Listed funds in London

Gowling WLG

Gowling WLG‘s funds practice covers the full spectrum of closed-ended funds matters, assisting investment managers with structurings, initial public offerings (IPOs) fundraisings, restructurings and fund liquidations. The team also advises on the gamut of regulatory regimes, including the Financial Conduct Authority’s (FCAs) new consumer duty, the Alternative Investment Fund Managers Directive (AIFMD), Markets in Financial Instruments Directive 2014 (MiFID II) and Sustainable Finance Disclosure Regulation (SFDR) among others. Leading the team is of counsel Nick Heather, who advises both funds and investment banks on IPOs on the London Stock Exchange’s main market and Alternative Investment Market (AIM). John Reed acts for fund managers, banks and sponsors across the lifecycle of funds, from structuring and launch to fundraisings and mergers. Oliver Riley and Kristian Rogers advise banks and investment funds respectively on fundraisings, secondary matters, restructurings and IPOs, while principal associate Kate Seabourne focuses on secondary transactions and IPOs. Senior associate Emily Airton handles both IPOs and fund-related M&A matters.

Practice head(s):

Nick Heather


Other key lawyers:

John Reed; Oliver Riley; Kristian Rogers; Kate Seabourne; Emily Airton


Testimonials

‘Highly experienced team, with very involved partners and an insightful service.’

‘Oliver Riley is a very hands-on partner, with a superb skill set.’

‘Oliver Riley offers value added and thoughtful advice consistently.’

‘John Reed – consistently good advice.’

Key clients

Harmony Energy Income Trust plc


AssetCo plc


Ellora Partners Limited


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 Transition 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


Cenkos Securities plc


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


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


International Biotechnology Trust plc


ICG-Longbow Senior Secured UK Property Debt Investments Limited


Montanaro UK Smaller Companies Investment Trust plc


Joh. Berenberg, Gossler & Co. KG


Work highlights


  • Advised Peel Hunt, Jefferies and Ellora Partners, acting as sponsor, joint global co-ordinators, joint brokers, joint bookrunners and intermediaries offer adviser to LXI REIT plc on the publication of a prospectus and a subsequent placing, open offer, offer for subscription and intermediaries offer raising proceeds of £250m.
  • Advised Ruffer Investment Company Ltd on the publication of two prospectuses in connection with the prior issue of, in aggregate, over 125 million redeemable participating preference shares.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP works with a market-leading roster of UK-listed clients, regularly handling the full complement of transactional and regulatory matters. Practice head Tim West is a specialist in investment fund work whose wide-ranging capabilities span fund launches, secondary raisings, and regulatory compliance reviews. Closed-ended investment funds specialist Nigel Farr is well versed in both public and private fund formation, while Nish Dissanayake is a regular port of call for clients seeking assistance with regulatory concerns. Other key figures include Shantanu Naravane, who regularly handles closed-ended listed fund work with a private equity or healthcare focus.

Practice head(s):

Tim West


Other key lawyers:

Nigel Farr; Nish Dissanayake; Shantanu Naravene


Key clients

abrdn Emerging Markets Investment Company


abrdn Frontier Markets Investment Company


Amedeo Air Four Plus


Apax Global Alpha


Baillie Gifford US Growth Trust


BioPharma Credit


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


Work highlights


  • Advising RBC Capital Markets and J.P. Morgan Cazenove, as joint bookrunners, in connection with a proposed placing by 3i Infrastructure.
  • Advising JPMorgan Global Growth & Income (JGGI) on its merger with The Scottish Investment Trust (SIT).
  • Acted for JGGI on a proposed combination with JPE pursuant to a scheme of reconstruction under section 110 of the Insolvency Act 1986.

Hogan Lovells International LLP

The ‘technically excellent’ listed funds team at Hogan Lovells International LLP focuses on LSE-listed investment vehicles, advising funds specialising in both infrastructure and renewables, with further expertise assisting banks in transactions concerning listed funds. The team is led by the ‘very pragmatic’ Erik Jamieson, who acts for both issuers and underwriters of funds investing in infrastructure, renewables and real estate investment trusts (REITs) in regard to capital raisings, IPOs and mergers. Jonathan Baird, who is dual-qualified in the US and England and Wales, provides regulatory support in addition to advising on public and private capital raisings and fund-related M&A matters, while Jeremy Pickles assists with the launch and restructuring of infrastructure, private equity and venture capital funds. Amelia Stawpert, who made partner in January 2023, assists issuers and banks with listing matters, with particular expertise in the real estate sector. Counsel James Alder is recommended for fund transactions across a range of asset classes, including energy, real estate and emerging markets.

Practice head(s):

Erik Jamieson


Other key lawyers:

Jonathan Baird; Jeremy Pickles; Amelia Stawpert; James Alder


Testimonials

‘The team at Hogan Lovells is very strong, they are responsive and technically excellent, whilst being pragmatic and commercial in their advice.’

‘Erik Jamieson is technically incredibly able, responsive, clear and very pragmatic in his advice.’

‘Amelia Stawpert is extremely knowledgeable and considered in her advice, as well as being a pleasure to work with.’ 

Key clients

3i Infrastructure plc


now AIP Investment Partners


BH Macro Limited


CATCo Reinsurance Opportunities Fund


Clipstone Industrial REIT PLC


Fidelity Emerging Markets Limited


HICL Infrastructure Company PLC


International Public Partnerships Limited


Investec Bank Plc


Jefferies International


JLEN Environmental Assets Group 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


Riverstone Credit Opportunities Income plc


Work highlights


  • Advised International Public Partnerships Limited on a capital raise.
  • Advised TwentyFour Income Fund Limited on its c.£720m merger with UK Mortgages Limited.
  • Advised Astatine Capital Partners on its £200m IPO and the launch of AT85 Infrastructure Trust PLC on the Main Market of the London Stock Exchange.

Stephenson Harwood

Stephenson Harwood‘s ‘great knowledge of the sector’ facilitates its handling of an array of both UK and offshore-domiciled listed funds matters, advising on prospective IPOs, fund mergers and fundraisings. On the regulatory front, the firm is advising on the FCA’s new consumer duty regime in addition to assisting clients with environmental, social, and corporate governance (ESG) reporting requirements. Leading the team is William Saunders, whose practice encompasses IPOs, shareholder matters and fund mergers. Alex Haynes assists fund managers with the launch of new investment vehicles in addition to advising on restructuring, while Carolyn Hall advises investment banks on the IPOs of closed-ended funds in addition to supporting restructurings and secondary transactions Nick Horton acts for investment managers on the launch of funds and also provides regulatory advice. Managing associate Kate Longman is also recommended.

Practice head(s):

William Saunders


Other key lawyers:

Alex Haynes; Carolyn Hall; Nick Horton; Kate Longman


Testimonials

‘Great knowledge of the sector.’

‘Always available.’

‘The best closed-ended funds team in the London market.’

‘Alex Haynes is a trusted, long-standing adviser.’

‘Excellent team with relevant experience at all levels.’

‘Partners are responsive, and the associates are of high quality.’

‘Excellent sector knowledge combined with sensible, commercial advice.’

‘Team is diverse with low turnover.’

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


GCP Asset Backed Income Fund 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


LXi REIT Advisors Limited


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


Shore Capital and Corporate Limited


Shore Capital Stockbrokers Limited


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


  • Acted for LXi REIT plc on its recommended £3.9bn merger with Secure Income REIT plc.
  • Acted on an oversubscribed institutional placing and retail offer for Gore Street Energy Storage Fund plc, London’s first listed energy storage fund, raising £150m.
  • Advised Jupiter Emerging & Frontier Income Trust PLC on various proposals that culminated in a members’ voluntary liquidation.

Dentons

The ‘friendly, approachable and knowledgeable’ team at Dentons advises listed funds including REITs and other investment trusts and offshore funds on a range of matters, including s. 110 de-mergers, share capital reductions and ongoing operational matters. The practice also provides regulatory and tax support to closed-ended fund managers. Leading the team are London-based Guy Norfolk, who advises on structuring and partnership arrangements, M&A and regulatory issues, and Edinburgh-based Claire Armstrong, whose practice covers real estate and infrastructure among other asset classes. Promoted to partner in May 2022, Owen McLennan advises clients on both fund structuring and restructuring matters, in addition to carving out a niche in impact investing. Senior associate Sarah Wylie rejoined the firm from Dickson Minto WS in June 2022 and focuses predominantly on regulatory issues.

Practice head(s):

Guy Norfolk; Claire Armstrong


Other key lawyers:

Owen McLennan; Sarah Wylie


Testimonials

‘Friendly, approachable and knowledgeable listed funds team.’

‘Guy Norfolk is very good.’

‘Claire Armstrong provides a high standard of service but from a lower cost location (Scotland) to make for an excellent value service.’

‘Guy Norfolk is an excellent lawyer. He provides calm, carefully considered advice which is well reasoned and commercial. He is very client focused.’

‘Technically, they are all excellent, but also very good at providing clear and constructive advice.’

‘There is always partner visibility, and they have clearly taken the time to understand our business in great depth.’

‘We are always glad to have them on our side when ever we are involved in a transaction/fund raise.’

‘They take a lot of the pressure off internal management and give clear, concise advice. The partner led approach is also something we like, although they are ably supported with very good teams of lawyers.’

Key clients

Baillie Gifford & Co


Investec Bank plc


Invesco Select Trust plc


Hansa Investment Company Limited


Invesco Investment Managers


abrdn


Scottish Mortgage Investment Trust


Martin Currie Global Portfolio Trust


The PRS REIT


The Edinburgh Investment Trust


Work highlights


  • Acting as egal adviser to Investec on its role as sponsor in the merger between Independent Investment Trust plc and Monks Investment Trust plc.
  • Advising Invesco Select Trust plc regarding the court-approved reduction of its share premium account for its UK Equities share class.
  • Acting as sole legal advisers to FCDO in respect of its flagship MOBILIST programme focused on supporting and corner stoning new listed products in the impact space, with its next phase launched during 2022.

Norton Rose Fulbright

Norton Rose Fulbright assists fund managers across the cycle of a fund, supporting fund formations and mergers in addition to advising on regulatory regimes. The firm specialises in advising managers investing in several asset classes, including energy and transport assets, alongside alternatives ranging from debt to insurance. Richard Sheen heads the team, handling fund formation, M&A, and equity capital markets (ECM) transactions. Ian Fox acts for both managers and sponsors in regard to IPOs and fundraisings, with a particular specialisation in property funds. Counsel Margaret Simcock handles the structuring and restructuring of listed funds.

Practice head(s):

Richard Sheen


Other key lawyers:

Ian Fox; Margaret Simcock


Testimonials

‘Ian Fox is as good as it gets at this stuff.’

‘A very strong team with a wide breadth of experience.’

‘Always very responsive to requests.’

‘Ian Fox is a very experienced, hands-on practitioner.’

‘Ian Fox is always available with clear, sound and commercial advice.’

Key clients

Atrato Onsite Energy


BBGI Global Infrastructure SA


BlackRock Latin American Investment Trust


Bluefield Solar Income Fund Limited


Deutsche Bank AG, London branch


DP Aircraft 1 Limited


Ecofin US Renewables Infrastructure Trust PLC


F&C Investment Trust plc


Investec Bank plc


Jefferies International Limited


JP Morgan Cazenove


Liberum Capital Limited


Macau Property Opportunities Fund


Numis Securities Limited


RBC Capital Markets


Singer Capital Markets Limited


Starwood European Real Estate Finance Limited


Taylor Maritime Investments Limited


The Renewables Infrastructure Group Limited


Trian Investors 1 Limited


UIL Limited


UIL Finance Limited


Winterflood Securities Limited


Work highlights


  • Advised Taylor Maritime Investments Limited on its recommended cash offer for Grindrod Shipping Holdings Limited, which values Grindrod at approximately $506m.
  • Advised TRIG, a Guernsey incorporated closed-ended investment fund which invests in renewable energy assets on a non-pre-emptive tap issue of ordinary shares, comprising an institutional placing and retail offer through primary bid.
  • Advised Trian Investors 1 Limited on the requisition to convene an extraordinary general meeting at which the requisitionists were proposing to change the majority of the board and seeking to wind-up the company.

Travers Smith LLP

Travers Smith LLP supports fund managers undertaking fundraisings, IPOs and restructuring measures in addition to secondary solutions. Further to advising funds looking to list on the LSE’s Main Market and Specialist Fund Segment (SFS), in 2022 practice head Aaron Stocks, whose practice focuses on advising investment trusts, REITs and Special Purpose Acquisition Companies (SPACs) on IPOs, assisted the LSE with the creation of the Voluntary Carbon Market, designed to facilitate investments in carbon credits. Will Normand advises fund managers on the establishment of new investment structures aimed at widening funds’ traditional investor bases beyond institutional investors and opening them up to retail investors. Senior counsel Stuart Mackenzie advises London-listed funds on matters concerning the LSE and AIM.

Practice head(s):

Aaron Stocks


Other key lawyers:

Will Normand; Stuart Mackenzie


Testimonials

‘The listed funds team understands our product well – the team was involved with the initial launch and has been on hand since.’

‘Will Normand understands the detail and nuances perfectly and is able to give advice that is accurate and commercial every time.’

‘No problem is too big or too small for Will Normand. The best adviser to have on-hand.’

‘Good partner availability in a large firm with a global footprint.’

‘Aaron Stocks and Will Normand are very available. Aaron has done great work helping the LSE on their Voluntary Carbon Market initiative and Will speaks very well at funds conferences.’

‘Aaron Stocks is an expert in his field. Stuart MacKenzie is an excellent and knowledgeable associate.’

‘Technically very strong.’

 

Key clients

Alternative Income REIT plc


Assura plc


Chrysalis Investments Limited


Franklin Templeton


finnCap Group


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


  • Advised Marwyn Acquisition Company II Limited on the launch of its 12-month placing programme with the ability to raise up to £500m of redeemable share capital on the London Stock Exchange.
  • Advised RBC Europe Limited and Investec Bank plc in their capacities as joint placing agents on an accelerated bookbuild equity fundraise carried out by HICL Infrastructure plc.
  • Advised Jefferies International Limited and Jefferies GmBH in JIL’s capacity as sole bookrunner, global coordinator and financial adviser to Gresham House Energy Storage Fund plc in relation to a new share issuance programme.

Charles Russell Speechlys LLP

The ‘personable, pragmatic and commercially astute’ team at Charles Russell Speechlys LLP acts for the full range of fund managers, from boutiques to major international managers, advising on the structuring and establishment of investment vehicles. The practice group also provides advice on regulatory matters, including packaged retail and insurance-based investment products (PRIIPs) and the new consumer duty regulations, as well as tax issues. Following David Hicks‘ move to Simmons & Simmons in January 2023, listings specialist Andrew Collins has stepped into a leadership role alongside Victoria Younghusband, whose practice encompasses the full lifecycle of listed open- and closed-ended funds. Charlie Ring assists fund managers with corporate transactions.

Practice head(s):

Victoria Younghusband; Andrew Collins


Other key lawyers:

Charlie Ring


Testimonials

‘Personable, pragmatic and commercially astute.’

‘Very experienced team.’

‘Victoria Younghusband is very commercially aware and has longstanding experience in respect of dealing with cross-border issues and listings/capital markets.’

‘Victoria Younghusband possesses extensive expertise in UK listed closed-ended funds and remains up-to-date with emerging issues.’

‘Victoria Younghusband consistently meets our needs in a timely and thorough manner.’

Key clients

The Biotech Growth Trust


Shore Capital


VinaCapital Investment Management Limited


India Capital Growth Fund


Circle Property plc


Duke Royalty


Chelverton Growth Trust


Chelverton UK Dividend Trust


Fidelity China Special Situations


Work highlights


  • Advised Shore Capital, as nominated adviser, broker and bookrunner on a £14m fundraising for AIM-listed investing company, Helios Underwriting Plc, through a placing, direct subscription and open offer.
  • Advised AIM-listed property investing company Circle Property Plc, on its disposal of Kents Hill Park Conference Centre to LXI Property Holdings 4 Limited for £34.5m in cash.
  • Advised Circle Property plc on methods of returning capital to shareholders, including the choice between a tender offer and the creation of redeemable B Shares.

CMS

CMS‘very knowledgeable’ listed funds practice is noted for its strength in the REIT space, advising on IPOs and fundraisings while also supporting investment banks in their role as sponsors. The team works alongside the firm’s tax and regulatory groups to provide clients with a full service listed funds offering. Practice head Cathy Pitt acts for both domestic and international funds, assisting with both structuring investment vehicles and fundraisings in addition to her work on ESG issues. Alasdair Steele leads the firm’s ECM practice, advising funds on equity raises among other corporate affairs, while on the banking side, he advises on investment company deals. Jack Shepherd specialises in investment company matters in addition to supporting clients with listings on the LSE Main Market and AIM, while Kate Darracott‘s practice is centred on UK and US securities law.

Practice head(s):

Cathy Pitt


Other key lawyers:

Alasdair Steele; Jack Shepherd; Kate Darracott


Testimonials

‘The team is always very responsive to our needs and given deadlines.’

‘They are very knowledgeable, and we feel confident in their ability and advice.’

‘Always very responsive to our needs.’

Key clients

Aquila Energy Efficiency Trust plc


Aquila European Renewables plc


CT Private Equity Trust plc


Invesco Perpetual


Jefferies International


JP Morgan Cazenove


Liberum Capital


Numis Securities


Panmure Gordon


Peel Hunt


Rockwood Strategic plc


Securities Trust of Scotland plc


Sequoia Economic Infrastructure Fund Limited


Shore Capital


SLF Realisation Fund


Stifel Europe


Templeton Emerging Markets Investment Trust plc


Work highlights


  • Advised Peel Hunt and Jefferies, as joint sponsors, on Warehouse REIT plc’s move from AIM to the premium segment of the Main Market, and establishment of a placing programme to issue up to 175m new ordinary shares.
  • Acted for Stifel as sponsor on Supermarket Income REIT plc’s transfer from the Specialist Fund Segment to the Premium Segment of the Main Market and subsequent £300m placing.
  • Advised Gresham House Strategic on its change of investment manager, from Gresham House Asset Management to Harwood Capital.

Reed Smith LLP

The team at Reed Smith LLP acts for fund managers on an array of cross-border matters, including the listing of funds on the LSE Main Market and AIM, asset purchases, fundraisings, tax and regulatory issues. Leading the team is Delphine Currie, co-head of the firm’s global corporate group and an ECM specialist noted for her expertise in assisting REITs, also advising on listings, fundraising and compliance. Associate Kat McGriskin acts on a broad range of instructions, assisting with fundraisings, cross-border acquisitions and listings. Fiona McFarlane moved to Bird & Bird LLP in August 2022.

Practice head(s):

Delphine Currie


Other key lawyers:

Kat McGriskin