Gowling WLG has a stand-out closed-ended listed funds team that advises funds, investment banks and their brokers, throughout fund lifecycles, including IPOs and secondary fundraisings, as well as capital restructurings and reorganisations. The group works closely with the firm’s tax and financial services regulatory lawyers, giving it the ability to provide a rounded service. Nick Heather 
, who stepped down from the partnership and became of counsel in 2022, continues to lead the practice group, drawing on a strong track-record in domestic and overseas fund listings on the London markets. John Reed is an expert in fund structurings for on- and offshore fund managers, as well as public M&A transactions involving investment funds; while Oliver Riley and Kristian Rogers are also practitioners of note. Principal associate Kate Seabourne has a growing investment fund IPO and secondary fundraising practice.
Listed funds in London
Gowling WLG
Practice head(s):
Nick Heather
Other key lawyers:
John Reed; Oliver Riley; Kristian Rogers; Kate Seabourne
Testimonials
‘High partner access and engagement, experience, efficiency, commercial and pragmatic advice’
Key clients
Cordiant Digital Infrastructure Limited
HydrogenOne Capital Growth plc
Forward Partners Group plc
Castelnau Group plc
Life Science REIT plc
Foresight Sustainable Forestry Company plc
Triple Point Energy Efficiency Infrastructure Company plc
Round Hill Music Royalty Fund Limited
Downing Renewables & Infrastructure Trust plc
Temple Bar Investment Trust PLC
Octopus Renewables Infrastructure Trust plc
CEIBA Investment Limited
Numis Securities plc
Winterflood Securities Limited
Peel Hunt LLP
Jefferies International Limited
Singer Capital Markets Limited
Panmure Gordon (UK) Limited
Stifel Nicolaus Europe Limited
Urban Logistics REIT plc
Empiric Student Property plc
GCP Student Living plc
GCP Asset Backed Income Fund Limited
AEW UK REIT PLC
Molten Ventures plc (formerly Draper Esprit plc)
BlackRock Frontiers Investment Trust plc
BlackRock North American Investment Trust plc
BlackRock Energy and Resources Income Trust plc
J.P. Morgan Cazenove
Odyssean Investment Trust plc
Tufton Oceanic Assets Limited
Investec Bank plc
Mercia Asset Management plc
RM Secured Direct Lending plc
RBC Europe Limited
Chenavari Toro Income Fund Limited
Gabelli Value Plus+ Trust plc
Shore Capital and Corporate Limited
abrdn European Logistics Income PLC (formerly Aberdeen Standard European Logistics Income PLC)
International Biotechnology Trust plc
ICG-Longbow Senior Secured UK Property Debt Investments Limited
Work highlights
- Advised Cordiant Digital Infrastructure Limited on its initial public offering to the specialist fund segment of the London Stock Exchange’s main market and initial fundraising of £370 million.
- Advised HydrogenOne Capital Growth plc, a clean hydrogen-dedicated investment fund offering growth potential in clean hydrogen and related technologies, on its £107.35 million fundraising (including a strategic cornerstone investment of £25 million by INEOS Energy) and its listing on the premium listing segment of the London Stock Exchange’s main market.
- Acted for GCP Student Living plc on a recommended cash takeover offer from a newly formed vehicle formed by a consortium of Scape Living PLC and iQSA Holdco Limited (funded by their respective primary shareholders, being funds managed by APG Asset Management N.V. and certain funds managed by Blackstone). The takeover offer valued GCP at £969 million on a fully diluted basis.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP‘s ‘long-established leading investment funds practice‘ encompasses high-profile fund IPOs and secondary listings on the London stock exchange, as well as fund mergers and migrations. The team is well-placed to advise on regulatory issues, with an increasing focus on ESG-related work, as well as changes to the UK listing regime. It is known for advising on innovative closed-ended listed fund structures and often handles mandates with a transatlantic flavour. The ‘respected and experienced‘ Nigel Farr‘s clients include fund managers and investment banks, with a focus on fund launches and private fund formation. Tim West‘s practice spans launches, secondary capital raisings and reconstruction, and he is also regularly instructed on regulatory matters; while Nish Dissanayake is an expert in fund formation and regulatory advice for asset managers. Senior associate Shantanu Naravane is building a name for structured credit-, private equity- and healthcare-related closed-ended listed funds.
Practice head(s):
Nigel Farr
Other key lawyers:
Nish Dissanayake; Shantanu Naravane; Krishna Shorewala; Tim West
Testimonials
‘Long-established leading investment funds practice. Nigel Farr is a respected and experienced practitioner. It has resources in depth.’
‘Nigel Farr has been a leading individual in this sector for many years. He has extensive knowledge and is willing to provide clear and sensible advice.’
Key clients
Aberdeen Emerging Markets Investment Company
Aberdeen Frontier Markets Investment Company
Amedeo Air Four Plus
Apax Global Alpha
BioPharma Credit
Blackstone / GSO Loan Financing
Boussard & Gavaudan Holdings
Brunner Investment Trust
Carador Income Fund
CVC Credit Partners European Opportunities
Doric Nimrod Air One
Doric Nimrod Air Two
Doric Nimrod Air Three
DRI Capital Inc
Gabelli Merger Plus+
HarbourVest Global Private Equity
Henderson European Focus Trust
Highbridge Tactical Credit Fund
Hipgnosis Songs Fund
Impax Environmental Markets
India Capital Growth Fund
JPEL Private Equity
JP Morgan American Investment Trust
JPMorgan Asian Investment Trust
JPMorgan Elect
JPMorgan Global Core Real Assets
Marble Point Loan Financing
Menhaden plc
Mercantile Investment Trust
Merchants Trust
NB Distressed Debt Income Fund
NB Global Floating Rate Income Fund
NB Private Equity Partners
Numis Securities Limited
Pershing Square Holdings
Polar Capital Global Financials Trust
Polar Capital Global Healthcare Trust
Polar Capital Technology Trust
Qannas Investments
Real Estate Credit Investments
RTW Venture Fund
Schiehallion Fund
SDCL Energy Efficiency Income Trust
Sherborne Investors (Guernsey) B
Sherborne Investors (Guernsey) C
SME Credit Realisation Fund
Third Point Offshore Investors
TR European Growth Trust
US Solar Fund
Volta Finance
Witan Investment Trust
Worsley Investors
Work highlights
- Advising the joint global co-ordinators and joint bookrunners to Petershill Partners plc on its £4 billion initial public offering and listing on the Main Market of the London Stock Exchange.
- Advising Polar Capital Global Financials Trust on its secondary issuance of shares, which comprised an initial issue of convertible shares (C Shares) with a target raise of £100 million and the option of a placing programme of C Shares and/or Ordinary Shares.
- Advising ThomasLloyd Energy Impact Trust on its US$150 million IPO.
Stephenson Harwood
Stephenson Harwood
is most known for its experience in handling investment company IPOs, advising on fundraisings and secondary issuances. REITs constitute an important part of the client roster for the firm, but it has experience across the listed fund space. Regulatory advice is another important strand of work, and lawyers are increasingly instructed on ESG reporting and disclosure matters. William Saunders is the team leader, with significant experience in fund IPOs, share transactions and placings. Alex Haynes is an expert in fund establishment, fundraisings, and restructurings and reorganisations, advising UK and offshore investment managers; and Carolyn Hall is noted for advising issuers and investment banks on closed-ended investment fund IPOs and secondary issues, as well as reconstructions. Promoted to partner in April 2022, Nick Horton is another name to note.
Practice head(s):
William Saunders
Other key lawyers:
Alex Haynes; Carolyn Hall; Nick Horton; Kate Longman
Testimonials
‘Depth and stability of team: I’ve frequently used the team for a broad range of matters over the last 15 years and never been let down. Even when the going gets tough, the team is always easy to work with. Excellent value for money’
‘William Saunders is extremely knowledgeable and has a pragmatic approach, so get’s things done efficiently but without compromising the quality of his advice. I can rely on him to give me the right advice, even when it isn’t what I want to hear! He’s always accessible and on top of what his team are doing. Kate Longman – partner quality. No-nonsense approach and very effective.’
‘Great team of experts in their field, partner access and engagement – led from the top. Commercially competitive.’
‘Accessible of the partner. Sensible, clear and pragmatic advice.’
‘Good advice, whether I want to hear it or not, by William Saunders.’
Key clients
Aberdeen UK Tracker Trust
Acorn Income Fund Limited
Akur Limited
Allianz Global Investors GmbH
Allianz Technology Trust PLC
Alternative Asset Opportunities PCC Limited
Alternative Credit Investments plc
Alternative Liquidity Fund Limited
Alvarium RE Limited
Alvarium Securities Limited
Aseana Properties Limited
Ashoka India Equity Investment Trust plc
Atlantis Japan Growth Fund Limited
Augmentum Capital LLP
Augmentum Fintech plc
AVI Japan Opportunity Trust plc
BB Healthcare Trust plc
Big Society Capital Limited
BDO LLP
BlackRock Income & Growth Investment Trust plc
BlackRock Smaller Companies Trust plc
BlackRock Throgmorton Trust plc
Camper & Nicholsons Marina Investments Limited
Cantor Fitzgerald Europe
CC Japan Income & Growth Trust plc
Cenkos Securities plc
City of London Investment Trust plc
Corevestis Portfolio Management GmbH
Coupland Cardiff Asset Management
Development Partners International LLP
Dr. Peters Holding GmbH
Dragon Capital Limited
Draper Esprit VCT plc
Eighteen East Capital Limited
European Opportunities Trust plc
European Real Estate Investment Trust Limited
Fair Oaks Income Limited
finnCap Limited
GCP Infrastructure Investments Limited
Geiger Counter Limited
Gore Street Capital Limited
Gore Street Energy Storage Fund plc
Gravis Advisory Limited
Gravis Capital Management Limited
Grit Real Estate Income Group Limited
Gulf Investment Fund plc
Henderson Global Trust plc
Henderson International Income Trust Fund
Henderson Value Trust
Hipgnosis Song Management Limited
Home REIT plc
Impax Asset Management Group plc
Invesco Fund Managers Limited
Investec Bank plc
Jefferies International Limited
J.P. Morgan Cazenove
Jupiter Emerging & Frontier Trust plc
Jupiter UK Growth Investment Trust PLC
Jupiter Green Investment Trust plc
Liberum Capital Limited
Lowland Investment Company plc
LXI REIT plc
Kudu Investment Management, LLC
Manchester & London Investment Trust plc
MIGO Opportunities Trust PLC
Mobius Capital Partners LLP
Mobius Investment Trust plc
Numis Securities
Oakley Capital Investments Limited
Panmure Gordon (UK) Limited
Peel Hunt LLP
PMM Partners
Premier Miton Global Renewables Trust plc
Premier Miton Investors
Qatar Investment Fund plc
Sancus Lending Group Limited
Scape Living plc
Scape Student Living Limited
Schroder British Opportunities Trust plc
Schroder BSC Social Impact Trust plc
Schroder Investment Management Limited
Schroder Real Estate Investment Management Limited
Schroder UK Public Private Trust plc
Secured Income Fund plc
Seraphim Space Investment Trust plc
Seraphim Space (Manager) LLP
Singer Capital Markets Securities
Stifel Nicolaus Europe Limited
Stockdale Securities Limited
Strand Hanson Limited
Strategic Equity Capital plc
Sturgeon Capital Limited
SuperSeed Capital Limited
SuperSeed Ventures LLP
The Bauhaus Investment Trust plc
The Bankers Investment Trust PLC
The Brunner Investment Trust PLC
The Diverse Income Trust plc
The Merchants Trust PLC
Victory Park Capital Advisors
Vietnam Enterprise Investments Limited
Vietnam Holding Limited
Whiteoak Capital Group
Winterflood Securities Limited
Work highlights
- Advised on the IPO of the first London listed space fund. The deal saw the launch of Seraphim Space Investment Trust plc (Seraphim), with a mandate to invest in early and growth stage privately financed space tech businesses. The fundraising was structured as an institutional placing, offer for subscription and intermediaries offer. In conjunction with the IPO, Seraphim acquired a seed portfolio from an existing VC fund, also managed by Seraphim’s investment manager.
- Advised a REIT on its all-share acquisition of Drum Income Plus REIT plc, which was implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
- Advised Home REIT plc, the homeless accommodation fund, in connection with its significantly oversubscribed placing, open offer, offer for subscription and intermediaries offer of new ordinary shares and the establishment of an ongoing placing programme.
Dentons
Based across the firm’s Edinburgh and London offices, the team at Dentons is experienced in a wide variety of listed fund transactions, including in relation to consolidations of investment companies, secondary fundraisings and the spectrum of financial regulatory issues. The group also has expertise in REITs, an area where multiple team members are adept. Jointly taking the lead are London’s Guy Norfolk and Edinburgh’s Claire Armstrong , who has built a reputation for investment trust and REIT design and launch instructions. In London, Cameron Half contributes US securities-related advice, which he brings to bear in relation to cross-border listed fund transactional work; while in Edinburgh, senior associate Owen McLennan is developing an impressive practice involving ESG and impact investing.
Practice head(s):
Guy Norfolk; Claire Armstrong
Other key lawyers:
Cameron Half; Owen McLennan; Gillian Cole
Testimonials
‘Specialist team that understands investment trusts and the issues that impact them.’
‘Long-standing, broad experience of the area within a well-resourced firm.’
‘Guy Norfolk stands out as the lead partner. He is an excellent lawyer with good communication and client handling skills. He thinks things through and I would be comfortable going to Guy for any aspect of legal advice including something complex. He’s a pleasure to deal with.’
‘Dentons’ willingness to understand our business and the ability to call on other teams from within the firm to assist on some of the more niche areas means we have a fully integrated one stop shop for our legal advice.’
‘The team is headed by Guy Norfolk. The stand out factor with Guy is his depth of knowledge and expertise and this is married with a confident, calm approach which is often invaluable when dealing with several parties. His advice is always excellent and definitive and delivered in a manner that is easy to comprehend and tailored for our business. An extremely capable lawyer and one we enjoy working with.’
Key clients
Baillie Gifford & Co
abrdn
Scottish Mortgage Investment Trust
Martin Currie Global Portfolio Trust
The PRS REIT
The Edinburgh Investment Trust
Hansa Investment Company
Invesco Bond Income Plus
Invesco Select Trust
Investec Bank
Work highlights
- Advised a fund manager on legal aspects of flagship MOBILIST programme, catalysing investment in underdeveloped markets.
- Lead advisors to Invesco Bond Income Plus Limited and Invesco Enhanced Income Limited on the merger of these two Jersey investment companies by means of contractual scheme of reconstruction, a first of its kind in Jersey.
- Advised a US-focused smaller companies fund on the change of its manager from Jupiter-managed trust.
Hogan Lovells International LLP
Hogan Lovells International LLP‘s investment funds team has a sub-group specialising in listed funds, with a particular focus on London stock exchange-listed structures investing in infrastructure and renewables. The firm’s practitioners assist both issuers and bank-side clients, and are equipped to advise on financial regulatory issues. In conjunction with colleagues in Washington DC, the London group regularly advises on transatlantic deals. Erik Jamieson , praised for ‘an uncanny ability to break down even the most complicated concepts into their constituent parts‘, takes the lead, and has gained a strong reputation for London-listed infrastructure funds, although he also has an active practice advising on renewables funds and REITs. Jonathan Baird is noted for public and private capital raisings, M&A activity and regulatory advice, especially UK and US securities law issues for non-US issuers. Jeremy Pickles is known for infrastructure-, reinsurance- and real estate-related listed funds work. Also recommended is ‘really excellent‘ counsel Amelia Stawpert.
Practice head(s):
Erik Jamieson
Other key lawyers:
Jonathan Baird; Jeremy Pickles; James Alder; Amelia Stawpert
Testimonials
‘The team we worked with possessed an intimate knowledge of the market and the mark participants. We were new to the market and the team played a key role in helping us understand how the market works and how we would fit into it.’
‘We worked with Erik Jamieson. He’s one of the best law firm partners I have ever had to pleasure to work with. He has a comprehensive knowledge of the market and transaction at his finger tips. He also has an uncanny ability to break down even the most complicated concepts into their constituent parts to help his client understand the issues and how they relate to the client’s position and goals.’
‘Strong listed funds team, particularly re: alternatives.’
‘Erik Jamieson is pragmatic, very knowledgeable.’
‘Amelia Stawpert is a really excellent counsel. Responsive, clear advice and experienced.’
‘Exceptional degree of technical proficiency, but capable of adapting that to real business scenarios and providing implementable advice. Deep thinkers who look forward and try to future proof their legal advice and solutions and avoid unexpected matters arising or consequences.’
‘Erik Jamieson is a thoughtful, supportive advisor who ensures technical rigour and very high standards on all the work delivered. A great listener, a measured speaker and highly client centric, he brings structure, gravitas and a calm atmosphere to important discussions on projects. Highly recommended.’
‘The team was very commercial taking over the file and while making suggestions to improve the prospectus and documents was very conscious of the sensitivity and costs of doing so. The team was proactive in keeping the board of the fund up to date on the transaction.’
Key clients
3i Infrastructure Limited
Alinda Capital Partners (now AIP Investment Partners)
BH Macro Limited
CATCo Reinsurance Opportunities Fund
Clipstone Industrial REIT PLC
Genesis Emerging Markets Limited
HICL Infrastructure Company PLC
International Public Partnerships Limited
Investec Bank Plc
Jefferies International
JLEN Environmental Assets Limited
JP Morgan Cazenove
Liberum Securities Limited
Life Settlement Assets PLC
Numis
Pantheon Infrastructure PLC
Peel Hunt
Property Hub REIT plc
Riverstone Energy
Stifel Nicolaus (Europe) Limited
TwentyFour Income Fund Limited
Urban Exposure
Work highlights
- Advised Pantheon Ventures on the IPO of UK investment company Pantheon Infrastructure PLC (PINT). PINT raised £400 million in its successful and substantially over-subscribed London Main Market initial public offering.
- Advising TwentyFour Income Fund on its combination with UK Mortgages Limited to create a leading credit fund with a market capitalisation of over £700 million.
- Acting for Liberum as sponsor and Numis as joint bookrunner in relation to the launch by Chrysalis Investment Limited of a £600 million open offer, initial placing and placing programme, as well as a number of offers launched under that programme.
Norton Rose Fulbright
Norton Rose Fulbright‘s team advises asset and wealth managers on every aspect of their listed funds, including formation, regulatory issues, as well as M&A of asset management businesses. The group is increasingly active in advising on funds investing in real asset classes such as energy, infrastructure and transport, as well as debt and insurance products. In addition to IPOs, lawyers at the firm has experience in secondary fundraisings, as issuer’s and banks’ counsel. Practice head Richard Sheen is noted for his expertise in the launch and structuring of investment funds and equity capital markets transactions, also areas of expertise for Ian Fox and Mark Lloyd Williams. Senior associate Margaret Simcock is another practitioner of note.
Practice head(s):
Richard Sheen
Other key lawyers:
Ian Fox; Mark Lloyd Williams; Margaret Simcock
Testimonials
‘This is a team that knows the law inside out and can apply it commercially. No other innovation needed.’
‘Ian Fox is very knowledgeable, calm and commercial.’
‘Highly experienced and knowledgeable staff. Always have a tight grip on their areas of expertise.’
‘Ian Fox is a longstanding practitioner who is hugely knowledgeable and very responsive. He has seen most things!’
‘Partner access and engagement, expertise, sounds pragmatic advise based on considerable experience. Very reliable and trusted.’
Key clients
Atrato Onsite Energy
BBGI Global Infrastructure SA
Bluefield Solar Income Fund Limited
Crystal Amber Fund
F&C Investment Trust plc
Investec Bank plc
JP Morgan Cazenove
L1 Property
Macau Property Opportunities Fund
Numis Securities Limited
RBC Capital Markets
Singer Capital Markets Limited
Taylor Maritime Investments Limited
The Renewables Infrastructure Group Limited
Trian Investors 1 Limited
UIL Limited
UIL Finance Limited
Winterflood Securities Limited
Ecofin US Renewables Infrastructure Trust PLC
Jefferies International Limited
Work highlights
- Advised Atrato Onsite Energy plc on its IPO and admission to the premium segment of the Official List and to trading on the London Stock Exchange’s main market for listed securities.
- Advised Taylor Maritime Investments Limited on its IPO and admission to the premium segment of the Official List and to trading on the London Stock Exchange’s main market for listed securities.
- Advised Investec Bank plc (as financial adviser, global co-ordinator and sole bookrunner) on the IPO of Cordiant Digital Infrastructure Limited and on its admission to the Specialist Fund Segment.
Reed Smith LLP
Reed Smith LLP‘s ‘responsive and collaborative‘ investment funds team brings together expertise in capital markets, private funds, tax and financial regulations, with and international reach across Europe, US, the Middle East and Asia that enables it to advise on complex cross-border fundraisings. In Trish O’Donnell, the group has a dual-US and English qualified lawyer based in London, enhancing the transatlantic offering. ‘Experienced and calm‘ practice head and co-chair of the global corporate group Delphine Currie has developed a deep specialism in listings for closed-end funds, and is particularly adept with REITs. James Wilkinson is another lawyer with a strong track-record in listed funds, advising on capital raisings on the AIM. Associate Fiona McFarlane is developing a strong listed funds practice, servicing an impressive roster of overseas clients.
Practice head(s):
Delphine Currie
Other key lawyers:
James Wilkinson; Trish O’Donnell; Fiona McFarlane; Kat McGriskin
Testimonials
‘Very responsive and collaborative with range of advisors and directors of the business. Very solid on details Thoughtful advice when asked. Delphine Currie stands out for all those points made above.’
‘Main contact is Delphine Currie. Experienced and calm – always delivers balanced advice clearly. She is responsive, has good associates around her, manages a stable team which is also valued.’
Travers Smith LLP
The ‘dedicated and dynamic team‘ at Travers Smith LLP has a well-rounded listed funds offering, handling IPOs, secondary issues and restructurings in relation to complex and innovative structures. The group assists with the full lifecycle of London-listed investment funds on the premium segment of the main market, as well as the specialist fund segment. Aaron Stocks leads the group, noted for being active in fund IPOs. The ‘excellent‘ Will Normand is a staple of the closed-ended listed funds group, and advises funds, their managers, sponsoring investment banks and brokers.
Practice head(s):
Aaron Stocks
Other key lawyers:
Will Normand
Testimonials
‘Very commercial, very responsive and very nice to work with.’
‘Will Normand is an absolute legend.’
‘This team is a dedicated and dynamic team. They think outside the box and get things done. I would strongly recommend to everyone.’
‘They are always there for you! In deals when things get tough they always have your back. It’s easy to find a technical lawyer but a reliable one is harder to find.’
‘Very strong at giving rules briefings to investment banks in case study format rather than just going through rules.’
‘Will Normand is excellent; very eloquent.’
Key clients
Alternative Income REIT plc
Assura plc
Chrysalis Investments Limited
Franklin Templeton
finnCap Group
Great Point Entertainment Income Trust plc
Impact Healthcare REIT
Investec Bank
Jefferies
JPEL Private Equity Limited
Literacy Capital plc
Marwyn Investment Management LLP
N+1 Singer
Nippon Active Value Fund plc
Numis Securities Limited
RBC Europe Limited
Shore Capital
Smithson Investment Trust plc
Stifel Nicolaus Europe Limited
Work highlights
- Acting for RBC Capital Markets and Jefferies International Limited in their capacity as Joint Global Co-ordinators and Joint Bookrunners in a placing, open offer, intermediaries offer and offer for subscription of Ordinary Shares in Greencoat UK Wind PLC.
- Advising Chrysalis Investments Limited on its successful raise of £300 million in gross proceeds pursuant to an open offer, offer for subscription, intermediaries offer and placing of ordinary shares.
- Advising Assura plc on an undocumented tap issue on the premium segment conducted by way of an institutional placing and PrimaryBid offer.
Charles Russell Speechlys LLP
At Charles Russell Speechlys LLP, lawyers provide a full service for institutional clients, including the portfolios of Fidelity. The team advises on fund structuring and establishments, bringing together experts in tax, regulatory law and corporate transactions; and often works closely with colleagues in Luxembourg and Switzerland, giving it coverage of the international listed funds space. The group is jointly led by ‘excellent‘ Victoria Younghusband , a specialist in regulatory issues including market abuse; and David Hicks , who focuses on corporate financial services mandates. Andrew Collins ‘ public companies practice regularly dovetails with listed funds work.
Practice head(s):
David Hicks; Victoria Younghusband
Other key lawyers:
Andrew Collins; Charlie Ring; Jessica Arrol Caws
Testimonials
‘Excellent, personable service and team but technically savvy and very knowledgeable’
‘Very responsive and friendly but provide great technical know how and service. Cost effective also, particularly for start up managers. I really value the input of Victoria Younghusband who is excellent.’
Key clients
The Biotech Growth Trust
Fidelity Asian Values
Fidelity China Special Situations
Fidelity European Trust
Fidelity Japan Trust
Fidelity Special Values
Shore Capital
Vina Capital Investment Management Limited
India Capital Growth Fund
Circle Property plc
Duke Royalty
Chelverton Growth Trust
Chelverton UK Dividend Trust
Work highlights
- Advised the Board of India Capital Growth Fund, an investment company listed on the main market of the London Stock Exchange, on the procedure for facilitating its first redemption facility.
- Advised Fidelity on taking over the management of Genesis Emerging Markets Fund Limited (now Fidelity Emerging Markets Limited), including various related matters and in relation to the shareholder process and investment management, administration and other agreements and related regulatory advice (in relation to AIFMD etc.).
- Acting for Shore Capital (as nominated adviser and broker- Robert Finlay/David Coaten) in relation to a £56.4m fundraise for AIM-listed investment vehicle (insurance underwriters) – Helios Underwriting Plc.
CMS
CMS‘ investment companies group, under the leadership of Alasdair Steele, is geared towards advising on REITs, as well as the spectrum of listed funds that invest in alternative assets. The team is well prepared to handle regulatory and non-regulatory ESG issues; as well as wider financial regulatory matters and listed fund taxation. Cathy Pitt is a key name in the team, and is increasingly active for governance and boardroom management issues in the funds space. Jack Shepherd has recent experience in fund IPOs and managed wind-downs, while Kristy Duane is also an expert in IPOs. Phil Nicklin is the name to note for tax issues associated with REITs.
Practice head(s):
Alasdair Steele
Other key lawyers:
Cathy Pitt; Jack Shepherd; Kristy Duane; Phil Nicklin
Testimonials
‘Very experienced and collaborative with advisers.’
‘Strong blend of experience and strong execution – team is dedicated and goes the extra mile. Were also sensitive to client issues and proactive in managing these.’
Key clients
Aquila European Renewables Income Fund
Aquila Energy Efficiency Trust
BMO Private Equity
Gresham House Strategic
Securities Trust for Scotland
Sequoia Economic Infrastructure
Templeton Emerging Markets Investment Trust
Invesco investment trusts
Jefferies International
Numis Securities
Panmure Gordon
Peel Hunt
Stifel Nicolaus Europe
Work highlights
- Advised Sequoia Economic Infrastructure Income Fund Limited in connection with its £110m placing. The proceeds will be used to repay drawings under debt facilities, thereby allowing the Investment Adviser to re-draw on these facilities as it deploys selectively into a pipeline of investment opportunities.
- Advised Aquila Energy Efficiency on its IPO and admission to listing. This included advice on the requirements of being an “Article 8 fund” for the purposes of the SFDR.
- Acting as trusted corporate adviser to Gresham House Strategic (now Rockwood Realisation) on difficult governance matters arising out of change of investment manager and eventual managed wind-down.
Eversheds Sutherland (International) LLP
The closed-ended funds practice at Eversheds Sutherland (International) LLP advises funds and their service providers on issues such as capital and debt raising, mergers, reorganisations and liquidations. The team is particularly strong for regulatory issues, and has an increasing presence for ESG and responsible investing matters. Heading the team is veteran financial regulatory lawyer Ronald Paterson, who takes the lead on advising fund managers on launching innovative funds concerning a variety of asset classes. Associate Liz Kwok handles closed-end fund launches and related corporate transactions, in addition to providing regulatory advice, focusing mainly on ESG. Based in Edinburgh, legal director Sarah Burnside works closely with the London team.
Practice head(s):
Ronald Paterson
Other key lawyers:
Sarah Burnside; Liz Kwok
Testimonials
‘They are a leading team in the listed fund sector and their approach is both efficient and pragmatic.’
‘Ronald Paterson has extensive experience in the sector and his advice is clear and pragmatic.’
‘Sarah Burnside ensures that transactional work is performed efficiently and to a high standard.’
‘Driven professionals – very motivated and always meet deadlines.’
Key clients
Gresham House Energy Storage Fund plc
UK Mortgages Limited
VH Global Sustainable Energy Opportunities plc
Worldwide Healthcare Trust PLC
Work highlights
- Advised UKML on its tender offer to return c.£40m to Shareholders and enable it to implement further tender offers, which involved producing a circular to shareholders describing the proposals, terms of the tender offer and convening a meeting for its shareholders to vote on the proposals.
- Advised Gresham House Energy Storage Fund PLC on a number of matters, including aspects of its s new £180m debt facility for a portfolio of existing and future UK and Irish battery storage projects.
- Advised VH Global Sustainable Energy Opportunities plc on the structuring and initial public offering of shares in GSEO to listing on the premium segment of the Official List and to trading on the main market of the London Stock Exchange plc, raising £240m, and on its subsequent fundraise, which closed in November 2021 and raised £70 million in aggregate, involving a placing under GSEO’s placing programme.
Slaughter and May
At Slaughter and May, listed funds are handled from the investment funds and asset management department. In relation to listed funds work, the team is often instructed to advise on bespoke transactions, particularly focusing on closed-end funds and their managers. Clients benefit from the firm’s strong corporate and M&A offering, and the group regularly assists with strategic acquisitions and deposals, as well as the establishment of asset management businesses. The key contacts are Paul Dickson , an expert in asset-backed partnerships, and Jan Putnis , who heads the financial regulation group and has substantial experience in multi-jurisdictional work for asset managers. Nick Pacheco is also recommended.
Practice head(s):
Paul Dickson
Other key lawyers:
Robin Ogle; Jan Putnis; Nick Pacheco
Key clients
abrdn
Arrow Global Group
AGG Capital Management
Honeycomb Investment Trust
HM Government (including the Cabinet Office, BEIS, and HM Treasury)
Legal & General Investment Management
Luxembourg Stock Exchange
M&G plc
Pollen Street Capital
Santander Asset Management
Schroders
Sumitomo Mitsui Financial Group
Work highlights
- Advised Schroders on acquisition of a 75% stake in Greencoat Holdings Limited.
- Advising Honeycomb Investment Trust on its recommended combination with Pollen Street Capital.
- Advising abrdn on its acquisition of Interactive Investor.