Gowling WLG offers bespoke expertise in the closed-ended listed funds space, advising a number of major asset managers, investment banks and brokers. The team has maintained its heavy involvement in IPOs despite a difficult year for capital markets, and it works with funds throughout their lifecycle, alongside specialist tax and regulatory advice. The team is led by Nick Heather, a well-regarded and experienced closed-ended funds practitioner, who advises top-level investment houses and banks. Kristian Rogers specialises in large-scale capital raisings and fund restructurings, while John Reed and Oliver Riley are experienced in secondary transactions and fund structuring work. Principal associate Kate Seabourne continues to play a key role in leading IPOs and secondary fundraises. Another principal associate to note is Laura Dobie, who has notable in-house investment banking expertise from a secondment at Investec.

Stephenson Harwood remains a go-to firm for institutional investment managers, advising high-profile closed-ended funds on structuring and secondaries transactions, as well as leading on a number of major IPOs in what has been a difficult market for equity raisings. Standout work has included REIT and social impact fund formations, as well as EU, Brexit and ESG-related regulatory compliance advice. The team is led by William Saunders, who remains a standout figure in the market, handling major IPOs and complex fund restructurings. Alex Haynes handles formation and structuring mandates for UK and offshore funds, while the ‘technically strong‘ Elizabeth Field is noted for her work on alternative equity raisings, fund reconstruction and M&A. Carolyn Harris was promoted to partner in mid-2021. Also recommended are senior associates Kate Longman, Alexa Whitehead and Nicholas Horton.

Dentons fields strong teams in London and Edinburgh, which advise major asset managers on IPOs and secondary equity raisings, as well as complex regulatory and fund management issues. Of particular note is the firm's work on fund mergers via Section 110 documentation, and changes in investment management, which often involve multijurisdictional elements. Guy Norfolk in London is an experienced figure within the investment trust space. He co-heads the practice with 'knowledgable' Edinburgh-based partner Claire Armstrong, who has a strong focus on undertaking advisory and transactional work for closed-ended funds. Senior associate Owen McLennan handles a broad range of primary and secondary fund structurings and transactional matters.

Hogan Lovells International LLP advises institutional fund managers on listings in the UK, as well as Luxembourg, Channel Island, Irish and Bermuda listings. The team, which undertakes a mix of issuer and underwriter work, was heavily involved in listing renewable energy and infrastructure products in 2020. The team is led by Erik Jamieson, who has great experience of listings in key jurisdictions. Another name to note is Jonathan Baird, who is qualified in New York and Illinois, as well as England and Wales. Jeremy Pickles is noted for his infrastructure, reinsurance and real estate expertise, advising on a number of high-value listings within these asset classes.

Norton Rose Fulbright advises asset managers (including the investment arms of a number of financial institutions) on fund formation, regulatory issues and investments. It also has an active listed fundraising practice, which handles IPOs on key exchanges. The team advises funds focused on asset classes including energy, infrastructure and transport, alongside debt and insurance products. Practice head Richard Sheen has a strong track record in asset management and equity capital markets work. Ian Fox and counsel Margaret Simcock are other key individuals in the group.

Travers Smith LLP advises fund managers, financial investors and bookrunners on large-scale IPOs, fund operational matters and reorganisations, as well as secondary transactions. The team also provides regulatory support on Brexit-related issues and matters connected with the Channel Islands, among other areas. The team is led by Aaron Stocks, who has extensive expertise in the listed funds space, regularly advising on high-value IPOs and placings. Will Normand specialises in closed-ended funds, and is a regular contributor to thought leadership on regulatory and jurisdictional issues, as well as advising a diverse range of clients on issuances and fund launches.

Charles Russell Speechlys LLP advises institutional and boutique fund managers on fund structuring and launches, equity raisings and regulatory issues. Its team in London regularly works with its Luxembourg and Swiss offices on international mandates. The team also has a notable broker-side practice, advising on placement agreements and platform issues. The practice is jointly led by David Hicks and Victoria Younghusband, who regularly advises on complex regulatory issues, and has expertise in open and closed-ended funds investing in a variety of asset classes.

Eversheds Sutherland (International) LLP offers extensive expertise in alternative investment and closed-ended funds matters, advising a wide range of funds continuously on IPOs and secondary raisings, strategy (including ESG considerations) and regulatory issues. Practice head Ronald Paterson has great experience of fund launches across a variety of asset classes, as well as handling secondaries transactions. Principal associate Sarah Burnside is also active in equity raisings and regulatory matters.