi Cryptos Capital II, a $110m fund to focus on early stage blockchain startups, targeting investments in both equity and tokens.

A&O Shearman

Led from Hong Kong by New York, PRC and Hong Kong-qualified partner Lorna Xin Chen and also regularly working alongside practitioners on the mainland and Singapore, as well as the US and London, A&O Shearman is well-equipped to advise regional asset managers on cross-border mandates involving a range of alternative strategies/asset classes. Chen is also adept at advising on investor-side work, including for sovereign wealth clients investing in private funds as well as on co-investment fund projects throughout the globe.

Practice head(s):

Lorna Xin Chen

Other key lawyers:

Anil Motwani


‘Shearman & Sterling’s Hong Kong office provides us with quality services with cost-effective arrangements. We have been working with them for over decades, but they have never disappointed us.’

‘Lorna Chen’s knowledge and varied deal experience is valuable in negotiating.’

A&O Shearman

Leveraging full service expertise throughout the firm’s global network of offices, A&O Shearman's Hong Kong team is well-placed to advise on the structuring and subsequent operational and transactional work for regional and international fund managers across a range of alternative asset classes. As well as his core GP fund structuring work (which includes deep knowledge of the Hong Kong LPF regime and of secondaries work), team head James Ford is also a popular choice among institutional investors deploying capital in private equity funds. In her role as head of the office’s regulatory practice, Charlotte Robins also regularly advises asset managers on discrete regulatory matters, including as it relates to licensing and disclosure obligations, as well as in the context of transactional work.

Practice head(s):

James Ford

Other key lawyers:

Charlotte Robins

Key clients

Asian Infrastructure Investment Bank

Aestus Capital LLC

Axiom Asia Private Capital/Mission Capital GP Limited

PT Adivira Capital Advisors

A Crown Corporation


At Ashurst, team head Dean Moroz has a strong reputation among large institutional investors, including pension funds and sovereign wealth funds, on their capital commitments, including as cornerstone investors, within a range of private close-ended funds. In this context, Moroz regularly works alongside practitioners from across the firm’s global network and has handled a growing number of investments into funds with a sustainable agenda.

Practice head(s):

Dean Moroz

Other key lawyers:

Roger Dong; Do Yeon Kim

Key clients

Alberta Investment Management Company

APG Strategic Real Estate Pool N.V.

PGGM Vermogensbeheer B.V.

Japan Bank for International Co-operation

Mitsui Alternative Investments

BYD Company Limited

Weave Living

Lake Bleu

Asia Summit Capital

Delta Capital Myanmar

Heitman Asia-Pacific Property Investors AIV, L.P.

Canada Pension Plan Investment Board

Nippon Life Insurance Company

Abu Dhabi Pension Fund

Fosun Asset Management Limited

Government Pension Investment Fund of Japan

Work highlights

  • Represented Dutch pension fund manager PGGM on its partnership with Lendlease to establish Lendlease Innovation Limited Partnership, a limited partnership established in Singapore, investing in a portfolio of innovation and life science focused real estate assets with a focus on Australia, Japan and Singapore. PGGM holds an 85% interest and Lendlease 15%.
  • Represented Japan Bank for International Cooperation on a cornerstone commitment to NordicNinja Fund II SCSp, a fund jointly sponsored by JBIC IG and BaltCap, for making venture capital investments in start-up companies in Northern Europe pursuing “digital x sustainable” growth strategies.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton advises global sponsors and regional managers on their fund formation and management activities, as well as handling some work for institutional investors, including in their capacity as co-investors. Team head Chris Lee is at the forefront of the most significant mandates handled by the team and has vast experience handling private fund work across a myriad strategies and across geographies.

Practice head(s):

Chris Lee


‘Chris Lee and his team are very dedicated to providing the best possible client service. As a client, you know your project is in good hands when you have the Cleary team on your side.’

‘The Cleary investment funds team is a truly global team with significant expertise across all areas of fund formation and fundraising.’

‘Chris Lee is very experienced and knowledgeable about the market but most importantly, he can appreciate the client’s needs and tailor his advice accordingly. He’s also very responsive and reliable, great attention to detail, a very trusted adviser.’

Key clients


MBK Partners



BRV Lotus

Gaocheng Capital

Coller Capital


ORI Capital

Indonesia Investment Authority

IMM Investment

Work highlights

  • Advised BRV Lotus, an Asia-based fund manager, in the formation of its third flagship fund, with over $1bn in total capital commitments.


With a strong standalone reputation throughout Asia, and also able to draw upon experts based in other key global fund jurisdictions, including London, Luxembourg and Boston, Dechert is well-positioned to advise regional and international fund managers in the private funds and registered funds space on APAC fund structuring matters seeking investment throughout the globe. ‘Exceptional’ team head Michael Wong is pivotal to the firm’s success in the region, and is noted for his expertise handling work for managers/sponsors, as well as institutional investors, including within the hedge, private equity and crypto funds space. Notably, Wong recently advised a Hong Kong-based manager on what is believed to be South Korea’s first venture debt fund.

Practice head(s):

Michael Wong

Other key lawyers:

Stanley Tiu


‘Dechert’s hedge funds team is truly fantastic, standing out as one of the best I have ever had the privilege to work with. Their professionalism, competence, and unwavering dedication to clients set them apart from others in the industry.’

The exceptional Michael Wong provides consistently expert advice with a commercial focus, demonstrating an outstanding commitment to client service.’

Key clients

Greenwoods Asset Management

China Everbright Assets Management

UG Investment Advisors

China Taiping Life Insurance

Astera Capital

Apeiron Capital

Infini Capital

Ping An Asset Management

OCP Asia.

IMM Investment Global

China Ping An Insurance Overseas

China Everbright

China Resources Capital Management

JIC Capital Management

ABC International (Agricultural Bank of China)

Haitong International Asset Management

BOC Life Insurance

China Investment Corporation

Primavera Capital


UBS Asset Management

Ping An of China Asset Management

Allspring Investment Management

Hauck & Aufhäuser Fund Services

Charles Schwab Investment Management

Alquity Investment Management

TT International

Franklin Templeton


Harding Loevner

Work highlights

  • Advised Hong Kong-based Korean private equity manager, IMMG, on the formation of IMM Global Venture Opportunity Fund, L.P., a private venture capital fund targeting a final closing of $300m.
  • Advised Hong Kong-based investment manager Fore Elite on the launch of a game-changing crypto management licence and $100m cryptocurrency fund.
  • Advised China Resources on the structuring, establishment and launch of the CR Business Innovation Investment Fund L.P., to acquire certain real estate investment including certain real estate in Hong Kong valued at over HK$900m.


With a team based in Hong Kong and enhanced by the recent opening of a Singapore office, as well as having access to practitioners in the UK, Europe and US, Goodwin is well-placed to advise clients raising, deploying and lending capital throughout Asia Pacific and around the world. The team is particularly adept at handling private fund-related work, with private equity and venture capital particular areas of strength. New York and Hong Kong-qualified partners Phil Culhane and Elyn Xing have excellent private funds credentials, with Culhane drawing upon vast experience, including through his own boutique fund formation firm.

Practice head(s):

Gregory Barclay

Other key lawyers:

Phil Culhane; Elyn Xing

Key clients

Alibaba Group

Astrapto Capital

Atypical Ventures

CareCapital Advisors

Delos Capital Advisors

Hillhouse Investment

Huatai Financial Holdings

Immensus Capital Investment Management

Jeneration Capital

Lunar Capital Management

Lowkey Services Company, Ltd.


VI Asset Management

Yunfeng Capital/YF Capital

YF Life Insurance International

Skadden, Arps, Slate, Meagher & Flom LLP

Headed out of Hong Kong by Geoffrey Chan, and often working closely with practitioners on the ground in Mainland China, Skadden, Arps, Slate, Meagher & Flom LLP's Asia investment management practice is particularly adept in advising a sponsor-focused client base in relation to private equity and venture capital fund formation matters. Chan, who is Hong Kong and New York-qualified, has strong ties with a number of prominent China and regional-based fund managers, while his not insignificant investor relationships are beneficial on both the LP side and for GPs when analysing the commercial rationale of investors.

Practice head(s):

Geoffrey Chan

Key clients

Virtue Advisors Ltd.

PME Partners

Ping An Overseas Holdings

Sky9 Capital Ltd.

Cenova Capital

FountainVest Partners

Cowin Capital Asset Management Limited

Atma Capital

INCE Capital Ltd.

Unicorn Partners Advisors Limited

CPE Capital

Flow Capital

RRJ Management Limited

01VC Advisor Ltd.

FT Life Insurance

Work highlights

  • Advised CPE Capital in the formation of its $3.2bn fourth flagship fund, CPE China Fund IV.
  • Advised FountainVest Partners in the formation of its $2.9bn FountainVest Capital Partners Fund IV.

Stephenson Harwood

The ‘responsive, professional and efficient team’ at Stephenson Harwood provides ‘practical and useful advice’ to fund managers on the establishment and regulation of a range of open-end and closed-ended funds of all types, including hedge funds, venture capital funds, private equity funds, real estate funds, and credit funds. Drawing upon ‘a deep understanding of Asia’s asset management market’, team head Penelope Shen delivers a ‘top-tier service’ for fund managers and investors, which are appreciative of her ability to ‘navigate economic, political, and ESG factors’. Yong Ren, who acts for fund sponsors, investors, and managers in the formation of investment funds in Asia, joined from Proskauer Rose LLP in October 2023.

Practice head(s):

Penelope Shen

Other key lawyers:

Katherine Liu; Brian Ho; Yong Ren


The responsive, professional and efficient team provides practical and useful advice.’

‘Penelope Shen has a deep understanding of Asia’s asset management market, fortified by collaborations with industry service providers. Consequently, she is able to adeptly navigate economic, political, and ESG factors, delivering a top-tier service.’ 


Linklaters picks up its fair share of high quality work for a balanced mix of investors and managers which appreciate its positioning at the ‘cutting edge of fund-related legal technology’, as well as its ability to leverage support from across its pervasive global network on cross-border matters. Drawing upon ‘strong technical knowledge and a deep understanding of the investment funds market’, team head Hibban Ahmed is particularly adept at advising on structuring and regulatory matters within the alternative space, work which has included a significant amount relating to open-ended real estate funds.

Practice head(s):

Hibban Ahmed


‘Hibban Ahmed’s understanding of the complexities and the changes in the regulatory environment for funds is unparalleled.’

‘The team is responsive, technically very strong and clearly on top of latest market trends and developments (whether it be the latest market terms, fund structures or legal/regulatory developments).’

‘Hibban Ahmed has strong technical knowledge and a deep understanding of the investment funds market. He is an expert in a broad range of investment management matters including the structuring, establishment and investment in alternative investment funds.’

Key clients


Hassana Investment Company

Charoen Pokphand Group

CBRE Global Investors

Work highlights

  • Advised CBRE Investment Management on the establishment and fundraising of CBRE Asia Value Partners VI, a $1.7bn real estate fund.
  • Advised Hines on its pan-Asian flagship institutional investment fund.
  • Acted as counsel to Hassana Investment Company on behalf of the General Organisation for Social Insurance of the Kingdom of Saudi Arabia on a landmark circa $2.4bn investment into three of DP World’s flagship UAE assets valued at approximately $23bn.

Mayer Brown

Headed by the ‘commercially aware’ Paul Moloney, the combined regulatory and fund formation team at Mayer Brown provides ‘high-quality and cost-effective’ advice to a GP-focused client base on the establishment, fundraising and ongoing compliance issues associated with hedge and private equity funds. In this regard, clients also benefit from access to lawyers spread through key global offices, including in the US, UK, mainland China and Singapore, for cross-border issues. Maloney also handles some investor side work and advises asset managers based in Asia on the formation of European domiciled public (UCITS) and private funds (AIFs).

Practice head(s):

Paul Moloney; Mark Uhrynuk

Other key lawyers:

Helen Wang


‘The team provides high-quality and cost-effective legal services related to the establishment and fundraising of investment funds. Thanks to their international resource layout, they can help investment funds deal with various cross-border legal and compliance issues, including the US, Singapore, Hong Kong, and mainland China.’

‘Paul Moloney is commercially aware and is able to provide customized legal advice based on the business needs of clients.’

‘Helen Wang is highly professional and knowledgeable.’

Key clients

Excelsior Capital Vietnam Partners, LP

Caitong International Asset Management Co.

Nanjia Capital Limited

Centaline Investment Management Co. Ltd. (Cayman)

InnoPinnacle Fund I L.P.

Hong Kong Digital Asset Ex Limited

Pioneer Asset Management

Bin Yuan Capital Limited

Work highlights

  • Advised Caitong International Asset Management Co, on the establishment of a number of hedge and private equity (pre-IPO) funds for which they acted as investment manager or investment advisor.
  • Advised Nanjia Capital Limited, on the setting up and all major fund maintenance matters of Nanjia Capital ICAV, an Irish domiciled UCITS umbrella fund.
  • Acted for Centaline Investment Management Co. Ltd), part of the Centaline property agency group, in establishing their third fund investing in student accommodation in the US.

Reed Smith Richards Butler LLP

The ‘small and nimble’ team at Reed Smith Richards Butler LLP benefits from the ‘ability to adapt to entrepreneurial clients quickly’ ensuring that it is well-placed to advise smaller boutique managers, as well as work for more established private funds. Recognised as ‘extremely commercial and a clear drafter’, team head Mark Cornell is ‘able to express complex commercial mechanisms succinctly and clearly’, and provides a holistic service for managers on private equity fund structuring and the pursuant downstream investment work.

Practice head(s):

Mark Cornell

Other key lawyers:

Letty Luk


‘Reed Smith benefits from being small and nimble, able to adapt to needs of entrepreneurial clients quickly.’

‘Mark Cornell stands out as extremely commercial and a clear drafter. His documents are top quality, and he is able to express complex commercial mechanisms succinctly and clearly.’

‘Great expertise, very reliable and always client oriented.’

Tiang & Partners

Since the arrival in October 2021 of the ‘very knowledgeable and commercial’ Gaven Cheong from Simmons & Simmons, Tiang & Partners has gained increased visibility in the market on behalf of fund managers in the alternative investment space, including in relation to hedge fund matters. The team has, however, gained most traction within the digital assets space, where team head Cheong’s ‘deep understanding of crypto funds’ coupled with the firm’s collaboration with PwC ensures that clients ‘get the benefit of both top shelf legal and non-legal advice on the crypto industry in a one-stop-shop environment’.

Practice head(s):

Gaven Cheong


The firm is technically excellent, highly responsive and solutions oriented.’

‘Gaven Cheong is unquestionably the most knowledgeable crypto funds lawyer operating in the Hong Kong market right now. He has a very solid background in the hedge fund industry coupled with deep understanding of the digital asset space, which is a formidable combination.’

‘The team is known for being one of the strongest crypto asset investment fund practices in the Hong Kong market. Their unique collaboration with the PwC crypto advisory practice means that clients get the benefit of both top shelf legal and non-legal advice on the crypto industry in a one-stop environment.’

Key clients

IDEG Asset Management

Ceres Yield Capital

Hehui Capital

Gate. IO

ARTE Capital Management Limited/ Astra digital

Work highlights

  • Advised on the establishment of a crypto fund in the structure of a Cayman SPC with 1 SP investing in DeFi space.
  • Advised on the addition of 1 Cayman SP for an established Cayman SPC, accompanied with 2 launched SPs investing in US multi-family acquisition projects.
  • Acted as the legal counsel in advising on the establishment of a closed-ended private equity/venture capital Fund structured as a Cayman SPC/SP investing in tokens and private equity of a portfolio of Web 3.0 and other blockchain start-up companies.