Investment funds in Hong Kong

Clifford Chance

The funds and investment management team at Clifford Chance has 40 years’ experience in Greater China. On the private equity side, the firm advises on upstream fund formation; it also handles all types of hedge fund structures, including those targeting US and EU investors. Real estate funds are another area of focus, where it acts for sponsors, issuers and underwriters on cross-border transactions. The practice also advises on registered funds, including establishing and structuring authorised funds, such as exchange-traded funds (ETFs) and real estate investment trusts (REITs). Mark Shipman, who co-heads the team, is experienced in the full range of investment funds and is a board director of the Alternative Investment Management Association (AIMA) and a member of the Advisory Committee and Products Advisory Committee to the Hong Kong Securities and Futures Commission (SFC). Matthias Feldmann also heads the team and acts as fund investor’s counsel, advising on securities and banking regulatory work, as well as direct private equity investments. Viola Lui was promoted to partner.

Practice head(s):

Mark Shipman; Matthias Feldmann

Testimonials

‘The team has a market leading practice in Hong Kong in this space and is able to advise on regulatory implications when structuring products’.

‘Mark Shipman is an industry leader while other members of his team (particularly Teresa Leung) are very proactive in responding to queries’.

‘They are able to provide commercial and pragmatic advice that takes into account market practice’.

Key clients

Greater Bay Area Homeland Development Fund

TR Capital

Chelsfield Asia

Phoenix Property Investors Limited

GE Capital

CPPIB

HOPU Capital

ICBC International

CBRE Global Investors

Neuberger Berman

Work highlights

  • Advised Chelsfield on the establishment of Chelsfield Asia Fund 1 and the fund’s subsequent closings with international and supranational investors.
  • Advised Panview Capital on the establishment of an equity long-short hedge fund.
  • Advised GE Energy Financial Services, Inc. on its cooperation with Silk Road Fund Co., Ltd. in the establishment of a joint venture platform for investment in energy infrastructure assets in connection with the “Belt and Road” Initiative.

Deacons

Hong Kong-headquartered Deacons is well-regarded for its registered and alternative funds expertise. Its key areas of strength include retail funds, exchange traded funds (ETFs), mandatory provident funds (MPFs), hedge funds and private equity funds. It advises a number of international and local asset managers on structuring and obtaining authorisation for new funds, marketing and post-authorisation compliance issues. The firm has strong links to the SFC and a large team that is well placed to handle SFC regulatory, licensing and compliance matters. Jane McBride heads the practice alongside Jeremy Lam, who handles a large portfolio of local and international asset management clients, and is a member of the Regulatory Sub-Committee of the Hong Kong Investment Funds Association. Pinky Siu and Ming Chiu Li, who specialises in SFC authorised funds and MPF and pension funds, were promoted to partner. Counsel Joanna Fung is recommended.

Practice head(s):

Jeremy Lam; Jane McBride

Testimonials

‘The team is led by a group of partners who are subject matter experts and understand what the regulator is thinking versus what the client wants to achieve’.

‘Pinky Siu and Alwyn Li are always ready to help and offer practical solutions in a timely manner at any time of day’.

‘Su Cheen provides us with practical advice and guidance on navigating the regulatory regime in Hong Kong’.

‘Deacons has been a leader in providing legal advice in the investment funds area’.

‘Their partners and associates are very familiar with the latest practice in the market’.

‘Pinky Sui is an experienced lawyer in the investment funds space and is very knowledgeable on aspects relating to authorised funds in Hong Kong’.

‘Alwyn Li maintains good relationship with the clients, peers and regulators’.

‘Alwyn Li is always able to provide timely, useful and business-sensible advice to me’.

Key clients

Aberdeen Standard SICAV I

Aberdeen International Fund Managers Limited

Bank Consortium Trust Company Limited

Baring Asset Management Limited

BOCHK Asset Management Limited

Bank of China Investment Management

First State Investments (Hong Kong) Limited

GaoTeng Global Asset Management Limited

Haitong International Asset Management (HK) Limited

Invesco Hong Kong Limited

JPMorgan Funds (Asia) Limited

Natixis Investment Managers UK Limited

Oaktree Capital (Hong Kong) Limited

Ping An of China Asset Management (Hong Kong)

Ping An Asset Management (Shanghai)

Principal Global Investors (Ireland) Limited

Schroder Investment Management (Hong Kong) Limited

Schroder Investment Management (Singapore) Ltd.

St. James’s Place Unit Trust Group Limited

St. James’s Place Wealth Management Plc

Sumitomo Mitsui Trust (Hong Kong) Limited

UBS AG – Global Asset Management

Value Partners Group Limited

VMS Securities Limited

Work highlights

  • Advised Mirae Assets on the successful launch of two exchange traded fund (ETFs) designed for investors seeking exposure to the growing Chinese biotech and cloud computing sectors.
  • Advised Janus Henderson on the establishment of the Horizon Global Sustainable Equity Fund, the first environmental, social and governance (ESG) fund to be authorized under the SFC’s new disclosure requirements introduced in April 2019.
  • Assisted AllianceBernstein to launch the first SFC-authorized RMB- denominated UCITS fund in Hong Kong.

Debevoise & Plimpton LLP

The investment management team at Debevoise & Plimpton LLP has been at the forefront of private funds in Asia for over 15 years. It acts for a broad range of clients, from large pan-Asian buyout funds to smaller sector or country-specific funds, including RMB-denominated funds. The firm advises on managed accounts, joint ventures, co-investments, carried interest planning and complex secondary transactions. Head of practice Gavin Anderson is noted for his expertise in advising sponsors and investors on fund formation, co-investment, fund restructurings and carried interest arrangements. Counsel Mai Shapiro is recommended for her experience advising private fund sponsors on fund formation tax and structuring matters, and also the tax aspects of a fund’s downstream investment activities. Andrew Ostrognai continues to work at the firm as a consultant.

Practice head(s):

Gavin Anderson

Testimonials

‘Excellent technical lawyers who are commercially savvy’.

‘Very professional’.

‘The depth of the domain knowledge and service quality is par excellence’.

‘Gavin Anderson is simply superb in problem solving and a valuable asset in negotiations’.

‘Gavin Anderson’s depth of market standards is excellent.

‘Turn-around times and availability are fantastic’.

Key clients

Baring Private Equity Asia

Ontario Teachers’ Pension Plan Board

CDH

VIG Partners

Morgan Stanley

Hollyport Capital

Clearwater Capital

Work highlights

  • Advising long term client Baring Private Equity Asia in the formation of its seventh private equity fund with $6.5bn in total commitments.
  • Representing Ontario Teachers Plan Pension Board in connection with their $2.1bn investment in NIIF and NIIF’s corresponding investor-owned fund manager which is backed by the Government of India, in collaboration with other leading global and domestic institutional investors.
  • Represented CDH in the formation of CDH Fund VI, a $1.5+ bn China growth fund.

Gibson Dunn

Gibson Dunn has a strong Chinese fund sponsor client base in Asia. Under the leadership of John Fadely and Albert Cho, the firm is able to provide advice on US issues with US-qualified lawyers. The team leans on its global network of offices for support and has practitioners in key global jurisdictions, including Hong Kong, the US, Dubai and the UK. Cho is noted for his experience in the formation of private investment funds; co-investment transactions; operational and structuring matters; and regulatory compliance matters. Fadely is recommended for the formation of private investment funds, including buyout funds, growth capital funds, venture capital funds and real estate funds. Counsel Youjung Byon advises clients on fund formation, governance and economics matters.

Practice head(s):

John Fadely; Albert Cho

Other key lawyers:

Youjung Byon

Testimonials

‘John Fadely and his team are well respected in the fund formation practice in Hong Kong’.

‘They fully understand the market terms and will try their best to protect the interest of their clients’.

‘John Fadely and his team, including Youjung Byon, are very professional with good technical knowledge and are also commercial’.

‘They can think out of the box and are diligent’.

‘Their responses are prompt and they fully understand the needs of their clients’.

‘They are very good at working across cultures’.

‘John Fadely stands out due to his Asian language abilities’.

Key clients

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 Hahn & Company in the formation of their third Korea-focused buyout fund and a co-investment fund, which closed at $3.2bn in total commitments.
  • Represented CITIC Capital in the formation of its latest US dollar-denominated China fund, which closed at $2.8bn.
  • Represented DCP Capital in the formation of a China-focused private equity and buyout fund.

Kirkland & Ellis

The investment funds group at Kirkland & Ellis has a broad geographic spread, covering Asia, Europe and the US. It focuses on private equity and covers buyout funds, funds of funds, credit funds, growth funds, mezzanine and distressed debt, and secondaries and restructuring matters. The team is experienced with SEC-registered advisers, including forming and operating private funds and registered investment companies, and advising on structuring and formation issues. Head of practice Justin Dolling handles the full range of investment fund matters globally. Carol Liu heads the China private funds practice and acts for high-profile sponsors. Michelle Cheh and Jamie Hill were promoted to partner. Yue Zhang left for Fangda Partners.

Practice head(s):

Justin Dolling; Carol Liu

Key clients

Ascendent Capital Partners

NewQuest Capital Partners

C-Bridge Capital

Lilly Asia Ventures

LYFE Capital

Loyal Valley Capital

Eastern Bell Capital

Forebright Capital Management

Vertex Ventures

Insignia Ventures

Panacea Venture

TPG

SSG Capital Management

OCP Asia

SC Capital Partners

LOGOS Properties

Kinzon Capital

Legend Capital

Work highlights

  • Represented Ascendent Capital Partners, a private equity firm focused on Greater China-related investment opportunities, on the successful closing of its third China fund, securing commitments totaling $1 bn.
  • Represented NewQuest Capital Partners, a leading secondary private equity firm in Asia, in the raising of its fourth dedicated secondary fund — NewQuest Asia Fund IV, L.P. (“the Fund”).
  • Advised C-Bridge Capital, a healthcare-dedicated private equity firm, in the fundraising and closing of its fourth healthcare fund, C-Bridge Healthcare Fund IV.

Simmons & Simmons

Simmons & Simmons has a broad investment funds practice which handles matters across Asia and draws on expertise from firm’s network of offices including Singapore, London, Dublin and Luxembourg. Hedge funds are a key area of focus and the firm provides a dedicated online resource called LaunchPlus which assists hedge fund managers in setting up new funds. It also assists in the setup of private equity funds in PRC and further afield. Other areas of expertise include ETFs, leveraged and inverse (L&I), retail funds, and licensing and regulatory matters. The team is particularly experienced in the fintech sector, where it has a niche expertise in cryptofunds. Head of practice Rolfe Hayden is experienced in all types of collective investment schemes. Consultant Ivy Yam specialises in funds and financial services regulatory work.

Practice head(s):

Rolfe Hayden

Other key lawyers:

Eva Chan; Ivy Yam; Gaven Cheong

Key clients

Allfunds

Bank of New York Mellon

BlackRock

CSOP Asset Management

E Fund

Fubon

Haitong

Samsung

UBS Asset Management

Value Partners

Ironbirch Capital

Priderock Capital

Luxence Capital

Destination Partners

WT Asset Management

Venture Smart and Arrano Capital

9M Stone Capital

Work highlights

  • Advising Mirae on the listing of the first ETFs in the form of open-ended fund company (OFC) in Hong Kong. The ETFs are also the first public OFCs registered in Hong Kong.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP is noted for its strength in large pan-Asia funds, China-focused funds, and Japan-focused funds. It advises global sponsor clients on domestic, RMB-denominated fundraisings and is vastly experienced in first-time China funds and co-sponsor arrangements for China funds. Areas of focus include China-focused private equity fund formation and real estate fund formation. Adam Furber heads the Asia private funds practice, which includes English, Japanese, and Mandarin speakers. Furber handles funds in most asset classes, including buyout, growth and venture capital, fund-of-funds, and secondaries to real estate, credit, special situations, and debt. Recommended senior associate Michael Ceulen is a native French and Dutch speaker.

Practice head(s):

Adam Furber; Dave Azcue (Japan)

Other key lawyers:

Michael Ceulen

Key clients

Advantage Partners

Affinity Equity Partners

Apax

Ant Financial Service Group

Aspirant Group

Blackstone

Brummer & Partners

CapSquare Asia Partners

Carlyle

CLSA Capital

CVC

Delos Capital

Diamond Realty Management

EmergeVest

EQT

Excelsior Capital Asia

Hillhouse

Integral Corporation

Japan Growth Investment Alliance (J-GIA)

Japan Post Investments

J-Star

KKR

Lavender Hill Capital Partners Limited

Lexington Partners

Morgan Stanley

Nippon Investment Company

Nissay Asset Management

NSSK

PAG

Polaris Capital Group

Seven Seas Advisors

Shunwei Capital

SK Group

Silver Lake

T Capital Partners

Unison Capital

Vivo Capital

Welkin Capital Partners

Winnington Capital

Yunfeng Capital

Zebra Global Capital

Work highlights

  • Advised PAG Real Estate in the formation and fundraising of SCREP VII, its flagship opportunistic real estate fund, with $2.75bn capital commitments.
  • Advised CVC Capital Partners in the formation and raising of CVC Capital Partners Asia V, with $4.5bn capital commitments.
  • Advised Advantage Partners in the formation and fundraising of their sixth flagship Japan buyout fund series, with ¥85bn capital commitments.

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP’s global network of offices includes the leading centres of alternative investment management; Hong Kong, Singapore, New York, London and Geneva. It advises investment management clients on a range of issues, including regulatory matters relating to the SEC, National Futures Association (NFA), the Markets in Financial Instruments Directive (MiFID), the Alternative Investment Funds Managers Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR). The team’s broad funds expertise includes private equity funds, hedge funds, retail funds and sovereign wealth funds. It leverages mandates from asset managers, trustees, custodians and institutional investors across the globe. Anne-Marie Godfrey heads the practice and advises investors on the acquisition of fund management companies and the redomiciliation of Cayman funds to Hong Kong. Counsel Tamilia Chiu left for an in-house role at Hong Kong Jockey Club.

Baker McKenzie

Baker McKenzie focuses on active funds across Asia, acting for both general partner (GP) and limited partner (LP) funds. It is also adept at handling the formation of bespoke joint venture fund platforms between established managers and investors. The private equity real estate space is a key area of focus for the firm, here it has a significant market share and advises on bespoke fund structures. It leverages mandates in a broad range of sectors and has recently been active in high growth sectors, including data centres, logistics, co-living, education and proptech. Jason Ng heads the practice and is noted for his experience in advising prominent fund clients on transactions across Asia Pacific.

Practice head(s):

Jason Ng

Other key lawyers:

Edwin Wong; Karen Man; Jeremy Ong; Sophia Man

Testimonials

‘Baker McKenzie is a pioneer and leading law firm in the Hong Kong REIT market and has in-depth knowledge and expertise in the area’.

‘They have extensive experience in dealing with regulators’.

‘They are responsive and their advice is practical’.

‘The firm has a strong crew of different experts including conveyancing solicitors, litigation solicitors and finance solicitors’.

‘This makes the firm different from the others as they can provide comprehensive and all-round advice for us’.

‘Sophia Man is highly responsive, has a good regulatory knowledge of the MPF regulations, and provides practical and commercial advice’.

‘Jeremy Ong, the partner heading the REIT team, is not only an expert in the Hong Kong REIT regime, but also has extensive experience in handling corporate transactions’.

‘Jeremy Ong is always a reliable legal adviser who truly acts for the best interest of his clients’.

Key clients

APG Asset Management (the Dutch Pension Fund)

ARA Asset Management

Ardian (formerly AXA Private Equity)

B.Grimm Capital Partners

Caisse de dépôt et placement du Québec (CDPQ)

Cambium Grove Capital

Canada Pension Plan Investment Board (CPPIB)

China Merchants REIT

Gaw Capital Partners

Gemini Investments

Keppel Capital / Alpha Investment Partners

Link REIT

M3 Capital Partners

Spring REIT

Taubman Centres Inc.

Weave Co-Living

Yuexiu Real Estate Investment Trust

Work highlights

  • Acted as lead counsel for our longstanding client, Gaw Capital Partners, on the structuring, marketing, formation and successful closing of its sixth flagship private equity real estate fund, Gateway Real Estate Fund VI.
  • Acted as the lead counsel to both APG Strategic Real Estate Pool and Canada Pension Plan Investment Board on the establishment of a $1bn joint venture fund platform with ESR Cayman Limited that will invest in and develop a portfolio of institutional-grade industrial and warehouse logistics assets in the Seoul and Busan metropolitan areas in South Korea.
  • Acted as lead counsel to Canada Pension Plan Investment Board on its re-up investment into an existing joint venture fund platform with pan-Asian real estate logistics specialist LOGOS, LOGOS Singapore Logistics Venture (LSLV), as well as the establishment of a successor joint venture fund platform, LOGOS Singapore Logistics Venture 2 (LSLV 2), alongside Ivanhoé Cambridge.

Dechert

Dechert draws on strength from its European and US-qualified partners to offer a holistic approach to fund formation, fund raising, fund investments, and regulatory and fund disputes matters. The firm is well-versed in private equity funds, hedge funds, registered funds and regulatory matters, including licensing, non-contentious regulatory advice and compliance. It counts investment funds and asset managers, diversified financial institutions, insurance companies, sovereign wealth funds, investment banks and private banks amongst its clientele. Michael Wong, who has deep regulatory experience, heads the practice.

Practice head(s):

Michael Wong

Testimonials

‘Strong knowledgeable team that is very available and provides swift responses’.

‘Michael Wong is the partner I work with, he is very knowledgeable, straight to the point, available and swift’.

‘A friendly and professional team with a broad base of knowledge and a willingness to help with any issue that arise’.

‘They have been excellent in helping us through the entire structuring and documentation processes.

‘Innovative result-driven solutions’.

‘In cross-jurisdictional projects, Dechert’s teams in different jurisdictions are highly collaborative and efficient’.

‘Michael Wong fully understands our company’s business characteristics and structure, and truly works with our best interests at heart’.

‘Michael Wong has a high-level of professionalism and rich industry experience’.

Key clients

Apeiron Capital Limited

Brilliance Capital

China Resources Capital Management

China Everbright Limited

Greenwoods Asset Management Hong Kong Limited

Hauck & Aufhauser Asset Management

JIC Capital Management

Manulife Asset Management

Ping An Insurance

Prudence Capital

Work highlights

  • Advised longstanding client China Everbright on the structuring, legal, and regulatory aspects of 10 funds.
  • Instructed as lead counsel on the formation of the CR-CCT Industry Pilot Fund L.P., a private equity fund with a focus on growth stages technology companies operating in the health, artificial intelligence, information technology, ecological technology, industrial and manufacturing sectors.
  • Advised German private bank Hauck & Aufhäuser’s Luxembourg-based management company, Hauck & Aufhäuser Fund Services S.A, on its launch of the H&A Aktien Small Cap EMU fund in Hong Kong.

DLA Piper

DLA Piper focuses on Hong Kong and China-based hedge funds, real estate funds and private equity funds formation work. Experienced in all types of funds and asset classes, the firm also handles licensing and regulatory matters. The Hong Kong team is a key part of the wider global team which has offices across Europe, the Middle East and the US. It attracts capital from US and European investors, and is experienced in the formation of various hedge fund structures, such as master-feeder, standalone and segregated portfolio company structures. It also advises on tokenised funds, hybrid funds and other alternative strategies. Luke Gannon heads the practice with over 25 years’ experience; he acts for financial institutions, investment banks, fund managers, sponsors and investors on the establishment of a broad range of investment products.

Practice head(s):

Luke Gannon

Key clients

Avataar Venture Partners

Gaw Capital Partners

Crane Capital

Sylebra Capital

Willing Capital Management Limited

Nine Masts Capital Management

China Ping An Insurance Overseas (Holdings) Limited

Enhanced Investment Products Limited

CITIC Capital Holdings Limited

Hines Group

Work highlights

  • Advised Mohan Kumar, one of the founders of Avataar Venture Partners, on the formation and launch of Avataar Venture Partners I, an India-focused VC fund backed by US-headquartered HarbourVest, one of the world’s largest private equity investment firms and its spinout arrangement from Norvest Venture Partners.
  • Represented Minghong Capital on the formation of a new hedge fund attracting new capital globally, with assets under management exceeding $1bn.
  • Represented Crane Capital in its spinout arrangement from M3 Capital Partners, and formation of Crane Partners LLC, a real estate fund.

King & Wood Mallesons

The investment funds team at King & Wood Mallesons is licensed to practice PRC law, Hong Kong law and other international laws like Australian, US, English and a range of European laws. It acts for PRC clients on domestic and international transactions, and international clients on PRC-related funds matters. The team advises sponsors and investors on private equity, real estate, infrastructure and energy funds. It also handles investments, joint ventures, including clubs and consortia, co-investments, investments into funds and secondaries. With in-house tax and regulatory expertise, the firm is well-placed to handles cross-border transactions. The practice is headed by Hayden Flinn, who advises on matters across Asia Pacific. Guo Sun Lee is recommended for the formation of mid-size to large private equity, buy-out, real estate and emerging market funds.

Practice head(s):

Hayden Flinn

Testimonials

‘The team are commercial, practical, and respond timely to tasks and adhere to tight deadlines’.

‘They are able to grasps concepts quickly and provide good execution support’.

‘Guo Sun Lee is efficient in delivery and knowledgeable about industry practice’.

‘Provides practical advice and is reliable in executing required works’.

‘Thorough and able to provide strong technical views on subject matters’.

‘It has a wealth of experience in dealing with Chinese institutional and high-net-worth limited partners’.

‘Cindy Shek went out of her way to put us at ease and they were always readily available to provide us with solutions to our problems’.

‘Cindy Shek is a true partner to her clients, providing strong technical and regulatory advice together with a commercial overlay and strong understanding of the clients’ goals’.

Key clients

China Resources

LOGOS Group

Shui On Land Limited

KaiLong Investment Management Hong Kong Limited

Mizuho Asia Partners Pte. Ltd.

Hua Ding International Asset Management Company

Cedar Asset management (HK) Limited

Mirae Asset Global Investments (HK) Limited

Venture Smart Asia Limited

Harvest Global Capital Investments Limited

Work highlights

  • Advised China Resources, Mitsui and HOPU on the establishment of a healthcare fund targeting $1bn, domiciled in the Cayman Islands, which achieved a first close in September 2019 of approx. $500m.
  • Advised LOGOS on the completion of its first close to establish a new logistics development venture in China with Ivanhoé Cambridge, Bouwinvest and a GCC-based (Gulf Cooperation Council) investor.
  • Advised Pamfleet, an Asian value-add real estate investment manager with $1.1bn of assets under management, on the sale of a majority stake in its investment management business to the UK-based multinational asset manager Schroders.

Morrison & Foerster

Morrison & Foerster focuses on private equity funds, private equity real estate funds and venture capital funds. Clients include financial institutions, private equity firms and insurance companies. It is well-versed in advising clients on regulatory issues, carried interest plans, and operational matters. Head of team Serena Tan is recommended for the formation of, and investment in, private funds, including USD funds, RMB funds, and dual-currency funds. Nicholas Sheets joined from Kirkland & Ellis and now co-heads the team. Sheets advises Asia-based sponsors in the structuring, formation and offering of private equity funds, and co-investment activities and secondaries transactions.

Practice head(s):

Serena Tan; Nicholas Sheets

Other key lawyers:

Matthew Lau

Testimonials

‘Any e-mail or request I get an answer within 24 hours’.

‘They always know the answer’.

‘Serena Tan just gets things done’.

Key clients

Ally Bridge Group

China Great Wall Asset Management Co., Ltd.

Fosun International Group

FWD Group Management Holdings Ltd

GLP PTE, Ltd. (GLP)

Hony Capital

C-Bridge Capital

Makers Fund

Sino-Ocean Capital

BHG Long Hills

SoftBank Ventures Asia

Junson Capital

Silicon Valley Bank

CICC Capital

Sympath Capital

Hopu Capital

Wheelock

Work highlights

  • Advised C-Bridge Capital on the formation of a fund dedicated to investments principally in healthcare royalties and other cash flow assets that have a significant nexus to Greater China.
  • Advised a Chinese financial institution on the establishment of its first USD-denominated offshore fund.
  • Advised a PRC real estate conglomerate on the formation of a real estate fund focusing on the acquisition, operation, and disposition of prime retail projects in mainland China.

Shearman & Sterling

Shearman & Sterling has dedicated expertise on both private equity and hedge funds. Being a US-headquartered firm with on-the-ground coverage for regulatory matters, it is well-placed to handle US and Hong Kong securities regulations. It has strong experience advising both GPs and LPs, and has advised on funds sponsored by multiple governments, government-owned financial institutions and development finance institutions. Practice head Lorna Xin Chen has over 20 years of experience in the investment funds and private equity space. Counsel Sean Murphy acts for private equity, venture and growth capital, real estate, infrastructure, credit and hedge fund sponsors.

Practice head(s):

Lorna Xin Chen

Other key lawyers:

Sean Murphy

Testimonials

‘Their understanding of the market and clients’ needs are key strengths’.

‘They can take the initiative to give us constructive suggestions for our fund products, the regulatory environment and even some strategic matters’.

‘They are mindful of our needs in cost control and can sometimes propose ways to improve the efficiency’.

‘Lorna Chen has a very good combination of technical sophistication and commerciality’.

‘Lorna Chen’s clients benefit greatly from her solid experiences and her ability to integrate the firm’s resources on a cross-border basis’.

‘Sean Murphy is very technically solid and has good commercial sense’.

‘Sean Murphy is responsive and provides a very fast turnover’.

‘We are impressed by Sean Murphy’s capability in cross culture communication’.

Key clients

Asian Infrastructure Investment Bank (AIIB)

CarVal Investors, LLC

China Creation Ventures (CCV)

China Investment Corporation (CIC)

CITIC Capital

CITIC Securities International (CITIC CLSA)

Frontier Service Group

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

  • Represented a joint venture formed by CITIC Capital Holdings Limited (CITIC Capital) and Frontier Services Group Limited (FSG) in launching a private equity fund.
  • Acted as fund counsel to China Creation Ventures (CCV) on all aspects of the establishment of its first flagship fund.
  • Representing Qatar Investment Authority in its investments in various investment funds globally.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP advises investors, sponsors and strategic parties on the formation, capitalisation and operation of investment funds. It also acts for venture capital clients on the restructuring of venture capital firms and funds and in portfolio transactions. The team is noted for its planning and compliance expertise, and handling matters relating to changes in the regulatory environment. It is experienced in private equity, hedge, real estate, credit, infrastructure and hybrid funds. Practice head Geoffrey Chan specialises in the formation and structuring of Asia-based US dollar-denominated private investment funds, with a focus on Greater China.

Practice head(s):

Geoffrey Chan

Other key lawyers:

Xuan Zhang

Key clients

JD.com, Inc.

INCE Capital Ltd.

Unicorn Partners Advisors, Ltd.

CMC Capital Advisors, Ltd.

Sky9 Capital Ltd.

SSG Capital Management (Hong Kong) Limited

Work highlights

  • Advised SSG Capital Holdings Limited (Hong Kong) in its sale of a controlling stake to Ares Management Corporation.
  • Advised CMC Capital in the formation of its third U.S. dollar-denominated private investment fund, the $950m CMC Capital Partners III Fund, well surpassing its original target size.
  • Advised JD.com in connection with the JD Logistics Properties Core Fund, L.P. together with GIC, Singapore’s sovereign wealth fund, for a total committed capital of over RMB 5.66 billion ($ 800m).

White & Case

White & Case has experience of both the closed-end fund space and the open-end fund space. It advises on market standard structures and hybrid structures. Areas of focus include private equity, direct lending, special situations, distressed, real estate, infrastructure and venture capital, and open-end funds in the hedge fund space. It also acts for GPs and LPs in structuring, documenting and negotiating co-GP and GP joint venture arrangements. The practice takes a multidisciplinary approach, drawing on strength from its experts in real estate, insolvency and restructuring. The team is now headed solely by Anthony Wong after the retirement of Sharon Hartline.

Practice head(s):

Anthony Wong

Testimonials

‘White & Case boasts a strong banking practice with expertise in private credit and complex transactions’.

‘Anthony Wong leads the way in difficult fund formation work’.

‘Professionalism with custom-made solutions and advice’.

‘Anthony Wong provides excellent client service’.

‘Always timely with detailed responses and always with a solution.

‘Years of experience and good grasp of industry dynamics’.

‘Anthony Wong provides professionalism, expertise, extensive industry knowledge and excellent client service’.

‘Anthony Wong is very capable, knowledgeable, solutions-focused and client-oriented’.

Key clients

ADM Capital

Arkkan Capital

CMC

ESR

PAG

Work highlights

  • Representation of PAG the structuring and establishment of PAG Real Estate Partners II L.P., a $2bn closed-end fund focused on core-plus real estate investment opportunities in the Asia-Pacific region.
  • Representation of AM Squared on its spin-out from Highbridge Capital Management.
  • Representation of PAG in the structuring and establishment of PAG Loan Fund IV L.P., a $1.5bn credit fund focused on debt and loan opportunities in the Asia-Pacific region.

Ashurst

The investment funds practice at Ashurst focuses on private close-ended funds across all alternative asset classes. It is particularly experienced in regulated industries such as real estate, infrastructure and energy. The team is well-placed to advise institutional investors on cross-border investments into private funds in Asia, with an integrated team spanning Hong Kong, Singapore and London. Dean Moroz, who heads up the team in Hong Kong, focuses on asset management and advises sponsors, first time fund managers and niche fund managers on the structuring and establishment of open and closed-ended funds.

Other key lawyers:

Roger Dong

Testimonials

‘Commercial and pragmatic team’.

‘Willingness to solve a problem’.

‘Dean Moroz is technically strong, yet pragmatic and commercial’.

Key clients

Alberta Investment Management Company

APG Strategic Real Estate Pool N.V.

Asia Summit Capital

Delta Capital Myanmar

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

Mitsui Alternative Investments

PGGM Vermogensbeheer B.V.

Provest Holdings Ltd

PT Sarana Multi Infrastruktur (Persero)

Weave Co-Living

Work highlights

  • Advised Weave Co-Living Cayman Limited on a joint venture with 32 Capital in the establishment of an investment company to acquire, develop, refurbish and operate co-living accommodation assets in Singapore.
  • Advised Mitsui Alternative Investments in relation to their joint sponsorship and establishment with Australia’s Westbourne of a successor fund, the Westbourne Infrastructure Debt Fund II L.P. for investing in OECD infrastructure debt.
  • Advised PT Sarana Multi Infrastruktur (Persero) on the potential formation of an infrastructure fund management business.

Goodwin

Goodwin focuses on in private equity funds, venture capital funds, and real estate and infrastructure funds. The firm’s global presence allows it to handle complex cross-border fund formation matters. Gregory Barclay heads the team and is adept at handling the structuring and establishment of international private investment funds. Barclay deals with investment-related matters across alternative asset classes, such as joint ventures, co-investment deals, segregated accounts, investment management appointments and secondaries transactions.

Practice head(s):

Gregory Barclay

Key clients

500 Startups

A91 Partners

AEW Capital Management

Alpine Capital

Caldera Pacific

Catalys Pacific

Cinda International Investment Holdings

Convergent Finance

Drum Tower Ventures

DSG Consumer Partners

Equis

Falcon Edge Capital

FountainVest

Global Hospitality Investment Group

Goat Capital

Hillhouse Capital

Ion Pacific

Inventus

Iron Pillar

Iterative Capital

Kalaari

Korea Investment Corporation

LGT Partners

Lightbox Management

LionRock

M7 Asia

Nexus

Partners Group

Quilvest

Qumra Capital

SBCVC

Sequoia

Tano Capital

Tybourne Capital Management

WaterBridge Ventures

Work highlights

  • Represented A91 Partners in the formation of their inaugural growth capital fund, which focuses on investing in early to growth stage companies in the healthcare, financial services, consumer, and technology sectors across India.
  • Advising GHIG on the establishment of their investment manager business and inaugural investment platform.
  • Representing LionRock Capital in the formation of a sports-focused fund with retailer Li Ning participating as an anchor LP.

O'Melveny

O'Melveny is well-regarded for its private equity fund formation practice, which focuses on the PRC and Southeast Asia. It specialises in the burgeoning secondaries market and advises on specialist secondary funds, sovereign wealth funds and funds of funds. James Ford heads the practice and has particular expertise in advising clients on funds, both traditional and publicly traded, in the private equity and related sectors. Ford is a founding member of Hong Kong Private Equity and Venture Capital Association’s Technical Committee (HKVCA).

Practice head(s):

James Ford

Other key lawyers:

Jonathan Shelley

Testimonials

‘Very efficient and responsive’.

‘Bills come in lower than expected’.

‘James Ford is a street fighter’.

‘Jonathan Shelley  is low key but very smart’.

Key clients

Coller Capital

InfraRed NF Advisers

GIC Private

Clearwater Capital

Abax Global Capital

Work highlights

  • Advised Coller Capital in its acquisition of interests in EduCo Global, held by Baring Asia Private Equity.
  • Advised InfraRed on establishing InfraRed NF China Real Estate Fund III.
  • Advised GIC on primary and secondary investments in funds.

Paul Hastings LLP

Paul Hastings LLP specialises in real estate finance and private equity investment funds matters. It handles the structuring and establishment of private equity, venture capital and other types of investment funds in Asia. It acts for US, European and China-based institutions, sovereign funds and large financial organisations, insurance companies and state-owned enterprises. The team is now headed by Neil Torpey, Vivian Lam, Paul Guan and Beijing-based Meka Meng.

Key clients

Arch Capital

Baring Private Equity Asia

The Carlyle Group

JPMorgan

HOPU Capital/Triwater Asset Management Holdings

ICBC International

Mapletree Greater China Commercial Trust

Ping An

China Life

Vanke

UBS

Warburg Pincus

ARA Asset Management

China Cinda

Proprium Capital Partners

China International Capital Corporation Ltd.

ICBC Asset Management

Kington Capital

Sino-Ocean Capital

Hitone Capital

Uban Capital

Ascent Real Estate Investors

Asset Crafters

Hashglobal Alpine Capital Management

Work highlights

  • Representing ARA Asset Management in its formation of a partnership with Straits Real Estate and ICBC International for the RMB2.42 billion ($347 million) acquisition of Shanghai retail mall Sanlin InCity.
  • Represented Jaguar Partners Asia and JHJ Logistics in the formation of a joint venture to acquire Brilliant Enterprise Management Consulting in Shanghai and represented Jaguar Partners Asia in the formation of a new private equity fund dedicated to real estate opportunities in Asia.
  • Represented Proprium Capital Partners and its co-investor, a middle eastern sovereign wealth fund, in the formation of a $500m joint venture to invest in high quality rental apartment projects in gateway cities in China.

Proskauer Rose LLP

Proskauer Rose LLP has a focus on the secondaries market and is noted for its experience in structuring and negotiating secondary transactions and fund restructurings. It continues to see an uptick in cross-border mandates, expanding core client relationships from Asia to the US and UK, and vice versa. The team is led from Beijing by Yong Ren. Senior counsel Lynn Chan is the key practitioner in Hong Kong.

Practice head(s):

Yong Ren

Other key lawyers:

Lynn Chan

Key clients

China Ping An Insurance Overseas (Holdings) Limited

Schroder Adveq Management AG

HQ Capital

Jager Capital

Cindat Capital Management

Grand China Overseas Investment Management Co., Ltd

Harvest Wealth Management Co., Ltd

Lunar Capital Management

Haitong International Securities Group

B.M. Group

Work highlights

  • Advising China Ping An Insurance on a range of fund-related mandates.
  • Advised Schroder Adveq’s Asia team on investments in Asia funds as well as co-investments and secondary transactions.
  • Advising HQ Capital, the global asset manager, on primary and secondary investments globally.

Ropes & Gray LLP

Ropes & Gray LLP continues to see expansion of its client base, particularly on the GP side, resulting in an increase in traditional fund formation mandates. It is active in a range of asset classes, including infrastructure, private credit and real estate funds. Under the leadership of Vincent Ip, the Hong Kong practice acts for investment advisers and fund sponsors on the formation and on-going representation of Asia-focused private investment funds. It also advises institutional investors, such as sovereign wealth funds, pension funds and funds of funds, on investments in alternative asset classes.

Practice head(s):

Vincent Ip

Other key lawyers:

Chune Loong Lum