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Who Represents Who

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Private equity has continued its strong fund formation trajectory; putting to one side the sui generis SoftBank Vision Fund (a $100bn vehicle managed by the Japanese technology conglomerate with large amounts of capital from the PIF from Saudi Arabia), many of the leading fund sponsors have had little difficulty raising funds hitting the £20bn mark. Many observers question just how sustainable this is in the long run. For this manner of work, clients have a very large range of firms, with primarily US-origin firms colonising the top end of the market but a roomy mid-market with a number of London originating firms doing more-than-respectable quality work for established managers. Limited partners continue to use a wide variety of the same firms, which are able to circumnavigated the conflicts issues as required.

A key development has been an acceleration in the shift from the use of the UK crown dependancies as Offshore jurisdictions towards ones that will continue to be in the European Union after 2019 (not that Jersey and Guernsey, which while having a customs union with the EU for goods, ever were EU member states or covered by the United Kingdom‚Äôs membership) ‚Äď due to a superior limited partnership regime Luxembourg has typically been selected over Ireland, however questions continue to linger as to how Luxembourg‚Äôs French-language civil law courts would cope if it played host to something along the lines of the Carlyle litigation in Guernsey, a billion-pound negligence case concerning a fund which collapsed in the 2008 crash; as a visceral reminder of the complexity of modern investment funds, the trial involved 67 days of hearings, sixteen expert witnesses and over a hundred lever-arch files of evidence.

Hedge fund returns have picked up, with industry figures reporting 8.5% returns in 2017 across the industry worldwide, however concerns about if the two-and-twenty traditional management fee is a good value for money proposition, especially for the major North American retirement plans, bearing in mind the general rising tide of asset prices across the board.

Listed funds have had a more active year, with more funds listed on the UK exchanges on both the specialist funds segment of the main market as well as a number listed on the more flexible Alternative Investment Market. One asset class of note has been real estate, with listed REITs providing a more user-friendly method of access to assets such as the logistics ‚Äúbig boxes‚ÄĚ. As far as retail funds are concerned, British law firms continue to be popular advisors on various issues in this space despite the migration of fund domiciles largely to Luxembourg and Ireland.

Brexit has certainly been a subject of discussion in the asset management industry and, due to the significant loss of value of the pound, a great opportunity for international private equity houses looking at British assets to acquire them at a discount. Investment fund regulation ‚Äď in particular national private placement regimes and passporting issues continue to be major issues, however despite the cramped time frame negotiations have still yet to provide any real certainty on the matter.


Hedge funds

Index of tables

  1. Hedge funds
  2. Hall of Fame
  3. Leading individuals
  4. Next generation lawyers

Hall of Fame

  1. 1

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.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Schulte Roth & Zabel International LLP handles a range of hedge fund launches, many of which using traditional Cayman Island structures, and also advises fund managers on spin-outs and on day-to-day operational issues. Christopher Hilditch, who 'is prepared to offer practical solutions to issues rather than just stating the law', advised Cantab Capital Partners on forming a new master-feeder hedge fund, the client's first since its acquisition by GAM in 2016, and separately advised Orchard Global Asset Management on creating a new structure with Cayman and Delaware feeders. Josh Dambacher advised Cevian Capital on a capital-raising, including negotiating side letters with sovereign wealth funds, and separately advised Lancaster Investment Management on the launch of a new structure to be managed by a team led by a new hire from Greenlight Capital. Cathy Weist is also recommended, as are Nick Fagge and Anna Maleva-Otto, for tax and regulatory issues respectively. Other clients include Marshall Wace, which the team advised on launching several sub-funds to its Irish and Delaware funds, and Securis Investment Partners, which the team advised on a hurricane-related risk insurance fund. Also in the insurance space, Hilditch also advised Credit Suisse ILS on structuring a hybrid fund, structured as a segregated portfolio of a Cayman company, investing in reinsurance in the wake of Hurricanes Harvey, Irma and Jose.

Simmons & Simmons handles a range of heavyweight hedge fund work for a large number of Europe's leading names in the sector. Iain Cullen  is 'a go-to individual in the UK hedge fund space; he is a formidable lawyer who always brings a strong analytical process to novel problems, and backs it up with huge experience and document knowledge'. Cullen advised Brevan Howard Capital Management on the launch of a fund with Cayman and Delaware feeders to be managed in Jersey, using both an ERISA hard-wired structure and a 1-or-30 fee structure. Lucian Firth and Richard Perry advised longstanding client Schroder Investment Managemen on creating Schroder Securitized Credit Fund, which has one of its feeder funds domiciled in Bermuda. Devarshi Saksena  advises AHL Partners, which is part of Man Group, on MiFID 2 research unbundling issues. In the fund-of-funds space, Dale Gabbert advised UBS on creating an Irish umbrella fund to provide its clients access to various hedge funds. Perry advised Janus-Henderson on a restructuring of numerous funds to ensure MiFID compliance. Other clients include GSA Capital, which Perry advised on structuring a fund-of-one for an Australian retirement plan.

Akin Gump Strauss Hauer & Feld provides 'a very high level of service that compares very well to all other firms on quality'. The practice acts for established and new managers on a range of strategies ranging form emerging markets through to quant funds. Tim Pearce is 'an excellent lawyer who is very commercial and experienced'. Ian Meade is also a key contact. Clients include Cramer Rosenthal McGlynn, East Lodge Capital Management, India Capital Management and Steinberg Asset Management.

Dechert LLP handles a range of hedge fund work for a mixture of managers, many of which involving structures domiciled in the European Union. Mikhaelle Schiappacasse, who was promoted to partner at the start of 2018, and Abigail Bell  also handle work for notable managers, some of which involving Irish structures. Christopher Gardner and senior associate Gemma Long  are recommended for their 'quality of service and advice'. Clients include Gemcorp Capital, Sloane Robinson and Cheyne Capital, as well as new spin-out managers such as Whitecroft Capital Management plus heavyweight limited partners. Peter Astleford has retired.

Fried, Frank, Harris, Shriver & Jacobson (London) LLP  is 'a go-to firm for complex, high-value investments' and, for some, 'one of the best quality and most efficient firms'. The team handles fund formation and regulatory work for leading names in the business, advise on significant investments in hedge funds. David Selden is 'an utter star - he has extremely deep substantive experience, combined with an easy demeanour that makes negotiating the most potentially contentious points relatively easy; he doesn't try to show off but instead makes sure that clients get what they need in the most efficient way'. Clients include Goldman Sachs and BlackRock Investment Management, as well as leading European and North American institutional investors.

Arnold & Porter is 'a small team, but one with a firm grip on the regulatory drivers impacting on the asset management and funds sector'. Simon Firth is 'an experienced lawyer who focuses on the core of issues and gives clear guidance on the requisite approach' - he advises IPM Informed Portfolio Management, and in 2017 advised it on adding a Delaware feeder to its Systemtaic Macro Fund while securing it Qualified Professional Asset Manager status in the US for ERISA purposes, and separately advised MFW-Multi Family Wealth on MiFID 2 compliance. Other highlights concern fund manager restructuring and advise to US managers on European regulation.

Macfarlanes LLP is 'a very good alternative to the established players'. The 'very engaged' Sam Brooks, who was elected to the partnership in May 2018, has a track record of acting for clients including Brummer & Partners, Hayfin Capital, Springs Capital and Palmerston Capital. Michelle Kirschner contributes regulatory expertise. Simon Thomas, who previously led the practice, is now at Osborne Clarke LLP.

At Shearman & Sterling LLP, John Adams advised TT International on updates to its Cayman and BVI-domiciled funds required due to MIFID II, and advised SkyBridge Capital on changes to European regulations, as well as on the European regulatory aspects of its aborted sale to HNA. The firm also advised Attestor Value Master Fund on management restructuring in Ireland, and Prosperity Capital on updating the offering documents of its hedge fund, and listing one of them in Ireland. Other clients include sovereign wealth funds.

Stephenson Harwood provides 'an overall excellent level of service'. Practice head James Tinworth  'thinks in a way that really adapts to each case, providing customised service that takes into account the broader commercial context' - he acted as European counsel on the launch of Atmosphere Capital and Atmosphere Energy Fund, including negotiating the shareholders agreement as well as handling EU regulation - he also advised Profision Shipping Capital Management on creating a Cayman-domiciled fund investing in forward freight agreements. Other highlights concern new manager spin-outs. Ravel Capital Management is another key client.

Linklaters LLP 's 'hedge fund team is very responsive and targeted to clients' product lines - it can advise on the full range of funds issues, with a practice depth covering closed-ended LP-GP structures and investment trusts'. Matthew Keogh 'can handle anything you throw at him' - he and counsel Rahul Manvatkar advise Deutsche Bank's global investment solution teams on various hedge fund matters, including on relationships with managers using its Irish-domiciled platform. Jonathan de Lance-Holmes, who also has experience of advising quant funds, advised Brevan Howard Capital Management on making a minority investment into another asset management business. Other clients include Morgan Stanley.

At Locke Lord LLP , Sean Donovan-Smith - who joined the firm from K&L Gates LLP in 2017 - advised Coppin Collings on launching a new sub-fund operating a quant-based currency strategy for Swedish manager FX International. He also advised Red Fort Partnership, a Guernsey-based manager which invests in the mining industry in Africa, on upgrades to its offering documents to facilitate fundraising in Japan, the US and Australia.

At Pillsbury Winthrop Shaw Pittman LLP, Samuel Pearse advises Swiss manager Teleios Capital Partners on a range of regulatory matters, including the Swiss manger's fundraising activity in the EEA. He also advises Coleman Street Management. Pearse and James Campbell separately act for CrossBorder Capital. Other clients include Asia Alternatives. Ashmi Bhagani , who joined from Sullivan & Cromwell LLP in 2017, was subsequently promoted to counsel.

Reed Smith LLP 's 'very dedicated and focussed team provides a fantastic level of service'. The 'excellent' Panos Katsambas  is a key contact - his work includes a significant portfolio of shipping fund work. Winston Penhall handles work concerning CLO funds.

At Watson Brady LLP , name partner Mark Brady advised the creators of new manager Perimeta Partners. Other clients include British retirement investors, Bridgewood Investment Management (which the firm advised on creating a new managed account) and Tyler Capital.


Listed funds

Index of tables

  1. Listed funds
  2. Hall of Fame
  3. Leading individuals
  4. Next generation lawyers

Leading individuals

  1. 1

Next generation lawyers

  1. 1

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.

CLICK HERE TO VISIT THE WHO REPRESENTS WHO SITE

Gowling WLG 's listed funds practice covers a range of work, including handling heavyweight fund IPOs, primarily for fund sponsors but also for service providers. Nick Heather, who heads the practice, advised Aberdeen Standard Investments on the launch of Aberdeen Standard European Logistics Income plc, which had a fundraising target of £250m. Heather also advised on the launch of Tufton Oceanic Assets Limited, a $91m Guernsey-domiciled fund investing in a portfolio of second-hand ships. In another highlight, Oliver Riley advised GCP Student Living on its launch and a subsequent placing programme. On the broker side, Riley advised Peel Hunt as sponsor and placing agent for the IPO of Jupiter Emerging & Frontier Income Trust, which raised £90m, and Reed advised Winterfloord Securities as sole bookrunner of the Impact Healthcare REIT, which commenced with a seed portfolio of 58 care homes on twenty-year leases. John Reed also advised Industrial Multi-Property Trust on its takeover by Hansteen Holdings - a transaction regulated by the Takeover Code. Kristian Rogers  on the IPO of AEW UK Long Lease REIT. Kate Seabourne is a key senior associate.

Herbert Smith Freehills LLP handles a range of listed fund formation work, often involving less traditional asset classes. Nigel Farr advised BioPharma Credit on its fully-subscribed IPO, which included rolling elements of a private fund into it. Tim West assisted NB Private Equity Partners with moving its shares from the specialist fund segment to the premium segment of the London Stock Exchange, and advised Gabelli Merger Plus+Trust, which operates a hedge fund-style merger arbitrage structure, on its IPO. In another cross-border highlight, West advised BlackRock Greater European Investment Trust on a proposed secondary listing in Johannesburg. Nish Dissanayake advised Sherborne Investors on its IPO, which raised £700m for a strategy of purchasing a public company. Other clients include Polar Capital Global Healthcare Trust, which Farr advised on a tender offer, and Marble Point Loan Financing Limited, a fund investing in collateralised loan obligations, which West assisted with its IPO on the specialist fund segment. In the sponsor space, Stifel Nicolaus is another client.

Stephenson Harwood acts for both investment banks and funds, covering a mixture of asset classes and types of work. William Saunders  and senior associate Kate Longman advised LXI REIT on its IPO, which raised £138m; they also advised AIM-listed APQ Global on a convertible unsecured loan stock issuance on the London Stock Exchange's International Securities Market. Alex Haynes advised GCP Infrastructure Investments on a £170m placing programme, while Elizabeth Field advised on the launch of Jupiter Emerging & Frontier Income Trust plc, the manager's first new investment trust for ten years, and advised the same sponsor on the winding up of the Jupiter Dividend & Growth Trust. Investment bank clients include Cenkos Securities, which Haynes advised as sponsor of a share placing by Civitas Social Housing, and Nplus1 Singer Advisory and Stifel Nicolaus, which Haynes jointly advised as co-placing agents (Nplus1 Singer Advisory also acting as financial adviser in addition), on  the launch of a listed REIT investing in private rented sector housing. In the CLO space, the firm advised Fair Oaks Income on a restructuring of the fund, the feeder fund in a master-feeder structure. Other clients include Strand Hanson, Winterflood Securities, Stockdale Securities and Gravis Capital Management, a new manager which Haynes advised on its debut fund.

At CMS Cathy Pitt and ECM specialist Alasdair Steele advised Cannacord Genuity (a new client win) and Akur as joint financial advisors to the IPO of Triple Point Social Housing plc, while Pitt also advised JP Morgan Cazenove on Aberforth Split Level Income Trust's IPO. Wendy Colquhoun, who divides her time between London and Edinburgh,  advised Dunedin Enterprise Trust on the creation of a B share scheme as part of assisting its return of capital investors as part of the fund's managed wind-down. Simon Morgan advised Fidante Capital as investment bank on AEW Long Lease REIT's £80.5m premium segment IPO. Iain Newman assisted Stifel Europe as financial adviser, broker and placing agent of Supermarket Income REIT's £120m IPO.  Away from IPOs, Kirsty Duane advised John Laing Infrastructure fund on an accelerated book build to repay debts. Other sponsor clients include Jefferies International, Winterflood Investment Trusts and Numis Securities, which Pitt advised as bookrunner of a share issuance by Funding Circle SME Income.

Hogan Lovells International LLP strengthened its investment fund team in 2017-18 with the recruitment of Jonathan Baird from Freshfields Bruckhaus Deringer LLP in summer 2017 and the promotion to partner of Jeremy Pickles at the start of 2018. Pickles advised CATCo Reinsurance Opportunities Fund, which owns insurance-linked securities concerning catastrophe reinsurance, on a $543m  capital raising.  Practice head Erik Jamieson  advised HICL Infrastructure Company Limited, a FTSE 250-member infrastructure fund, on a fundraising which raised £260m, beating its £205m target. Investment bank highlights included advising Canaccord Genuity as sponsor of the IPO of Aberdeen Standard Europe Logistics Income. Work concerning new funds include Pickles' advice to Sherborne Investors on forming activist fund Sherborne Investors Guernsey C, which raised £700m. Other clients include International Public Partnerships Limited, John Laing Environmental Assets and Urban Exposure, which Baird advised on its £165m flotation on AIM.

Norton Rose Fulbright's listed fund practice handles a range of mandates, but is particularly noted for its advice to investment banks and for handling housing-related funds. On the broker side, Ian Fox advised JPMorgan Cazenove and Goldman Sachs as bookrunners on the IPO of BioPharma Credit, and acted for HSBC and Numis Securities as joint bookrunners on the Sherbourne Investors (Guernsey) C IPO. Richard Sheen acted for investment bank Stockdale Securities, and Fox acted for the company, on the UIL's offer to roll over an existing class of zero-dividend preference shares to a new class. In the real estate funds arena, Michael Newell advised Residential Secure Income, which invests in social housing, on its £200m IPO. Other clients include Canaccord Genuity, The Renewable Infrastructure Group, and Starwood European Real Estate Fund. Margaret Simcock

Travers Smith LLP is 'responsive and commercial, with good technical and market knowledge - it has a very well-connected cross service line approach including fund formation, regulatory and tax'. Aaron Stocks  and senior associate Leigh Stockey advised Impact Healthcare REIT on its IPO and a subsequent tap issue. Stocks' bookrunner-side work includes advice to RBC Capital Markets on Greencoat Renewables' admission to AIM; the manager was the first renewables infrastructure company to list on the Irish Stock Exchange and the first Euro-denominated one in its asset class to list in London. He also advised Deloitte as financial adviser and joint placing agents Peel Hunt and Zeus Capital on the IPO of Tri-Pillar Infrastructure Fund Limited. Will Normand advised Liberum Capital as placing agent and bookrunner of a secondary placing carried out by Honeycomb Investment Trust, and Aggregated Micro Power Infrastructure 2 on an issuance of secured loan notes on the Cayman Islands Stock Exchange. Jon Reddington advised Draper Esprit on plans for a proposed placing of shares. Other clients include Liberum Capital, which Normand advised on its role as placing agents for EJF Investments' admission to the Specialist Funds Segment.

Charles Russell Speechlys LLP handles various advice for brokers and funds, including ones listed on AIM as opposed to the specialist funds segment. Victoria Younghusband advised India Capital Growth Fund on its upgrade from AIM to the main market, without additional fundraising. Andrew Collins advised Chelverton Small Companies Dividend Trust on an issuance of zero-dividend preference shares. As far as advising service providers is concerned, Younghusband advised Grant Thornton as NOMAD and Cantor Fitzgerald and Mirabaud Securities as joint bookrunners and brokers of a placing of shares by Duke Royalty simultaneous to its return to AIM following the suspension of its shares. Other clients include The People's Investment Trust, which the firm advised on its proposed IPO.

At Simmons & Simmons, David Williams, Patrick Graves  and Chris Horton all have a track record of work for listed fund sponsors and investment banks on both fund IPOs and work for existing funds.

  Reed Smith LLP's¬† Delphine Currie¬†leads work for both funds and investment banks. She advised a sponsor, financial adviser and bookrunner on a ¬£180m IPO of a newly-established social housing REIT. Fund-side highlights include advising a REIT on a ¬£150m AIM IPO.

Shakespeare Martineau LLP services a range of work, primarily concerning listed venture capital trusts from its office in Birmingham. Kavita Patel advised Foresight 3 VCT and Foresight 4 VCT on the merger of the two funds  and a subsequent fundraising by the merged fund. Patel also advises Mobeus Equity Partners on capital-raising exercises for its listed VCTs. The firm also acts for Unicorn AIM VCT, which it advised on a £45m capital-raising exercise. Keith Spedding is also a key contact.

At Slaughter and May,  Robin Ogle and Paul Mudie  advised SVG Capital on tender offers as part of the termination of the fund. Paul Dickson  advised Honeycomb Investment Trust on a share placing which raised £105m.


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

'Second to none in this practice area',¬†Simpson Thacher & Bartlett LLP¬†'has profound knowledge in this space, is responsive, hardworking and easy to work with'. The firm is primarily known for acting for leading private equity houses, handling top-of-market buyout fundraises.¬†Gareth Earl¬†advised CVC Capital Partners on forming CVC Capital Partners VII, a ‚ā¨15.5bn buyout fund that held its final close within six months of its formal launch. Also in the buyout space, Jason Glover¬†and Seema Shah¬†advised BC Partners on forming BC European Capital X, which ran in tandem with a stapled secondary transaction bringing over commitments from the fund's predecessor. 'A true star performer',¬†Robert Lee¬† was promoted to the partnership at the start of 2018 and has 'a great understanding of where his advice fits into the larger picture of what clients need'. Other clients include Affinity Equity Partners, which the team advised on forming a $6bn fund (the largest Asia-focused buyout fund raised by an Asian manager), Apax Partners (for which Shah spearheaded the $1bn fundraising of Apax Digital), and EQT Partners.

Kirkland & Ellis International LLP's¬†'prompt, knowledgeable¬†and solution-driven' team handles a range of work, including heavyweight buyout, debt and infrastructure funds. Practice head Richard Watkins¬†and newly promoted partner Aranpreet Randhawa¬† advised AMP Capital on forming AMP Capital Infrastructure Debt III, which raised a total of $2.5bn. The team was strengthened by the recruitment of credit fund specialist¬†Anand Damodaran¬†(who has 'an excellent understanding of the subject matter and ability to crystallise lawyer language into simpler terms') and James Board; they advised CVC Credit Partners, a new client win for the firm, on numerous projects. Jonathan Tadd, who returned to the firm's London office from Hong Kong, advised BGH Capital, a new Australian manager founded by former leading lights at TPG and Macquarie, on forming its $2bn debut fund. Christopher Braunack¬†advised Resolution Capital on forming Resolution Re Investors, which raised $3bn to invest in insurance assets; he and Jeremy Leggate¬†(another new partner) advised IK Investment Partners on forming IK Small Cap II, a ‚ā¨550m fund.¬† In 2017 Theodore Cardos¬†deployed his secondaries expertise for Landmark Partners, and continues to advise Nordic Capital on a restructuring of its Nordic Capital Fund VII. Other clients include Vitruvian Partners, which Watkins and Amala Ejikeme¬†advised on forming Vitruvian Investment Partnership III, and Ares Management.

Proskauer Rose LLP¬†is 'a pleasure to work with - the team¬†is very thoughtful and inspires confidence that it knows what it is doing and will draw in additional technical expertise when it needs to'. Nigel Van Zyl¬†is 'willing to take a view and provide advice rather than just options' - he¬†and¬†special regulatory counsel John Verwey¬†advised HgCapital on forming two funds simultaneously: its eighth buyout fund, which raised ¬£2.5bn, and Hg Mercury 2, which raised ¬£575m to make technology-focused buyouts. Bruno Bertrand-Delfau¬†advised Ardian, a cornerstone client, on a strategic partnership with Mubadala Capital, which involved Ardian becoming the Abu Dhabi sovereign wealth fund's first outside investor. Edward Lee¬†('a consummate¬†professional - a friendly and talented lawyer who is there for his clients and conveys matters concisely and reliably')¬†and¬†Kate Simpson¬†advised DN Capital on raising a ‚ā¨200m venture capital fund. In funds-of-funds highlights, Andrew Shore¬†advised Schroder Adveq on numerous investments, co-investments and secondary market transactions. Other clients include British, North American and Asian institutional investors, as well as EMK Capital (a new spinout from Bregal Capital), M&G Private Investments and Tenzing Private Equity.

Weil, Gotshal & Manges (London) LLP¬†handles a range of work, including heavyweight infrastructure funds and work for leading institutional investors and emerging markets managers. In the infrastructure space, Ed Gander¬†advised Actis - a new client win - on its launch of a long-dated $2bn fund, and handled buyout work such as PAI Partners Fund VII; James Sargent, who also was involved in the Actis fund, advised Argos Soditic on forming its Euroknights Fund VII, which closed at ‚ā¨500m. Nigel Clark¬†advises well-known clients in emerging markets private equity as well as major institutional investors. Alongside work for heavyweight institutional investors, Stephen Fox¬†advises Disruptive Capital, which has a target of ¬£500m for its first fund. Peter Olds¬†was promoted to counsel at the start of 2018. Other clients include KKR, EISER Infrastructure Partners, Brookfield and CapMan.

Clifford Chance LLP¬† is 'very efficient - it is well-attuned to the way clients operate and the issues that concern them'. The firm handles a mix of funds matters, with a notable emphasis on emerging markets and infrastructure. Gerard Saviola¬†advised Stirling Square Capital on forming its fourth fund, which held its first close at ‚ā¨600m,¬† and also assisted Apis Partners with forming Apis Growth Fund II, which raised $400m to make financial services investments in Asia and Africa.¬† In infrastructure, Nigel Hatfield¬†advised Deutsche Alternative Asset Management on forming a ‚ā¨2.5bn pan-European infrastructure fund and assisted Infracapital with forming a ¬£1.25bn greenfield fund. Alexandra Davidson¬†'provides hands-on, no-nonsense service - she is also experienced, knowledgeable¬†and commercially astute'; she¬†advised Epiris on forming its second fund, which has a target of ¬£1bn. In secondaries, Hatfield advised HSBC on the sale of a range of LP stakes to Coller Capital for $230m.¬†Other clients include Octopus Investments, which Hatfield advised on a ¬£300m fund-of-one for a British pension investor investing in renewables assets.

Fried, Frank, Harris, Shriver & Jacobson (London) LLP¬†has 'outstanding industry knowledge and deep expertise'. Mark Mifsud¬†advises Bain Capital on various fund formation projects, including Bain Capital Europe Fund V and the European elements of forming Bain Capital Fund XII, which closed with $9.4bn of commitments. Mifsud and Kate Downey, who now heads the practice following Mifsud's assumption of the London managing partner role, advised BlueBay Asset Management on forming a senior loan fund with a total of ‚ā¨3bn - also on the debt theme, Mifsud and David Christmas, who was elected to the partnership in February 2018, advised cornerstone client Permira on forming Permira Credit Solutions III, which raised ‚ā¨1.7bn at its final closing. In infrastructure, Downey advised iCON Infrastructure on forming its fifth fund, which hit its hard cap of ‚ā¨1.2bn at its first and final close. Venture capital highlights include Mifsud advising Balderton Capital on raising a target-beating $375m fund investing in European companies at early stages. As far as secondaries transactions are concerned, the firm also advised 3i Infrastructure on its purchase of a portfolio of assets from EISER Global Infrastructure Fund, which required the creation of a new ¬£700m vehicle. Gregg Beechey¬† is a key regulatory contact. Other clients include Palatine Private Equity, Cairngorm Capital Partners, and well-known European institutional investors. Alexandra Conroy has left private practice, while¬†Sam Wilson¬†is a new partner hire from Simpson Thacher & Bartlett LLP, where he was a counsel.

Goodwin's¬†'responsive and incredibly¬†knowledgeable' team is praised for its 'pragmatism and ability to generate a number of options for a problem that initially appears to not have an easy answer'. Michael Halford¬†advised new manager Core Equity Holdings, which was established by several former alumni of Bain Capital's Asia offices, on raising its debut, ‚ā¨1bn fund. Halford also advised Capital Dynamics on forming a $383m mid-market fund comprising parallel dollar and Euro-denominated vehicles. Ed Hall¬†'has multiple solutions to every problem that is posed to him';¬†working with the firm's Paris office, he advised Chequers Capital on its seventeenth private equity fund, which raised ‚ā¨1.1bn in one closing. Hall also advised Duke Street on a fund restructuring a fund. Other fund formation clients include Bregal Investments, which¬† Hall assisted with the $960m formation of Bregal Sagemount II. The team also has expertise in infrastructure funds and work with Scandinavian managers. Other key contacts include¬†Shawn D‚ÄôAguiar¬†and Patrick Deasy, who is 'highly effective at negotiation and knowing the ins and outs of specific points'.

At Linklaters LLP, Jonathan de Lance-Holmes continues to advise SoftBank on the Softbank Vision Fund; he and counsel Rahul Manvatkar advised on the creation of a sidecar running alongside it entitled the SoftBank Delta Fund to invest in DiDi, which was constrained due to the terms of the Vision Fund. Matthew Keogh advised cornerstone client Macquarie on creating an infrastructure debt fund. Tom Alabaster is a new hire from Latham & Watkins - his work includes Asia-related fund formation work. The firm also acts for Middle Eastern, Asian and North American institutional investors. Edward Smith has left the firm.

Macfarlanes LLP¬†provides 'commercial, practical and relevant advice based on evolving market practice'. Christopher Good¬†is 'hardworking, knowledgeable, commercial and easy to work with'¬†- he advised Hollyport Capital on raising Hollyport Secondary Opportunities VI. Stephen Robinson's practice includes heavyweight new manager spin-outs and the formation of credit funds - also, in the venture space, he advised new client win Felix Capital Partners on forming its second, $150m, fund. Alex Amos¬†advised Hayfin Capital Management on forming a ‚ā¨2.2bn special opportunities fund.

Travers Smith LLP¬†'clearly takes the time to understand clients' strategy and needs, which is reflected¬†in the highly commercial advice they¬†receive'. Clients single out Sam Kay¬†¬†as¬†'highly commercial with an astonishing breadth and depth of knowledge - when clients call him, they know he will have a solution to their problem and if he does not, he will find one'.¬†Senior associate Edward Ford¬†'epitomizes¬†everything clients like about the firm - he takes the time to understand clients' business needs, and uses it to exercise strong commercial judgement'. Ford and Kay advised Abris Capital Parnters on forming Abris CEE Mid-Market Fund III, which raised ‚ā¨500m to invest in Central and Eastern European buyouts. In infrastructure, Kay and¬† Ford advised the Pensions Infrastructure Platform on creating a multi-portfolio infrastructure fund allowing investors to choose their preferred target rate of return. Jeremy Elmore¬†is 'an excellent fund structuring lawyer, who is very client-oriented, commercial and solution-focused' - his¬†work includes various mandates for fund managers, covering special stituations and infrastructure. As far as funds in life sciences are concerned, Kay advised SV Health Managers on raising Dementia Discovery LP, which in 2017 secured a ¬£20m investment from Woodford Patient Capital Trust and $50m from Bill Gates, and Medicxi Ventures Management on forming Medicxi Growth I, which raised $300m to invest in European life sciences investments in Europe including the UK from a Jersey vehicle, despite commitments from the European Investment Fund against the backdrop of Brexit. Other clients include Aberdeen Asset Management, Local Pension Partnership Investments and Hermes GPE.

At¬†O'Melveny, John Daghlian¬†advised Adelis Equity Partners on forming its second private equity fund, which was structured as a Swedish company, and also assisted Egeria Capital with forming its fifth fund, which raised ‚ā¨800m after one month of document negotiation. Daniel Quinn¬†advised Quinbrook Infrastructure Partners, a new manager, on the formation of its first fund, which seeks to invest in green energy infrastructure projects. Daghlian and¬†Aleksander Bakic, who was promoted to the partnership at the start of 2017, also advise Livingbridge. Turning to the investor side, the firm regularly handles work for GIC. Other clients include Harbour Litigation Funding, which Quinn advised on forming a ¬£350m litigation fund, and CDC Group.

Ashurst¬†advises fund sponsors on various fund formation matters in buyout, debt and infrastructure funds. Nick Goddard¬†advised Equitix on forming a ¬£750m infrastructure fund, and in real estate advised CapMan on forming CapMan Nordic Real Estate II, which raised ‚ā¨425m. Piers Warburton¬†advised Pearl Diver Capital on creating three funds, targeting a total of $500m, to invest in collateralised loan obligations. In the debt fund space, Goddard advised Shard Credit Partners on forming its debut, ‚ā¨250m, debt fund.¬†Other clients include Rothschild Merchant Bank, which Goddard advised on forming a ‚ā¨625m direct lending fund, and Intermediate Capital Group.

Debevoise & Plimpton LLP¬†'s 'excellent' team works on forming a range of funds across asset classes, including debt, credit and funds of funds. Geoffrey Kittredge¬†advised Metric Capital on forming its first fund, which hit its ‚ā¨850m cap at first closing, and also advises- he also acts for Exponent, Park Square Capital and Temporis Capital, as well as some venture capital fund sponsors. Regulatory specialist Patricia Volhard¬†divides her time between London and Frankfurt. John Rife, who made partner in July 2018,¬† is 'smart, responsive, proactive and practical, and doesn't introduce unnecessary conflict into the negotiation process'. Sally Gibson¬†is now an of counsel at the firm, based in Australia.

Dechert LLP 'has a solid practice with capabilities across many areas of private funds'. Debt funds are a particular area of strength; the practice is often called on to handles complex European regulatory issues and matters at the crossover of hedge and private funds. The 'brilliantly commercial' Gus Black  is 'a total star of the credit fund formation space'. Other key figures include Christopher Gardner, who is 'an established and high-performing private equity and private credit partner'; Stuart Martin, who is 'a key name in the funds community, with a growing credit funds practice'; and Abigail Bell. Clients include Cheyne Capital, Columna Capital and Gemcorp Capital.

Simmons & Simmons has 'excellent depth of knowledge across all areas of the discipline, and always presents its advice in a realistic commercial context'. David Williams  is 'a credit to the profession - responsive, accurate and with a breadth of experience and commercial acumen', with  Matthew Pitman and Dale Gabbert also key contacts. In Africa, the team advised Investec on forming Investec Africa Private Equity Fund 3; Cindy Valentine  is a key contact for emerging markets work. Other asset classes include shipping funds. Institutional investor clients include the European Bank for Reconstruction and Development, as well as the British Business Bank and the BT pension scheme.

Akin Gump Strauss Hauer & Feld 's practice handles a range of matters, with a particular strength in India-related funds. John Holton, who is qualified in Massachusetts, and Thiha Tun  are two key partners, with Divya Thakur, who divides her time between London and Singapore a senior counsel of note. Other mandates concern insurance linked securities funds and technology funds.

Key figures at¬†Hogan Lovells International LLP¬†include¬†Nicholas Holman, whose¬†expertise covers infrastructure fund work, among other matters; newly promoted partner¬†Jeremy Pickles,¬†who handles investor-side work for development finance institutions; and¬†Erik Jamieson, who¬†advised Amber Infrastructure on forming a fund, structured as a private fund limited partnership, investing in both debt and equity in digital infrastructure. Other clients include Ventiga Capital Partners, which Holman advised on creating a new private equity fund. On the investor side, the team advised the Irish Strategic Investment Fund on a ‚ā¨105m investment into a fund investing into Irish SMEs, and continues to advise the Kodak UK Pension Plan.

Latham & Watkins'¬†Nick Benson¬†handles sponsor-side work such as fund formations, co-investment schemes and restructuring, as well as some work for investors. Highlights on the fund formation front included advising Capvis on its fifth buyout fund, which raised ‚ā¨1.25bn and Tata Capital with forming its second, $400m, India-focused capital growth fund. Restructuring work included advising Quadriga on the auction of the contents of its third fund to a new investor, but with the assets continuing to be managed by Quadriga. Assicurazioni Generali is a key client for LP work, as is Novo Holdings. The firm also acts for Citic Capital and AlbaCore Capital as well as a number of sovereign wealth funds.¬†Tom Alabaster¬†joined¬†Linklaters LLP.

Investment funds boutique¬†MJ Hudson¬† 'has the client's best interest at the centre of its advice and actions'. The firm is particularly active in work for smaller and start-up managers of private equity and venture capital funds. Shervin Shameli¬†¬†and Eamon Devlin¬†continue to advise Maven Capital Partners on forming a UK-focused buyout fund, which has a target of ¬£125m; the pair also advised Volpi Capital Investments on forming a fund with a ‚ā¨185m target. Karma Samdup¬†is 'great to work with, understanding of clients' needs and extremely effective for their businesses'; he¬†advised Kindred Capital on forming two technology-focused funds. Ted Craig¬†contributes secondaries expertise and advised Multiplicity Partners on forming a secondaries fund. Name partner Matthew Hudson¬†is also active in fund formation work. The firm also acts for NextEnergy Capital.

Much of Paul Hastings LLP¬†'s work¬†concerns debt funds and risk retention; Christian Parker¬†advised CVC Credit Partners on structuring a risk-retention entity that allows third parties to provide regulatory capital for its CLO business; Parker also advised CVC Credit Partners on creating a Luxembourg-based RAIF.¬† In more traditional debt funds, Diala Minott¬†is 'very good and gives very sound advice' - she advised Intermediate Capital Group on creating its third direct lending fund, which raised a total of ‚ā¨5.2bn. Other clients include Pemberton Capital Advisors, which Minott advised on forming two new funds.

Ropes & Gray LLP¬†is 'highly expert, and can offer rapid and personalised responses when needed - the team is cohesive and this brings out the best advice possible from its range of experts'. Matthew Judd¬†is 'consistently excellent, responsive and thoughtful' - he handles complex secondaries transactions and fund formation mandates concerning buyout funds. Judd's highlights included advising CVC Credit Partners on forming CVC Credit Partners Mid-Market Solutions Fund, which raised ‚ā¨500m. Associate Joshua Cronin¬†is 'intelligent and a pleasure to work with'. Other clients include Chorus Capital Management. Credit fund specialist¬†Anand Damodaran¬†left the firm to join¬†Kirkland & Ellis International LLP.

'Excellent across the board', Schulte Roth & Zabel International LLP handles a range of work, often involving fund structures at the intersection of hedge and private equity. Jim McNally advised LCN Capital Partners on forming LCN North America Fund II and LCN European Fund II, which both closed in March 2017 with commitments totaling $500m. Josh Dambacher  also handles complex mandates. Other clients include Sprints Capital Management, which McNally advised on subsequent closings of Sprints Capital International II, and TriSpan.

Allen & Overy LLP 's  Matt Huggett  is noted for his expertise in infrastructure and shipping fund mandates, while John Goodhall and Pavel Shevtsov  handle work for significant institutional investors from the Middle East and CIS regions.

Baker McKenzie, which is noted for his infrastructure fund expertise,¬† 'consistently delivers what is requested, with a team that demonstrates a high level of technical knowledge and offers suitable advice when required'. James Burdett¬†plays¬†'a pivotal role during negotiations on fund terms and side letter clauses, ensuring clients are successful in achieving favourable¬†terms'; his clients include fund sponsors and institutional investors. Restructuring mandates included advising the investor advisory board of Arcus European Infrastructure Fund on extending the fund's term by a decade. Investor clients include Allianz Capital Partners, which the team advised on deploying ‚ā¨60m into Chequers Capital XVII, and GIC, which it advised on a commitment to Blue Water Energy Fund II.

Herbert Smith Freehills LLP has particular strength in emerging markets work; Stephen Newby  ('always willing to assist with any problem, whether big or small') advised Solon Capital Partners on forming a sub-Saharan Africa investment platform, Solon Capital Holdings, which secured investments from CDC Group.  Nigel Farr  is also a name of note. Other work includes advice to sovereign wealth funds.

Jones Day is 'successfully developing a private funds practice, focusing on the lower mid-market'. John MacGarty is 'well-respected by his clients who appreciate his hands-on, confident style' - he advised True Capital on raising £120m for True Capital II and its co-investment vehicle. The firm also handles issues concerning the management of private equity houses, fund restructurings and secondaries transactions. Other clients include mainland European managers, among others.

Mayer Brown International LLP's Tim Nosworthy  handles fund formation work, including matters with significant mainland European elements and debt funds. He also advises British pension investors. Clients include L Catterton.

Mishcon de Reya LLP has 'brilliant knowledge - it responds quickly and gets the job done well'. Daniel Greenaway is 'honest, reliable and knowledgable' - he advised NCL Technology Ventures on forming an onshore life sciences fund with a novel carried interest structure. In a separate deal, he also advised Crest Partners on its spin-out from another manager, which necessitated the creation of Portuguese law-compatible fund documents. In addition to further work concerning venture funds, investor-side mandates in 2017 include advice to Woodford Investment Management on a £150m investment into the Accelerated Digital Ventures Fund and a £15m investment in the Dementia Discovery Fund.

Morrison & Foerster LLP¬†'s fund formation practice handles a range of venture capital fund formation work as well as work concerning buyout funds. Rob Mailer¬†advised Seedcamp Investment Management on raising its fourth fund, and selling the remaining investment portfolios of its first two funds to Draper Esprit. Work for new managers include advising Oxx on its spin-out from venture capital house Amadeus Capital and the formation of its first fund, which is targeting $100m to make growth capital investments in software companies. Mailer also advised STAR Capital Partnership on forming Star Strategic Assets III, which met its hard cap of ‚ā¨800m.¬† Oliver Rochman¬†is also a key contact. Other work concerns LP commitments and secondary transactions.

At Norton Rose Fulbright Michael Newell acts for investors on a range of matters, including emerging market funds and venture capital matters. LP clients include ARM, Triple Jump, Proparco and  the African Development Bank.

Osborne Clarke, which handles work for institutional investors and smaller fund sponsors from offices in London and Bristol, provides 'good and thorough advice and reliable service'. Helen Parsonage in Bristol advised Notion Capital Managers on forming its third venture fund, which raised £107m, and advised start-up manager Brent Capital (created by lastminute.com founder Brent Hoberman) on forming its first fund, Firstminute Capital, which secured commitments of £64m.  The 'very commercial and practical' Tim Simmonds in London advises Hollyport Capital on various secondaries transactions, and advised Deutsche Alternative Asset Management on creating a African energy infrastructure debt fund. Investor clients include the Brunel Pension Partnership, which Parsonage advised on forming an investment manager of a "virtual pool" of ten local authority pension schemes, and BAE Systems' pension plans.

At Reed Smith LLP, Panos Katsambas¬†and Winston Penhall¬†advised a sponsor client on the formation of a credit opportunities fund, which raised ‚ā¨275m of commitments. Katsambas also handles shipping-related fund work. Leith Moghli, who joined in 2017 from Kirkland & Ellis International LLP, handles private equity fund formation. Other asset classes handled in 2017 include litigation finance and collateralised loan obligations.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP has a track record of advising various fund sponsors, both new and established. Stephen Sims heads the team.

At¬†Willkie Farr & Gallagher (UK) LLP¬†, Solomon Wifa¬†advises Blue Water Energy, including advising it on the formation of Blue Water Energy Fund II, which raised $1.1bn, and also in infrastructure advised Impax Asset Management on forming a renewable energy fund with a ‚ā¨600m target. Wifa's workload also includes a significant number of market-leading Africa-related funds; he advised Adenia Partners, which raised a target-beating ‚ā¨230m for investments in sectors including fintech, telecoms and healthcare, CardinalStone, which set a target of $100m for its debut fund, which will target investments in Nigeria.¬†Henrietta De Salis¬†is a key contact for regulatory issues. ACG Capital and BNP Paribas are clients for secondaries work.


Real estate funds

Index of tables

  1. Real estate 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 Real estate 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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Clifford Chance LLP 's investment fund practice handles work concerning large private equity real estate funds, including real estate debt funds. Gerard Saviola, in addition to advising M&G Investment Management, advised ICG-Longbow on forming two real estate debt funds - he advised ICG-Longbow on forming ICG-Longbow Senior Programme Vintage IV, which raised £400m, and ICG-Longbow UK Real Estate Debt Investments V, which raised £1bn. Nigel Hatfield, who also handles billion-pound fundraising exercises, advised AEW Europe on forming a value-add fund.

CMS  'provides excellent legal strategy, substantive knowledge and a high level of expertise, delivered in a practical way.' The practice is the sole legal adviser to UBS Global Multi-Manager on its real estate and infrastructure investments in Europe, the Americas and Asia, a relationship led by Victoria Henry. She also advised Schroders Real Estate Investment Management on a closed-ended fund aiming to purchase brownfield sites in areas of high demand. Darren Stolzenberg handled the creation of Curlew Student Trust II for Curlew Capital, a student accommodation fund with a quarter-century term and greater liquidity rights for investors, and advised Goodman on its sale of an interest in a fund managed by Legal and General to TPG for £450m. Amanda Howard advised Canada Pension Plan Investment Board on creating a £1.5bn build-to-rent investment platform with Lendlease, and advised Ivanhoé Cambridge on its role in the creation of Peel Logistics Property UK Joint Venture. Christopher Luck advised Hearthstone Investments on structuring a new PRS fund, which raised £100m from five local authority pension funds at first closing. The Wellcome Trust is a new client win. Melville Rodrigues is now at Charles Russell Speechlys LLP.

Goodwin¬†is 'a market leader in this area', with 'good knowledge of the way the industry works and a commercial way of thinking'. The firm handles a range of work, primarily in the private equity real estate space, with many mandates involving European elements. Samantha Lake Coghlan's 'abilities in the funds space are second-to-none';¬†she¬†continues to advise NREP on the formation of NREP Nordic Strategies Fund III, which targets ‚ā¨900m for retail, logistics and residential investments in the Nordic countries. David Evans¬†and Gregory Barclay¬†are 'very good and responsive, and make sure clients have covered every angle with professional advice' - they advised GreenOak on three funds, including GreenOak Europe II, a ‚ā¨650m value-add and opportunistic fund. Shawn D‚ÄôAguiar, whose work includes real estate debt funds, is also a name of note, as is Patrick Deasy, who has particular strengths in infrastructure funds and emerging markets. Other clients include Tunstall Real Estate Asset Management, which Evans is advising on forming its debut fund.

Greenberg Traurig, LLP is 'commercial and knowledgeable of best market practice, and very engaged and responsive'. Steven Cowins  is 'a strong negotiator, and good to work with - he consistently makes suggestions that simplify the legal processes'. He acted alongside Marc Snell for CBRE, a new client, on restructuring CBRE Global Investment Partners, a $2bn open-ended fund, and advised Europa Capital on several UK and European-based fund projects, including an ongoing UK real estate debt fund with a £750m target. Snell and Cowins also advised Paloma Capital on forming its debut, £145m value-add fund. Michael Goldberg advised Brockton on raising its third UK-focused value add fund, which raised a total of £830m. Cowins also advised Valor Real Estate Partners on raising a £400m fund, backed by AIG, to invest in logistics assets across Europe. Other clients include M3 Capital, Goodman, Places for People - which the firm advised on the creation of its fund management arm - and Revcap, which the team advised on its £275m Kitty Hawk IV fund.

At¬†Linklaters LLP, counsel¬†Rahul Manvatkar¬†advised Barings Real Estate Advisers on the launch of a pan-European core real estate fund, which raised ‚ā¨850m.¬†¬†Matthew Keogh¬†advises well-known names in real estate on fund formations, while¬†Amanda Sanchez-Barry¬†advised ProLogis on forming a ¬£1bn joint venture investing in British logistics assets. Tom Watkins¬†advised Cromwell Europe on the sale of two of its real estate funds to a new entity which was listed on the Singapore Stock Exchange. Jonathan de Lance-Holmes¬†handles investor-side work for sovereign wealth funds. Edward Smith has left the firm, while Tom Alabaster¬†joined from Latham & Watkins. BlackRock is another client.

Weil, Gotshal & Manges (London) LLP handles a range of fundraising work for major clients, covering both traditional real estate funds as well as infrastructure assets. Brookfield is a cornerstone client, with Ed Gander a key name in that client relationship - the team continues to advise it on the $20bn Brookfield Infrastructure Fund IV and on $2bn real estate debt fund, Brookfield Real Estate Fund V. Gander and newly promoted counsel Peter Olds advised Actis on forming the Actis Long-Life Infrastructure Fund. Nigel Clark advised Union Eiendomskapital on forming its second real estate fund, which raised 2.4bn NOK. Other real estate clients include InfraRed, which James Sargent advised on closing a £500m real estate fund, and Castleforge Partners (formerly known as Mercer Real Estate Partners), which Sargent is advising on Castleforge Fund II, which has a target of $500m.

Allen & Overy LLP's Matt Huggett advised TH Real Estate on forming its China Outlet Mall Fund, while Nick Williams advises Hines on various real estate projects, including the ongoing operations of its Luxembourg-domiciled pan-European fund. John Goodhall also handles work with complex issues of LLP law involved. Other clients include Tishman Speyer and several sovereign wealth funds. Dominic Von Wulffen is a key senior associate.

Bryan Cave Leighton Paisner LLP 's real estates fund practice - drawn from the Berwin Leighton Paisner team prior to the merger - 'is always responsive, and provides a high quality of advice because it understands its clients' businesses'. Clients value Justin Cornelius' 'sound guidance and pragmatic approach' - he advised Clearbell Capital on Clearbell Property Partners III, which raised £350m for a private equity real estate fund. Antony Grossman also handled the fund vehicle elements of Canary Wharf Group and LandSec's sale of 20 Fenchurch Street, commonly known as "The Walkie-Talkie", to the Lee Kum Kee group. Simon Pollock advised Hermes Investment Management on forming an investment pool for the Paradise Circus regeneration scheme in Birmingham. Other clients include United Student Living, which Cornelius advised on forming a fund with GIC to acquire a student housing development in Birmingham, and Morgan Sindall Investments, which he advised on forming a fund with the Universities Superannuation Scheme. Other work includes matters concerning listed real estate vehicles.

At Hogan Lovells International LLP, Sian Owles  advised Land Securities on restructuring the Metro Shopping Centre Fund, including the exit of one investor - she also has experience of residential deals, including student accommodation. Nicholas Holman advised M&G Real Estate on its formation of a value-add closed ended fund. In listed real estate funds, Erik Jamieson advised Canaccord Genuity as sponsor and bookrunner of the IPO of Aberdeen Standard European Logistics Income PLC. Jonathan Baird joined from Freshfields Bruckhaus Deringer LLP and advised Urban Exposure (which lends to residential real estate developers) on its flotation on AIM.

'A very strong and hardworking funds and real estate team with an impressive and expanding client base', Jones Day has 'done well as one of the few growing US firms in London that has properly broken into the private real estate funds space alongside the British-headquartered incumbents.' John MacGarty ('nicely balances strong technical and commercial skills') worked with the firm's US offices on forming Orion Capital V. Anna Cartwright was involved in elements of Henderson Park Real Estate Fund I's formation. Vica Irani advised Sequoia Investment Management Company on UK elements of a Guernsey-domiciled infrastructure debt fund listed in London. Alistair Grant, who is 'calm, likeable and very experienced in complex real estate structuring', advised Henley Healthcare Investments on an assisted-living sector fund. Other clients include Meyer Bergman, which MacGarty advised on forming Meyer Bergman European Real Estate Partners III, and The Townsend Group, which it advises on investments into various funds. Neil Ferguson is also a name of note.

At Macfarlanes LLP, Alex Amos advised Venn on forming its first-ever closed-ended real estate debt fund, which raised £185m over two closes. Simon Thomas is also a name of note for real estate debt funds work. In infrastructure, Stephen Robinson advised Ancala Partners on the creation of its debut mid-market infrastructure investment platform. Listed real estate fund clients include Supermarket Income REIT, which Lora Froud advised on its IPO. The firm also acts for Octopus Investments.

Osborne Clarke's Tim Simmonds¬†¬†advised Deutsche Alternative Asset Management on creating an open-ended Luxembourg-domiciled fund, which raised ‚ā¨588m at its first close. Other highlights included advising Bridges Fund Management on the final closing of its Bridge Property Fund Alternatives IV, which raised ¬£220m. Other highlights include advising CBRE on a club deal to purchase the Park Plaza London Waterloo Hotel with several pension schemes. The firm also acts for Newcore Capital Management and Cording Real Estate Group.

At Ashurst, Nick Goddard¬† advised CapMan Real Estate on forming CapMan Nordic Real Estate Fund II, which raised ‚ā¨425m to invest in value-add properties in the Nordic countries. Nicholas Holmes¬†handles listed REIT work, such as his advice to Credit Suisse and J&E Davy as joint bookrunners of the aborted IPO of Core Industrial REIT on the Enterprise Securities Market in Dublin and AIM in London.

At Baker McKenzie,  James Burdett  and senior associate Eric Lim continue to advise The Townsend Group on various investments made by its clients. Other highlights include fund formations, manager M&A and representation of institutional investors. The Employees' Provident Fund of Malaysia is a cornerstone client.

At Eversheds Sutherland (International) LLP, Julian Brown  advised Royal London Asset Management on launching a property fund, seeded by two existing portfolios covering a range of assets, structured as an authorised contractual scheme with a PAIF feeder fund. Ronald Paterson assisted Gresham House Asset Management with the formation of a £150m fund investing in housing and infrastructure, with a local authority pension scheme acting as key investor.

Alongside work concerning listed real estate vehicles, Gowling WLG advises a number of institutional investors such as the Universities Superannuation Scheme, which Sharon Ayres (who divides her time between London and Birmingham) assisted with forming a joint venture with Morgan Sindall to invest in supported housing. Names of note for listed real estate vehicles include Oliver Riley, who advised GCP Student Living on a placing programme, plus Nick Heather and John Reed , who advised Aberdeen Standard Investments on the launch of a £350m listed fund investing in logistics.

Herbert Smith Freehills LLP handles a range of matters in real estate investment, some of which with residential elements. Stephen Newby handles work concerning funds with European assets, as well as fund restructurings. Tim West  has expertise in authorised contractual schemes. Nigel Farr is also a name of note. Clients include Lendlease and Neuberger Berman.

Paul Hastings LLP's Duncan Woollard advised Octopus Healthcare on the tax and structuring elements of the conversion of MedicX I Healthfund from a closed-ended English partnership into an open-ended Guernsey unit trust. Other highlights in 2017 include Mayfair Capital's creation of a UK value-add fund.

Travers Smith LLP is 'extremely professional and commercially astute, across all elements of clients' businesses'. Sam Kay handles work on private real estate funds, including work for sponsors. He also advised Tesco Pension Investment on a real estate joint venture with IO Asset Management. As far as listed real estate funds are concerned, Aaron Stocks, who 'has a complete understanding of clients' responsibilities and objectives, which breeds confidence in the wider team' advised Impact Healthcare REIT on its £160m IPO on the specialist fund segment. Jeremy Elmore is another name of note.


Retail funds

Index of tables

  1. Retail funds
  2. Hall of Fame
  3. Leading individuals
  4. Next generation lawyers

Leading individuals

  1. 1

Next generation lawyers

  1. 1

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 for retail fund managers and leading custodian banks. Michaela Walker, who also advises depository banks, assisted the NFU on changes to its open-ended funds, converting its non-UCITS retail funds into a UCITS range. She also has expertise in Charity Authorised Investment Funds. Pamela Thompson - now the firm's global chair - handles heavyweight regulatory and fund restructuring matters. Julian Brown, who is also admitted to practice in Luxembourg, is also a key contact. Phil Spyropoulos  is a senior associate of note. The team also advises Artemis Global Investment, Aviva Investors, Franklin Templeton and Jupiter Unit Managers Trust on various matters concerning UCITS regulation.

Macfarlanes LLP's team has 'deep and wide knowledge of investment funds of all types'. Tim Cornick  and regulatory specialist Michelle Kirschner continue to advise Vanguard Asset Management on its plans to sell its investment products online directly to British retail investors. Lora Froud, who has 'extensive knowledge and experience in retail funds and provides essential support to clients' businesses', is advising Standard Life Aberdeen on creating a NURS fund of alternative funds, and advised GAM on projects including a number of new feeder fund launches, and the termination of sub-funds. Cornick and Froud also advise Old Mutual on various matters, including the separation of Old Mutual Global Investors from Old Mutual Wealth. The firm also acts for Thesis Unit Trust Managers, which Froud advised on matters including changes of fund service providers, Comgest Asset Management, which Cornick advised on matters including passporting funds into the UK post-Brexit, and Neptune Investment Management.

CMS' retail funds practice advises leading names in the sector from offices in the Central Belt of Scotland and London. Karagh Gilliatt, who divides her time between London and Edinburgh, advised Lloyds Banking Group, T Bailey Fund Services and Standard Life Investments on various elements of MIFID compliance. Gilliatt also advised Lloyds Banking Group on terminating several capital protected funds, and the Clerical Medical OEIC. Other clients include Baillie Gifford, which Gilliatt advised on creating the Baillie Gifford Long Term Global Growth Investment Fund, which involved a merger with the existing Baillie Gifford Long Term Global Growth Fund, and Standard Life Investments, which she advised on creating an umbrella unit trust. Aidan Campbell, who is primarily based in Glasgow, also handles strategic-level work.

Fieldfisher deploys 'strong knowledge and expertise' across a range of heavyweight regulatory and fund structuring matters. Kirstene Baillie  'has deep experience and expertise in this area, and understands the policy and behind-the-scenes changes that resulted in the relevant legislation'.  She acted alongside tax specialist Nick Noble for Smith & Williamson on the wind-up of a unit trust, as part of a scheme of arrangement to merge with an unregulated fund. The firm also handles management spinouts. Other clients include Goldman Sachs Asset Management, which the team advised on regulatory issues concerning super-clean share classes; and Citibank, which it assisted with a project to distribute third-party money market funds in the UK.

K&L Gates LLP  'is one of the few firms in its space with a global profile'. Andrew Massey and Philip Morgan  advised Federated Investors on its compliance with MIFID 2. Michelle Moran, who joined the firm from Ropes & Gray LLP, is 'hugely knowledgeable and excellent at guiding clients through the pitfalls of UK funds law'. Natalie Boyd has a track record of work concerning the Middle East. Sean Donovan-Smith is now at Locke Lord LLP.

At Simmons & Simmons, Neil Simmonds  advised M&G investments on creating over 35 new sub-funds for its Luxembourg UCITS fleet to ensure that it can manage money for non-EU clients post-Brexit. Mahrie Webb  advised Legg Mason on updates across its ICVC fleet in the UK. Other clients include MAN Group, which Webb advised on launching two new sub-funds, and AQR Capital Management, which Simmonds advised on a roll-out of its Luxembourg UCITS platform into twelve EU jurisdictions. Catherine Weeks, a new partner promotion, acts for a number of heavyweight American names in the sector.

Burges Salmon LLP 'delivers on what it is supposed to do, is accommodating of business requirements and responsive to queries'. Tom Dunn, who is based in Bristol, is 'knowledgeable, practical, pragmatic and proactive' - he advised St. James's Place on various changes to its unit trusts, including the launch of six UCITS funds-of-funds authorised for sale in both London and Hong Kong, and advised Marlborough Fund Managers on its implementation of MIFID II. Other clients include Investment Fund Services.

Dechert LLP is 'very good and knowledgeable, and well-connected in the fund distribution industry too'. The team acts for a number of asset managers, including lengthy relationships with many of the leading names in the sector. Karen Anderberg, who is qualified in the US and advises on matters concerning SEC and CFTC regulation, handles work for leading UCITS managers, while Abigail Bell advises TT International. Regulatory specialist Monica Gogna joined from Ropes & Gray LLP.

Farrer & Co handles a range of work concerning retail funds, much of which involving the charitable sector. Grania Baird advised CCLA Investment Management on various matters, including issues regarding the calculation of its money market fund, and continues to advise the Charities Property Fund. Andy Peterkin also advises on regulatory matters, some of which concerning PRIIPS.


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