Investment funds in Hong Kong

Clifford Chance

Clifford Chance's market-leading team handles hedge funds, private equity, real estate and registered funds. It has over 35 years of experience in Hong Kong and has dealt with many market firsts in the wider region, including China and the Asia-Pacific region. Areas of expertise include integrated US funds, Employee Retirement Income Security Act (ERISA) rules and tax. Clients include hedge fund managers, pension funds, insurance companies, sovereign wealth funds, supra-national institutions, and sponsors, issuers, and underwriters in the real estate sector. Team co-head Mark Shipman is recommended for his expertise in the structuring, establishment and promotion of all types of investment funds. He is a board director of the Alternative Investment Management Association (AIMA) and a member of the Advisory Committee and Products Advisory Committee to the Hong Kong Securities and Futures Commission (SFC), among other positions. Matthias Feldmann, who also heads the team, is recommended for all types of fund work. Rocky Mui was promoted to partner.

Practice head(s):

Mark Shipman; Matthias Feldmann

Other key lawyers:

Rocky Mui; Benjamin Lohr; Viola Lui; Albert Fu; Teresa Leung

Testimonials

‘Overall the team is outstanding and consistently delivers top-tier services’

‘Like many other top-tier firms, they have a detailed understanding of the asset management industry, how different stakeholders work on a daily basis and the range of products that are available in the market around the world’

‘They can truly offer a seamless service globally with a consistent level of high-quality service’

‘Generally the partners that we work with are technically very strong, they understand the market, products and regulatory environment (particularly the latest developments) extremely well, down to the smallest details’

‘They give very well-analysed, pragmatic and thorough advice that leave no stones unturned’

‘Most importantly, they work very efficiently and give great value for money, which is very important in the current environment’

‘Mark Shipman has a lot of experience in funds and regulatory matters’

‘Teresa Leung is technically strong’

Key clients

Snow Lake

Invesco

Chelsfield Asia

Phoenix Property Investors Limited

GE Capital

HOPU Capital

Oasis Management

ICBC International

CICC

Neuberger Berman

Work highlights

  • Advised on the establishment of a platform to invest in the Guangdong-Macao-Hong Kong Greater Bay Area, including a private equity fund of target commitments of over HK$100bn, a holding company funded with capital of about HK$3.5bn and an investment management company which is seeking to be authorised by the SFC.
  • Advising GE EFS on its cooperation with Silk Road Fund Co., Ltd. in the establishment of a joint venture platform for investment in energy infrastructure assets to support trade and economic cooperation and connectivity under the framework of the Silk Road Economic Belt and the 21st Century Maritime Silk Road Initiative.
  • Advised ARCM on the establishment of its fourth successive flagship fund. This involved the full range of advice typically provided by fund counsel, including investor negotiations and regulatory advice.
  • Advised Oasis on the establishment of a new hedge fund in addition to its flagship fund. This involved the full range of advice typically provided by fund counsel, including investor negotiations and regulatory advice.
  • Advised on the establishment of Trikon Asset Management Fund, a Cayman Islands-based hedge fund with a master-feeder structure. The team acted as international counsel and as Hong Kong and Japan regulatory counsel.

Deacons

Deacons is renowned in the Hong Kong market for its expertise in registered and alternative funds. Areas of strength include hedge funds, private equity funds, mandatory provident funds (MPF), SFC licensing and regulatory compliance. The team is adept at structuring and obtaining authorisation for new funds and providing post-authorisation support. Another area of focus is China-related funds and market entry, where the team advises on the qualified foreign institutional investor (QFII) scheme, joint ventures, strategic alliances, compliance matters, fund establishment, and matters relating to China’s Belt and Road Initiative (BRI). Jeremy Lam co-heads the team; he is a member of the Regulatory Sub-Committee of the Hong Kong Investment Funds Association and advises a number of local and international asset management clients. Senior associates Joanna Fung and Deepak Mahtani are all recommended. Ming Chiu Li and Pinky Siu were both made up to partner in January 2020.

Practice head(s):

Jeremy Lam; Jane McBride

Other key lawyers:

Joanna Fung; Ming Chiu Li; Deepak Mahtani; Alwyn Li; Su Cheen Chuah; Pinky Siu; Taylor Hui; Fiona Fong; Joyce Li

Key clients

Allianz Global Investors

Barings

BlackRock

BOCHK Asset Management

China Everbright

First State Investments

GaoTeng Global Asset Management

Janus Henderson

Ping An of China Asset Management

St. James’s Place

Threadneedle

Work highlights

  • Acted for Invesco Hong Kong on the establishment of the Invesco Belt and Road Bond Fund, the first fund linked to the BRI to be authorised by the SFC.
  • Assisted various asset management entities owned by major Chinese insurance groups (including Ping An, China Re, PICC and Taiping) with setting up new fund ranges
  • Advised various PRC-based fund managers on setting up over 25 segregated funds for their existing segregated portfolio companies (SPCs).
  • Acted for Allianz Global Investors in the maintenance of its Luxembourg UCITS.
  • Assisted a mainland China securities broker’s wholly owned Hong Kong asset management unit with establishing a special asset fund primarily invested in the pre-IPO investment of a leading Chinese technology-enabled healthcare solutions platform.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP takes a multi-disciplinary  approach to investment funds, working hand in hand with its M&A, finance and capital markets teams, as well as providing dedicated tax support in Hong Kong. Areas of expertise include buyout funds, sector and country-specific funds, co-investments, carried interest planning, secondaries and fund restructurings. Andrew Ostrognai, who co-heads the team with Gavin Anderson, specialises in private equity fund formation and downstream investment. International counsel Mai Shapiro is a tax specialist and recommended for her experience in fund formation tax and structuring matters, as well as downstream investment-related tax matters.

Practice head(s):

Andrew Ostrognai; Gavin Anderson

Other key lawyers:

Mai Shapiro; Shawn Yang

Testimonials

‘Very responsive, go the extra mile in terms of trying to be helpful’

‘Andy Ostrognai and Gavin Anderson are both excellent lawyers with a wealth of PE fund formation experience’

‘Debevoise is the Rolls-Royce of fund formation’

‘Top lawyers, awesome service attitude and the deepest industry experience’

‘Andy Ostrognai combines a career’s worth of tremendous experience with commercial judgement’

‘The Debevoise lawyers are consistently of high quality, and their teams working on each project are well-coordinated and consistently produce a high-quality and seamless result’

‘In the investment funds area, the knowledge and know-how across the firm globally are deep, and it is apparent that all team members are tuned in to this and able to benefit from it’

‘Any questions about the market practice in a particular area are able to be answered with hard data, produced quickly, based on the firm’s experience globally’

‘Gavin Anderson is an exceptional private funds lawyer with an easy-going style who focuses on pragmatic solutions to issues; he runs an excellent team and delivers a seamless product’

‘Shawn Yang is an excellent lawyer, exceptionally hardworking and very efficient’

Key clients

Advantage Partners

AIF Capital

Asia-IO Advisors

Ally Bridge Group

Baring Private Equity Asia

Baring Private Equity India

BVCF Management Limited

Clearwater Capital

CDH Investments

China Life

China Renaissance Capital Investments

HarbourVest Partners

Hillhouse Capital

Hony Capital

Morgan Stanley

Navis Capital Partners

Ontario Teachers’ Pension Plan

Quilvest

Southern Capital

VIG Partners

Work highlights

  • Represented Baring Asia in raising a $1 bn pan-Asian real estate fund.
  • Representing the lead investor in a single asset fund restructuring that enabled Capital Today China Group to take out an investment – Yifeng Pharmacy – from its first fund and roll the investment into a newly formed fund vehicle in order to extend the holding period.
  • Representing Morgan Stanley in raising a $440m Thai-focused private equity fund.
  • Representing Southern Capital in raising a new $400m private equity fund for investment in Southeast Asia (Fund IV).
  • Represented BVCF, a venture fund focused on growth stage life science companies in China, in raising its fourth fund totalling $400m.

Gibson Dunn

In May 2018, Weil, Gotshal & Manges LLP’s market-leading investment funds team joined Gibson Dunn with leading practitioners John Fadely and Albert Cho at the helm. The team has broad experience in advising on fund formation across Asia with a particular focus on China, Korea, Japan and India. The practice takes a multi-disciplinary approach, calling on expertise from its global regulatory and tax groups. The firm has particular expertise in advising Chinese fund sponsor clients based in Asia. Counsel Youjung Byon is recommended for her experience in the formation of buyout funds, growth capital funds, debt funds, venture capital funds and real estate funds.

Practice head(s):

John Fadely; Albert Cho

Other key lawyers:

Youjung Byon

Testimonials

‘Albert Cho, John Fadely and Youjung Byon are top-notch when it comes to investor negotiations and representing the interests of their investment manager clients’

‘They have excellent precedent documents which are a great springboard for even the most bespoke transaction’

‘Albert Cho distinguishes himself as a practical problem-solver; he has a finely tuned barometer for issues of commercial urgency and importance, and anticipates issues before they arise’

Key clients

Altos Ventures Management Inc.

Anchor Equity Partners

ARA Asset Management

Asia Partners

Boyu Capital

Capital Today Group

CITIC Capital Partners

CLSA Capital Partners

DCL Investments

DCP Capital

Global Infrastructure Partners

Hereditas Capital

JP Morgan Asset Management

Legend Capital

Lupin Capital

Maison Capital

PAG

Starcrest Capital Partners

The Longreach Group

Trustbridge Partners

Work highlights

  • Represented Boyu Capital in the formation of its fourth US dollar private equity fund, which was heavily oversubscribed and closed at $3.6bn.
  • Represented CITIC Capital in the formation of its latest US dollar-denominated China fund, which has an overall target of $2.8bn.
  • Represented DCP Capital in the formation of a $2.1bn China-focused private equity and buyout fund.
  • Represented New Horizon Capital in connection with the formation of the Advantech Capital II and Redview Capital II funds, totalling around $1.74bn.
  • Represented Trustbridge in the formation of its $1.5bn flagship China private equity fund.

Kirkland & Ellis

Investment funds powerhouse Kirkland & Ellis has a broad practice which covers buyout funds, funds of funds, credit funds, growth funds, placement agent representations, mezzanine and distressed debt, secondaries and restructuring, and carry and co-investment structuring. The team is particularly experienced in Securities and Exchange Commission (SEC) compliance issues and private investment fund and management company regulatory issues. The firm has a global network of offices across Asia, Europe and the US, allowing it to leverage international teams for cross-border funds work. Justin Dolling, who co-heads the team with Carol Liu, is recommended for his expertise in the structuring and establishment of private equity investment funds, secondary transactions, carried interest arrangements and co-investment plans. Recently promoted partner Jamie Hill is recommended for his experience of assisting institutional investors with their investments in private investment funds. Liyong Xing and Jennifer Feng were both promoted to partner.

Practice head(s):

Justin Dolling; Carol Liu

Other key lawyers:

Jamie Hill; Liyong Xing; Jennifer Feng; Ling Zhu; Damian Jacobs

Testimonials

‘They really know their field very well, highly efficient and knowledgable’

‘Carol Liu is extremely knowledgable and capable, and very efficient’

Key clients

PAG Asia Capital

TPG Growth

Lilly Asia Ventures

C-Bridge Capital

SSG Capital

HarbourVest

Tencent

Ascendent Capital

Centurium Capital

BGH Capital

IDG Capital

Hosen Capital

LYFE Capital

Pamfleet

Creador

NewQuest Capital Partners

Genesis Capital

Work highlights

  • Represented PAG Asia Capital in the fundraising of its $6bn third flagship  private equity buyout fund.
  • Represented C-Bridge Capital in the raising and closing of its fourth healthcare fund.
  • Represented Lilly Asia Ventures in the raising of its $750m fifth life sciences fund.
  • Represented Crescent Point on raising its second institutional fund focused on investment in credit and special situations investments in Asia.
  • Represented TPG Growth in the formation of a new joint venture platform with Softbank Korea Ventures focused on investment in China.

Simmons & Simmons

Simmons & Simmons advises on investment funds and regulation advice across China and Asia, drawing on expertise from its global network of offices, which includes Singapore, London, Dublin and Luxembourg. Areas of focus include hedge funds, private equity funds, exchange-traded funds (ETFs), leveraged and inverse (L&I) products, retail funds, and licensing and regulatory matters. The firm has particular expertise in the fintech sector, where it has advised on cryptocurrency funds in Hong Kong and Singapore. Another area of strength is start-up hedge funds, for which the firm provides a dedicated online resource called LaunchPlus, which it recently launched in Hong Kong. Team head Rolfe Hayden is recommended for his expertise in collective investment schemes, including ETFs, hedge funds, private equity funds and retail funds. Ivy Yam is recommended for her funds and financial services regulatory work. Helen Fok left the firm for Morgan, Lewis & Bockius (in association with Luk & Partners).

Practice head(s):

Rolfe Hayden

Other key lawyers:

Eva Chan; Ivy Yam; Gaven Cheong

Key clients

CSOP Asset Management Limited

Capital Group

BlackRock Asset Management North Asia Limited

BNY Mellon Global Management Limited

Commerzbank AG

Keyrock Capital Management Limited

Averest Capital Limited

IvyRock Asset Management (HK) Limited

Work highlights

  • Assisted CSOP in launching CSOP Hong Kong Dollar Money Market ETF, the first money market ETF listed in Hong Kong in July 2018.
  • Assisted Capital in seeking the SFC’s approval of the merger of sub-funds under one UCITS umbrella platform into another UCITS umbrella platform.
  • Advised Blackrock on the conversion of the iShares MSCI China Index ETF to a dematerialised ETF.
  • Assisted BNYM in applying for the SFC’s approval for change of investment manager of various sub-funds of BNY Mellon Global Funds, plc (a UCITS established in Ireland) from The Boston Company Asset Management, LLC and Standish Mellon Asset Management Company LLC to BNY Mellon Asset Management North America Corporation.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP advises on funds across Asia and has particular expertise in Japan and China-focused funds. The firm specialises in debut China funds and is adept at advising Chinese megafund sponsors. Other areas of strength include private equity funds, real estate fund formation and regulatory issues. Clients include Chinese state-owned enterprises (SOEs), management teams and global investors. Team co-head Adam Furber is recommended for his fund formation expertise. Senior associate Michael Ceulen is also recommended.

Practice head(s):

Adam Furber; Dave Azcue (Japan)

Other key lawyers:

Michael Ceulen

Key clients

Advantage Partners

Affinity Equity Partners

Apax

Ant Financial

Aspirant Group

Blackstone

Brummer & Partners

CapSquare Asia Partners

Carlyle

CLSA Capital

CVC

Delos Capital

Diamond Realty Management

EmergeVest

EQT

Excelsior Capital Asia

Hillhouse

Integral Corporation

Japan Post Investments

J-Star

KKR

Lavender Hill Capital Partners Limited

Lexington Partners

Morgan Stanley

Nippon Investment Company

Nissay Asset Management

PAG

Polaris Capital Group

Shunwei Capital

SK Group

Silver Lake

Unison Capital

Vivo Capital

Welkin Capital Partners

Winnington Capital

Yunfeng Capital

Zebra Global Capital

Work highlights

  • Represented Yunfeng Capital in the formation of Yunfeng Fund III, L.P. its third Greater China-focused private equity fund with $2.5bn capital commitment.
  • Represented Blackstone in the formation of Blackstone Real Estate Partners Asia II, a $7.1bn pan-Asia real estate fund.
  • Represented Carlyle in the establishment and offering of interests in Carlyle Asia Partners V, a pan-Asia buyout fund with aggregate commitments of $6.5bn.
  • Represented Hong Kong-based Affinity on the formation of Affinity Asia Pacific Fund V, a pan-Asia focused fund with $6bn in capital commitments from over 100 investors.
  • Represented Nippon Investment Company in the formation of its debut Japan-focused buyout fund series, with approximately JPY36bn in capital commitments.

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP is well known in the alternative investment funds arena. The firm has a global network of offices which includes the key financial centres of Hong Kong, Singapore, New York, London and Geneva, and is well equipped to deal with regional regulatory issues, including those relating to the SEC, National Futures Association (NFA), the Markets in Financial Instruments Directive (MiFID), the Alternative Investment Funds Managers Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR). Areas of expertise include private equity funds, hedge funds, sovereign wealth funds, retail funds and private funds. The team also advises on the acquisition of asset management companies, formation and structuring of private offshore US dollar funds, custodian and brokerage arrangements, US tax advice and derivatives documentation. Team co-head Anne-Marie Godfrey advises investment managers and advisers, distributors, trustees, fund service providers, and sovereign and institutional investors on investment fund-related issues.

Practice head(s):

Anne-Marie Godfrey; Prakash H. Mehta (New York); Stephen M. Vine (New York)

Testimonials

‘Anne-Marie Godfrey is an industry leader in the Asian funds legal community’

‘Up-to-date knowledge leading to accurate and practical advice, backed up by prompt execution with an emphasis on attention to detail’

‘Tamilia Chiu is hands-on, efficient, very good at meeting clients’ needs, project management and communicating with regulators’

‘Anne-Marie Godfrey is responsive, flexible with client demands and has a strong reputation’

‘Anne-Marie Godfrey has surrounded herself with a first-rate team’

Baker McKenzie

Baker McKenzie takes a multi-disciplinary approach to investment funds, drawing on expertise from its corporate, securities, real estate, financial services regulatory and tax teams. Areas of expertise include private equity funds, real estate investment trusts (REITs), hedge funds, pension funds, debt and distressed assets. The team handles various fund structures, including blind pools, club deals, co-investments, joint ventures, managed accounts, and MPF and Occupational Retirement Schemes Ordinance (ORSO) retirement schemes. Jason Ng heads the financial services team for the Hong Kong, China and Singapore offices. Edwin Wong is recommended for his fund formation experience in Sydney, Hong Kong and London. Jeremy Ong was promoted to partner.

Practice head(s):

Jason Ng

Other key lawyers:

Edwin Wong; Karen Man; Milton Cheng; Jeremy Ong; Karl Egbert

Key clients

Gaw Capital Partners

Link Real Estate Investment Trust

Taubman Centers Inc.

Weave Co-Living

Abu Dhabi Retirement Pensions & Benefits Fund

Canada Pension Plan Investment Board

Spring Real Estate Investment Trust

Yuexiu Real Estate Investment Trust

EQT Mid Market Asia

Greystar Real Estate Partners LLC

APG Asset Management N.V.

Work highlights

  • Acting as the lead counsel to Gaw Capital Partners on the formation of its sixth flagship private equity real estate fund – Gateway Real Estate Fund VI, L.P.
  • Advised Link Real Estate Investment Trust on its disposal of 12 retail properties to a consortium led by Gaw Capital Partners
  • Advised on Taubman Centers Inc.’s $480m sale of 50% of Taubman Asia’s interests in three Asia-based shopping centers to funds managed by Blackstone.
  • Advised Weave Co-Living on the initial investment from US-based private equity firm Warburg Pincus.
  • Acting as the legal counsel to Abu Dhabi Retirement Pensions & Benefits Fund in connection with various investments in global private equity, real estate and debt funds, as well as in connection with certain separate account and co-investment transactions.

Dechert

Dechert advises on private equity funds, private credit funds, hedge funds, retail funds, mutual funds, venture capital and co-investments, as well as regulatory, licensing and downstream investment matters. The firm has a global network of offices and mainly focuses on Asia, the US and Europe. Areas of expertise include fund formation and registration, investor representation and fund due diligence work. Clients include international and PRC asset managers, sovereign wealth funds, investment banks, trustees, venture capitalists and institutional investors. Team head Michael Wong is recommended for his experience in fund formation and registration, among other areas. Simon Wong left the firm for Minter Ellison.

Practice head(s):

Michael Wong

Key clients

China Everbright

Ping An Insurance

China Resources

Manulife

Brilliance Capital

Lufax

Silk Road Fund

Primavera

China Orient Asset Management

UG Investment Adviser

Work highlights

  • Advised China Everbright on the final close of CEL Global Investment Fund, L.P., a private equity fund totalling $543m in the form of an exempted limited partnership domiciled in the Cayman Islands and the related carried interests arrangements.
  • Advised a client on setting up a number of closed-end single project/investment funds under its wealth management platform.
  • Advised Hibiki on the formation of a long-only Cayman Islands hedge fund with US tax exempt and taxable investors.
  • Advised Investment Company Institute, a leading association representing regulated funds globally, on the SFC’s consultation relating to changes to the Code on Unit Trusts and Mutual Funds and the consultation relating to over-the-counter (OTC) derivatives reporting requirements.

DLA Piper

DLA Piper advises on private equity funds, hedge funds, real estate funds and regulatory compliance issues across Asia. The firm has recently advised on the formation of a large number of China-based hedge funds, attracting investors internationally. Real estate funds are also a focus for the practice and it continues to act in continuous funds formations and restructuring mandates for private equity real estate managers. The firm has a global network of offices from which it draws on expertise in the investment funds and wider asset management sectors. Practice head Luke Gannon has over 25 years’ experience in advising investment funds, including on formations, listings, capital raisings, regulatory issues, and acquisitions and exits.

Practice head(s):

Luke Gannon

Testimonials

‘The team can leverage DLA Piper’s global presence and expertise, and address issues across different jurisdictions in a timely fashion’

‘Luke Gannon is responsive to requests, and has in-depth knowledge and expertise in the subject matters’

‘Luke Gannon is a stand out adviser. He is always busy with clients because he is in such high demand. If we have a difficult issue we go to him because he is able to solve problems in the most complex circumstances, he makes the most complex issues we have as quite simple in terms of solutions. That is a rare talent in Asia.’

 

Key clients

China Ping An Insurance Overseas (Holdings) Limited

Centreline Capital Group Inc.

Golden Pine Asset Management

Zyg Asset Management

Aspen Capital

Willing Capital Management Limited

Work highlights

  • Advised Ping An in respect of the establishment of a series of closed-ended private equity investment funds, structured in the form of a segregated portfolio company and six segregated portfolios.
  • Advising Centreline Capital Group Inc. on the launch of a $150m hedge fund.
  • Advising Golden Pine Asset Management on its restructure of a current hedge fund.
  • Advising Zyg Asset Management on the launch of a $100m Singapore-managed hedge fund.
  • Advising Aspen Capital on the launch of a $300m hedge fund.

King & Wood Mallesons

King & Wood Mallesons has the capability to advise on PRC, Hong Kong, Australian, US and English law, as well as a range of European jurisdictions. The firm has a particular focus on China, where it has a large presence, and advises Chinese client on domestic and international matters, as well as assisting international clients with China-related funds. Areas of expertise include cross-border transactions, segregated portfolio companies (SPCs), MPFs, approved pooled investment funds, qualified foreign limited partner funds (QFLPs) and regulatory issues. Team head Hayden Flinn is experienced in cross-border matters; Helena Huang is recommended for fund formation, private equity investment, M&A and corporate restructuring; Guo Sun Lee focuses on the transportation and logistics industries; and Cindy Shek was promoted to partner.

Practice head(s):

Hayden Flinn 

Other key lawyers:

Torrin Nicholson; Jingjing Jiang; Guo Sun Lee; Helena Huang; Cindy Shek 

Key clients

Cisive

Shui On Land

CMC Inc. (formerly CMC Holdings)

KaiLong Investment Management Hong Kong Limited

UBS Asset Management

China Post & Capital Global Asset Management Limited

CNCB (Hong Kong) Capital Limited

Enhanced Investment Products Limited

Work highlights

  • Advised two of the eight joint GPs on the investment of a government-backed private equity fund, known as the Greater Bay Area Homeland Development Fund, to support technological innovation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
  • Acted for Shui On Land in relation to the setup of a $1 bn joint venture platform between Shui On Land, Manulife and China Life to acquire high-quality office projects, initially in Shanghai with potential to expand to other Tier-1 cities in China.
  • Acted for KaiLong Investment Management Hong Kong on its establishment of a Cayman Islands exempted limited partnership targeting $550m of committed capital.
  • Acted for UBS Asset Management’s real estate and private markets business on its establishment of a new property investment venture with APG Asset Management to target residential properties in Japan.

Morrison & Foerster

Morrison & Foerster focuses on private equity funds, real estate funds and venture capital funds. The firm advises on matters in Greater China and across Asia and is adept at handling SFC licensing matters and regulatory issues. Clients include Asia-based sponsors and investors, which it advises on the formation, structuring and related activities of buyout funds, growth capital funds, co-investment vehicles and other alternative investment funds. The team is headed by fund formation specialist Jason Nelms, who splits his time between Singapore, China and Hong Kong, and private equity expert Serena Tan, who is based in China and Hong Kong. The team also has an in-house tax specialist in the shape of Matthew Lau, who advises on US and international tax issues.

Practice head(s):

Jason Nelms (Singapore/China/Hong Kong); Serena Tan (China/Hong Kong)

Other key lawyers:

Matthew Lau; Stephen Birkett 

Testimonials

‘Very responsive and complete deliverables within the agreed timeline’

‘They have the ability to communicate the issues clearly, and the related policies and suggestions’

‘Proactive in thinking about different suggestions and alternatives’

‘The firm has served many different funds across the world and thus has deep knowledge in all the issues that we face commonly’

Key clients

Ally Bridge Group

China Great Wall Asset Management Co., Ltd.

E15 VC

Fosun International Group

FWD Group Management Holdings Ltd

GLP PTE, Ltd. (GLP)

GLP China

Hony Capital

IndoSpace

Intudo Ventures

Lamivoie Capital

Sailing Capital

Savills Investment Management

Vectr Ventures

Work highlights

  • Represented a Chinese insurance company in its over $1bn investments in a number of private investment funds.
  • Represented Intudo Capital in its formation of its $50m Intudo Ventures II fund.
  • Represented Vectr Ventures in the formation of its second flagship venture capital fund.
  • Represented a Hong Kong-headquartered insurance company in its investments in various private investment funds totalling $300m.
  • Representing Kowloon Nights Management LLC in connection with the formation of a $50m venture capital fund.

Shearman & Sterling

Shearman & Sterling’s investment funds and private equity team is headed by Lorna Xin Chen, whose specialisms include the structuring, restructuring, formation and operation of alternative investment products. The team advises on private equity funds, venture capital funds, hedge funds, real estate funds, funds of funds, project funds and co-investment structures. Clients include global institutions, sovereign wealth funds, wealth management platforms, banks and insurance companies.

Practice head(s):

Lorna Xin Chen

Other key lawyers:

Sean Murphy

Testimonials

‘The lead partners and associates they staff on our transactions are familiar with our positions and requests’

‘They are experienced and know the market trends and are able to provide us with valuable suggestions’

‘They are well-organised, responsive and efficient, and  can help us to meet tight timelines for urgent transactions’

‘Shearman is outstanding in terms of experience, work quality and fees’

‘Lorna Chen knows our positions very well and spent a lot of time training her associates which is helpful’

‘Lorna Chen is exerienced, diligent, has good commercial sense and cares very much about client relationships’

‘Sean Murphy and Anil Motwani are proactive, experienced and are able to flag out key issues with useful recommendations; they are also hardworking, responsive, detail oriented and well organised’

Key clients

Asian Infrastructure Investment Bank (AIIB)

China Creation Ventures (CCV)

China Investment Corporation (CIC)

CITIC Securities International (CITIC CLSA)

ICBC International Holdings Limited (ICBCI)

International Finance Corporation (IFC)

Investcorp Securities Limited

KKR Asia

Korea Investment Corporation (KIC)

Noah Wealth Management

Qatar Investment Authority (QIA)

Work highlights

  • Acted as fund counsel to CCV on all aspects of the establishment of its $200m first flagship fund.
  • Represented Investcorp on its partnering with China Everbright on its first private equity investment in China
  • Representing a multilateral financial institution on its investment as a strategic investor in the Asia Investment Fund, L.P., a fund sponsored by Asia Investment Capital.
  • Representing Qatar Investment Authority (QIA) in its investments in various investment funds globally.
  • Advising KKR Asia as special counsel on certain regulatory, operational and compliance matters.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has an integrated team across Greater China which advises investors, sponsors and strategic parties on the formation, capitalisation and operation of investment funds. Areas of expertise include venture capital, private equity, hedge funds, real estate funds, cross-border strategies, and regulatory matters relating to the SEC, the Commodity Futures Trading Commission (CFTC) and the Financial Industry Regulatory Authority (FINRA). Practice head Geoffrey Chan specialises in the formation and structuring of Asia-based US dollar-denominated private investment funds.

Practice head(s):

Geoffrey Chan

Other key lawyers:

Xuan Zhang 

Key clients

Asia Investment Capital Ltd.

Baidu Capital

CITIC PE Advisors

FountainVest Advisors

HOPU Fund Management

RRJ Management Ltd.

Temasek Holdings

Cowin Capital Asset Management

Unicorn Partners Advisors

Cenova Capital

Vision Plus Capital International Management

Sky9 Capital

China Media Capital

JD.com

Yao Capital

Work highlights

  • Acted as primary legal counsel in connection with the set-up of the $2bn-plus Hopu Fund III fund and related regulatory advice and filings.
  • Advised on the formation of Asia Investment Capital Limited’s private equity fund named Asia Investment Fund, L.P.
  • Acting as primary legal counsel in the formation of a client’s China private equity fund.
  • Acting as primary legal counsel on the formation of Vision Plus Capital International Management’s China private equity fund named Vision Plus Capital Fund II.
  • Advising on the formation of Unicorn Partners Advisors Ltd.’s China venture capital fund of funds.

White & Case

White & Case advises on private equity, real estate, credit, venture capital, infrastructure, special situations and hedge funds. The firm also advises on non-traditional matters such as hybrid funds. Practice head Sharon Hartline is recommended for her expertise in advising GP and LP clients on downstream co-investment, project fund and secondaries work. Anthony Wong, who also heads the team, advises on structuring private equity funds and hedge funds. The firm recently welcomed Daniel Yeh, Paul Tang, William Fong and Steve Sha from Ropes & Gray LLP.

Practice head(s):

Sharon Hartline; Anthony Wong

Key clients

PAG

e-Shang Redwood

ADM Capital

Overlook Partners

Charles Lim Capital

Arkkan Capital

White Oak Capital

Work highlights

  • Representing ESR in the establishment of a $1bn perpetual core fund and joint venture among ESR, AXA Investment Managers – Real Assets and a major sovereign wealth fund in connection with the acquisition of logistics properties in Japan.
  • Representing PAG in the establishment and fund raising for PAG Asia Loan Fund III, reaching its hard cap of $950m.

Ashurst

Ashurst advises on various closed-end alternative asset classes including real estate, private equity, infrastructure and debt. It has particular strength in the sovereign wealth fund and pension fund arenas. Client sectors include real estate, infrastructure and energy. Recently promoted partner Dean Moroz heads the team and is adept at establishing private investment funds, managed accounts, joint ventures and co-investment platforms. Nicola Hopkins joined as partner from Bryan Cave Leighton Paisner (HK) LLP.

Practice head(s):

Dean Moroz; Piers Warburton (London); Lisa Simmons (Australia)

Other key lawyers:

Nicola Hopkins

Testimonials

‘They are very knowledgeable, client-focused, responsive and work efficiently’

‘Dean Moroz is very client-focused and responsive’

Key clients

APG Strategic Real Estate Pool N.V.

Asia Summit Capital

Delta Capital Myanmar

Mitsui Alternative Investments

PGGM Vermogensbeheer B.V.

Provest Holdings Ltd

Work highlights

  • Advised Delta Capital Myanmar in relation to the establishment of its second fund. The fund closed on $50m on its first closing and aims to raise $100m.
  • Advised Provest Holdings Ltd as sponsors of the Provest Holdings Real Estate Fund, L.P., an open-ended real estate fund for investing in residential flats in Hong Kong on a value-added basis.
  • Advised APG Strategic Real Estate Pool N.V. on its second co-investment platform with Godrej as the offshore foreign direct investment capital vehicle for investing in ‘build-to-core’ Grade-A office development projects under commercial or IT schemes located principally in Bangalore, Mumbai and NCR, India.
  • Advised Asia Summit Capital in relation to its inaugural fund establishment, which raised $50m for venture capital-style investments into Indonesian private equity targets.

Goodwin

Goodwin handles investment funds across Asia and can rely on support from its network of offices, in particular its experienced partners in the UK and US. Areas of focus include real estate, infrastructure, private equity and venture capital. Other areas of expertise include joint ventures, co-investment deals, segregated accounts, investment management appointments and secondaries transactions. Greg Barclay heads the team and is adept at handling cross-border fund formation, including private equity, venture capital, mezzanine/debt, infrastructure and real estate funds. Brian McDaniel left the firm for Wilson Sonsini Goodrich & Rosati.

Practice head(s):

Gregory Barclay

Testimonials

‘Deep knowledge and experience in the venture capital arena, the US and Israel’

‘Gregory Barclay is very responsive and provides very practical and not just theoretical advice’

Key clients

Equis

AEW Capital Management

Partners Group

Hillhouse Capital

Sequoia

A91 Partners

500 Startups

Tybourne Capital Management

Nexus

SBCVC

Convergent Finance

LionRock

Quilvest

Drum Tower Ventures

Global Hospitality Investment Group

Caldera Pacific

Y Combinator

Catalys Pacific

Work highlights

  • Representing Kreos Capital on the formation of the €700m Kreos Capital VI.
  • Represented GreenOak Real Estate LP in the final close of its second European Fund, GreenOak Europe Fund II.
  • Representing Convergent Finance in the formation of its inaugural buyout fund.
  • Representing A91 Partners in the formation of its inaugural growth capital fund.
  • Representing Viola FinTech in the formation of its first global fintech fund totalling $110m.

O'Melveny

Secondaries market specialist O'Melveny advises secondary funds, sovereign wealth funds and funds of funds on a range of acquisitions and disposals. Practice head James Ford handles traditional and publicly traded funds in the private equity and related sectors, and Jonathan Shelley is recommended for corporate transactions, private equity transactions and fund structuring. Clients include private equity fund sponsors, private equity investors, sovereign wealth funds and international organisations.

Practice head(s):

James Ford

Other key lawyers:

Jonathan Shelley 

Key clients

Axiom Asia Private Capital

Coller Capital

InfraRed NF Advisers

GIC Private

NewQuest Capital Partners

Clearwater Capital

Abax Global Capital

Work highlights

  • Advising InfraRed on establishing InfraRed NF China Real Estate Fund III, a closed-ended real estate fund focused on value-add and mezzanine investment opportunities, primarily in Greater China, which is targeting $500m.
  • Advised Axiom Asia Private Capital on Asiom Asia V, an Asia-focused fund of funds, which held its final close in 2018 with aggregate commitments of approximately $1.4bn.
  • Continuing to advise GIC Private Ltd’s private equity, real estate and integrated strategy groups on a wide range of primary and secondary investments in funds and direct transactions.
  • Advising Clearwater Capital Partners on various structuring and transactional matters with respect to its portfolio companies.
  • Advising Abax Global Capital with respect to the ongoing fundraise (target $500m) for Abax Asian Structured Credit Fund III.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP advises on hedge funds of all types, pledge funds, private equity funds, venture capital funds and hybrid funds across Asia. Areas of expertise include joint ventures, tax structuring, regulatory issues, pre-investment due diligence, reviews of legal documentation and fund formation. Practice co-head Scott Peterman is adept at advising private fund sponsors and investors on the formation of alternative investment vehicles. Sook Young Yeu, who also co-heads the team, has over 30 years of experience in the structruing of private investment funds and representation of Asian institutional investors.

Practice head(s):

Scott Peterman; Sook Young Yeu

Testimonials

‘Scott Peterman and his Orrick team are extremely knowledgeable about funds and very professional and helpful’

‘They conduct regular seminars for clients with deep dives into specific investment fund legal topics with hundreds of pages of material, thus taking care and effort to educate their clients

Key clients

China Resources Capital Management Limited

Intermediate Capital Group (ICG)

Synergy Fund Management Group Limited

Brawn Capital Management

Vanhau Asset Management

Morgan Stanley Wealth Management

China Silver

Avenue Asia

Fund Genesis Limited

Work highlights

  • Representing an Asian government investor in relation to investment commitments in multiple private equity and buyout funds, fund of funds, secondary funds, technology funds and separate managed accounts, co-investments and strategic investments.
  • Advised on the formation of an open-ended senior loan fund for Intermediate Capital Group.
  • Represented JD.com, Inc., China’s largest retailer and e-commerce company listed on the Nasdaq, in the $2.5bn financing of its logistics subsidiary, JD Logistics.
  • Representing China Resources Capital Management Limited in the formation of the $2bn China Resources Healthcare Fund, L.P. with ICBC and a Japanese investment bank.
  • Assisting Morgan Stanley Private Wealth Management in reviewing fund documentation and evaluating alternative investment fund products.

Paul Hastings LLP

Paul Hastings LLP focuses on real estate finance and private equity investment funds matters. It is adept at handling the structuring and establishment of private equity and venture capital funds across Asia, with a particular focus on China. Clients include US, European and China-based institutions, sovereign funds, insurance companies, SOEs and financial organisations. Paul Guan and David Blumenfeld head the team; Blumenfeld splits his time between the Shanghai and Hong Kong offices and the team maintains close links with its counterparts in Beijing and Shanghai.

Practice head(s):

Paul Guan; David Blumenfeld

Key clients

Angelo Gordon

Arch Capital

Baring Private Equity Asia

BlackRock

The Carlyle Group

China Taiping

JPMorgan

Deutsche Bank

HOPU Capital/Triwater Asset Management Holdings

Fortress Investment Group

Fosun Property

ICBC International

Long Hills Capital

Mapletree Greater China Commercial Trust,

Ping An

China Life

Vanke

Tan-Eu Capital

UBS

Warburg Pincus

ARA Asset Management

China Cinda

Proprium Capital Partners

China International Capital Corporation Ltd.

ICBC Asset Management

Kington Capital

Work highlights

  • Represented ICBC International in its formation of a partnership with China Logistics Property Holdings for the acquisition of a JPY2bn logistics real estate portfolio which was wholly owned by CNLP.
  • Represented SCPG Holdings, a leading shopping mall owner, developer and operator in China, China Vanke and Triwater Asset Management Holdings, in their formation of an offshore consortium in connection with the JPY8.37bn acquisition of a large-scale Chinese real estate portfolio from CapitaMalls Asia, a wholly owned subsidiary of CapitaLand.
  • Represented Hong Kong Shanghai Alliance Holdings, a Hong Kong public listed company, in the formation with GIC of a $350m investment platform for the acquisition of Shanghai office properties.

Proskauer Rose LLP

Proskauer Rose LLP has particular expertise in the secondaries area of private investment funds. The firm has recently seen an uptick in cross-border work and advises sponsors and institutional investors across alternative asset classes. Beijing-based team head Yong Ren is experienced in representing private equity funds, venture capital funds, distressed opportunities funds, real estate funds, mezzanine funds and hedge funds. Senior counsel Lynn Chan advises GPs and LPs on the formation of private investment funds.

Practice head(s):

Yong Ren (Beijing)

Other key lawyers:

Lynn Chan

Key clients

China Ping An Insurance Overseas (Holdings) Limited

Schroder Adveq Management AG

HQ Capital

Ping An Ventures

Partners Group

Cindat Capital Management

Grand China Overseas Investment Management Co., Ltd

Harvest Wealth Management Co., Ltd

FWD Life Insurance

Fubon Life Insurance

Asia Capital Reinsurance Group

Adams Street Partners

Proventeus Capital Partners

Harvest Wealth Management Co., Ltd

Work highlights

  • Advising HQ Capital, the global asset manager, on primary and secondary investments globally.

Ropes & Gray LLP

Ropes & Gray LLP advises on sovereign wealth funds, real estate funds, pension funds, funds of funds and secondary funds. Areas of expertise include multiple fund investments, the formation of separate account funds, special focus vehicles, direct investments and co-investments. The firm has recently seen an uptick in direct transactions at the fund level by institutions and sovereigns. Vincent Ip heads the team and acts for sponsors and investors in relation to the formation and ongoing representation of Asia-focused private investment funds. Counsel Chune Loong Lum has particular experience with Asia and China-focused investment funds

Practice head(s):

Vincent Ip

Other key lawyers:

Chune Loong Lum