Firms To Watch: Investment funds

The arrival of Paul Moloney and a small team from Eversheds Sutherland in November 2021 has increased Mayer Brown‘s visibility in the market particularly in relation to  private funds matters. Although it is a relatively lean team it is able to leverage a substantial international network, an attractive proposition going forward for stakeholders in the market in relation to cross-border legal and compliance issues.
Tiang & Partners‘ profile in the market was considerably raised following the arrival of the ‘very knowledgeable and commercial’ Gaven Cheong from Simmons & Simmons in October 2021. Cheong now heads the team and is noted, in particular, for his ‘very strong structuring experience especially when it comes to digital assets’. 

Investment funds in Hong Kong

Clifford Chance

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.

Practice head(s):

Mark Shipman

Other key lawyers:

Matt Feldmann; Rocky Mui; Viola Lui


‘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


    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


    ‘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



    First Sentier Investors

    Haitong International Asset Management


    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


    ‘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


      ‘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


      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


      Starcrest Capital Partners


      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


        ‘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


        Lilly Asia Ventures

        C-Bridge Capital

        Ares SSG Capital Management

        Eastern Bell Capital

        Hosen Capital


        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


        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


        ‘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


        Ant Financial Service Group

        Aspirant Group


        Brummer & Partners

        CapSquare Asia Partners


        CLSA Capital


        Delos Capital

        Diamond Realty Management



        Excelsior Capital Asia

        Endeavour United


        Integral Corporation

        Japan Growth Investment Alliance (J-GIA)

        Japan Post Investment Corporation (JPIC)



        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 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


        ‘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


        ‘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


        ‘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


        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


        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


        ‘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


        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


        ‘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


        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



        APG Asset Management

        TransAsia Private Capital

        The March Fund

        MY.Alpha Management (management buyout and spin-off from York Capital)


        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


        ‘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




        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


        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 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


        ‘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


        MBK Partners



        BRV Lotus

        Gaocheng Capital

        Coller Capital


        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.


        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


        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


        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


        ‘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


        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


        ‘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


        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):

        Neil Torpey; Vivian Lam 

        Key clients

        Arch Capital

        Baring Private Equity Asia

        The Carlyle Group

        JP Morgan

        ICBC International

        Mapletree Greater China Commercial Trust

        Ping An

        China Life



        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


        ‘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


        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.’