The Legal 500 > Asia Pacific > Hong Kong > Investment funds

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.