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Who Represents Who

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2016 and early 2017 have been incredibly strong for private equity fundraising, with fundraising both nationally and internationally at some of the highest levels seen after the 2008 crash. Indeed, a particular difficulty for managers has been, if anything, finding appropriate assets to invest in, leading to some funds having surplus capital to deploy, and others seeking to structure funds using either different asset classes or broadening their horizons within them.

One particular private equity fundraising of note is the SoftBank Vision Fund, a $100bn fund with significant commitments from leading technology companies and sovereign wealth funds – the domiciliation of this fund in Jersey somewhat bucking a trend towards the use of Ireland and Luxembourg as jurisdictions of choice for private equity funds, primarily due to the Alternative Investment Fund Managers Directive (AIMFD), a trend which has also affected hedge funds, which have been traditionally based in the Cayman Islands. Hedge fund performance has improved after some setbacks in recent years, although conversely 2016 was a quiet year for the listed funds market with few funds making initial public offerings.

Political uncertainty has led to an increased focus on currency risks, with a number of managers employing fund structures to allow limited partners a choice of currencies when investing in the same fund.

Market developments included the collapse of King & Wood Mallesons’s European presence, resulting in the dispersal of a significant funds practice with Goodwin and Greenberg Traurig, LLP taking the bulk of the traditional and real estate funds respectively; and the three-way merger between CMS, Nabarro and Olswang, fusing the global presence, real estate expertise and technology knowledge from each of the firms.


Hedge funds

Index of tables

  1. Hedge funds
  2. Leading individuals
  3. Next generation lawyers

Next generation lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Hedge funds clients in London using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

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Dechert LLP is ‘very good in terms of hedge funds, with a particular expertise in UCITS and lawyers with knowledge of US issues’. The firm handles a range of work, covering both fund launches and regulatory matters, concerning funds domiciled in various jurisdictions for industry players ranging from promising first-time managers through to existing ones with tens of billions of dollars under management. Peter Astleford andAbigail Bell handle a range of work concerning new managers, including work for new managers spinning out of leading investment companies, often operating alongside Craig Borthwick, ‘a very good and earnest senior associate who constantly looks out for his clients’. Other key members of the team in London include Christopher Gardner, Stuart Martin and Gus Black, as well as Karen Anderberg, who contributes US regulatory expertise. Andrew Hougie left to join ETF Securities’ in-house team.

Schulte Roth & Zabel International LLP is ‘an excellent and responsive source of all-round US and UK advice from commercially-minded lawyers’. Josh Dambacher is ‘very knowledgeable and provides great client service’ – he advised Broad Reach Investment Management on its spin-out from Spinnaker Capital, including the transfer of existing some funds from the old manager to the new one. Christopher Hilditch, who Dambacher shares leadership of the practice with, advised Caius Capital – a new manager set up by former leading lights at Och-Ziff and Goldman Sachs – on its entry to the market, setting up a structure to invest in European distressed debt. Nick Fagge and Anna Maleva-Otto contribute tax and regulatory expertise respectively. Other clients include Millennium Capital Partners, Victory Asset Management and Credit Suisse Asset Management. Steven Whittaker has retired.

A very good practice’, Simmons & Simmonshas an unrivalled commitment to providing enterprise-wide advice for the British hedge fund management sector’. Iain Cullen, who has ‘deep expertise, and is prepared to give you an answer’, advised Brevan Howard on its launch of Brevan Howard Securitized Credit Fund as well as modifications to management fee structures for its other funds. Richard Perry advised Schroder Investment Management on the launch of a fund with a Bermudan general partner entity. Dale Gabbert advised Duet Asset Management on the creation of a $250m fund-of-one for an American university. As far as existing funds are concerned, Perry advised Henderson Global Investors on the sale of a number of funds to Lombard Odier. The firm, which has ‘a deep bench of expert practitioners to serve time-critical projects – clients rely on their robust understanding of the sector’, also includes ‘excellent and statesmanlike’ regulatory specialist Darren Fox.

Akin Gump Strauss Hauer & Feldprovides excellent coverage’ and ‘stands out for its commerciality, client service and knowledge of client needs’. The team, which ‘has extremely deep and practical experience of hedge funds, providing commercially focused and sensible advice’, handles a range of hedge fund mandates such as new funds for first-time managers, as well as fund-of-funds matters and complex reviews for long-standing players. Tim Pearce – ‘an excellent contact – he is very knowledgeable and pragmatic’ – advised Glen Point Capital on creating the Glen Point Global Macro Funds, which manage $2bn, and the launch of a separately managed account for a major investor. Ian Meade also has ‘depth of knowledge and years of accumulated experience’ – he handles a range of matters for leading European managers. Massachusetts-qualified John Holton is also a name of note.

Macfarlanes LLP is ‘very responsive and understanding of clients’ needs’, providing an ‘excellent overall level of service from a strong team’. The firm has a particular strength in advising institutional investors on significant investments in hedge funds, but also handles a range of work for managers targeting both unusual asset classes as well as more traditional ones, fund restructurings and fund launches. Christopher Acton, who advises on prime brokerage and derivatives matters, and practice head Simon Thomas are ‘professional, responsive and commercial’; Will Sykes is also a name of note. Clients include MAN Group, Citadel, Highbridge and BlueCrest, with Nektar Asset Management a 2016 client win.

Arnold & Porter Kaye Scholer LLP’s Simon Firth handles fund formation and regulatory matters for managers, in addition to advising prime brokers and investors. In 2016, his mandates included advising Absolute Funds on the merger of two Cayman funds. Other clients include 1167 Capital, start-up prime broker PrimeXtend, Lion Peak Management and High Contrast Investments, which Firth advised on creating its first fund.

Fried, Frank, Harris, Shriver & Jacobson (London) LLP’s team handles fund formation and management work for a number of leading names in the sector, with a number of mandates concerning commodities funds. David Selden advised Tudor Investment Corporation, a long-standing client, on the creation of its first event driven-fund. In the limited partner space, Selden and Kate Downey advised APG Asset Management on a number of investments. Other clients include BlackRock Investment Management and KKR Prisma.

Sidley Austin LLPalways works in a commercial fashion’ and ‘covers a large range of expertise and is able to use other resources internally’. James Oussedik, who was elected to the partnership from a counsel role in 2016, is ‘very easy to work with, understands what clients need and can translate any issues into easily-understood solutions’ – he spearheaded a team advising Amia Capital, a new spinout manager seeking to launch a fund focused on global macro credit opportunities. Practice leader Stephen Ross advised Serone Capital Management on creating a managed account for a university endowment fund, a piece of work which also involved associate Peter Chapman, who is ‘efficient and diligent – he is able to articulate any issues well’. Other clients include sovereign wealth funds and American fund managers. Jupiter Asset Management is a new client win.

Herbert Smith Freehills LLPexceeds expectations, making managers feel like the only client’. Tim West advised on the restructuring of BlueCrest AllBlue Fund as part of BlueCrest’s decision to return all third party capital. Key names also include Stephen Newby, who handles work concerning difficult markets. Other mandates concern leadership changes at managers, activist investment, funds focusing on frontier markets and fund-related related litigation; Chris Bushell represents Marathon Asset Management in ongoing litigation concerning the theft of the firm’s documents. Nish Dissanayake was elected to the partnership in May 2017.

Linklaters LLP’s hedge fund workload includes a range of AIMFD regulatory matters, as well as fund redomiciliations and management spin-outs. Matthew Keogh is a key contact, with Edward Smith also a name to note. Clients include Brevan Howard, Alcentra, EMSO Partners and Moore Capital.

Clients are ‘bowled over’ by investment fund boutique MJ Hudson, giving it ‘full marks all round’ for ‘faultless and immaculate service’. The firm handles a range of fund formation and launches, with a particular strength in acting for smaller and new managers. Ben Watford and associate Robert Eke ‘leaven professionalism with charm’ – the pair’s work includes advising start-up managers running unusual strategies. Watford and Matthew Wrigley also handle work such as fund restructurings. The firm also acts for investment banks. Senior associate Emmanuel Amos is also recommended.

Shearman & Sterling LLPs commercial acumen makes it invaluable counsel’, providing ‘practical, useful and to-the-point advice’ on matters such as transatlantic regulatory issues and significant limited partner investments, with somewhat of a following from American managers. John Adams has ‘unrivalled industry knowledge, is extremely responsive and really understands the managers’ business and tailors his advice accordingly’ – he advised Maverick Capital on various matters concerning a Luxembourg-domiciled quantitative UCITS-structured fund, and Prosperity Capital Management on work concerning its Russia-focussed Cayman domiciled funds. Other clients include SkyBridge Capital, which Adams advised on its application for Financial Conduct Authority authorisation.

Stephenson Harwood is ‘a highly reliable law firm’ that ‘understands managers of start-up hedge funds’ alongside work for more established clients. James Tinworth is ‘extremely good at adapting to the flexibility of the evolution of plans as a project unfolds’ – he and senior associate Carolyn Hall advised on the creation of a Cayman-domiciled fund focussing on shipping derivatives. Other mandates concern frontier markets and fund liquidations. Clients include JCAM Investments, Equilibrium Capital and APQ Global.

Allen & Overy LLP’s Matt Huggett advised CQS on creating a number of funds to invest in collateralised loan obligations, on both the primary and the secondary markets. Nick Williams advised Cairn Capital on creating an open-ended loan fund.

Pillsbury Winthrop Shaw Pittman LLP’s investment fund team, led by James Campbell, handles hedge fund work for British and American managers, often related to AIMFD regulation for both start-up and existing managers. Samuel Pearse is also a key contact – he handles a range of regulatory work, often relating to Brexit; senior associate Ashmi Bhagani is a new hire from Sullivan & Cromwell LLP. The team acts for clients such as CrossBorder Capital, Coleman Street Management and CalPERS.

Reed Smith LLP’s Panos Katsambas and Winston Penhall advised Signal Capital Partners on the launch of Signal Real Estate Opportunities Fund and AIFMD compliance concerning Signal Credit Opportunities fund. Other clients include Paralos Asset Management, which Katsambas and Matthew Evans advised on creating a hedge fund focussing on dry bulk shipping. Penhall also advises UBS Hedge Fund Solutions on distribution agreements and investments made by its funds-of-hedge-funds.

Watson Brady LLP provides ‘excellent service with quick response times’; ‘its small team is an advantage – clients get all the attention’. Mark Brady ‘impresses with depth of industry knowledge and experience – his input speeds up projects’ – he and the ‘diligent, consistent and methodical’ solicitor Laura Anderson advised 2CG Senhouse Holdings on its sale to Waverton Investment Management. Other clients include Trinity Investment Partners, which the pair advised on creating a UK-based fund distributors, and major pension schemes.


Listed funds

Index of tables

  1. Listed funds
  2. Leading individuals
  3. Next generation lawyers

Who Represents Who

Find out which law firms are representing which Listed funds clients in London using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

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Gowling WLG had a strong 2016, handling two investment fund IPOs in a relatively quiet year for the market. Kristian Rogers advised Draper Esprit on its IPO, which raised £100m on both the Alternative Investment Market (AIM) and the Enterprise Securities Market in Dublin. Rogers also advised Pacific Industrial & Logistics REIT on its IPO, which raised £10m on AIM. As far secondary share issuances are concerned, John Reed advised Empiric Student Property on a £125m share issuance programme, while Oliver Riley and senior associate Kate Seabourne advised GCP Asset Backed Income Fund on a £60m accelerated book build. Other highlights included Reed advising Vinacapital Vietnam Opportunity Fund on its transition from the AIM to the London Stock Exchange’s main market. Practice head Nick Heather advised Liberum Capital on a £53m issuance of zero-dividend preference shares.

Carrying out a range of work across the sector, Herbert Smith Freehills LLPstill offers a premium service for listed funds’. Tim West and Nigel Farr are ‘hands down the best practitioners in this space – both are very bright, with the ability to navigate the most complex products and structures’; West advised Neuberger Berman Private Equity on issuing a new class of zero-dividend preference shares, allowing existing investors to roll over their current ones, while Farr advised BioPharma Credit on its IPO, which raised $760m. Stephen Newby, who was elected to the partnership in 2016, advised Amedeo Air Four Plus, a Guernsey-domiciled investment company which leases out Airbus A380s, on two share placings, one in July 2016 and another in January 2017, raising a total of £170m. In the investor-side space, Farr and Gavin Davies advised Sherborne Investors on its investment in Electra Private Equity, and subsequent shareholder activism. Other clients include JPMorgan Cazenove.

Norton Rose Fulbright is ‘one of the best, if not the best – clients get pragmatic and clear advice from one of London’s most knowledgeable and user-friendly teams’. Michael Newell advised Civitas Social Housing, a real estate investment trust investing in social housing, on its IPO, which raised £350m. Richard Sheenjust gets the job done and knows the demands of the market inside-out, which is so important’ – he advised JPMorgan Cazenove on its placing of £92.9m of shares in John Laing Infrastructure fund in order to refinance an existing loan, and Starwood European Real Estate Finance on its placing of £73m of shares. Ian Fox has ‘deep knowledge of the investment trust sector and great judgement and diligence’ – he advised JPMorgan Income & Growth Investment Trust on its rollover into JPMorgan Elect, which was represented by Sheen. Senior associate Margaret Simcock ‘delivers high-quality work and is great at keeping touch with clients to keep things on track’. Other mandates relate to changes in investment policies and zero-dividend preference share issuances.

Stephenson Harwood, which is ‘responsive, helpful and technically good’, handles fund IPO-related work as well as a range of re-listing, activist disputes, secondary listings and fund terminations. William Saunders advised BB Healthcare Trust on its IPO, which raised £150m. Alex Haynes is ‘very well-liked by the brokers in this space’ – he advised Cenkos Securities on its role as sponsor of Civitas Social Housing’s IPO, the largest investment company IPO in London in 2016, and Vietnam Enterprise Investments on its transition from the Irish Stock Exchange to the main market of the London Stock Exchange. Elizabeth Field advised Jupiter Growth Investment Trust on changing its name, investment policy and management agreement. Other clients include SQN Asset Finance Income Fund, which Saunders advised on a £180m placing of C shares, and Atlantis Japan Growth Fund, which Haynes advised regarding an attempt by an activist investor to liquidate it.

CMS is ‘excellent: very diligent, experienced and responsive to client needs in provision of transaction advice and listed fund construction: it is very capable of applying sector-specialist knowledge and bringing to bear expertise of partners from elsewhere in the firm’. Practice head Cathy Pitt advised Jeffries as listing sponsor of Vietnam Enterprise Investments concerning the fund’s inclusion in the London Stock Exchange’s premium segment. As far as work around IPOs is concerned, Pitt also advised broker Winterflood Investment Trusts on Hadrian’s Wall Secured Investments’ IPO, and acted for N+1 Singer as placing agent on RM Secured Direct Lending’s. In the Edinburgh office, Wendy Colquhoun advised Dunedin Enterprise Investment Trust on changes to the company’s investment objectives in order to wind it down. Other clients include Numis Securities.

Freshfields Bruckhaus Deringer LLP’s listed fund work ranges from issuance of new shares through to changes in investment policies. Highlights included advising BACIT (which changed its name to the target’s after the transaction) on its transition from a fund of funds into a life science investment company through the purchase of Synconia from The Wellcome Trust and Cancer Research UK – this was financed by a placing of £357m of new shares. Other clients include Riverstone Energy, which he advised on a policy change to allow it to take over Canadian International Oil, and Greater Pacific Capital. Jonathan Baird joined Hogan Lovells International LLP in August 2017.

Hogan Lovells International LLP is ‘very responsive, with an impressive knowledge of the listed funds market’: ‘its advice is always user-friendly and solutions-oriented, and its partners are visible on their deals and readily available when necessary’. The firm handles a number of ongoing initial public offering projects, as well as subsequent offerings and fund restructurings. Practice leader Erik Jamieson is ‘excellent and very pragmatic, with great commercial awareness’ – he advises Ireland’s National Treasury Management Agency as manager of the Irish Strategic Investment Fund, a cornerstone investor in Draper Esprit on Draper Esprit’s IPO. Nicholas Holman is ‘very impressive on technical and regulatory fund structuring matters’, and counsel Jeremy Pickles is ‘bright and one to watch’. The firm also acts for HICL Infrastructure Company, a FTSE 250 infrastructure investment company. The practice was strengthened by the arrival in August 2017 of dual UK and US qualified partner Jonathan Baird, who joined from Freshfields Bruckhaus Deringer LLP.

Travers Smith LLP is ‘an excellent firm, giving good commercial advice from a strong team’. Aaron Stocks advised Impact Healthcare REIT on its admission to the Specialist Funds Segment and raising of £160m. In addition, it ‘has increasingly won some very good mandates from bulge bracket banks which may have not instructed it in the past’ – Stocks advised Numis Securities on sponsorship of a £60.6m placing by Bluefield Solar Income Fund. Will Normand ‘has a notable track record on working of some of the most complex funds: he is incredibly hardworking and resilient in the face of extreme pressure, breaking down the complex to assist clients in launching their new vehicles’; he advised Ranger Direct Lending Fund on the issuance of placing of zero dividend preference shares worth £36m. Other clients include Liberum Capital, Marwyn Value Investors and Stifel Nicolaus.

Berwin Leighton Paisner LLP handles capital markets work concerning listed funds. Richard Werner advised Hadrian’s Wall Secured Investments, a credit fund, on its £80m IPO on the premium segment of the London Stock Exchange. Werner also advised Liberum Capital on its role as sponsor and placing agent of Phoenix Spree Deutschland’s raising of £38m via an offer for subscription, and acted for Secure Income REIT on a ‘re-IPO’ secondary placing of shares.

Charles Russell Speechlys LLP handles work such as rights issues and initial public offerings for various listed funds. Michael Lingens advised Impact Health Partners the IPO of Impact Healthcare REIT – a real estate fund which invests in care homes - on the specialist fund segment, and David Hicks acted for Fidelity Asian Values on a rights issue. Senior counsel Victoria Younghusband advised India Capital Growth Fund on a rights issue which raised £23m, while Andrew Collins advised Mithras Investment Trust on several tender offers. Other clients include Circle Properties, Eredene Capital and Mayfair International Capital Management.

Simmons & SimmonsDavid Williams and Patrick Graves continue to advise Funding Circle SME Income Trust on matters following its 2015 IPO, including a £14.5m capital raising and the fund’s first securitised transaction. Chris Horton advised JPMorgan Securities and RBC Europe as sponsors and bookrunners of 3i Infrastructure’s capital raising, which secured £350m. Other clients include Brevan Howard and investment banks.

At Slaughter and May, Robin Ogle advised SVG Capital on its sale of its investment portfolio to HarbourVest Structured Solutions for £807m. Nilufer von Bismarck advised LMS Capital on a change of investment policy and a tender offer which returned £6m to shareholders. In the capital raising space, Martin Hattrell advised 3i Group on 3i Infrastructure’s capital raising of up to £350m.

Ashurst advises global investment banks on significant capital-raisings by listed funds. Nicholas Holmes advised Jefferies International and Akur on Tritax Big Box REIT’s placement of ordinary shares, which raised around £100m; the fund invests in a range of logistics parks in the United Kingdom. Holmes also advised Stifel Nicolaus on a secondary offering by Foresight Solar Fund.

Carrying out work from both London and Edinburgh, Maclay Murray & Spens LLP is ‘a trusted advisor for listed funds’, with ‘great team knowledge providing a positive user experience - it brings a good level of knowledge and curiosity together with a strong understanding of client needs’. London-based Guy Norfolk is ‘constantly visible throughout the transaction, and shows a good balance of technical knowledge and commercial experience – he is straightforward to deal with and is able to resolve issues with clear and constant advice’; he advises cornerstone client Baillie Gifford. Claire Armstrong in Edinburgh is also a key contact. The firm also acts for Aberdeen Investment Management.

Birmingham-based Shakespeare Martineau LLPprovides very professional, accurate and relevant advice promptly’, with a strong focus on listed venture capital trusts. Kavita Patel advised Foresight 3 VCT and Foresight 4 VCT on their merger, which involved the liquidation of Foresight 3. Patel also advised Unicorn AIM VCT on a public offer for subscription, which raised £15m in two weeks.


Private funds

Index of tables

  1. Private funds
  2. Leading individuals
  3. Next generation lawyers

Leading individuals

  1. 1

Next generation lawyers

  1. 1

Who Represents Who

Find out which law firms are representing which Private funds clients in London using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Simpson Thacher & Bartlett LLP is ‘outstanding – the firm has created a best-in-market team, with a bench of lawyers so equally good that clients get the same level of service from the most senior to the most junior’. The practice handles a number of agenda-setting fund formations for the world’s largest managers, alongside co-investment and platform work. Gareth Earl is ‘the man: he is great, thoughtful and works really well with private equity houses’ – he advised Cinven Partners on forming its sixth fund, which raised €7bn using a master-feeder structure to handle ERISA considerations as well as an ‘early bird discount’ in the management fee structure. Practice head Jason Glover also advised Apax Partners on its ninth buyout fund, which held a first closing at its $9bn target, featuring a dual-currency structure giving investors the choice between investing in dollars or euros. Another partner of note is Seema Shah, who worked with Glover and Earl on the raising of Actis Energy 4, a $2.5bn fund. At the senior associate level, Amy Fox and Daniel Lloyd are ‘up and coming junior lawyers’. The firm also acts for CVC Capital Partners, EQT and FSN Capital.

Weil, Gotshal & Manges (London) LLPprovides a strong team to clients, with expertise in different areas including advice to both managers and investors’. Ed Gander heads a team which straddles asset classes, advising a number of blue-chip clients in the sector. In emerging markets, keynote deals included advising The Abraaj Group on several launches, while credit highlights included advising Incus Capital on an Iberia-targeted credit fund, which raised €270m. In the infrastructure arena, the firm counts Dalmore Capital as a client. The firm also advises major institutional investors on their investments as limited partners. Newly-elected partner James Sargent is ‘very personable and knowledgeable, and very good at sticking to deadlines’. Nigel Clark and Stephen Fox are more established names of note. Associate Marc Schubert is ‘a regulatory specialist – he is always able to explain complex and detailed regulatory matters in a straightforward way’. Other clients include Argos Soditic, KKR and EISER Infrastructure Partners.

Clifford Chance’s team, headed by Nigel Hatfield and also including the ‘impressive’ Gerard Saviola, handles a range of heavyweight funds work including debt funds, infrastructure funds, and buyout funds, some of which concerning emerging markets. Alexandra Davidson was elected to the partnership in 2016, while Simon Crown is a name of note in the regulatory sphere. The firm acts for sector luminaries such as Bridgepoint, Equistone, 3i, InfraCapital and Deutsche Bank.

Dealing with mandates often at the crossroads between private funds and hedge funds, Debevoise & Plimpton LLP has ‘very high business acumen and provides high-quality advice’ across the funds space, covering venture capital, debt and buyout funds, as well as some mandates for significant institutional investors. New York-qualified practice head Geoffrey Kittredge advised Park Square Capital on the launch of Park Square Capital Partners III, a €1.2bn debt fund. Sally Gibson advised EQT on the launch of a venture capital fund, which raised €570m. Other clients include KEEN Venture Partners (a new venture capital manager which Kittredge advised on launching its first fund, which raised €90m from investors including the European Investment Fund), investment banks such as Morgan Stanley, plus British and international institutional investors.

Fried, Frank, Harris, Shriver & Jacobson (London) LLP provides ‘extremely good client service – the team has very good commercial awareness and technical skills, with an in-depth knowledge of the industry’. The firm handles a range of fund formations across asset classes, as well as heavyweight investor-side work. Practice head Mark Mifsud advised Permira on its latest fund, Permira VI, which closed in December 2016 after accumulating commitments of €7.5bn to deploy on a premium buyout strategy. Kate Downey is ‘extremely technically strong and communicates in a straightforward and clear manner’ – she and Mifsud advised Norvestor Equity on the launch of its seventh fund, which reached its hard cap of 4.8bn NOK. Also in the Scandinavian mid-market arena, Downey and Alexandra Conroy advised Procuritas Partners on a cap-reaching €305m fundraise. Other clients include BlackRock, which the team advises on funds-of-funds, Cairngorm Capital Partners (Mifsud advised it on an oversubscribed £108m fundraise) and Goldman Sachs. In the limited partner space, Selden, Downey and Gregg Beechey advised APG Asset Management on its limited partner interests.

Goodwin grew a significant investment fund practice in 2016 following the recruitment of the bulk of the team from the collapsed King & Wood Mallesons (KWM). The firm handles significant fundraises for a range of managers, covering asset classes from funds-of-funds and credit funds through to social impact research funds. Ed Hall advised Antin Infrastructure Partners on a €3.6bn fund investing in European infrastructure projects. Patrick Deasy and Shawn D’Aguiar acted for The Abraaj Group on its $1bn Health Growth Markets Fund. Ajay Pathak advised a number of ethical and social funds. Michael Halford, who led the KWM team, handles work regarding multi-currency funds. Other clients include Macquarie, which Hall and Halford advised on an oversubscribed €4bn infrastructure fund, and UBS.

Kirkland & Ellis International LLP advises a range of leading fund sponsors on multi-billion funds targeting investments in assets such as infrastructure, buyouts and natural resources. Richard Watkins, who heads the team, advised AMP Capital on forming a $2.4bn infrastructure fund, and TDR Capital on its €800m TDR Capital Annex Fund. Christopher Braunack advised Australian manager EMR Capital on an $860m fund seeking to invest in mines. Theodore Cardos, who acted for Ontario Teachers’ Pension Plan on a number of secondary market transactions, and Amala Ejikeme were elected to the partnership, while Thomas Laverty joined as a partner from Macquarie’s in-house team. The firm also acts for Archer Capital, Vitruvian Partners and Rhône Capital. In August 2017, Anand Damodaran – who is described as is ‘extremely knowledgeable in all areas of funds and provides easy-to-understand responses – joined from Ropes & Gray LLP .

Linklaters LLP’s Jonathan de Lance-Holmes is advising SoftBank on its role in the SoftBank Vision Fund, a technology fund with a very significant commitments from a sovereign wealth fund and several technology companies, which raised $93bn at its first closing in May 2017. Practice head Matthew Keogh advised Macquarie on several nine-figure infrastructure debt funds, he also handles nine-figure Euro investments for leading international institutional investors and sovereign wealth funds. Senior associate Rahul Manvatkar is also a name of note in the team, which acts for KKR, Deutsche Bank Asset Management and Ardian.

Macfarlanes LLP is ‘excellent – it combines deep practical experience with an excellent overview of the wider market and trends, with sound technical skills’, making it ‘a natural choice for both new and existing managers’. ‘Unusually for a London funds team, it has a strong balance between real estate, private equity and debt fund work’, with practice head Stephen Robinson advising Alcentra on raising a €4.3bn direct lending fund, and CBPE on the formation of a £495m buyout fund in 2016. Alex Amos is ‘very intelligent, articulate and always calm, even under pressure in urgent transactions’: he advised Hayfin Capital Management on raising €3.5bn for a direct lending strategy and GHO Capital on forming a €660m fund investing in health care buyouts. Christopher Good’s work includes significant secondary transactions as well as fund formations. Other clients include Ancala, venture capital manager Scottish Equity Partners, and.Mayfair Equity Partners, which Robinson acted for on its first fund, which raised £400m during a timeframe which covered both sides of the June 2016 referendum,

Proskauer Rose LLP is ‘excellent’ and a group of ‘top quality fundraisers, the firm has done sensational jobs for clients on recent fundraising’. Nigel van Zyl is ‘a top-class lawyer: he is very adept at managing his way through complex and tricky situations’ – in 2016, he advised HgCapital on the formation of HgCapital Mercury 2, which raised £580m for technology buyouts. French-qualified Bruno Bertrand-Delfau, who advises cornerstone client Ardian, and Kate Simpson are other names of note in the practice – Simpson advised SL Capital Partners on a range of secondary market transactions. ‘Rising star’ senior associate Andrew Shore is ‘technically strong and smart on the commercials, combining all that with a fun demeanour and a real work ethic’ – in addition to being involved in the HgCapital Mercury 2 project, he worked with Van Zyl on G Square’s second fund, which raised €350m for a healthcare private equity strategy. Other clients include leading domestic institutional investors, Adams Street Partners and Ares Management, which Van Zyl acted for on raising Ares Capital Europe III, a €2.5bn direct lending fund, the largest in Europe to date.

Ashurst’s Piers Warburton advised Inflexion on the genesis of Inflexion Private Fund IV, which raised £250m, as well as a similar-sized supplemental fund to act alongside two of the manager’s other funds. Nick Goddard’s practice includes debt and infrastructure fund work – he advised Aviva Investors on the launch of a significant Luxembourg-domiciled fund investing in range of private debt, as well as Equitix on Equitix Fund IV, a £750m infrastructure fund. More international highlights included Warburton’s advice to ICG on the launch of ICG Asia Pacific Fund III, a $1bn debt fund. Other clients include well-known banks.

DLA Piper’s practice, bolstered by the recruitment of Andrew Wylie as practice head from Nabarro, handles a range of fund formation practices, with a significant strength in funds concerning emerging and frontier markets. Alex Tamlyn is also a name of note for fund formation, with James O’Donnell handling significant investor-side work as well as international elements. Clients include LaSalle Investment Management, FMO, the States of Jersey Public Employees Contributory Retirement Scheme and the trustees of Royal Insurance Group Pension Scheme.

Dechert LLP provides ‘a good level of service in terms of product quality and thoughtfulness’. Gus Black advised Pemberton Capital Partners on a €1.2bn debt fund financing borrowers across Europe. Christopher Gardner is ‘responsive and has a can-do attitude: he knows the market so can advise on what is actual practice’ – he and Stuart Martin advised Cheyne Capital on two close-ended credit fund projects, one of which ERISA-compliant. Senior associates Mikhaelle Schiappacasse and Ed Kingsbury are also names of note. Other clients include Apollo Global Management.

At Latham & Watkins, ‘clients appreciate that the firm can be relied on to get very difficult and technical investor negotiations completed with minimal input – nothing is ever too much trouble’. The firm provides ‘phenomenal client service’ to leading institutional investors and fund sponsors doing fund launches and transactions alike. Nick Benson, who ‘provides the information in a short and to-the-point manner: clients get all the answers they need and he goes out of his way to understand the problem’ and senior associate James McCrory, who clients ‘trust completely – his ability to remain calm under pressure is very impressive and he comes to clients with solutions not problems’, advised Assicurazioni Generali on a panoply of commitments, totalling approximately €3.5bn in 2016. Tom Alabasterleads the team and sets an excellent example – his significant in-house experience means he really gets things done’: he advised L Catterton on a $1bn fundraise, the manager’s first since the merger between Catterton Partners and L-Capital, a deal on which he advised Catterton Partners. Other clients include the Africa Development Bank, which Alabaster advised on its investments into Africa-focussed funds, and Buran Venture Capital, which Benson acted for on subsequent closings of Buran Venture Capital II.

O'Melveny is ‘highly commercial and knowledgeable, which brings good solutions easy to explain and negotiate with the clients’. John Daghlian advised Livingbridge on a £660m fund targeting British businesses, and, with Daniel Quinn, acted for Quinbrook Infrastructure Partners, a new manager, on its first fund. Quinn handles a range of investor-side work for GIC Special Investments. Aleksander Bakic is a new election the partnership. Other clients include CDC Group.

Paul Hastings LLP handles a range of high-value and mid-cap fund formations concerning buyout and credit strategies, with somewhat of a strength in the former. Duncan Woollard advised cornerstone client Investindustrial on a fund focusing on Southern Europe, which hit its hard cap of €2bn within three months of fundraising. David Ryland acted for Octopus Healthcare on its conversion of MedicX I Healthfund into an evergreen fund. Christian Parker and Arun Birla are also names of note, with Diala Minott also leading significant credit fund work. Other clients include NorthEdge Capital, which Woollard advised on a mid-market private equity fund, and MVM Life Sciences, which he advised on a life sciences fund.

Ropes & Gray LLPquietly outshines many of the other firms in the market’ and is ‘a pleasure to work with and facilitates easier negotiations on contentious issues’. Practice head Matthew Judd advised Nordic Capital on a new fund, and BlackRock on a fund which will be partially managed by an AIFMD-authorised manager. Other clients include MV Credit, which Damodaran acted for on three fund launches, and Mandala Capital, a new client win, which aims to invest in agricultural businesses in India – an endeavour complicated by various intricacies of Indian tax law. In August 2017, Anand Damodaran moved to Kirkland & Ellis International LLP.

Simmons & Simmons’s private funds team covers debt, infrastructure and buyout fundraises alike, as well as work for significant governmental and private-sector institutional investors. Cindy Valentine, a new hire from King & Wood Mallesons, advised the European Bank for Reconstruction and Development (EBRD) on its Equity Participation Fund, which was designed to allow institutional investors to invest but keeps the EBRD in control of the fund. In the debt fund space, Matthew Pitman acted for Whitehelm Capital on creating its first European fund, Whitehelm Capital European Infrastructure Debt Partners I. In infrastructure, Dale Gabbert advised Resonance Asset Management on creating a closed-ended fund investing in water treatment facilities. David Williams acted for the European Investment Fund on a range of fund commitments and co-investments, as well as secondary market transactions.

Travers Smith LLP has ‘very good business acumen and industry knowledge’, which it deploys on a range of fund mandates, including a number of significant fund formations. Sam Kay has ‘a very good understanding of clients’ business needs and is able to support them in all areas where they need legal support’ – he and ‘rising star’ associate Edward Ford advised Abris Capital Partners on the formation and several closings of Abris CEE Mid-Market Fund III, which raised a total of €500m. Kay also acted for Medicxi Ventures Management, a spin-out from Index Ventures, on its entry to the market and subsequently its first fund, which raised €250m to invest in later-stage life sciences growth investment. Jeremy Elmore advised Piper PE on creating a buyout fund aiming to invest in UK consumer businesses – he also acted for GLIL on extending an existing platform to £1.3bn to allow investment from further local authority pension funds.

At Akin Gump Strauss Hauer & Feld, ‘the response times are excellent, and it has a good knowledge of private equity’, with a particular strength in India-related work. Thiha Tun is ‘passionate and always up to date with the goings-on of the industry and the various innovative structures fund houses use globally, which makes it useful to have a chat with him before embarking on a fund formation’: he advised ICICI Ventures on the formation of Dynamic India Fund S4, which has initial commitments of $250m. Continuing the Indian theme, John Holton acted for CX Capital Partners on its second fund, which is seeking to raise $250m. Other clients include JPMorgan Private Equity, which Tun advised on the spinout of its private equity team to Fortress Investment Group.

As part of a multi-disciplinary funds practice, Allen & Overy LLP handles various mandates concerning fund formations, co-investment projects and investor-side work. Nick Williams advised Cairn Capital on an open-ended loan fund. John Goodhall acted for International Finance Corporation on a co-investment project with Allianz, under which Allianz will invest $500m in project finance loans targeted at infrastructure in emerging economies. Pavel Shevtsov handles work for sovereign wealth funds, and Matt Huggett heads the practice.

Herbert Smith Freehills LLP advises on fund formations concerning aviation and other niche asset classes, as well as infrastructure and buyouts, some of which in challenging emerging markets. Stephen Newby and Tim West are key names to note in the team.

Hogan Lovells International LLPhas a broad practice, credibly spanning asset classes’; the firm deals with infrastructure, buyout and technology-related matters, acting for a significant number of investors, fund sponsors and secondary market participants. Practice head Nicholas Holman is ‘consistently excellent – he has significant structuring and advisory experience, along with great technical knowledge, charm and good client management skills’ – he advised Prudential Portfolio Management Group on a €150m commitment to a fund managed by NextEnergy Capital. Holman and Keith Woodhouse, whose ‘key strengths revolve around loyalty, attention to detail, excellence in delivery and genuine interest in ESG funds’, acted for Pantheon Ventures on the purchase of $117m of fund interests from Akina. Other clients include venture capital managers and sovereign wealth funds.

Norton Rose Fulbright’s Michael Newell handles a range of investment fund formation work, covering asset classes ranging from energy, direct lending and buyouts through to farmland and insurance. Clients include CN Investments, Ludgate Capital, the European Investment Bank, FMO and Faro Energy, a new client win.

Osborne Clarke LLP handles a range of work regarding venture capital and technology fund formations, as well as some investor-side and secondary market matters. Helen Parsonage advised Notion Capital Partners, a manager with a track record in venture capital, on its £60m entrance to the world of growth capital funds; she also acted for Foresight Group on creating an Enterprise Investment Scheme in collaboration with Williams Advanced Engineering, a sister company of the Formula One team. As far as secondary market work is concerned, Tim Simmonds advised Hollyport Capital on a range of purchases of fund interests. Other clients include BAE Systems’ pension schemes, which Parsonage acted for on the acquisition of several limited partner interests, and PROfounders Capital Partners, which Parsonage advised on the launch of its second venture capital fund.

While best known for its hedge fund practice, Schulte Roth & Zabel International LLP is ‘superior in understanding of issues and ability to execute things effectively’ in the private equity space according to its clients, advising a number of well-known managers on fund formations in a range of asset classes, some of which at the interface between hedge and private equity funds. Exemplifying this crossover ability, Josh Dambacher advised Vitruvian Partners on designing a structure for liquid activist investments in a private equity fund. More traditional fund formation work included Dambacher advising MW Eaglewood on a credit fund with Delaware, Cayman and Irish feeder funds, and Jim McNally acting for Kingsway Capital on creating two funds making technology-sector investments in frontier markets.

Sidley Austin LLP’s London practice, spearheaded by James Oussedik and Stephen Ross, handles a range of fund formations, some of which regard emerging markets, and at the crossroads of hedge and private equity funds, often operating in tandem with its US offices. Oussedik advised Alcentra on creating Clareant Structured Credit Opportunities, a fund which seeks to raise $500m, and Ross acted for Wolfson, a Mongolian manager, on creating a closed-ended fund making energy and infrastructure investments in the Central Asian country. Other mandates for the team included significant limited partner commitments for family offices and sovereign wealth funds.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP’s team, led by Stephen Sims, advises on a number of heavyweight and high profile fund formations. In one particular highlight, he acted for key client LetterOne on the formation of LetterOne Technology, a $16bn investment program targeting the technology sector; he also advised on the formation of LetterOne Retail, a $3bn retail investment business. Other key highlights included acting for Broadwell Capital, a ‘billion dollar baby’ (a new manager raising $1bn or more for its first fund). Other clients include placing agent Quest Fund Management, family offices and other limited partners.

Baker McKenzie’s James Burdett’s work includes a number of fund formation mandates, often related to government-backed funds, as well as significant limited partner work. He advised Earth Capital Partners on the creation of the Nobel Sustainability Fund – a joint venture with a Chinese counterparty and backed by Prince Albert II of Monaco to create a fund investing in sustainable technology. He also acted for the Japan Bank for International Co-operation on launching the Russo-Japanese Investment Fund, a $1bn platform joint venture with the Russian Direct Investment Fund. Clients include Banque Cantonale de Genève and Guardian Media Group.

Jones Dayis establishing a UK presence in the private funds market’, ‘the advice is always tailored and the team goes to great lengths to understand clients’ business’. The practice handles work concerning debt funds, venture capital, nine-figure buyout funds and funds-of-funds. John MacGarty advised True Capital on the formation of True Capital II, which raised £108m. Other clients include Ali Zaid Al-Quraishi and Brothers Company, Sequoia Investment Management and Motion Equity Partners.

A clear leader when it comes to advising emerging managers’, MJ Hudson is ‘incredibly responsive and always has the time to dig into problems and provide smart, practical advice’. Matthew Hudson advised Calunius Capital on forming Calunius Litigation Risk Fund 3, a litigation finance fund which raised £100m. Shervin Shamelishows a great understanding of what a private funds client needs in a law firm and has a key role in getting difficult fundraisings across the line’ – he, Hudson and Guernsey-based Matthew Wrigley acted for Volpi Capital on creating a fund which raised €40m at its first closing. Eamon Devlincombines top-class legal skills with exceptional commercial understanding – he is someone who gets things done, and leverages his broad network for the benefit of his clients’.

Morrison & Foerster (UK) LLP’s team, newly-assembled in 2016, handles a range of work for limited partners and managers, often concerning venture funds. Rob Mailer, a new joiner from King & Wood Mallesons, is ‘very responsive and with good industry knowledge: he adopts a commercial approach rather than an overly legalistic one’ – he acted for Star Capital Partnership on raising STAR Strategic Assets III, a buyout fund with a €600m target. Oliver Rochman, who joined in September 2016 from Proskauer Rose LLP, advises a number of new managers on both initial fundraises and spin-outs. In addition, Rochman supports the firm’s Tokyo team, which advised SoftBank on the SoftBank Vision Fund.

Pinsent Masons LLP’s funds offering, headed by Ian Warner, handles a range of work, with a particular number of economic, social and governance (ESG) fund work complementing debt and real estate fund formation matters. Warner and Glasgow-based senior associate Elaine MacGregor advised Sango Capital on two further closings of an Africa-focused fund-of-funds, and Mayfair Capital on a residential debt fund. In the venture capital space, Warner acted for City University on establishing a fund to invest in start-ups generated by the CASS Entrepreneurship Centre. Daniel Greenaway is now at Mishcon de Reya LLP, David Young in Edinburgh is a new hire from Maclay Murray & Spens LLP.

Reed Smith LLP’s Tamasin Little, one of four regulatory partners who joined the firm from King & Wood Mallesons (the others are Delphine Currie, Adrian Brown and Tim Dolan), advised fund-of-funds manager HarbourVest Partners on the launch of a number of AIMFD-complaint funds. Winston Penall is also a name of note. Other mandates included commodities funds and litigation funding.

Willkie Farr & Gallagher (UK) LLP’s work includes a range of infrastructure and energy funds. The firm has a particular strength in Africa-focused funds, with Wifa advising Sahel Capital on a $76m agribusiness fund targeting the Nigerian agricultural sector, as well as Adenia Partners on its fourth fund and CardinalStone Capital Advisors on its debut fund, which seeks $100m to invest in Nigerian businesses. In the energy space, he also acted for Impax Asset Management on a fund seeking to invest €600m in renewable energy infrastructure, and Blue Water Energy on its second fund, targeted at $1.3bn. Henrietta de Salis, who handles regulatory work, is a new hire from Herbert Smith Freehills LLP.


Real estate funds

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  1. Real estate funds
  2. Leading individuals
  3. Next generation lawyers

Leading individuals

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Next generation lawyers

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Who Represents Who

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Clients get a high level of service with quick response times and good practical advice’ from Berwin Leighton Paisner LLP. The firm covers the gamut of real estate funds work, covering private equity real estate fund formation and co-investments, secondary sales, advice for limited partners and capital markets work concerning listed real estate funds. Kate Binedell advised CBRE on merging one of its funds with the Electricity Supply Pension Scheme’s portfolio to create a £1.4bn property authorised investment fund (PAIF), while practice head Antony Grossman acted for Ribston on the launch of the Ribston UK Industrial Property Unit Trust with £75m of equity commitments. Justin Cornelius is ‘an outstanding and trusted lawyer who always provides sensible and valuable advice’ – he advised Morgan Sindall Investments on a joint venture with the Universities Superannuation Scheme to invest £100m in housing for people with physical and learning disabilities. In addition, Kieran Saunders is also a name of note. Other clients include Unite Students, Transport for London and Aviva Investors.

At CMS, which has been bolstered by taking on a strong team from Nabarro, ‘clients get very good service’ as well as ‘a very good all-around approach with good strength in depth’. Key names joining the team as part of the merger include Amanda Howard, Darren Stolzenberg and Victoria Henry – the three have track records of advising on a range of funds, a number of which targeting residential property. Melville Rodrigues, who was already at the firm, ‘brings considerable experience to the table, with significant experience in funds combined with a strong track record and experience in real estate – the combination of these areas of expertise is a great strength’ – his work includes secondary market transactions for a range of managers. Rodrigues also advised Vistra Group on its taking of responsibility for over seventy real estate funds as trustee.

Clifford Chance advised fund sponsors such as TIAA Henderson, PGIM and M&G Investments on forming large real estate funds and co-investment vehicles investing in buildings across sectors as well as well as real estate debt. Gerard Saviola and Nigel Hatfield act for managers on products targeting a variety of real estate debt across building types, as well as ones investing assets in international mature markets as well as emerging ones. Alexandra Davidson made partner.

At Goodwin, ‘there is a quality expertise, depth of knowledge and a real understanding of client needs’. The firm handles a range of fund management, covering a mix of asset classes and geographic locations, in both open and closed-ended funds, as well as real estate debt funds. The ‘outstanding’ Samantha Lake Coghlan acted for Nordic Real Estate Partners on NREP Nordic Strategies Fund II, which will invest up to €1.7bn in logistics, retail and residential property in the Nordic region. Gregory Barclay and David Evans handle billion-euro real estate debt fund work. Michael Halford and Patrick Desay, whose practices include private equity real estate, joined the firm from King & Wood Mallesons. Other clients include Ares Management and M7 Real Estate.

Greenberg Traurig, LLPhas a high level of industry knowledge and clients find the team’s advice to be well thought-through and robust’. The firm, which entered the market following the recruitment of a significant proportion of the King & Wood Mallesons team, provides ‘commercially-focussed advice’ on both open and closed-ended funds investing across all asset classes in the United Kingdom and beyond. Steven Cowins is ‘a good practical problem solver who is excellent at structuring and closing deals’ – he acted for Europa Capital on launching its fifth fund, structured with a particular partnership for American investors, as well as co-investment vehicles - one of which designed to target land near the Ford site in Dagenham. Cowins and Marc Snell advised Paloma Capital, a new manager, on its debut fund, which raised £165m. Michael Goldberg acted for Brockton Capital on its third fund, which raised £830m (including a sidecar) to invest in value-add buildings.

Linklaters LLP has a strong roster of European clients, which it advises on open and closed-ended fund launches and co-investments in real estate across sectors, including logistics and value-add. Edward Smith advised Barings Real Estate Advisors on creating the Barings Real Estate Advisers Core Fund, an open-ended pan-European fund with regulatory suitability for German institutional investors. His other work included advising ProLogis on a £1bn joint venture arrangement with CBRE for a number of real estate investments in the British logistics sector. Jonathan de Lance-Holmes also handles billion-dollar real estate fund matters – he acted for PW Real Assets (now known as Aermont Capital) on creating its third real estate fund, which hit its hard cap of €1.5bn at second close to make opportunistic real estate investments. Other clients include BlackRock and Deutsche Bank Asset Management.

Weil, Gotshal & Manges (London) LLP’s funds team advises sector luminaries on various real estate-fund matters, including closed and open-ended fund formations as well as cornerstone commitments from leading institutional investors. New partner James Sargent advised InfraRed on creating InfraRed Active Real Estate Fund IV, which had a target of £500m. Nigel Clark also handles key mandates. Other clients include leading sovereign wealth funds, and open-ended real estate fund managers. Ed Gander leads the overall funds practice.

Allen & Overy LLP advises a number of key managers on sizeable real estate funds, with a particular strength in open-ended funds. Matt Huggett and senior associate Dominic von Wulffen advised TH Real Estate on creating its European Cities Fund, an open-ended fund targeted at €3-5bn which seeks to invest in both residential and commercial property across major cities in Europe. Huggett and senior associate Emma Danforth acted for Aviva Investors on a €500m open-ended fund aimed at long-lease assets. John Goodhall is also a key contact.

The real estate funds that Ashurst works on cover a range of asset classes ranging from commercial property, housing and real estate debt. Nick Goddard, in addition to work concerning more traditional real estate funds, advised Aviva Investors on an open-ended direct lending fund, partially investing in real estate debt, targeted at insurance companies and pension-sector limited partners. Alexander Cox acted for Tritax on the formation of Tritax Property Income Fund, an open-ended Jersey Property Unit Trust (JPUT), while in the listed real estate funds space, Nicholas Holmes advised Jeffries International and Akur on Tritax Big Box REIT’s £350m capital raising. The team also has Islamic real estate finance expertise. Other clients include Knight Frank Investment Management and CapMan.

Jones Day handles a number of cross-border fund launches, including advising new managers. John MacGarty acted for Valor Real Estate Partners, a new fund logistics sponsor. He also advised Vanke Holdings on its employee co-investment programme. Alistair Grant and Neil Ferguson also regularly advise on nine-figure fundraises. Other clients include Henley Investment Management, and Delin Capital Asset Management, which MacGarty acted for on arrangements for Blackstone to manage its real estate strategy.

Macfarlanes LLP’s ‘very competent and thorough’ team advises on real estate funds, with a particular number of funds investing in housing. Alex Amos acted for Legal & General on a fund which raised £170m of commitments at its first close to invest in homes for rental, the fund will operate with both open and closed-ended elements. In the commercial space, Amos represented Venn on a £185m closed-ended real estate debt fund..

Osborne Clarke LLP’s ‘excellent, pragmatic and commercial’ practice advises a number of leading managers on high-value fund formations, conversions, secondary transactions and managed accounts. Tim Simmonds has ‘a fine grasp of commercial practicalities’ – he acted for Niam, a Swedish manager, on forming an €820m closed-ended real estate fund, and Palmer Capital Partners on an unusual arrangement to transform a closed-ended fund into an open-ended fund. Also in the open-ended funds space, he represented Deutsche Bank on creating an open-ended Luxembourg-domiciled fund open to both German and non-German investors.

Paul Hastings LLP’s investment funds practice covers international fund sponsors investing across asset classes and locations. David Ryland advised Internos on creating a German Spezialfond to invest in hospitality-sector assets, as well as a fund designed to invest in social housing which had unusual features requiring FCA approval. On top of this, in addition to work regarding listed REITs, the practice represented Evans Randall on the creation of a real estate club targeting office space in central London, and Alpha Real Estate Capital on a fund targeted at the private rental sector in the UK. Other clients include Townsend Group and AEW Capital Management.

Baker McKenzie’s funds team, led by James Burdett, advises a number of key institutional investors and managers. Highlights included Burdett advising Invesco on the creation of its UK Residential Fund and its European Value Add Fund, a €400m fund which invests in value-add properties across asset classes in Europe. In the limited partner space, he acted for Townsend Holdings on the investment by three of its clients as cornerstone investors into Standard Life Investments Real Estate Club III. Other clients include Mapletree.

Debevoise & Plimpton LLP’s Sally Gibson advised Europa Capital on its first fund, the first as part of a new income strategies platform, which raised £137 to invest in mezzanine real estate debt. Other work includes nine-figure euro value-add as well as real estate funds-of-funds, plus advice to sponsors launching their debut real estate funds.

Herbert Smith Freehills LLP advises sovereign wealth funds, insurers and investment managers on a variety of funds, authorised contractual schemes and club deals. Tim West represented an institutional investor on the expansion of an authorised contractual scheme, which now has 21 sub-funds. Nigel Farr and Stephen Newby are also practitioners of note.

Hogan Lovells International LLP advises on a number of property joint ventures and club deals. Nicholas Holman acted for Columbia Threadneedle on the launch of UK Property Equity Club II, which raised £400m of commitments from European, Middle Eastern and Asian investors, James McDonald advised UBS Triton on marketing a fund in the US, as well as the proposed closure of a feeder fund.


Retail funds

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  1. Retail funds
  2. Leading individuals
  3. Next generation lawyers

Next generation lawyers

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Who Represents Who

Find out which law firms are representing which Retail funds clients in London using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact david.burgess@legal500.com.

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Eversheds Sutherland (International) LLP handles a range of work regarding retail funds, including an amount of work regarding Property Authorised Investment Funds (PAIFs). Pamela Thompson is ‘very impressive – she is possibly the best partner in her field in the City’ – she and senior associate Phil Spyropoulos advised Henderson Global Investors on converting a property fund into a PAIF, and Fidelity on a similar process. Other sources of PAIF expertise include Michaela Walker, who acted for Citibank and HSBC – she also advised Sarasin & Partners on creating a Charity Authorised Investment Fund, a form of fund restricted to charities and itself entitled to charity status. In addition, Thompson acted for a number of blue-chip clients on Undertakings for Collective Investment in Transferrable Securities (UCITS) regulation and passporting matters. Other work relates to the Packaged Retail and Insurance-based Investments Product Regulation (PRIIPs), a space in which the team represented Citibank.

Macfarlanes LLP’s team is ‘highly commercial, prompt in its responses and understands why clients are asking for its advice’; ‘clients view the firm as an extension of their own internal teams’. Lora Froud is ‘very commercial and solution-driven’ – she advised HSBC Wealth Management, a new client win, on changes to four Marks & Spencer-branded unit trusts, including bringing some of the management in-house and modifying the investment policy. Tim Cornick has ‘decades of experience in regulated funds and understands the technical and operational as well as the legal and regulatory’ – he acted for Old Mutual Global Investors on changes to its funds, including a number of restructurings and mergers. Other clients include robo-advisor Moola, which offers retail investors access to BlackRock’s iShares exchange-traded funds (ETFs), and Castlefield Investment Partners, which Froud represented on its application for status as a Financial Conduct Authority (FCA) authorised corporate director.

CMS’s ‘very responsive’ team represents blue-chip names in the sector. Karagh Gilliatt is ‘extremely knowledgeable in terms of UK fund industry knowledge’ – she acted for Lloyds Banking Group on a number of fund mergers and a transfer of ISA books, as well as the termination of administration services provided by BNY Mellon. Aidan Campbellthinks about clients; business requirements and gives sound, commercial advice’ – he advised UCITS managers such as Virgin Money on UCITS V. In the fund formation space, Gilliatt acted for T. Bailey on the creation of a new open-ended investment company (OEIC) for Guinness Asset Management.

Fieldfisher’s Kirstene Baillie advised MAN Fund Management UK on changes required for UCITS V compliance, as well as a change of investment objectives for the American Growth Fund. She also acted for Fidelity Worldwide Investments on UCITS fund distribution, plus regulatory matters concerning feeder funds. Edward Miller from the firm’s derivatives team, represented Baillie Gifford on derivatives matters concerning its OEIC range. Other clients include Talomon Value.

Simmons & Simmons handles a range of retail fund formation matters for key names in the sector. Neil Simmonds acted for M&G Investments on creating a number of Luxembourg-based UCITS funds post-referendum, and represented Och-Ziff on its role in creating its first UCITS Fund, Lyxor/OZ US Equity Opportunities Fund, on Lyxor’s platform in Luxembourg. Mahrie Webb handles work concerning robo-advisors as well as fund formation.

Bristolian heavyweight Burges Salmon LLP’s Tom Dunn acted for CRUX Asset Management on distribution of its funds and a planned fund merger and, in the unit trusts space, advised St. James’s Place on the launch of SJP Worldwide Income Unit Trust. The firm also represented HSBC Securities Services. Chris Godfrey advised retail manager Premier Asset Management on its £140m IPO. Jeremy Bell joined in January 2017 from Ashurst.

Dechert LLP has a particular strength with transatlantic work. Richard Heffner advised T. Rowe Price on creating an OEIC, and London-based US regulatory specialist Karen Anderberg is ‘very experienced on US private funds, SEC, ERISA and associated regulation’. Richard Frase and associate Gemma Long handle a range of work concerning exchange-traded funds. The pair represented ETF Securities on range of such products, including advising ETFS Hedge Metal Securities, which issues securities backed by gold, on revising its prospectus.

At K&L Gates LLP, Andrew Massey handles a range of UCITS transactional and structuring work. Highlights included advising Federated Investors on modifying its remuneration policy and depository agreements to comply with UCITS V, as well as changes to client account regulations. Other clients include Coppin Collings, Barika Capital, which Massey acted for on creating an alternative UCITS fund, and PanAgora, which he advised on PRIIPs key investor information documents (KIIDs).

Norton Rose Fulbright handles a range of work concerning Irish-domiciled mutual funds Michael Newell and senior associate Margaret Simcock advised on the launch of H2O Global Strategies ICAV, a Dublin-based mutual fund. Other clients include Tokio Marine and Charles Stanley.

Farrer & Co’s Grania Baird handles matters such as regulatory disputes, money market fund matters, UCITS conversions and socially responsible fund work. Clients include CCLA Investment Management, which Baird advised on a non-UCITS retail scheme (NURS) aimed at local government investors. Andrew Peterkin was elected to the partnership in 2016.

Linklaters LLP’s Rahul Manvatkar advises well-known banks on a number of retail fund issues, Manvatkhar and Edward Smith acted for Commerzbank on UCITS issuers concerning a number of exchange-traded funds.

Handling a range of UCITS restructuring and formation work, Maclay Murray & Spens LLP is ‘responsive and proactive with a sound knowledge of the industry’. Nick Rutter is ‘very knowledgeable, commercially-minded, thorough and imaginative’ – he advised Maitland Institutional Services on creating a UK-domiciled UCITS fund and MI Momentum Investment Funds on the conversion of the fund from a UCITS to a NURS. Other clients include Valu-Trac Investment Management.

Ropes & Gray International LLP’s Michelle Moran handles a range of work concerning UCITS, frequently at the crossover between European and American ’40 Act fund regulation. Clients include Providence Equity, Benefit Street, and Independent Franchise Partners.


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