Hedge funds in London

Schulte Roth & Zabel International LLP

Schulte Roth & Zabel International LLP works prolifically across the hedge funds space, advising a considerable share of institutional and first-time fund managers on a variety of new fund launches, raises and management issues, as well as fund restructurings, wind-downs and domicile changes. The team is active in the growing Irish and European funds space, with Irish and Luxembourg-qualified lawyers able to provide bespoke advice. The team is jointly led by Josh Dambacher, who focuses on corporate, securities and regulatory work for fund managers, private investment funds and financial services institutions; and Christopher Hilditch, who has considerable experience in fund structuring and management work including fundraising and financing issues. Also of note are Cathy Weist, who works with US and European funds; special counsel Lee Smith, who takes the lead on a number of complex regulatory matters; investment-focused senior associate Laura Eatwell, and associate Amy MacDonagh, who is recommended for her work with Irish-domiciled funds.

Practice head(s):

Josh Dambacher; Christopher Hilditch

Testimonials

‘Schulte gives practical, pragmatic, easy to understand advice. Their bulletins, webinars and events are top in class. Their compliance checklist for private fund managers is fantastic.’

‘A leader in the space, well informed and highly commercial and practical.’

‘Josh Dambacher is excellent at finding solutions to various challenges that we have faced.’

Key clients

Aslan House Capital LLP/Aslan House Fund Limited

Berry Street Capital Management LLP

CIAM

Fulcrum Asset Management LLP

Longdean Capital LLP

Marcho Partners LLP

Qube Research & Technologies Limited

Ronit Capital LLP

Samson Rock Capital LLP

Tortoise Advisors UK Limited (formerly Ecofin Advisors Limited)

Work highlights

  • Advised on the setup and structuring of a new asset management business for Aslan House Capital.
  • Advised on the launch of a new quantitative master-feeder fund for Fulcrum Asset Management. The fund was structured to accommodate primarily the requirements of pension fund investors.
  • Advised on the establishment and launch of the first fund, a Cayman master-feeder fund, for new manager Longdean Capital.

Simmons & Simmons

Simmons & Simmons advises a number of major funds and managers across the UK, Europe, US, and Asia, with expertise in a variety of fund structures and domiciles. The team assists longstanding funds and start-ups and has recently handled a number of market-leading launches and restructurings. Particular areas of note include advising on technology-focused investment funds and ESG/impact funds. Iain Cullen is highly active for clients including Brevan Howard and Capula, while Richard Perry is also a major player in the UK and European markets. Devarshi Saksena advises across the life cycle of funds and has been notably active in Irish-domiciled funds work, while Lucian Firth leads on ESG matters.

Practice head(s):

Richard Perry

Other key lawyers:

Iain Cullen; Devarshi Saksena; Lucian Firth; Katherine Tracey

Testimonials

‘Long-standing commitment to the Hedge Fund sector, a smart, hard working team, with a deep understanding of our business structure, processes and philosophy. For most projects, they are an integral stakeholder in the process of achieving an excellent outcome.’

‘Devarshi Saksena is excellent. He has an in-depth knowledge of hedge fund structures, is very pleasant to deal with, and is able to explain complex issues clearly to a layman. We appreciated his flexibility and willingness to listen. He is pragmatic and super commercial and understands how to weave the practical realities of everyday hedge fund management into the legal structure in order to produce workable constitutive documents and broader solutions.’

‘Iain Cullen – the doyen of Hedge Fund lawyers. Advised our business from day 1 and still available and committed to meeting our needs. Devarshi Saksena – astute and measured in his advice, always available and very easy to work with.’

‘The hedge funds practice at Simmons & Simmons is world class. They have a wide ranging selection of partners who are expert in their respective fields and who are adept at collaborating to solve complex, cross practice issues. The partners are supported by teams of highly motivated and hard working legal professionals. It is both their depth of expertise and breadth of skills that make Simmons & Simmons standout compared to other law firms in the hedge fund sector.’

‘Lucian Firth, one of the partners in the hedge fund practice, quickly understood what was required and distilled a highly complicated fee model into easily readable text for a client agreement. He has the rare ability of being both technically expert and also highly commercial in his advice.’

‘Lucian Firth (Partner) and Kate Tracey (Associate) are a really strong team. They and the wider Simmons’ team provide first rate support to our business. They have a team of experts for all aspects of funds, regulatory, corporate and more and deliver pragmatic and commercial advice. They understand the nuances and complexities of our business.’

‘Incredible strength and specialist expertise. If these guys haven’t seen it, it hasn’t happened! Remarkable ability to provide candid advice from a position of comprehensive knowledge. Pragmatic and commercial as well as being very much in tune with our sensitivity to risk.’

‘Richard Perry is the go to person in this field. Unlike others, he is willing to listen to alternative perspectives and views and to try to work with them, rather than imposing his, or his firm’s views. He and Simmons & Simmons are not trying to change the industry across the board by imposing their firm-wide views, but are pragmatic and commercial, realistic and collaborative. He knows when to push and when to settle.’

Key clients

Brevan Howard Asset Management

Man Group

Schroders

GSA Capital Partners

Janus Henderson

Aspect Capital

Theleme Partners

Capula Investment Management

Odey Asset Management

Lansdowne Partners

Egerton

Adelphi Capital

Wellington

Crake Asset Management

Fosse Capital Partners

John Street Capital

Kite Lake Capital

Arisaig Partners (Asia)

Vor Capital

Prime Factor Capital

Svelland Capital

Hengistbury Investment Partners

Work highlights

  • Advised Man Group on the launch of its flagship new Man 1783 fund, which reportedly raised $500m at launch in February 2020.
  • Lead counsel on the launch of Crake Asset Management’s $1.6bn fund.
  • Lead counsel on the change of AIFM for Janus Henderson’s range of hedge funds, advising on regulatory matters, and co-ordinating input from local counsel in multiple jurisdictions.

Akin Gump LLP

Akin Gump LLP advises a variety of fund clients including major fund managers, institutional asset managers and start-up funds, providing an integrated service across the UK, Europe, and the US thanks to the firm's international platform. The team works across all fund formation and operation matters including launches and fundraisings, liquidity management work, fund structurings and secondary transactions. The team in London is led by Ian Meade, who has substantial relationships with many key fund managers across the UK and US; and Tim Pearce, who advises on fund structurings, regulatory instruments, third party issues and alternative investments. Counsel Hamish Annandale is also a key name to note.

Practice head(s):

Tim Pearce; Ian Meade

Other key lawyers:

Hamish Annandale

Testimonials

‘Excellent corporate law and funds structuring knowledge couple with a commercial lens.’

‘Excellent responsiveness. Solid technical knowledge. Commercial approach to problem solving. Tim Pearce is excellent.’

‘Tim Pearce is excellent – commercial minded, approachable partner.’

‘Tim Pearce, Partner and Hamish Annandale, Counsel are readily available to advise on investment queries as they have arisen. Their depth of market knowledge and of our business means they add great value, enabling us to achieve tasks in the most appropriate way, structure and cost for the firm and underlying clients.’

Dechert LLP

Dechert LLP is involved in major fund launches, structuring mandates and management matters across all key domiciles, with a presence in the UK, US, and Europe. The team provides a full-service offering encompassing finance, employment and governance work, and in-house regulatory compliance advice; Ireland and Luxembourg-qualified lawyers sit within the London team. Clients include institutional and boutique fund managers and start-ups, and the practice is particularly active in seed deals. Gus Black leads the team, and is involved in a variety of complex cross-border funds issues. Abigail Bell is noted for her broad practice and involvement in market-leading fund launches. Mikhaelle Schiappacasse remains heavily involved in sizeable and complex matters, while Craig Borthwick made partner in early 2020.

Practice head(s):

Gus Black

Testimonials

‘For me as a client, Dechert’s practice is outstanding across the board, from the exceptional individuals and knowledge and experience available in house, to the global presence the firm has, which I’ve seen quickly put to use for clients like me. In addition to the in house expertise, Dechert has also impressed me through their high quality ecosystem of service providers that they can refer clients to, globally. The combination of in house work and this ecosystem of equally high quality partners, makes Dechert an obvious go to firm for me.’

‘Truly global practice which can deal with multi-jurisdictional issues in a coordinated way. Expertise across all areas of asset management, private investing, and hedge funds. Commercial and flexible approach. Among the top law firms in this space.’

‘I work a lot with Abigail Bell from Dechert LLP in London. She is very knowledgeable on hedge fund law and derivatives and can pinpoint the relevant issue quickly and does not waste time and resources on unnecessary areas. While she is very busy, when urgency is required she will ensure the job is prioritised.’

‘Mikhaelle Schiappacasse: dedicated, diligent and a valued member of our inner circle. Mikhaelle goes above and beyond.’

‘Abigail Bell is one of the most competent attorneys I have ever worked with. Not only is she well versed in the subject matter – which I would expect her to be – but also she is outstanding in her responsiveness and to the point guidance.’

‘Craig Borthwick – Strong expert knowledge of the field, approachable and responsive, able to bring onboard the knowledge expert as needed, good advice and delivery overall.’

Key clients

Cheyne Capital Management (UK) LLP

Kairos Group Limited

Numen Capital LLP

PSG Capital

Sloane Robinson LLP

Soloda Investment Advisors LLP

S.W. Mitchell Capital LLP

TT International

Eversheds Sutherland (International) LLP

Eversheds Sutherland (International) LLP provides a full-service offering to funds established and managed across all key jurisdictions, including the Cayman Islands, US, Singapore and Luxembourg. The team, led by Ben Watford, supports existing funds and new managers with fund launches, management issues, trading documentation and regulatory concerns, acting for high-profile clients including Kimura across the full spectrum of matters. Financial services-related advice is a particular strength alongside the firm's broad jurisdictional expertise. Watford has global fund managers and investors as clients, and is supported by financial services expert Pamela Thompson and alternative investments and closed-ended funds specialist Ronald Paterson.

Practice head(s):

Ben Watford

Other key lawyers:

Pamela Thompson; Ronald Paterson

Testimonials

‘Ben Watford and team are always honest and straight to the point and have technical legal excellence and commerciality, plus global practice and full service with a can do attitude.’

‘Key qualities that Ben Watford and his team possess are that they are personable and make it a pleasure to work with. Ben’s team are always cheerful and happy to help and always have the experience and knowledge to steer me and my clients in the most efficient way possible and in a productive manner and explain everything so it is easily understood. They are also very knowledgeable about whats happening in the current market and give great feedback on compliance, tax, and on potential service providers for my clients.’

Key clients

GAM Kimura Commodity Trade Finance Offshore Funds

GAM Kimura Structured Trade Finance Fund

Kimura Alternative Lending Income Fund

Kimura Systematic Consumer Loans Fund

Westbeck Energy Opportunity Fund

Westbeck Electric Metals Fund

Westbeck Resource income Fund

AEW UK Investment Management

Owl Rock Capital Partners

Federal Farm Credit Banks Funding Corporation

West 4 Capital

Greenlake

Qbera Capital

Gresham House Energy Storage Fund

Green Lake Real Estate Fund III FCP- RAIF

Work highlights

  • Advised on the formation of GAM Kimura Commodity Trade Finance Offshore Funds.
  • Assisted with launch of AEW UK Urban Real Estate Fund and AEW UK Urban Real Estate Feeder Fund.
  • Co-ordinated advice on marketing and required selling restrictions on the Private Placement Memorandum for the US Business Development Companies Owl Rock Technology Finance Corp and for Owl Rock Technology Finance Corp and their respective sub-funds, in 22 jurisdictions.

Fieldfisher

Fieldfisher provides a focused funds service to clients ranging from start-ups and smaller managers to established institutional managers, advising on fund formations and launches, derivatives and trading documentation. The team also provides advisory and contentious regulatory assistance, and can call on the firm's wider departments for full-service advice on tax, corporate and restructuring matters. Three dedicated hedge funds partners lead the practice: Claire Cummings, who is highly experienced in working with funds, managers and brokers on funds law and regulatory compliance issues; James Tinworth, who previously led the hedge funds team at Stephenson Harwood; and Ron Feldman, who is a specialist in derivatives and structured finance work acting for a combination of fund and institutional investor clients.

Practice head(s):

Claire Cummings; James Tinworth; Ron Feldman

Key clients

Ravel Capital Management / Ravel Associates

Barker Partnership Fund / Camelot Partners

JCAM

Work highlights

  • Advised on the reorganisation of the Ravel Group and the replacement of Ravel Capital Management (Geneva) with Ravel Associates Limited (a newly established AIFM in the UK) as investment manager of the Ravel Funds.
  • Providing ongoing funds and regulatory advice to Barker Partnership / Camelot Partners.
  • Providing ongoing advice on JCAM Investments’ full product range, which includes a hedge fund, a real estate fund and several vehicles that invest in less liquid assets.

Arnold & Porter

Arnold & Porter advises a variety of funds in the UK and US, with an integrated team across the two jurisdictions. The client roster includes a range of alternative investment funds, with a recent focus on funds contemplating entry into the cannabis industry. The practice advises clients on management and regulatory issues (particularly around Brexit), tax considerations and compliance with AIMFD, EMIR and other regulatory regimes. Additionally, the team collaborates closely with the firm's white-collar investigations and litigation practices on contentious governance issues. The practice is led by Simon Firth, who advises a variety of investment sponsors and managers.

Practice head(s):

Simon Firth

Key clients

IPM Informed Portfolio Management

MacKay Shields LLC/MacKay Shields UK LLP

MENA Capital LLP

PrimeXtend Limited

RoboCap LLP/RoboCap Partners Funds

Haven Cove SICAV plc

IUR Capital Limited/IUR Securities LLC

MFW – Multi Family Wealth Limited

New Model Venture Capital Limited

York Capital Management LLC

Work highlights

  • Acting as US and UK counsel to IPM Informed Portfolio Management AB (IPM) and its Cayman/Delaware funds on a range of matters.
  • Advised MENA Capital LLP on the transfer of the management and investment management contracts with MENA Admiral Fund and its Cayman and Delaware feeder funds to SAM Capital Partners Limited and its Cayman Islands affiliate, SAM Capital Partners (Cayman) Limited.
  • Advising MacKay Shields in relation to the restructuring of its European businesses.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP advises institutional asset managers on fund formations and launches, investment strategies and  secondary transactions, supported by the firm's finance and M&A practices. The team prioritises high-value and complex mandates, working with notable clients in the UK and US including Tudor and CCPIB. Mark Mifsud supports funds and managers on corporate finance and transactional matters. Former practice head David Selden joined PwC LLP in 2020.

Practice head(s):

Mark Mifsud

Key clients

CPPIB

APG Asset Management

PAAMCO Prisma

Tudor Investment Corporation

New Holland Capital

Cargill

BlackRock

Goldman Sachs

Work highlights

  • Advising CCPIB on alternative investment strategies.
  • Advising APG Asset Management in connection with its investments in hedge funds, private equity funds, and co-investments.
  • Advising PAAMCO Prisma on the structuring and offering of various hedge fund-related matters, including on its funds of hedge funds and co-investments.

Macfarlanes LLP

Macfarlanes LLP acts for a number of major fund managers and institutional investors across Europe, advising on fund structurings and investment strategies. The team also notably works with start-up managers, with particular expertise in the formation and structuring of alternative credit funds, aided by in-house tax and regulatory capabilities. Practice head Sam Brooks advises open and closed-ended hedge funds, which are active across a range of asset types and liquidities.

Practice head(s):

Sam Brooks

Testimonials

‘Solid knowledge of UK law, efficient process and high quality of work products. Very good value for money.’

‘Sam Brooks’ team is knowledgeable about UK law, commercial-minded and able to accommodate the client’s business needs to propose viable solutions. Efficient and quick turnaround, work product is of high quality.’

‘Sam and team have been extremely responsive to all of our queries, and have taken an approach that is extremely sensible (including commercially) when working with us, as opposed to simply following the steps out of a playbook. Particularly for a new business like ours, it is essential that our legal advisers are sensitive to the limitations and constraints we face at this point in time, while maximising the flexibility and functionality that we also need – which the team has been excellent at doing.’

Shearman & Sterling LLP

Shearman & Sterling LLP specialises in advising high-value fund managers including Attestor Capital and Prosperity Capital on a variety of issues, including launches, restructurings, fundraisings and regulatory compliance work, particularly relating to Brexit and EU legislation. John Adams is highly active with an extensive fund-side client list, and works on the full spectrum of issues including fund governance, international investments and transactions, and the implementation of directives including AIFMD. He also works for investors, including a number of major sovereign wealth funds. Senior associate Nancy Hau advises on fund formation, structuring and secondary cross-border transactions.

Practice head(s):

John Adams

Other key lawyers:

Nancy Hau

Key clients

Attestor Capital LLP

Abu Dhabi Global Market

TT International Family Group

Prosperity Capital Management Limited

Autoriti Monetari Brunei Darussalam

TRG Management L.P.

Maverick Capital Ltd

Steadfast Financial LP

Albacore Partners

Skybridge Capital II

OrbiMed Capital

Dynamo Capital

Work highlights

  • Advising Attestor Capital in relation to its flagship special situations/distressed assets fund on multiple matters including its fund vehicles, internal structuring, advisory arrangements, derivatives and prime brokerage arrangements, and multiple other matters.
  • Providing ongoing advice to Prosperity in relation to its suite of Russia/Former Soviet Union-focused hedge funds. The work included updates to fund documentation and discreet ad hoc advice on multiple issues including regulatory and cross-border advice.
  • Advised Steadfast Capital on various EU and UK matters affecting several of its hedge fund products, the drafting of complex managed account arrangements including derivative documentation, and the establishment of a new UK advisory entity.