With significant resources in situ in Hong Kong and mainland China, the 'knowledgeable and well co-ordinated' five-partner Greater China offering at Clifford Chance provides a 'very professional and commercial' service to Chinese and international sponsors raising funds regionally and globally. Led by Mark Shipman, who has vast transactional and regulatory knowledge, the team has broad coverage across a myriad asset classes within the alternative space, including as it relates to hedge, private equity and real estate funds. Splitting his time between Hong Kong and Singapore, Matthias Feldmann is also a key member of the team, and as well as having advised on many of the largest hedge fund launches in the region, is also well-versed in advising institutional investors' role as Limited Partners (LPs). Of the more junior partners, Rocky Mui is forging a strong regulatory and transactional practice across a range of asset classes, including as it relates to tech and fintech.
Investment funds in Hong Kong
Clifford Chance
Practice head(s):
Mark Shipman
Other key lawyers:
Matt Feldmann; Rocky Mui; Viola Lui
Testimonials
‘The firm has one of the top funds teams in Asia. They are the only firm that can cover all the relevant markets (Hong Kong, 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 are very knowledgeable and well co-ordinated. They really do function as a global team and it shows in their work.’
‘They are very professional and commercial.‘
Key clients
GROW Investment Group
AnglePoint Asset Management Limited
ActusRay Partners Limited
StillBrook Capital
Springhill Fund Asset Management
SCHP Management Limited (formerly known as Sequoia China Healthcare Partners (Hong Kong) Limited)
Greater Bay Area Homeland
Jetha Global Limited
Phoenix Property Investors
Work highlights
Deacons
Drawing upon significant market intel and also benefitting from strong ties with Hong Kong’s Securities and Futures Commission (SFC), Deacons 'understands the Hong Kong fund market very well', particularly in the context of retail funds. In this segment of the market, Jeremy Lam spearheads a 'cost-effective' team that 'handles the majority of authorised funds in Hong Kong', for Chinese and international fund managers. The 'very dependable' Su Cheen Chuah and Pinky Siu, who is able to draw from an 'abundance of experience', both excel in the ETF space, and are able to guide many leading sponsors through the fund life cycle, from structuring advice and stock exchange listing guidance, through to advice on marketing and distribution, as well as on post-authorisation and regulatory developments. Taylor Hui has excellent traction among Chinese stakeholders across both retail and private funds; he excels at advising PRC fund managers on fund establishment in Hong Kong and on bringing RMB investment products to the Hong Kong market.
Practice head(s):
Jeremy Lam
Other key lawyers:
Taylor Hui; Alwyn Li; Su Cheen Chuah; Pinky Siu; Ming Chiu Li; Lawson Tam; Calvin Li
Testimonials
‘It is a great investment funds team that is responsive and knowledgeable.’
‘The team understands the Hong Kong fund market very well. Their advices appropriately addressing the questions raised by the regulator. This helps to save time and cost on negotiation with regulators on fund authorization application.’
‘A leading practice in SFC authorised funds work, with deep knowledge of the industry/SFC requirements.’
‘The cost-effective team handles the majority of authorised funds in Hong Kong and can be consistently relied upon to possess the latest intelligence both on the local market and the local regulator.’‘
‘Su Cheen Chuah – all rounded and deep knowledge across public and private funds and other asset management practice areas. Very dependable and genuinely seeks to achieve best outcome for the client.’
‘Pinky Siu has an abundance of experience and fluency in advising on issues that may be raised by the SFC in various scenarios, allowing us to be prepared on what to expect when dealing with the regulator.’
Key clients
AllianceBerstein
Amundi
First Sentier Investors
Haitong International Asset Management
Invesco
Janus Henderson
JPMorgan Funds
Jupiter Asset Management
Schroder Investment Management
Sumitomo Mutsui Trust
Value Partners Group
Work highlights
- Advised BEA Union Investment Management on the first restructuring of a range of authorised unit trusts into sub-funds of a public OFC.
- Advised Fubon Fund Management on the first ETF listed in Hong Kong that provides leveraged and inverse exposure to Taiwan’s equity market.
- Advised CSOP Asset Management on launching the first ETF listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange under the Hong Kong-Mainland China ETF cross-listing scheme.
Debevoise & Plimpton LLP
Drawing upon 'in-depth market knowledge' and very strong deal flow, as a result of key roles in many of the largest fund raisings in Greater China, Debevoise & Plimpton LLP has established a 'top-notch' reputation for a GP-focused client base, which is appreciative of its 'very responsive and innovative advice'. Although it also handles real estate, as well as an increasing volume of credit fund work, the firm's sweet-spot continues to lie in its representation of leading regional and international fund managers on their private equity fund raisings. Recognised as 'one of the best investment funds lawyers in Asia', team head Gavin Anderson provides 'solutions-focused and very user-friendly' advice to GPs across a range of private closed-end fund structures, as well as in the context of subsequent restructurings and secondaries work. International counsel Mai Shapiro is also an integral part of the firm's offering and provides 'impeccable' tax structuring advice, both in relation to fund formation, as well as subsequent downstream investment activity. 'Resourceful and very easy to work with', New York-qualified practitioner Shawn Yang was recently promoted to partner in recognition of his excellent work for GPs and a select group of blue-chip investor clients. Although he is less active on fee-earning work than other named practitioners, New York and Hong Kong-qualified of counsel Andrew Ostrognai remains a towering presence in the team as a result of his long and distinguished track record advising on private equity fund structuring and downstream investment work.
Practice head(s):
Gavin Anderson
Other key lawyers:
Andrew Ostrognai; Mai Shapiro; Shawn Yang
Testimonials
‘The team displays in-depth market knowledge and has strong deal flow.’
‘They provide top-notch advice.’
‘Great knowledge of the market. Very responsive and innovative.’
‘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.’
‘Gavin Anderson is one of the best investment funds lawyers in Asia. He impresses with his formidable knowledge on market practice as well as legal / regulatory developments, and his ability to help clients seamlessly navigate complex fundraisings.’
‘Gavin Anderson is sharp, solutions-focused and very user-friendly – he is a pleasure to work with.’
‘Mai Shapiro is a very experienced tax lawyer and part of the Debevoise A-team. We work closely with Mai and she is consistently excellent with her impeccable advice.’
‘Shawn Yang has solid technical skills, is very detail-oriented and hands on. He is resourceful and very easy to work well.’
Work highlights
Gibson Dunn
Gibson Dunn‘s ‘very experienced and resourceful’ Asian investment funds team, which is co-headed from Singapore and Hong Kong by John Fadely and Albert Cho, respectively, has ‘rich experience and deep expertise’ within the private equity space, in particular. Although it does handle some investor side work, the majority of the instructions come from regional and international fund managers and encompass both pan-Asian and Asian country-focused funds. Although his practice is broad, Cho, one of many team members with dual US and Hong Kong qualifications, has developed particular expertise advising GPs on Korea-focused buyout funds. Of counsel Youjung Byon has a strong grounding advising on buyout and growth capital funds, as well as having expertise on GP-led secondaries work and some investor-side mandates.
Practice head(s):
John Fadely (Singapore); Albert Cho
Other key lawyers:
Youjung Byon
Testimonials
‘The team’s rich experience and deep expertise sharing market observations connect us with helpful resources in the industry.’
‘They are very experienced and resourceful, as well as being diligent and creative at coming up with solutions.’
‘John Fadely and Albert Cho are first-class lawyers. They are each at the top of their game.’
Key clients
ADV Partners
Anchor Equity Partners
ARA Asset Management
Asia Partners
BAI Capital
Binance
Boyu Capital
C2 Capital Partners
Capital Today Group
CDIB Capital
CLSA Capital Partners
Crescendo Equity Partners
DCL Investments
DCP Capital
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
PAG
Starcrest Capital Partners
Temasek
The Longreach Group
Trustar Capital Partners (formerly CITIC Capital)
Trustbridge Partners
Work highlights
Kirkland & Ellis
Acting on its own, as well as demonstrating a 'willingness to co-ordinate experts from their offices around the world to give real time advice where necessary', Kirkland & Ellis has developed a market-leading reputation advising international and Chinese clients on sizeable primary and secondary transactions. Although it is perhaps best-known for its GP-led private equity expertise, the team also has significant visibility in other alternative asset classes, including credit, real estate and growth capital. Triple qualified in Hong Kong, US and the PRC, Carol Liu is able to effectively bridge the cultural gap between Chinese sponsors and international investors, and is a very popular choice on a range of high-profile primary fundraisings and secondary transactions. Justin Dolling is also a key contact for managers seeking to establish funds across an array of strategies formed under closed-end structures, including healthcare, credit, private equity and growth capital.
Practice head(s):
Justin Dolling; Carol Liu; Damian Jacobs
Other key lawyers:
Jennifer Feng; Jamie Hill
Testimonials
‘The team sets the bar when it comes to knowledge of the market, commercial solutions for their clients and handling your fundraisings and secondary transactions in an efficient manner.’
‘Damian Jacobs and Jamie Hill are hands-on and keep their clients assured that they have their utmost interest at heart. Their willingness to co-ordinate experts from their offices around the world to give real time advice where necessary is a plus.’
Key clients
Warburg Pincus
BGH Capital
GLP
Lilly Asia Ventures
C-Bridge Capital
Ares SSG Capital Management
Eastern Bell Capital
Hosen Capital
PAG
NewQuest Capital Partners
Partners Group
LimeTree Capital
Work highlights
- Represented Warburg Pincus on the formation of Warburg Pincus Real Estate, targeting $2.8bn in commitments.
- Represents BGH Capital in the successful closing of the second Aus/NZ-Focused Private Equity Fund at A$3.6bn.
- Represented GLP on the formation of its GLP China Logistics Fund III (GLP CLF III), targeting $2.5bn in commitments.
Simmons & Simmons
Led from Hong Kong by Rolfe Hayden and also able to draw upon expertise on the Mainland, as well as in several key European fund jurisdictions - including London and Luxembourg - Simmons & Simmons has a strong reputation on behalf of international and regional/Chinese fund managers, primarily within the retail fund space. Within this sector, the firm has successfully positioned itself as the leading team in the market in relation to the establishment of ETFs listed on the HKSE (check). Eva Chan , who was recently appointed as new head of the firm's Hong Kong office, is regularly engaged in "first-of-kind" mandates in the retail space, including her recent work for investment managers on the first SFC-authorised ESG ETF based on the Hang Seng Index. Ivy Yam is also a key member of the team, not only as result of her strong understanding of the ETF market but also in relation to hedge fund-related work.
Practice head(s):
Rolfe Hayden
Other key lawyers:
Eva Chan; Ivy Yam
Key clients
CSOP Asset Management Limited
China Asset Management (Hong Kong) Limited
Deutsche Bank AG and DWS Investments
Samsung Asset Management (Hong Kong) Limited
Hang Seng Investment Management Limited
MiraeAssetGlobalInvestments(HongKong)Limited
Bosera Asset Management (International) Co., Limited
Harvest Global Investments Limited
Sun Hung Kai Capital Partners Limited
Work highlights
- Advised China Asset Management (Hong Kong) Limited in its acquisition of seven ETFs of BMO Global Asset Management (Asia) Limited.
- Advised Hang Seng on the launch of the HSI ESG Enhanced Select Index ETF.
- Advised Bosera Asset Management (International) Co., Limited on the establishment and authorisation of Bosera Global Public Funds Series Open-ended Fund Company, an unlisted umbrella OFC, and five sub-funds.
Simpson Thacher & Bartlett LLP
The 'very professional' team at Simpson Thacher & Bartlett LLP provides 'client focused and responsive' advice to a GP-focused client base, centred around a range of asset classes in the alternative space, including real estate, infrastructure and venture capital. However, the team, which is led by the 'intelligent, responsive and solutions-oriented' Adam Furber, remains best-known for its private equity-related work for a client base that includes many of the most prominent sponsors in the market, including global heavyweights Blackstone, CVC and KKR. As well as being able to leverage deep resources in Greater China, clients also benefit from the team's ability to tap into strong global resources, enabling it to excel in cross-border mandates, as well as to draw upon a significant knowledgebase from different jurisdictions. Promoted to partner in January 2022, New York and Hong Kong-qualified practitioner Michael Ceulen has an excellent perspective of market norms in both the US and London, having spent time in both offices, which he is able to leverage to good effect to global and regional funds on their Asia-focused private fund strategies.
Practice head(s):
Adam Furber
Other key lawyers:
Michael Ceulen; Xue Zhang; Tiffany Toh
Testimonials
‘The client focused and responsive team is extremely smart and knowledgable from top to bottom.’
‘Besides having first-rate lawyers, its global practice groups are extremely well integrated, giving the firm a unique ability to provide its clients the benefits of its broad spectrum of transactional experience in similar types of deals.’
‘The firm views itself as partners with its client seeking to fit in with the culture and personality of its clients and their team.’
‘Adam Furber is intelligent, responsive and solutions-oriented and gives his best for the client.’
Key clients
Advantage Partners
Affinity Equity Partners
Apax
Ant Financial Service Group
Aspirant Group
Blackstone
Brummer & Partners
CapSquare Asia Partners
Carlyle
CLSA Capital
CVC
Delos Capital
Diamond Realty Management
EmergeVest
EQT
Excelsior Capital Asia
Endeavour United
Hillhouse
Integral Corporation
Japan Growth Investment Alliance (J-GIA)
Japan Post Investment Corporation (JPIC)
J-Star
KKR
Kyoto Pacific Capital
Lexington Partners
Mercuria Investment
Morgan Stanley
Nippon Investment Company
Nissay Asset Management
NSSK
PAG
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 Group in connection with the formation and fundraising of Blackstone Capital Partners Asia II, which closed at $6.4bn.
- Advised Tor Investment Management in connection with the formation of Tor Asia Credit Opportunities Fund II, which closed at $335m.
- Advised KKR in connection with the formation of its first Asia real estate fund, KKR Asia Real Estate Partners SCSp, an approximately $1.7bn fund.
Akin Gump Strauss Hauer & Feld LLP
The ‘strong and experienced’ one-partner team at Akin Gump Strauss Hauer & Feld LLP provides ‘practical and results-oriented’ advice to sponsors and investors on the formation of private equity and hedge funds, throughout Asia and the Middle East. ‘Available virtually 24-hours a day’, team head Anne-Marie Godfrey provides a ‘very user- friendly’ service to both international and local clients and is effectively able to lean upon the firm’s broader global resources on cross-border deals. Consequently, it is able to punch above its weight and is praised for its understanding of ‘Western institutional investor needs and tie that into a local practice’.
Practice head(s):
Anne-Marie Godfrey
Other key lawyers:
Jordan Tsen
Testimonials
‘The strong and experienced team provides timely and commercial advice that is practical and results oriented.’
‘They understand Western institutional investor needs and tie that into a local practice. There have been a lot of significant events in Asia over the past two years and the team has been good at keeping us up to speed and connecting us to internal experts as needed.’
‘Anne-Marie is a hands-on partner who is available virtually 24 hours a day. Her advice is concise, actionable and comes from an impressive base of experience. She is very user friendly and approachable.’
‘Anne-Marie is very thoughtful in highlighting risk and pushing to mitigate where ever possible.’
Baker McKenzie
The 'professional' five-partner team at Baker McKenzie has excellent traction among both GPs and LPs, ensuring that it is able to provide 'commercially sensible' advice that is mindful of the legal and commercial needs of both investors and fund managers. Real estate fund work, on both the private and retail side, continues to drive much of the group's deal flow, an area that team head Jason Ng has particular expertise, including on behalf of cornerstone client GAW Capital. Jeremy Ong takes the lead on retail-related real estate work and heads up the teams thriving REIT practice which acts for the majority of REITs listed in Hong Kong. The arrival in January 2022 of Joy Lam from Sidley Austin broadens the team's bandwidth, in light of her expertise at advising on virtual assets (including on the launch of cutting-edge tokenised funds) both from a regulatory, as well as transactional perspective. Check para
Practice head(s):
Jason Ng
Other key lawyers:
Edwin Wong; Sophia Man; Jeremy Ong; Joy Lam
Testimonials
‘The firm always provides efficient and professional services that meet clients’ needs.’
‘The team has good solid experience in representing LP investor clients in fund investments. It brings the right mix of lawyers to each assignment, neither over-lawyering nor under-lawyering the matter, with appropriate oversight by the responsible partner.’
‘It is a commercially sensible and professional team.’
‘I value the outstanding leadership of Jason Ng and Edwin Wong which complement the professional services of other team members. They always try to understand and address issues of team members in different departments of clients.’
‘Edwin Wong is a reliable adviser on fund-related matters. He provides practical and professional advice to address commercial objectives.’
Key clients
APG Asset Management (the Dutch pension fund) (APG)
Cambium Grove Capital
Caisse de dépôt et placement du Québec (CDPQ)
Canada Pension Plan Investment Board (CPPIB)
Gaw Capital Partners (GCP)
Keppel Capital / Alpha Investment Partners
Link REIT
M3 Capital Partners
Pleiad Investment Advisors (Pleiad)
SF Holding / SF REIT
Sprint REIT
Weave Living
Yuexiu REIT
Work highlights
- Represented Gaw Capital Partners, on the formation of Gaw Growth Equity Fund I (GEF I), Gaw Capital’s inaugural Pan-Asian “proptech” focused growth equity fund.
- Advised APG on the launch of an Asia Pacific healthcare platform — CBC Healthcare Infrastructure Platform (CBC HIP) — in partnership with CBC Group, Asia’s largest healthcare-dedicated investment firm.
- Advised APG on the establishment of its latest joint venture latest logistics development platform in China with ESR, the ESR China Development Platform.
DLA Piper
DLA Piper is 'prolific in all asset classes', ranging from traditional private equity, hedge fund and real estate, through to more esoteric ones, including tokenised and crypto funds. The scope of the work not only involves establishing the funds for both well-established and first-time sponsors, but also in concomitant licensing, operational and regulatory issues. The team also continues to pick up a considerable amount of work for large investors, including UBS Asset Management, which it recently advised on its investment in the $2.5bn PAG Real Estate Partners III LP. Team head Luke Gannon is able to provide 'very practical, commercially sensible and cutting-edge advice based on many years' of experience', both in-house and in private practice.
Practice head(s):
Luke Gannon
Testimonials
‘The breadth of the type of funds they represent is very broad and this is unique, from PE, VC funds, real estate, credit , infrastructure and hedge funds, crypto and digital assets funds, there is not much they have not done. They are prolific in all asset classes in a substantive way which is very unique in Asia.’
‘Luke Gannon has unrivalled experience is the funds sector in Asia and is a genuine market leader. He has a depth of experience that is difficult to replicate elsewhere meaning he can provide very practical, commercially sensible and cutting-edge advice based on many years of experience.’
Key clients
UBS Asset Management Switzerland
Tianyan Capital
CLSA Asset Management
Phoenix Property Investors
Avataar
Sylebra HK Company Limited
Work highlights
- Advising UBS Asset Management Switzerland on its investment in $2.5bn PAG Real Estate Partners III LP.
- Advising Tianyan Capital on its formation and launch of two hedge funds with different strategies through single-legged master feeder fund structures.
- Advising UBS Asset Management Switzerland on its investment in $4bn Blackstone Real EstatePartners Asia III L.P.
King & Wood Mallesons
The 'commercially-minded' team at King & Wood Mallesons provides 'proactive, efficient and helpful advice' to a balanced mix of GPs and LPs across a wide range of work throughout the life-cycle of private funds. The four-partner team, which is headed by Jingjing Jiang, also regularly works alongside colleagues on the Mainland and is well-placed to advise Chinese fund managers, as well as to deal with any PRC-related issues that may arise from investors based in the country. Private equity-related work is a particular strength and in this regard the team has been at the vanguard of the nascent Limited Partnership Fund (LPF) structure - which has been designed to position Hong Kong as an effective alternative to Cayman and BVI structures. As well her work within the private funds space, Cindy Shek also provides 'helpful and pragmatic advice' to stakeholders in the context of retail products, including ETFs and insurance-linked products. The 'technically sound and commercial' Guo Sun Lee represents fund managers and LPs, setting up or investing in, private equity-related real estate and logistics funds, often with a nexus to South East Asia.
Practice head(s):
Jingjing Jian
Other key lawyers:
Hayden Flinn; Guo Sun Lee; Helena Huang; Cindy Shek
Testimonials
‘The firm has a lot of experience in the compliance and operation of LPF in Hong Kong, and can provide timely advice to the different needs of customers. In terms of fund establishment, it has relatively good market and business awareness.‘
‘The team leverages on its extensive international network to provide value for its clients, especially when a client requires legal support in a new and unfamiliar jurisdiction.’
‘The firm has strong investment funds and HK insurance-linked securities practices. Its fees are competitive, the lawyers provide proactive, efficient and helpful advice to the clients.’
‘They are commercially-minded, but at the same time are very technically sound in delivering their outcome to protect and advance client’s interests.’
‘Guo Sun Lee is technically sound and commercial.’
‘Cindy Shek is also always available to discuss structuring matters without charge in order to build a strong working relationship with us.’
‘Cindy Shek is very responsive to client’s requests and is hands-on throughout the transaction. She also follows up on matters closely, meet the deadlines and provide helpful and pragmatic advice to client.’
Key clients
BOCHK Asset Management Limited
Gobi Partners
SPDB International Investment Management Limited
Harbour Central Capital Limited
Logos SE Asia Pte Ltd
Logos Property Group
Fullgoal Asset Management (HK) Limited
Mirae Asset Global Investments (Hong Kong) Limited
China Asset Management (Hong Kong) Limited
Templewater Limited
Investec Australia Limited
Rockets Capital
Asian Infrastructure Investment Bank
Abell Technology Global Pte. Ltd.
Work highlights
- Advised LOGOS on a number of transactions, including the establishment of its first South Korea development venture, LOGOS South Korea Logistics Venture LP (the “Partnership”), as the general partner of the Partnership.
- Advised AIIB in its $150m equity investment into Keppel Data Centre Fund II, LP through a parallel fund structure, with a co-investment sleeve option.
- Advised Gobi Partners on the establishment of a Hong Kong Limited Partnership Fund, with a target fund size of HK$2bn, being the first Hong Kong LPF focusing on venture capital investment in the Greater Bay Area (GBA), China’s innovation and technology hub.
Morrison Foerster
‘Best in class in advising on complex fund formation matters’, Morrison Foerster displays a ‘perfect combination of sector expertise, technical knowledge, and commercial savviness’ for GPs and LPs, in relation to closed end funds. Private equity/venture capital instructions remain the primary driver of the practice (across buyouts, growth capital and real estate) with Asian and international sponsors benefitting from strong bilingual capabilities, as well as ‘deep expertise in both the China and US markets’. Serena Tan is ‘astute and commercially minded’, and has extensive experience in the formation of, and investment in, private funds (including USD funds, RMB funds, and dual-currency funds). Tan co-heads the team alongside Nicholas Sheets, who ‘has extensive knowledge in relation to the investment fund industry’.
Practice head(s):
Serena Tan; Nicholas Sheets
Other key lawyers:
Matthew Lau; Stephen Birkett; Sylvia Cheng; Marcus To; Bryan Lam; Conan Chen; Jeffrey Lau; Julia Xie; Evelyn Zhu
Testimonials
‘The team is best in class in advising on complex fund formation matters. They are very professional, exceptionally knowledgeable, and constantly provide the perfect combination of sector expertise, technical knowledge, and commercial savviness to drive the best outcomes for us.’
‘Their bilingual capability and deep expertise in both the China and US markets make them stand out from other international firms in the field. I also appreciate that the team is very responsive to requests and always willing to go the extra mile for us.’
‘Serena Tan is a top-notch, astute, and commercially minded funds lawyer. Her bilingual capability, deep technical knowledge in the market, and vast practical experience in handling complex funds formation and investment matters differentiate her from her competitors.’
‘The commercial Nicholas Sheets has extensive knowledge in relation to the investment fund industry.’
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
GLP PTE, Ltd. (GLP)
Hony Capital
Jiuding Capital
Junson Capital
KHL
Morgan Stanley Private Equity Asia
ORIX Asia Capital
SBVA Future Innovation Fund
Silicon Valley Bank
Sino-Ocean Capital
SoftBank Ventures Asia
Taiwania Capital
Work highlights
- Represented Morgan Stanley Private Equity Asia in the formation and ongoing operations of a PRC-domiciled, RMB-denominated private investment fund focused on investments in China.
- Represented SoftBank Ventures Asia in the formation of China Ventures Fund II – a venture capital fund that targets investments in the consumer internet, frontier tech, enterprise software, consumer brand and other relevant sectors in greater China – and in the formation of China Ventures Hybrid Fund I as a stapled secondary transaction.
- Advised Sino-Ocean Capital on the formation of a $1.4bn core office fund that will invest in A-grade office projects in the core business districts of tier-one cities in China.
Ropes & Gray LLP
With two dedicated Hong Kong-based partners and also able to tap into the expertise of many different partners in different geographies, Ropes & Gray LLP provides ‘consistently thoughtful’ advice to international and Asia-based private equity funds on fund investments, co-investments and secondary transactions. The firm also advises investor clients, including sovereign wealth and pension funds, ensuring that has an excellent perspective of “both sides of the table” and thereby to be well-placed ‘to offer unique perspectives to GPs’. Team head Vincent Ip is appreciated, not only for his knowledge of the legal structures but also his ‘excellent grasp of commercial drivers’, ensuring that he is able to provide ‘very balanced advice’ to private investment funds and institutional investors on their investments in alternative assets.
Practice head(s):
Vincent Ip
Other key lawyers:
Chune Loong Lum
Testimonials
‘The investment funds team at Ropes & Gray is able to offer unique perspectives to GPs, as they also represents a large number of LPs (investors) on private equity investments. As such, they can provide us with commercial rationale on the comments from counter-parties when we are negotiating documents with investors.’
‘Ropes & Gray is a diverse international set up, being able to tap into the expertise of many different partners in different geographies. The partners are all experts in their field, and consistently thoughtful and willing to assist their clients to achieve the end goal.’
‘Besides knowing the legal side of fund structures inside out, Vincent IP also has an excellent grasp of the commercial drivers so that we always get balanced advice from him.’
‘Chune Loong Lum is an excellent counsel. He is extremely attentive and hardworking, giving us very personalised and thorough support and service.’
Sidley Austin
With significant resources in Greater China and also able to leverage a strong Asian platform that includes offices in Singapore and Tokyo, Sidley Austin‘s ‘responsive and knowledgeable’ team is particularly effective at advising global and regional hedge and private equity fund managers across a range of standalone regulatory, transactional and fund formation matters. As well as her transactional work, team head Effie Vasilopoulos has been at the forefront of the firm’s advice to the Hong Kong Monetary Authority in relation to the recently passed ordinance ushering in the Limited Partnership Fund – designed to make Hong Kong a more flexible and favourable jurisdiction for the establishment of private funds. Other key contacts include ‘immensely bright’ counsel Dominic James, who has a ‘great knowledge of financial regulations’, including as it relates to hedge funds, and recently promoted partner David Lee, who provides ‘very commercial and responsive’ advice to private equity sponsors on fund formation and subsequent downstream investment matters. The team has also established strong credentials advising on digital assets, although this was recently weakened somewhat by the departure in January 2022 of Joy Lam to Baker McKenzie.
Practice head(s):
Effie Vasilopoulos
Other key lawyers:
David Kalani Lee; Dominic James; Huberta Chow; Misha Yang
Testimonials
‘The team is responsive and knowledgeable.’
‘There is good co-ordination between the China and Hong Kong teams.’
‘David Lee is very commercial and responsive.’
‘Dominic James is immensly bright, responsive and great with clients.’
‘Dominic James is very pleasant and easy to work with, and has a great knowledge of financial regulations.’
Key clients
Hong Kong Monetary Authority
Bain Capital
Apollo
EQT
APG Asset Management
TransAsia Private Capital
The March Fund
MY.Alpha Management (management buyout and spin-off from York Capital)
Sequoia
Work highlights
- Advised Asia-based firm, MY.Alpha Management, on its management buyout and spinoff from US-based hedge fund York Capital.
- Represented Axion Global Asset Management in securing regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to manage 100% virtual asset portfolios.
- Following on from assisting Hong Kong Monetary Authority on the drafting of the Limited Partnership Fund Ordinance, the firm was recently involved in an amendment to the law which was enacted in November 2021 for re-domiciling Foreign Funds to Hong Kong as LPFs.
Skadden, Arps, Slate, Meagher & Flom LLP
Spearheaded from Hong Kong by Geoffrey Chan, and frequently aided by practitioners in mainland China and in numerous key global financial centres across the firm’s extensive international network, Skadden, Arps, Slate, Meagher & Flom LLP combines international and local expertise for sponsors and investors throughout the life cycle of fund work in the alternative asset space. Fluent in Mandarin and Cantonese, Chan has strong traction among China/regional fund managers in the private equity and venture capital fund space, including in relation to US dollar-denominated funds.
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
CITIC PE Advisors (Hong Kong) Limited
China Media Capital
Turmeric Capital Limited
RRJ Management Limited
01VC Advisor Ltd.
White & Case
Led from Hong Kong by 'business savvy and client-friendly' counsel Anthony Wong and able to leverage significant global resources, White & Case has 'deep experience and expertise in fund formation and structuring across various strategies and geographies'. Private funds-related work is the team's core strength and its versatility at advising on both closed and open-ended vehicles has seen it regularly instructed on both standardised, as well as highly bespoke hybrid structures. Wong is key to the most complex and sophisticated mandates the team handles, including on the formation front for hedge and private equity funds, as well as for sovereign wealth funds as investors.
Practice head(s):
Anthony Wong
Other key lawyers:
Ilan Wong
Testimonials
‘The firm has deep experience and expertise in fund formation and structuring across various strategies and geographies. Client-oriented culture and very close team work to deliver high-quality product on time’
‘Anthony Wong’s experience and expertise in fund formation and structuring really stands out. He can provide commercially sensible advice when his client needs to make decision on tricky matters.’
‘Anthony Wong a is one of a kind lawyer who is professional, business savvy, and client-friendly. We also call him “Professor Tony” in-house because he is so generous with sharing his knowledge and helping our internal team get up to speed!‘
‘Anthony Wong has extensive knowledge of the China, US and global hedge fund industry. You can tell from working with Anthony that he has years of experience and good grasp of the industry dynamics.’
Key clients
ADM Capital
AM Squared
ESR
PAG
QIA
Source Code Capital
Yamauchi N.10-Family Office
Work highlights
- Advised Yamauchi-No.10 Family Office in its acquisition of a majority stake in Taiyo Pacific Partners LP, which was founded in 2003 by Asia-focused professionals dedicated to friendly shareholder activism in Asia.
Allen & Overy
Although it has less core fund structuring expertise from its Hong Kong office than many of its higher-ranked competitors, Allen & Overy is able to resource complementary practice areas to good effect from its wider full-service offering, as well as to draw upon lawyers from across the firm’s wider international network on cross-border mandates. Private equity work is a core strength and under the guidance of James Ford the team has developed a particularly strong reputation in the secondaries market. As well as handling regional and international fund manager mandates, Ford also regularly advises sovereign wealth funds on standalone regulatory advice, in the context of fund investments and in relation to co-investment strategies.
Practice head(s):
James Ford
Other key lawyers:
Charlotte Robins; Jonathan Shelley
Key clients
Coller Capital
Axiom Asia Private Capital
Ashurst
Led from Hong Kong by Dean Moroz and also forming an integral part of the firm's global investment funds practice, Ashurst advises stakeholders across the spectrum of transactional and regulatory issues associated with private closed-end funds. Although it does handle some work for fund managers, the team is perhaps best-known for its work advising sovereign wealth funds, pension funds and financial institutions as anchor investors in, inter alia, sustainability-related infrastructure funds.
Practice head(s):
Dean Moroz
Other key lawyers:
Roger Dong
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.
BP Investment Management Limited
Canada Pension Plan Investment Board
Kazyna Capital Management
Nippon Life Insurance Company
Asian Development Bank
Work highlights
- Advised a European pension fund manager in relation to its $300m commitment to Macquarie Asia-Pacific Infrastructure Fund 3 LP, a fund with a target fund size of $4.4bn.
- Advised BYD Co.in relation to its investment as anchor investor in VIP Green Mobility Fund, L.P, a Jersey limited partnership sponsored by Vitol Investment Partnership II Limited (“VIP”), which aims to invest in green transportation projects in the Americas, Europe, Asia and Australia.
- Advised Japan Bank for International Cooperation on its proposed €100m investment in Clean H2 Infra Fund S.L.P., the world’s largest fund exclusively dedicated to clean hydrogen infrastructure solutions.
Cleary Gottlieb Steen & Hamilton
Working on its own, as well as frequently in co-ordination with the firm's London and New York practices, Cleary Gottlieb Steen & Hamilton's one-partner Hong Kong-based team, which is led by Chris Lee , is well-versed at advising global and regional fund managers structuring and raising capital from an international investor base, for private funds across a range of alternative asset classes. Lee is 'very experienced and knowledgeable about the market', and is adept at advising both fund managers and LPs, including in the context of secondaries and co-investment arrangements.
Practice head(s):
Chris Lee
Testimonials
‘The team is dedicated to providing the best possible client service.’
‘It is a truly global team with significant expertise across all areas of fund formation and fundraising.’
‘The team combines their top-tier expertise with excellent client-focused service delivery. They are always available and deliver results on time.’
‘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, has great attention to detail and is a very trusted adviser.’
Key clients
Hillhouse
MBK Partners
TPG
KKR
BRV Lotus
Gaocheng Capital
Coller Capital
Northstar
ORI Capital
Indonesia Investment Authority
Silk Road Fund
China Investment Corporation (CIC)
Work highlights
- Advised Gaocheng Capital, a PRC-based fund manager, in the formation of Gaocheng Fund II, its second US dollar denominated fund, with a total capital commitment over $960m.
- Advised MBK Partners in a single-asset GP-led secondary transaction involving MBK Partners Special Situations I’s stake in BHC, a leading restaurant franchise operator based in Korea. This was the first transaction of this type in Asia.
- Advised BRV Lotus, an Asia-based fund manager, in the formation of its third flagship fund, with total commitments of over $1bn.
Dechert
While it is smaller than many in the ranking, Dechert‘s two-partner China-focused funds offering is able to “punch above its weight” as a result of being able to leverage expertise from key locations across the firm’s global network of offices, including in the US and London. Team head Michael Wong handles work for a range of stakeholders, including fund managers, investors and investment banks, particularly in the context of private equity and hedge funds. Although private funds, account for the bulk of the work, the team also picks up some registered funds work, including recently a growing amount with an ESG component.
Practice head(s):
Michael Wong
Other key lawyers:
Stanley Tiu; Jason Chan
Key clients
Greenwoods Asset Management
China Everbright Assets Management
UG Investment Advisors
China Taiping Life Insurance
Triada Capital
Apeiron Capital
Infini Capital
China Ping An Insurance Overseas
China Everbright
China Resources Capital Management
SK Inc.
Mirae Asset Securities
JIC Capital Management
ABC International (Agricultural Bank of China)
Haitong International Asset Management
UBS Asset Management
Ping An of China Asset Management
Manulife Investment Management
Hauck & Aufhäuser Fund Services
Charles Schwab Investment Management
Alquity Investment Management
Dentons Hong Kong
Under the guidance of Vivien Teu, Dentons Hong Kong has very successfully re-established its fund credentials in the Greater China market, following many years without a credible offering. Teu, who has significant experience in private practice (where she recently established her own firm), as well as in-house at a major asset management firm, brings tremendous insight, both from a regulatory and structuring perspective, including in the context of the burgeoning ESG funds market. Of counsel Simon Wong is ‘diligent and very thoughtful’ and has a strong following among private funds clients, including in relation to hedge, real estate and private equity.
Practice head(s):
Vivien Teu
Other key lawyers:
Simon Wong
Testimonials
‘The team provides practical and commercial advice.’
‘Vivien Teu appreciates the needs and hurdles for the fund company. Her advice has been spot on and time proofing, which are essential to help the fund manager in setting mid-long term strategies.’
‘Simon Wong is not only very knowledgeable about fund’s operation, structure and regulation but he is also very resourceful that can make things go smoothly.’
‘Simon Wong is diligent and very thoughtful in terms of giving advice to his clients. His response is always swift and very professional.’
Key clients
Argyle Street Management Limited
BOCOM Schroders Fund Management Co.
China Southern Fund Management Co.
China Tonghai Asset Management Limited
Forwin Capital Management Limited
GF-International Investment Management
ICBC-Credit Suisse Asset Management
West Bull Securities Limited
Yu Ming Investment Management Limited
Zrich Capital Limited
Goodwin
With three partners based in Hong Kong and able to leverage the expertise of lawyers in key international fund centres, including London, Luxembourg and New York, Goodwin is regularly instructed on fund structuring mandates with a cross-border complexion. Instructed by a mix of established sponsors, as well as first-time funds and spin-out managers, the firm' sweet-spot lies in the alternative fund sector, where clients receive 'high-quality advice' derived in part from the team's 'strong market intelligence'. Gregory Barclay is well-versed at structuring private investment funds and heads the team that also includes Phil Culhane, who is adept at advising on the structuring of JV funds and the unique challenges they present.
Practice head(s):
Gregory Barclay
Other key lawyers:
Phil Culhane; Elyn Xing; Dominic Wong
Testimonials
‘The responsive team has strong market intelligence and provides high quality advice.’
Key clients
8F Asset Management
A91 Partners
AEW Capital Management
Astrapto Partners
Atypical Ventures
CareCapital Advisors
Catalys Pacific
Convergent Finance
Delos Capital Advisors
FountainVest Partners
GIC Special Investments
Haitong International Equity Investment
Hillhouse Investment
Korea Investment Corporation
LGT Capital Partners
LionRock Capital
National Investment and Infrastructure Fund
PAG
Quilvest Capital Partners
Tybourne Capital
Vy Capital
YF Capital
YF Life Insurance International
Work highlights
- Advised A91 Partners on the formation of its second fund A91 Partners Fund II with a total of $550m in commitments.
- Advising Mr Ronald Savino on the establishment of new fund manager ‘AFG Partners’ and on the formation of its first FinTech fund, AFG Partners I, L.P.
- Advising Convergent Finance on the formation of a side fund for a top university in the US.
K&L Gates
Combining 'nimble and innovative thinking with big international firm resourcing', K&L Gates' burgeoning Greater China offering continues to gain traction in the market among new and established investment managers in relation to hedge, venture capital and private equity funds. An 'elder statesman of funds lawyers in Asia', Scott Peterman has vast experience in the market, and is able to provide 'innovative and bespoke solutions' to both fund managers and investors.
Practice head(s):
Scott Peterman
Other key lawyers:
Sook Young Yeu; Choo Lye Tan; Chloe Duan; Anson Chan
Testimonials
‘The team combines nimble and innovative thinking with big international firm resourcing. It 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.’
Key clients
Inception Asia
Logos Technologies (Hong Kong) Limited
Morgan Stanley Private Wealth Group
Oakseed Ventures
Q Fund Management
RiverCircle OFC
TechniStock
The Hong Kong Jockey Club
VS Partners
Work highlights
- Advised The Hong Kong Jockey Club and its Charities Trust on its investments in several private funds, including Barings North American Private Loan Fund II and Oaktree Power Opportunities Fund VI.
- Assisted the principals of VS Partners implement an endowment model of investing comprising a blend of typical investments including stocks and bonds in addition to less traditional offerings such as hedge funds and private equity.
Paul Hastings LLP
Co-headed by Neil Torpey and Vivian Lam, under the umbrella of the broader corporate offering, Paul Hastings LLP handles work for global and PRC-based managers and investors across a range of private funds. Leveraging the firm’s overarching sector knowledge, the team is, however, perhaps best-known for its expertise in relation to real estate funds.
Practice head(s):
Key clients
Arch Capital
Baring Private Equity Asia
The Carlyle Group
JP Morgan
ICBC International
Mapletree Greater China Commercial Trust
Ping An
China Life
Vanke
UBS
Warburg Pincus
ARA Asset Management
Proprium Capital Partners
China International Capital Corporation Ltd.
ICBC Asset Management
Sino-Ocean Capital
Ascent Real Estate Investors
NRL Capital
AEW Capital
Value Partners
Shearman & Sterling
Shearman & Sterling has ‘a lot of knowledge in investment funds industry’, particularly as it relates to private equity and venture capital matters. The scope of the work is broad and includes structuring, restructuring, formation and advice on the operational requirements of funds, often working alongside colleagues from across the firm’s wide international network, particularly out of New York. Investor side work is also a strength and led by Hong Kong, PRC and US-qualified partner Lorna Chen , the team has been particularly active of late advising sovereign wealth funds in relation to co-investment fund structures.
Practice head(s):
Lorna Chen
Other key lawyers:
Anil Motwani
Testimonials
‘The firm’s Hong Kong office provides us with quality services with cost-effective arrangements. We have been working with them for over decades but they never disappointed us. Their service has been always professional and helped us to protect from potential risk.’
‘They are very responsive and have a lot of knowledge in investment funds industry.’
‘Lorna Chen is knowledgeable and familiar with the market.’
Stephenson Harwood
Stephenson Harwood provides 'top-tier quality advice' at a cost-effective rate for emerging and institutional managers across a range of private asset classes, including hedge, private equity and real estate. Team head Penelope Shen has been pivotal to the firm's success in the area since joining in June 2020 from Kwok Yih & Chan; she has deep knowledge of Hong Kong's regulatory framework, including as it pertains to the developing area of ESG.
Practice head(s):
Penelope Shen
Other key lawyers:
Katherine Liu; Brian Ho
Testimonials
‘The whole team is professional in communicating ideas and the latest developments in the industry.’
‘They provide top-tier quality advice at reasonable fee levels.’
‘Penelope Shen is very willing to communicate with clients. Both the efficiency and effectiveness in communication process are superb. She is probably the best that I’ve ever worked with in the field.’