Private funds (including infrastructure funds) in London

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP enjoys a significant share of bulge-bracket private equity fundraisings, acting for blue-chip clients including CVC, EQT, and Bridgepoint, among others. The team regularly advises on multi-billion dollar fundraisings internationally, alongside innovative structures for general partner (GP) minorities, hybrid funds, and secondary transactions. The mid-market has also been a growth area, with the firm taking on an increasing number of mandates for clients in the space. The firm's broad team features several key names, including high profile London managing partner Jason Glover, a trusted adviser on market-critical fundraising matters for many of the firm's key clients, and the similarly active Gareth Earl. Also of note are Seema Shah, who supports clients with complex mandates and investor demands, Robert Lee, a regular counsel to EQT and EQT Infrastructure, and newly-promoted partner Dan Lloyd, an adviser to many bulge-bracket clients on flagship fundraisings. Senior associate Amy Fox is another notable name.

Other key lawyers:

Amy Fox; Dan Lloyd

Key clients

CVC Capital Partners

EQT Partners

Apax Partners

Cinven

BC Partners

Bridgepoint

Affinity Partners

Charterhouse Capital Partners

Astorg Partners

Coller Capital

Oakley Capital

EMH Partners

DBAG

Mid Europa Partners

GLP

Hedosophia

CapVest

Actis

Trill

Work highlights

  • Advised Cinven on the formation of the €10bn Seventh Cinven Fund.
  • Advised EQT Partners on the formation of the €9bn EQT Infrastructure IV.
  • Advised CVC on the formation of the €4.6bn CVC Strategic Opportunities II.

Clifford Chance LLP

Clifford Chance LLP's private funds team works across the full range of matters and fund structures, encompassing private equity, credit and debt, and infrastructure funds, with the team advising major asset managers and PE houses on high-profile fund formations, raisings, and launches. The practice benefits from integrated tax and regulatory expertise across multiple jurisdictions, including Luxembourg and and Singapore. Practice head Nigel Hatfield acts consistently for fund sponsors and investors on the formation and operation of a variety of fund types, while the 'unparalleled' Gerard Saviola advises institutional and boutique fund managers across Europe and Africa. Alexandra Davidson is noted for her work on complex and bespoke fund structures and secondary transactions, while newly-promoted partner Alexander Chester has a growing practice acting for major sponsors and institutional investors. At senior associate level, Jonathan Bray specialises in debt and credit strategies, and Lily Marcel focuses on private equity and infrastructure fundraising.

Practice head(s):

Nigel Hatfield

Testimonials

The Fund Formation team is extremely knowledgeable – knowing what is market and what is not, and able to steer their client in the right direction. Many times, they have saved us from getting into trouble!

Gerard Saviola is unparalleled. Available, creative, affable. Very good to have on your side!

The team has good depth and breadth of experience and the resources to handle multiple matters at any one time. They have a well balanced team (partners, senior and junior associates) all of whom combine good technical skills with market knowledge and insights

Patrick Meniru is an outstanding associate, who operates at a level beyond his actual years of experience. Calm and measured in the advice he gives, knowledgeable, instils confidence in his clients, all round a pleasure to deal with. Gerard Saviola manages his team superbly. He is technically very good, has his finger on the pulse, knows his stuff and again a pleasure to deal with.

An efficient and safe pair of hands that handle every aspect of the fund formation process in the most professional way. A true partner in our process with a very broad team and deeply knowledgeable.

Nigel Hatfield has the experience, knowledge and personality to not only make our fund formation a success but also an enjoyable ride. Nigel possesses exceptional negotiation skills which have secured us better terms on many different areas in the limited partnership agreement. He is supported by an excellent team of professionals where Julia Lee in particular deserves a mentioning.

Alexandra Davidson is an outstanding lawyer – definitely someone you want on your team. She is fully committed, smart, commercial and very personable. She really understands her clients and it’s always an absolute pleasure working with her. Alex Chester is hugely bright and capable.

Reliable, dependable, calm in a crisis, unflappable, creative and punchy enough but not glory hunters. They really fit our style of working and give us really good advice underpinned by huge amounts of conviction and experience. The team is well balanced and includes some reassuringly grey hair as well as some youthful enthusiasm. As one would expect, the intellectual quality of young associates and trainees, even when they have limited PE experience, is high.

 

Key clients

Bridgepoint

DWS Private Equity

Allianz Global Investors

Capital Dynamics

Infracapital

Generation Investment Management

Equistone

Stirling Square Capital Partners

Aberdeen Standard Investment

Epiris

DWS Infrastructure

Apis

Axcel

Arcus Infrastructure Partners

SMBC Aviation Capital

Work highlights

  • Advised DWS Infrastructure on the launch of its third European infrastructure fund, Pan-European Infrastructure III.
  • Advised Arcus Infrastructure Partners on the formation of Arcus European Infrastructure Fund 2.
  • Advised Stirling Square Capital Partners on its fourth fund.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP advises institutional and individual fund sponsors and asset managers on a range of fund formation, management, and regulatory issues. The team works with a broad range of clients across the UK, US, and Europe, including private equity, debt, credit and infrastructure funds, with matters encompassing fund formation and launch, jurisdictional regulatory advice, and secondary transactions. The team has regulatory expertise across key fund jurisdictions including Germany and Luxembourg. Practice head Geoffrey Kittredge maintains a broad practice across the full range of private funds, while John Rife also advises a variety of funds on formation and management matters alongside a specialism in alternative investments and secondaries. Matthew Dickman works with a number of private equity funds on formation and investments. International counsel John Anderson rejoined the firm from an in-house position, specialising in Luxembourg and non-EU fund structures.

Practice head(s):

Geoffrey Kittredge

Testimonials

Debevoise is one of the most experienced firms for debt funds. Their wealth of knowledge is crucial in the structuring of funds to reflect the latest trends not only in Europe but also in the US from both the GP and the LP perspective. In addition, their corporate and tax advice is exceptional, which allows them to provide a holistic approach when structuring funds.

Geoffrey Kittredge is an absolutely outstanding fund lawyer. His exceptional experience allows him to provide a balanced view incorporating the latest developments in fund terms as well as the legitimate interests of the LPs.

Delphine Jaugey is an excellent fund-lawyer with strong relevant experience in European funds structures. She is a great defender of GP interest in the negotiations with LPs.

The team and practice are leaders in their industry. The team have superior substantive knowledge; are always accessible and responsive; and work efficiently. The quality of the team makes them a pleasure to work with, and their advice is always valuable.

Debevoise are hard working and have a commercial approach, which is very valuable. On a day-to-day basis the team is led by John Rife, who is an excellent lawyer with a great future ahead of him. John is well supported by his team of Associates and Partners across the Debevoise network.

Personable, knowledgeable lawyers with a keen insight into the market. They are committed to the aims of their client, very organised and proactive. Their fees are not low but they are fair and always show value for money

Matthew Dickman and Kay Hunter personify the points mentioned above. We have spent less time with but have been equally impressed by Matt Saronson and Veronika Polakova.

 

Key clients

GHO Capital Partners

All Seas Capital Partners

Leapfrog Investments

Metric Capital

Exponent Private Equity Partners IV

Apera Asset Management

Development Partners International

LCM Capital

AlbaCore Capital Partners

Work highlights

  • Advised AlbaCore in relation to AlbaCore Capital Partners I ICAV and AlbaCore Capital Partners II ICAV, including all major aspects of fundraising, drafting documents, negotiating with the investor and managing the closing.
  • Advised GHO Capital Partners LLP on the formation and fundraising of its second European healthcare fund, GHO Capital Fund II.
  • Advising Metric Capital on the fundraising of its fourth flagship buyout fund, MCP Private Capital Fund IV.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP maintains productive relationships with major asset managers and large-cap sponsors, working prolifically on fundraisings and spin-outs across private equity, venture capital, debt and credit, and infrastructure funds. The team works closely with the firm's integrated regulatory and tax practices, and has significant multi-jurisdictional expertise. Heading up the team are highly experienced pair Kate Downey, who works with major global and European fund managers on fund formation, spin-outs, and management restructurings, and Mark Mifsud, a regular adviser to prominent sponsors including Permira and Bain on fund formation matters across a variety of asset classes. David Christmas is noted for his role in complex spin-outs and restructurings, while Sam Wilson works with sponsors and financial institutions on co-investments, fund financing, and secondaries.

Practice head(s):

Kate Downey; Mark Mifsud

Testimonials

Vastly experienced veterans of the industry. A practical approach based on deep sector knowledge.

The team are incredibly helpful, knowledgeable and friendly. Everyone we have met, spoken with have been a pleasure to work with. Throughout the team, from partner down, the service at each level is great and our firm enjoy working with them all. They were a huge support to our firm and made our job much easier and the processes as pain free as they can be.

A friendly team who are willing to adapt to your internal practices and work collaboratively with you. They provide enough lead that gives you confidence a ball won’t be dropped without dominating. Very approachable, always willing to provide market insight or comparables.

Kate Downey is an exceptional lawyer. She is my go to resource for all legal matters and never fails to give detailed advice. She is also an invaluable resource when it comes to negotiating anything for the GP, which for a mid market GP, brings a lot of value to the table.

The funds team at Fried Frank are all great people to work with. Mark Mifsud,  is involved heavily in our transactions and always available for advice,comments and meetings. Mark and James O’Shea have been a huge asset to our firm and ensured that our fund set up and the process for us and our investors have been smooth and pain free.

Sam Wilson has an intuitive understanding of the LP perspective

Robert MacVicar is a stand out associate. I have full confidence in his management. He is very personable and great to work with. He is very responsive and can be available to speak when needed.

David Christmas is available and involved at key turns of a fundraising and always willing to jump on a call when needed.

Gregg Beechey in regulatory is very helpful and willing to give a quick view on a complex matter when internal dependencies require a one sentence response.

 

Key clients

BlueBay Asset Management

Greencoat Capital

Bain Capital

Balderton Capital

BlackRock

Norvestor Equity

Palatine Private Equity

Kennet Partners

FSN Capital

Corten Capital

Cairngorm

Danske Private Equity

Goldman Sachs

Permira

Permira Debt Managers

RoundShield Partners

Vitol

Neuberger Berman

Work highlights

  • Ongoing trusted funds counsel to BlackRock, acting on a wide range of funds mandates worldwide and across asset types.
  • Advised BlueBay in connection with the separation of its private debt business.
  • Advising FSN Capital fund on advisory matters and co-investment activities.

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP works across private equity, debt and credit, and infrastructure fundraisings, as well as advising on fund strategy and regulatory compliance, and GP-led transactional advice. The team has been growing its upper mid-market private equity client-base, securing new mandates from BC Partners and LaSalle in the past year, alongside roles for major investment managers in the credit, infrastructure, and real assets sectors. Practice head Richard Watkins is highly regarded, while Christopher Braunack and Anand Damodaran also  have notable practices in private equity fundraising. Andy Shore is also active in the buyout space, joining the firm from Proskauer Rose LLP in 2019, while Theodore Cardos ,takes the lead on secondaries and liquidity solutions. Amala Ejikeme  advises on innovative fund formations and structuring matters for European and global clients. Senior associate Sophie Smith has won praise for her role in major fundraisings for prominent funds.

Practice head(s):

Richard Watkins

Testimonials

Strong market knowledge; deep team and plenty of resource; good knowledge of investor base

Very responsive; personable and extremely hard-working; transparent and work well as a team.

To the point and solution driven. Very competent team always delivering high quality advice in a time efficient manner

Dedicated, responsive, commercial and very pleasant to work with. All very high calibre professionals but to mention two in particular – I have had the pleasure to work closely with Amala Ejikeme (Partner) and Fraser Burlingham (Associate).

Commercial, pragmatic, knowledgeable and always available

Richard Watkins always has an opinion and is very responsive. He is commercial and pragmatic – a trusted adviser who provides clear and thoughtful guidance. He leads by example.

The Kirkland funds team are top-quality. They know the market extremely well and guide through complex matters in a commercial and practical way.

Amala Ejikeme balances extensive technical knowledge with commercial pragmatism.

Ted Cardos knows the secondary market inside-out and guides through complex transactions in a calm and measured way.

 

Key clients

AMP Capital Investors Limited

LaSalle Investment Management

BC Partners

CVC Credit Partners

EQT AB

FSN Capital

IK Investment Partners

Livingbridge Enterprise LLP

Nordic Capital

Resolution

TDR Capital

Triton Partners

Vitruvian Partners LLP

Work highlights

  • Represented AMP Capital on the raising of $6.2bn for the fourth iteration of its infrastructure debt strategy.
  • Advised Resolution Capital on the formation of Resolution Life Group Holdings, a $3.5bn investment vehicle.
  • Advised Nordic Capital in connection with the sale of a passive minority equity interest in the firm to Ottawa Avenue Private Capital.

Proskauer Rose LLP

Proskauer Rose LLP has an extensive practice across private equity, credit and debt, venture capital, and infrastructure funds, balancing fund formation and secondary transactional work, and acting on both the LP and GP side of mandates. The team was bolstered by the arrival of several senior lawyers during 2019, including Leith Moghli from Reed Smith LLPWarren Allan from Stephenson Harwood, and regulatory partner Kirsten Lapham from Ropes & Gray LLP. Practice head Nigel van Zyl is highly active, advising major asset managers and fund sponsors on high-value formations and raisings in multiple jurisdictions. Bruno Bertrand-Delfau specialises in secondary transactions, working with private equity sponsors and funds of funds, and Edward Lee focuses on venture capital and co-investments. Associate Chris Elson has a growing practice, leading several client relationships, while Jordan Hurwitz is recognised for his prolific involvement in secondaries. Kate Simpson left the firm to take on an in-house position.

Practice head(s):

Nigel van Zyl

Testimonials

EXCEPTIONAL customer service: Nigel Van Zyl is always available and prides himself on being cc’d on all correspondence so he always keeps an eye on what his clients are doing. Good judgement and advice given. Very nice people and a pleasure to work with. Able to bring in international lawyers and makes sure the advice is seamless Keep great records

Represent some of the most successful venture capital partnerships and have a very good grasp of what terms can be negotiated with LPs. Their competence and experience makes the process smoother and more efficient than what we had with our previous counsel.

Extremely reactive and above all commercial in their approach. There is an inherent problem-solving approach to their work, all of which is helped by a deep understanding of our business and what we do.

The combination of high quality resources across continents at a fair fixed price is hard to compete with in my experience.

Highly experienced in PE Fund formation and secondaries, able to be very commercial when needed and proactively share a specific opinion on a commercial point. Very calm under pressure and therefore excellent counsel in more contentious situations.

Nigel van Zyl is calm under pressure, non-judgemental and extremely experienced and competent in fund formation. He has good judgement and  rides himself on knowing what his clients are doing.

Bruno Bertrand stands out as a partner –  for his availability when required and organisation of deal teams.

Christopher Elson stands out. He is client-focused, hard-working, and understands the commercial dynamics of the industry he is in rather than just looking at things from a legal perspective.

Ed Lee stands out for passion for the business, straightforward commercial discussions that highlighted any key variations, practical advice on where to give and where not to give points, and not having to redo or rediscuss any matters. He also walked me through the documents with plain explanations of all terms in them. He was good humoured throughout and unbelievably responsive.

Nigel van Zyl is incredibly experienced in private equity fund formation and secondary transactional work. Invariably an excellent source of advice. Nigel is able to very effectively plot a course during a transaction negotiation, predicting next steps and knowledgeably opining on commercial matters when an impasse has been reached.

 

Key clients

Northzone

G Square

Ardian

Work highlights

  • Represented European venture capital firm Northzone on the closing of its ninth fund after raising $500m in under five months.
  • Advised specialist healthcare investor G Square Capital on G Square Capital III’s €500m fundraising.
  • Exclusive deal adviser to global asset manager Ardian.

Weil, Gotshal & Manges (London) LLP

Weil, Gotshal & Manges (London) LLP has a broad offering within the private funds space, encompassing private equity, infrastructure, and credit funds. Particular areas of expertise include spin-outs and advice to incoming managers, complex secondaries transactions, and the formation of innovative longer-term products across emerging asset classes. Mandates include notable strategic projects on behalf of Brookfield, Columbia Threadneedle Partners, and Infrastructure Capital. Ed Gander heads the team, and is highly experienced in funds across all key asset classes on behalf of major global asset managers. Nigel Clark combines fund formation with  secondaries and incentivisation arrangements. Stephen Fox specialises in private equity fundraisings and secondaries, James Sargent advises major clients on fund structuring and operational matters, and the highly-rated James Bromley heads up the firm's strategic advisory section, handling start-up funds, the introduction of new managers, and the expansion of existing platforms into new sectors.

Practice head(s):

Ed Gander

Testimonials

A commercial, pragmatic and innovative team

Fast, to-the-point, pragmatic

Ed Gander is particularly commercial and provides valuable advice.

Strong experience and coverage of infrastructure and able to advise on investor/fund related matters . They have a commercial approach to documentation and negotiations and are generally able to turn work around quickly and efficiently.

James Sargent has excellent knowledge of the market. He manages client relationships well, delegates to junior team members for run of the mill work and provides his input when required.

 

Key clients

PAI Partners

Actis

InfraRed Capital Partners Limited

Columbia Threadneedle Investments

Octopus Healthcare

Apse Capital

Generation Investment Management

CapMan

Gyrus Capital

Infracapital

Work highlights

  • Advised PAI Partners on the raising of its €2 billion PAI Strategic Partnerships Fund and the GP-led secondaries process for PAI Europe V.
  • Advised Actis on the final close of the Actis Long Life Infrastructure Fund, with an aggregate $2 billion of capital.
  • Advised InfraRed Capital Partners in relation to the majority GP-stake sale to Sun Life Financial.

Akin Gump LLP

Akin Gump LLP significantly bolstered its London funds offering in mid-2019 with the arrival of the team from O'Melveny.  The new team comprises funds veteran John Daghlian , who is highly experienced in private equity formation and fundraising, Daniel Quinn and Alex Bakic , who both work prolifically on high-value secondaries and restructurings, alongside fund formation work, as well Mary Lavelle , who made partner upon her arrival. They work with existing partner John Holton , who  advises asset managers in a variety of jurisdictions, specialising in work for Indian clients. The practice has cross-jurisdictional expertise in sponsor fundraising, GP-led restructuring and secondaries, and investor-side matters, advising a combination of major international, European, and emerging markets funds across a variety of fund types and asset classes.

Testimonials

The wealth of experience makes Akin’s fund formation practice unique.

John Daghlian is excellent. A wealth of experience and very commercial. Also a great sense of humour!

A great mix of very commercial and in the detail. The team is able to provide a seasoned and balanced view on risk in order to allow us to take commercial decisions with confidence.

Solutions-oriented, very responsive, able to provide advice and guidance on a broad range of matters. Very aware of what else is going on in the market – both from GP and LP perspective.

Aleks Bakic is an excellent funds lawyer – the institutional knowledge he has built of our business over time means that his counsel is valuable not only with respect to new fund formations, but on a broader range of matters.

A great fund team with exceptional experience, particularly in relation to secondaries.

Daniel Quinn – is an exceptional lawyer, he is technical but also commercial and understands what his clients want.

 

Key clients

Harbour Litigation Funding

Coller Capital

Quinbrook Infrastructure Partners

Lighthouse

Generali Investments

eEquity AB

Ocean Fund LP

Helios Investment Partners

Aksia Group SGR

Work highlights

  • Acted for Harbour Litigation Funding on the raising of their fifth fund, which targeted US $1 billion in commitments.
  • Advised Coller Capital in respect of its investment in a private equity fund managed by Investcorp. The deal was a GP-led restructuring, with Coller underwriting a newly formed vehicle capitalised with approx. US $1 billion of commitments, which acquired six assets from Investcorp’s European private equity portfolio.
  • Advised on all aspects of Quinbrook’s inaugural fund raising, which focuses on sustainable infrastructure projects.

Ashurst

Ashurst combines an established track record in private equity fundraisings with a broad offering across infrastructure, debt and equity, and pension funds.The practice is particularly active in PE raisings for repeat clients such as Altor and Inflexion, while also acting for major sovereign wealth funds and asset managers. Practice head Piers Warburton has a strong record acting for major sponsor clients on high-value and complex international raisings, utilising bespoke structures and terms. The 'extremely accomplished' Nick Goddard advises sponsors of a range of fund types on fund formation alongside regularly working with investors, and has a notable relationship with Equitix. Nicola Hopkins is noted for her work with sponsors and investors on structuring and joint ventures, while counsel Catherine Gokah offers US and European regulatory and funds expertise. Fellow counsel Nicole Williams specialises in fund and structured finance, working regularly with sponsors and major institutional investors.

Practice head(s):

Piers Warburton

Testimonials

Pragmatic, value-added advice is always provided. Deadlines are always met. Never get the sense that the team is going through the motions.

Nick Goddard is very personable and is excellent at providing succinct explanations for complex scenarios.

There has been a close working relationship across departments which has enabled Ashurst to have a strong understanding of our business and objectives. The funds team have a wealth of experience of our funds and vehicles which is very valuable when establishing a new vehicle and explaining the how and the why to external parties.

Strong dedicated team combined with access to senior individuals – there is a team behind the team which we do not always see but appreciate their input too. Nick Goddard and Catherine Gokah have been easy to work with and have worked hard across all of our funds, projects and prospects – always protecting our interests.

Nick Goddard is an extremely accomplished funds lawyer who is very well thought of by all. He is extremely professional and skilfully drives transactions forward through a combination of extensive legal knowledge, understanding of market precedents, emotional intelligence during negotiation and maintaining focus on the key goals of the client. Catherine Gokar is an extremely proficient funds lawyer whose strong understanding of funds contracts and focus and determination to deliver client goals is unwavering.

Piers Warburton is extremely knowledgeable about fund structuring and is able to understand, interpret & draft complex clauses; as well as explain to relevant parties. Very approachable, and always makes himself available. Very knowledgeable on all legacy funds, clauses and structures. Pleasure to work with.

 

Key clients

Altor Equity Partners

Inflexion Private Equity Partners

Intermediate Capital Group

Investec Asset Management

Foresight Group

Equitix

General Atlantic

Sprints Capital

CapMan

Shard Credit Partners

Work highlights

  • Advised Altor on the establishment of a €2.5 billion private equity fund.
  • Advised Equitix on the establishment of its fifth core UK infrastructure fund, Equitix Fund V which raised £1bn.
  • Advised Inflexion on the simultaneous establishment of two private equity funds, together raising £1bn and each structured to deliver 1% of their profits to charity.

Goodwin

The 'highly intelligent' team at Goodwin has an integrated offering encompassing regulatory and tax expertise in a number of key jurisdictions, with particular strength in Europe, particularly Luxembourg. The team advises on fundraisings within a variety of asset classes and fund structures, including infrastructure, technology, real estate, and growth funds, alongside an increasing share of high-value private equity fundraisings. 'Outstanding' practice head Michael Halford works with major institutional investors and fund managers on formations and fundraising across Europe and Asia, Shawn D’Aguiar works with a wide range of fund types on fund structuring and secondary transactions, and Ajay Pathak has notable regulatory expertise in the debt and infrastructure spaces. Ravi Chopra made partner in 2020 and is highly praised for his work on private capital vehicles across asset classes, while Ed Hall specialises in private equity fundraising from the mid-market through to large-cap funds. Associate Benjamin Yeoh is recommended for his work with fund managers and investors on structuring and co-investments.

Practice head(s):

Michael Halford

Testimonials

The team is exceptionally commercial and helpful. They go above and beyond in terms of learning about the firm, the individuals, the culture, as well as the fund. They are very much regarded as an extension of our firm.

Ajay Pathak is a standout star. He has taken the time to learn everything about our firm as well as the deals we invest in so that he can advise holistically. His commerciality is second to none.

Highly professional, highly intelligent, global expertise and client alignment. Deep expertise in fund formation and management and ability to address as well as structure solutions to the dynamic requirements facing our fund.

Great skillset and experience across the board. There is a strong team spirit and openness which makes the dialogue very pleasant. They have a can do attitude and are always creative to find clever solutions on many legal and commercial matters. Truly the best team I’ve worked with.

Michael Halford is an outstanding partner – very reliable and creative, and able to mobilise the team to deliver on time .

Deep knowledge of the UK private funds legal market built on the foundations of legacy SJ Berwin training and expertise. The team have extensive exposure to UK private equity funds and are well placed to advise clients on market and best practice, with excellent engagement from partners and senior associates.

Ed Hall and Ravi Chopra are both excellent lawyers who successfully combine the precision and logic expected of a good lawyer, with the sound commercial advice required to be an invaluable partner and adviser.

The level of expertise in the team is impressive. Michael Halford and Ed Hall are unrivalled in problem solving skills and market experience. Ed Hall has an encyclopedic knowledge base and a talent for finding innovative solutions to complex and multi-layered issues.

 

Key clients

Allianz Capital Partners

Ambienta

Cordet Capital Partners

Cubera Private Equity

Foursan Group

Glenmont Partners

Investcorp

Macquarie

Palamon

Work highlights

  • Advised Investcorp on two $1bn GP-led restructurings.
  • Advised Macquarie Infrastructure and Real Assets on the structuring and fundraising of its latest fund, Macquarie European Infrastructure Fund 6. MEIF6 closed at its hard cap of €6bn.
  • Advising Ambienta, including on the raising of its third fund, Ambienta III, with a first and final close after less than three months of active marketing.

Latham & Watkins

Latham & Watkins combines regular mandates from large-cap private equity funds with strong debt and credit, infrastructure, and real estate funds capabilities, with the London team benefiting from the firm's transatlantic platform and fund formation capabilities. Mandates include fund formations and raisings, investment strategies, and GP-led secondaries. The team has won work from major sponsors including Carlyle, CDPQ, and CIC during 2019. The practice is led by the highly experienced Nick Benson, who has a broad practice encompassing fundraisings and investments for venture capital and early stage funds, major buyout houses, and institutional investors. James McCrory advises major sponsors and investors on raisings and transactions, and also specialises in European regulatory advice.

Practice head(s):

Nick Benson

Other key lawyers:

James McCrory

Testimonials

Very strong and professional team. A lot of relevant experience, quick responses, organised, always answers to the point.

We mostly work with Nick Benson. In all our experience of working with different lawyers, Nick stands out as the best partner when it comes to Fund formation, establishment and operation. Nick has a lot of experience, is aware of different specifics. Always approachable, quick in replies.

A skilled team with depth and breadth. High levels of technical knowledge. Creative. Punctual. Well resourced and no-fuss. Complete performance. Less swarf than other firms.

Intelligent and personable with deep knowledge.

A fairly small team but they more than make up for it with the quality of their advice and work product. Latham would be my go-to firm for any private fund. The depth of knowledge and experience is second to none, with thoughtful, prompt and efficient advice. They are all incredibly pragmatic, commercial,cost-conscious and make a point of understanding our business.

James McCrory is one of the most talented funds lawyers I have ever had the pleasure of meeting. Not only is he technically brilliant (with an ability to speak in normal language), he is a joy to work with, always managing to bring a smile to a conversation. He understands exactly what you want to achieve and always finds a way to do it.

James McCrory goes the extra mile for clients and is not only technically excellent but also very commercial. He takes the lead and anticipates what will be required and gets on with helping to reach a deal. He is also fun to work with always a plus.

 

Key clients

Carlyle

Charterhouse

CDPQ

Generali

LaSalle

Partners Group

Riverstone

China Investment Corporation

StepStone

CVC Capital

Work highlights

  • Advising CIC on a joint venture with Eurazeo and BNP Paribas to launch a private equity fund targeting investments in European companies that have a particular China angle
  • Advising LaSalle with respect to the establishment of a new $1bn real estate fund that will focus on making logistics investments in Asia. This deal involves complicated currency structuring and a separate very large co-investment platform.
  • Advised CDPQ with respect to a syndication of a stake in FNZ to Temasek.

Macfarlanes LLP

Macfarlanes LLP works prolifically with domestic and international private equity managers on fundraising and equity management matters, advising on innovative products in the private and retail markets. The practice also advises a number credit and preferred equity managers, as well as offering integrated tax advice and expertise in pan-European strategies. The practice is led by Stephen Robinson, who advises private equity, venture capital, infrastructure, and credit funds on structuring and operational matters. Christopher Good is recognised for his fund formation work, advising a number of sponsor clients including AlpInvest and Hollyport. Senior associate Harriet Miller advises sponsors and investors on fundraising matters.

Practice head(s):

Stephen Robinson

Other key lawyers:

Christopher Good; Harriet Miller

Testimonials

Commercial, responsive and able to engage with the particular requirements of a fund, rather than simply rolling out the same as the last one. Crystal clarity in their drafting and strong awareness of potential pitfalls and how to avoid them. Supported by a stellar tax team.

At partner level, I would call out Stephen Robinson and Damien Crossley (tax) for particular praise in relation to unregulated funds.

The firm has very strong junior lawyers, who provide an unfailingly excellent service at tremendous value for money relative to peers.

Knowledgeable, professional but personable. A real desire to solve problems for clients.

Chris Good is just great to work with. He’s smart, protects your interests and is always a pleasure to wok with.

Macfarlanes’ Private Funds team is extremely well placed to provide excellent support to UK mid-market participants. The heritage and long term relationship provide strong context, and advice is delivered in a professional and commercial way. The Macfarlanes team is stable and able to cultivate long term relationships with its clients and build on these over multiple funds.

Stephen Robinson is outstanding. His understated nature belies an incomparable understanding of mid-market managers, market standard terms, LP demands and the true importance of issues raised. His advice is always based on a strong technical understanding but is balanced and commercial. He is responsive, available and consistent. He is supported by a strong team.

Harriet Miller is a rising star and definitely one to watch for the future.

Key clients

Hollyport Capital

Alcentra

Muzinich

17Capital

Aberdeen Standard Investments

Cross Ocean Adviser

Hayfin Capital Management

August Equity Partners

Novalpina

Ancala

Work highlights

  • Advised Alcentra on the successful fundraising of its latest European direct lending fund which closed at €5.5bn.
  • Advised Hollyport Capital on the raising of its seventh secondaries fund which closed at its hard cap of $1bn.
  • Advised Ancala Partners on the raising of its second infrastructure fund, Ancala Infrastructure Fund II.

Travers Smith LLP

Travers Smith LLP offers significant technical expertise to a range of sponsor clients, including private equity, venture capital, and alternative investment funds. The team has advised on the formation of a number of healthcare technology and social investment funds, reflecting broader trends within the private funds space, alongside a consistent record in mid-market private equity fundraisings. Jeremy Elmore advises a variety of sponsor clients and institutional investors on complex fund formation and structuring issues, while Sam Kay is noted for his role in forming private equity, infrastructure, and alternative investment funds, including a number of social impact and sector-specific investment vehicles.

Practice head(s):

Aaron Stocks

Other key lawyers:

Sam Kay; Jeremy Elmore

Testimonials

The Travers Smith funds practice has the strongest team I know for fund formation, fundraising and secondaries work. The team takes a very pragmatic, commercially focused approach, they are all on the ball, switched on and consistently provide top quality advice.

On the GP side, they have an incredibly strong team in primary fundraising and complex GP-led structured secondary transactions. Likewise, on the LP side, they demonstrate great expertise when advising on fund investment and co-investment deployment programmes. I cannot recommend them highly enough

Sam Kay is an excellent lawyer who has advised us for over 10 years

Jeremy Elmore – sound understanding of the market and what makes LPs tick

Very strong technical capability; excellent service level; strong commercial understanding to complement legal knowledge

The Travers funds team is multi disciplinary, super responsive, client focused and in touch with market developments.

 

Key clients

Njord Partners

Medicxi

Benson Elliot Capital Management

CGE Partners

Hermes GPE

Abris Capital Partners

Franklin Templeton

Element Ventures

Litigation Capital Management Limited

Aberdeen Standard Investments

Bluegem Capital Partners

Elysian Capital

M&G Investments

Index Ventures

LPPI

Spire Partners

ADM Capital

Ansor

Kester Capital

Work highlights

  • Advised Medicxi on the fundraising for Medicxi III LP, a new fund to invest in predominantly European life sciences companies.
  • Advised Hermes GPE on the structuring and fundraising of Hermes GPE PEC IV LP, the latest Hermes GPE flagship co-investment fund. The fund exceeded the original target raise of $450m and was oversubscribed.
  • Advised Franklin Templeton on acquiring the management rights to a series of vehicles comprising Abraaj Turkey Fund I, a fund dedicated to investment in Turkey.

Allen & Overy LLP

Allen & Overy LLP advises asset managers and institutional investors alongside pension provider and sovereign wealth fund clients, offering integrated support across key jurisdictions. The team draws upon the firm's presence in locations such as New York, Frankfurt, and Luxembourg. Matthew Huggett advises sponsors and investors on UK and international regulatory issues alongside fund formation matters, while Nick Williams prioritises real estate, as well as advising on joint ventures.  focuses on advice to financial institutions and institutional investors on EU regulatory and licensing matters.

Testimonials

Excellent responsiveness and turnaround times; very tuned in to market practice.

The tie to the AoSphere tools is invaluable to us, and was the original reason why we looked to A&O to coordinate all our regulatory needs across the EEA for a range of private markets fund offerings.

Pavel Shevtsov and MaameYaa Kwafo-Akoto (associate) have provided us with a consistently excellent level of service and expertise. They are exceptionally hard-working, responsive and understanding of our business and our needs.

 

Key clients

Aviva Investors

Electra Private Equity

Macquarie

Corestate

Baker McKenzie

Baker McKenzie acts for a broad range of funds clients, including private equity and venture capital sponsors, insurance, pensions and financial services investors, and sovereign wealth funds, notably advising on several  sovereign fund formations during 2019. The team has broad regulatory and jurisdictional expertise in key domiciles such as Luxembourg, with integrated tax capabilities. James Burdett chairs the global funds practice, and has an international practice, acting for a range of sponsor clients on fund formations, consortium and co-investment arrangements, and sovereign wealth investments.

Practice head(s):

James Burdett

Testimonials

The team has the prerequisite knowledge and experience, but is not afraid to try new things.

BM’s strength in representing sovereign wealth funds and similar institutions across their private funds and alternative assets investments marks them out.

Baker McKenzie’s private equity fund formation and management practice takes time to understand their clients’ priorities and is then responsive and proactive. They take a refreshingly commercial approach, are creative about finding solutions and intelligent compromises when negotiations hit an impasse.

James Burdett has a wealth of experience and his experience made a big difference in dealing with legal and commercial matters during and since the setup of our company. Senior associates were responsive and worked speedily.

James Burdett – Excellent management of relationship and involved in matters to the appropriate extent. He has proven his knowledge, skill and experience at every stage of our activities, whether brainstorming, structuring, negotiating or closing. We are always glad he is on our side of the table.

Eric Lim  – Commercial, pragmatic and technically excellent

Key clients

Triton Partners

Government Pension Fund of Thailand

Employees Provident Fund of Malaysia

Government of Singapore Investment Corporation

Arcus Infrastructure Partners

Mitsubishi UFJ Trust & Banking Corporation

Harwood Capital

Oddysean Capital

Japan Bank for International Cooperation

Allianz Capital Partners

Bregal Capital

Camco Clean Energy

Arum Capital Management

ARCH Emerging Markets Partners

Chatham Financial

Tikehau Capital

Olayan Group

Grae Capital Partners

Earth Capital Partners

Work highlights

  • Advised MUTB on its acquisition of Colonial First State Global Asset Management from Commonwealth Bank of Australia for A$4.1bn.
  • Supporting PE fund managers in connection with internal compensation, employment and partnership law issues.
  • Advised Chatham Financial on its acquisition of JCRA.

Dechert LLP

Dechert LLP advises on establishing funds in a number of jurisdictions, providing integrated tax and regulatory expertise in key locations such as London, Frankfurt, and Luxembourg. The team has expertise in multiple fund types and structures, including venture capital, private equity, and credit and debt funds, working with start-ups and major institutional managers like Apollo. Practice head Gus Black advises private equity clients on high-value fund structures, while Christopher Gardner handles fund formation and transactions across various domiciles and asset classes.

Practice head(s):

Gus Black

Other key lawyers:

Christopher Gardner; Thiha Tun

Testimonials

Dechert has long invested in its London funds team – and it shows. In particular they are able to bring the right level of resource to get the job done effectively. They seem to be interested in our business and not simply how many billable hours they can squeeze out.

Thiha Tun. Impeccable service, impeccable attitude and outstanding expertise in his field.

Chris Gardner is very measured with a diverse background. He brings a lot to the table in the funds area but is also a solid sounding board on a much broader array of legal issues.

Thiha Tun – Very focused on practical issues and how to solve them. A brilliant lawyer and highly trustworthy.

 

Key clients

Apollo Global Management

AGC Equity Partners Limited

Ahren Innovation Capital

Amber Capital UK

Columna Capital

Pemberton Capital Advisors

Warburg-Serres Investments

Work highlights

  • Advised Warburg-Serres Investments on the formation and launch of Animal Tomorrow Fund I, a Luxembourg domiciled private equity fund.
  • Advised Ahren Innovation Capital on the launch of Ahren LP in 2018 through to its final closing in July 2019 and subsequently on several investments made by the fund.

Hogan Lovells International LLP

Hogan Lovells International LLP works with a varied range of funds and investment managers on fund formation, management, and investment matters, providing cross-jurisdictional expertise and integrated tax and regulatory advice. The practice advises on formations for private equity, venture capital, and credit funds, and has a particular specialism in infrastructure fund formation. Nicholas Holman leads the global funds team, and advises clients across a range of asset classes and fund structures. Erik Jamieson works with sovereign wealth and development finance clients on strategic investments.

Practice head(s):

Nicholas Holman

Other key lawyers:

Erik Jamieson

Key clients

Aberdeen Standard Investments

Amber Infrastructure

Argent Related

British Business Bank

Cambridge Associates

CDC

Esmee Fairbairn Foundation

Fengate Capital Management

Foundation Investment Partners

FMO

IFC (Part of the World Bank)

Infracapital Partners

InfraRed Capital Partners

M&G Investment Management

Nippon Life International Inc

The Prudential Assurance Company

Work highlights

  • Advised a consortium of development finance institutions on a multi-tranche private credit fund based in Luxembourg, investing in renewable energy investments in Africa and South East Asia.
  • Advised as lead counsel on the establishment and launch of Foundation Investment Partners II.
  • Advised British Business Bank on more than ten venture capital and growth equity fund investments during the course of 2019.

Linklaters LLP

Linklaters LLP acts regularly for major fund sponsors and institutional investors in the private equity, debt and credit, and infrastructure spaces, including high-value fundraisings and investments. Major repeat clients have included Softbank, Baring, and CVC. The team offers international expertise in key domiciles and financial centres, including New York, Luxembourg, Frankfurt, and Tokyo, both in-house in London and courtesy of the wider firm's capabilities. Practice head Matthew Keogh advises sponsors and investors across the full range of private investment funds, working on fund raising, management, and transactions.  Rahul Manvatkar is a prolific repeat adviser to Softbank on crucial strategic investments, while counsel Clare Baker concentrates on advice to institutional investors. Tom Alabaster is now with Ropes & Gray LLP.

Practice head(s):

Matthew Keogh

Other key lawyers:

Rahul Manvatkar; Clare Baker

Testimonials

‘The team’s experience across different funds is a differentiating factor, and their pulse on the market is appreciated. They are able to advise when to push on certain terms and are practical in their approach. I also find they are solution driven and come prepared with options as needed. They are not aggressive and also maintain a rapport with fund counsel, which assists in our relationship building with the manager.’

‘Matt Keogh is calm under pressure and has a great deal of experience. He is particularly business minded and can communicate technical points simply and effectively.’

‘Clare Baker is a rising star and leads in her own right. She has deep knowledge and is confident and well versed when discussing issues. I value her advice and counsel and rely on her and the team considerably.’

‘Matt Keogh has provided a very strong, very responsive and engaging team which gives us consistently high level support on our investment funds transactions. He is available when needed and clearly understands how to respond to our needs with depth of knowledge and business understanding.’

‘Exceptional knowledge, service and responsiveness.’

‘Matt Keogh has unrivalled knowledge in all areas of asset management.’

‘Clare Baker is a standout associate who provides excellent client service and legal acumen.’

‘They are innovative and a pleasure to work with. They have a deep understanding of the asset management industry, regulations and policies which we need to navigate in Europe and abroad.’

Key clients

SoftBank Investment Advisors

Macquarie

Ardian

British Business Bank

Deutsche Bank

Partners Group

CVC Capital Partners

Oaktree

Neuberger Berman

PSP Investments

Work highlights

  • Advising SoftBank Investment Advisers on the ongoing operation of SoftBank Vision Fund.
  • Advising Nexus Point on the establishment and ongoing management of Nexus Point Partners.

Simmons & Simmons

Simmons & Simmons advises a wide range of fund managers and institutional investors, with expertise across the funds space encompassing all illiquid asset types, including infrastructure and private equity, complemented by a strong record in the hedge fund space. The team further benefits from an international presence in key jurisdictions such as Ireland and Luxembourg. David Williams heads up the practice, with Dale GabbertMatthew Pitman, and Cindy Valentine other key private funds-focused partners.

Practice head(s):

David Williams

Curtis, Mallet-Prevost, Colt & Mosle LLP

Curtis, Mallet-Prevost, Colt & Mosle LLP works on an international basis from its London office, advising fund managers and institutional investors on fund formation, structuring, and operation matters. Clients hail from a variety of jurisdictions, notably Switzerland, North America and the Middle East. The team has particular expertise in advising sovereign wealth funds and pension providers, assisted by the firm's global reach in the funds space. Practice heads Thomas Laurer and Bradley Doline offer transatlantic expertise, having previously worked in the firm's New York office.

Practice head(s):

Thomas Laurer; Bradley H. Doline

Testimonials

Bradley Doline was proactive, responsive and pushed to get the job done.’

Collaborative across offices, jurisdictions and disciplines.’

The firm has a wide range of expertise and an exceptional team who is dynamic and client-focused. Team members are responsive and time-efficient while ensuring the deliverance of high-quality advice.

Bradley H. Doline is pleasant, with a cooperative and constructive approach. He is extremely efficient and attentive to client requests.’

Responsive and knowledgeable team with a breadth of knowledge and international reach.

Thomas Laurer was very responsive to the client’s needs and able to connect with their international offices.’

The team is partner-led and more frontline in terms of partner involvement than many of their peers. Curtis has the ability to work on and co-ordinate work stemming from both the East and West Coast of the States, continental Europe, London and offshore which is somewhat unusual.

Thomas Laurer is a very hands-on, responsive and technically adroit funds lawyer with a great understanding of client needs and an approachable manner. He is also fluent in German and French and able to work across the US, English and German legal systems which can be useful.’

Key clients

Energy Finance Partners

Burgan Bank

United Gulf Bank

Brevet Capital

HBM Partners

Quantum Capital

iAngelME Capital

Ibex Investors

Blue Water Life Science Advisors

Oman Technology Fund

BC Partners

State General Reserve Fund of Oman

Work highlights

  • Advising the State General Reserve Fund of the Sultanate of Oman on its closed-ended fund investment program.
  • Continuous advice to KIPCO Group and subsidiaries on their private funds investment program, investing in a wide variety of strategies including private equity, venture capital, real estate and fixed income.
  • Advising Brevet Capital Management on a range of matters relating to fund formation, investments, regulatory issues, compliance and day-to-day operational issues.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP has a strong track record acting for fund managers on the launches of private funds and work involving real estate, infrastructure and private equity buyout strategies. The team also handles secondary capital raises and fund reconstructions, among other matters. It is seen as a key adviser to clients in emerging markets, particularly those in Asia and Africa. Beyond GP-side work, the practice is rounded out by LP-side mandates from institutional investors. Nigel Farr is the head of investment funds. In January 2020 the firm hired well-known industry veteran Jonathan Blake as head of international private funds strategy.

Practice head(s):

Nigel Farr

Key clients

BlackRock

Sustainable Development Capital

Alvin Partners

BNP Paribas

HSBC

Man Group

Neuberger Berman Private Equity Partners

Lendlease

Polar Capital

Baillie Gifford

J.P. Morgan Asset Management & JP Morgan Cazenove

HarbourVest Global Private Equity

Aberdeen Standard Investments

Pension Protection Fund

SDCL Energy Efficiency Income Trust plc

Shell Foundation

Permodalan Nasional Berhad

Big Society Capital

Cabot Square Capital LLP

Work highlights

  • Advised Balance Legal Capital on the launch of a litigation funding investment vehicle and establishing the manager of the vehicle with a view to the establishment of further funds in the future.
  • Advised Zamo Capital on the establishment of an impact investment structure for Big Society Capital
  • Advised HSBC Global Asset Management on the establishment of its Real Economy Green Investment Opportunity GEM Bond Fund.

Mayer Brown International LLP

Mayer Brown International LLP focuses on alternative and complex fund structures and products, with a notable focus on the pension industry, alongside regular fundraising for private equity houses, start-ups and more established investors and asset managers. The practice collaborates with the firm's regulatory and tax teams to provide integrated support on bespoke fund structuring and operational matters. Tim Nosworthy advises clients on formation, structuring, and transactional matters across, while counsel Duncan Watson has significant experience of pension fund investments.

Practice head(s):

Tim Nosworthy

Testimonials

The team compares favourably with its peers in the market, providing excellent legal expertise combined with extensive knowledge of the private funds market at a reasonable cost level.

Tim Nosworthy is very client-centred and commercially pragmatic.’

Good funds lawyers – very responsive and technically astute.

Key clients

British Telecom Pension Scheme

Electricity Supply Pension Scheme

Heitman

Pension Protection Fund

Principal Financial Group

Värde Partners

Work highlights

  • Sole legal adviser to the Trustee of  the Electricity Supply Pension Scheme on investment issues.

Mishcon de Reya LLP

Mishcon de Reya LLP's strong regulatory and tax capabilities make it well-placed to advise GPs on all the complexities associated with different fund structures and terms. The practice is led by Daniel Greenaway, who is well-known for his strengths advising on technology-focused private equity funds, spin-out funds and co-investment funds. Greenaway is leading the advice to new London-based special situations manager Inspirit Capital on launching its first fund.

Practice head(s):

Daniel Greenaway

Testimonials

Highly effective at delivering collaborative solutions for clients, in particular for first-time fund managers.’

Mishcon go the extra mile and provide an intimate service that provides flexibility, particularly to debut fund managers who need the most support at a vulnerable time in the fund’s life.

Daniel Greenaway is incredibly dedicated to his clients and nurtures them through the process – not providing big blustery advice, but tailored and practical.’

Daniel Greenaway is knowledgeable in his field, but also has the broader needs of his clients in mind. In particular, he is familiar with the difficulties faced by new GPs raising their first funds, bringing his experience to guide them in this process.’

They are consummate professionals – through and through.’

Daniel Greenaway is very much a trusted adviser who can always be relied upon for both creative and pragmatic solutions.’

Key clients

TriSpan

Skylake Capital

Frog Capital

Inspirit Capital

Seek Ventures

AEW UK Investment Management

NCL Technology Ventures

Flywheel Partners

Crest Capital Partners

Work highlights

  • Advising TriSpan on launching TriSpan Opportunities Fund II with a $500m target.
  • Advised Frog Capital on the first closing of their €150 million technology scale-up fund.
  • Advised Simon Nixon (founder of moneysupermarket.com) and his team on launching a $120m venture capital fund.

Morgan, Lewis & Bockius UK LLP

Morgan, Lewis & Bockius UK LLP  has significantly grown its London funds team  with the hire of a four-lawyer team from fellow US firm Morrison & Foerster. Partners Oliver Rochman  and Rob Mailer  have joined the team alongside two associates. Rochman advises sponsors and investors on private investment fund matters including fund restructuring work and secondary transactions. Mailer focuses on fund formation and fundraising.  Morgan Lewis's funds team operates from offices across the US, Asia, Europe and the Middle East and advises funds, managers, financial services firms and institutional investors on a host of work. In London the team also includes partner Simon Currie , who advises clients on securities and financial services regulatory issues in relation to the investment industry, with a particular focus on fund managers and private investment funds and

Testimonials

‘Rob Mailer is knowledgeable, experienced, has good market insights, is practical and commercial in his approach and is all round a pleasure to deal with. Always makes himself available, often at short notice. I am confident he represents our firm as best-in-class

Osborne Clarke LLP

Osborne Clarke LLP is a well-known name in the venture capital and tech funds space, where it acts for many of the most prominent and well-established names in the market. In addition, the firm is also a first port of call for a number of emerging managers. Elsewhere, the team handles the structuring of open-ended funds for private fund managers, and it also generates mandates from institutional investors. Helen Parsonage leads the venture capital funds practice. Tim Simmonds is the overall financial institutions group head.

Practice head(s):

Tim Simmonds

Other key lawyers:

Helen Parsonage; Alison Riddle

Testimonials

The team has excellent strength in depth, whilst retaining a very personal approach to how they deal with their clients. In particular, the partners in the team work collaboratively and flexibly to ensure that clients always receive an excellent, partner-led service, and they are supported by some very able associates.

Their technical knowledge is absolutely first-rate and they always demonstrate an excellent awareness of wider market trends, allowing them to offer insightful opinions and support their clients in reaching decisions on commercial and technical issues.’

Calm and professional service, good commercial sense and deliver promptly.’

Helen Parsonage is brilliant – we rely on her heavily for all our funds work in our private equity business. And her wider team, including the tax team are equally great.’

Helen Parsonage – calm, collected. Helpful in working out what we could give on and where we needed stay firm.’

Key clients

Notion Capital

Passion Capital

firstminute capital

MMC Ventures

PROfounders

Hollyport Capital

Bridges Ventures

Foresight Group

Illuminate Financial Management

InReach Ventures

Work highlights

  • Acted for Foresight on the establishment of its second regional investment fund, with a focus on investments in businesses in the east of England, among other matters.
  • Conducted investment reviews for a range of LP clients, including local government pension schemes, the Pension Protection Fund, and BAE Systems Pension Funds Trustees.
  • Advised Passion Capital from the initial proposal stage through to the first close of its third venture fund, Passion Capital III LP, which took place in August 2019 and raised approximately £35m of the fund’s £50-60m target.

Paul Hastings LLP

Paul Hastings LLP's practice is highlighted for its strengths in credit funds, buyout funds, fund finance, restructurings and secondaries transactions. It is noted for particular strength in heavily-regulated and hybrid fund vehicles where funds law has an interface with capital markets law. The firm's high-calibre clients include names such as CVC Credit Partners, JP Morgan Asset Management and Pantheon Ventures. Diala MinottChristian Parker and Duncan Woollard are the co-heads of the practice.

Testimonials

Team has the right balance of experience in GP/LP work, complex transactions and most of all background in M&A which makes a big difference in their understanding of key issues. They have good coverage across Europe/US and key practices (tax, finance, etc).

Diala and her team are really impressive. For each issue I encountered, they quickly found a solution. It is such a pleasure working with them.

Diala Minott: she perfectly knows the debt fund sector, and proposes innovative solutions. She is very open-minded and ready to accept any new challenge.’

Knowledgable, well resourced and responsive team.

Diala Minott is up to speed with latest market developments, engaging and always available for discussion and provides commercial solutions to issues.’

Key clients

CVC Credit Partners

JP Morgan Asset Management

Wells Fargo Asset Management

Oak Hill Advisors

PGIM

Alcentra

Investindustrial

Anthemis

Pemberton

Pantheon Ventures

Work highlights

  • Acted for Investindustrial group on the raising of over €3.75bn in commitments through a number of vehicles for private equity buyout investments in Europe.
  • Advised Pemberton on the establishment of Pemberton European Mid-Market Debt Fund II, which closed at c.£2.5bn in 2019.
  • Advised on the establishment of Pemberton European Strategic Credit Opportunities Fund which closed at c.£1bn in 2019.

Pinsent Masons LLP

Pinsent Masons LLP advises fund sponsors, asset managers and institutional investors on a range of fund formations, alongside operational and secondaries matters. Notable client wins in 2019 included Bricks Capital and HSBC Alternative Investments. The team has a notable niche in African fund raising alongside broad multijurisdictional capabilities elsewhere. The team is led by Edinburgh-based alternative investments specialist David Young  Ian Warner, who takes the lead on the firm's African funds work, alongside a diverse practice advising sponsors and investors on complex raisings.

Practice head(s):

Ian Warner; David Young

Testimonials

It’s a niche practice with good knowledge and understanding of private equity fund formation in developed markets and, increasingly, Sub-Saharan Africa.

I appreciate their straightforward approach which combines pragmatism with good understanding.’

Accommodative and flexibility in structuring fees. Access to senior partner all the time

The Pinsents team, led by Ian Warner, seems to have a wide range of experience of the investors (and funds) which have mattered to us and can help provide us with insights into the processes and decision making of fund investors.

Ian Warner has been particularly helpful and commercial in our dealings with him. He has good experience of LGPS investor dynamics.’

Pinsent Masons funds team has grown over the last two years and the team has a broad selection of experienced and strong performing lawyers at various levels of seniority. I think Pinsent Masons provides a compelling offering for newer fund managers and has launched a series of online learning tools to help new managers understand how to raise and structure funds. They also provide a strong service for experienced managers and I have experience of working with them on structuring and raising capital on a deal-by-deal basis, where they have been very good at interfacing with investment teams and the project lawyers.’

Key clients

Dalmore Capital Limited

Railpen Investments

HSBC Alternative Investments

Zebu Investment Partners

Sango Capital

PfP Capital

The World Bank

Rivercrown

Glasgow City Council

Management Limited

The Northern Ireland Local Government Officers’

Superannuation Committee

Lothian Pension Fund

Mayfair Capital

Martin Currie

LCN Capital Partners

Bricks Capital

Aegon Investment Management BV

Aberdeen Standard Investments

Work highlights

  • Advised HAIL on its participation in a GP led secondary transaction instigated by Ares Capital in which HAIL was an investor.
  • Advised Sango Capital on subsequent closings of its third fund of funds, having originally acted for Sango at its inception in 2012.
  • Advised Zebu on subsequent closings of its pan-African private equity fund that is focused on the food and agricultural sector.

Reed Smith LLP

Reed Smith LLP handles the entire lifecycle of private funds work for a wide range of market participants, and is able to leverage the expertise of practitioners in areas such as corporate, financial services, finance and tax. It advises on the formation, capital raising and management of private funds, as well as fund restructurings and investments into funds, among other matters. The firm offers clients the benefit of its dual US/UK capabilities in London. Delphine CurriePanos Katsambas and Winston Penhall are the names to note.

Other key lawyers:

Matt Evans

Testimonials

The team has worked with my business for many years and has grown to understand the commercial realities of it. This enables us to discuss issues and address them in a manner that allows us to move forward quickly and efficiently and always in a manner that gives us the greatest negotiating position with underlying clients.

Working with Winston Penhall is a pleasure and I certainly see him as an adviser and someone who I can approach to ask questions and seek a sounding board. I find out what is market and what can be considered most commercially appropriate for my business. He is always quick to respond and I feel goes over and above to ensure that he can assist and advise to his best.’

The Reed Smith team is very commercially-minded and always looking to find innovative solutions to address client.

Panos Katsambas is our main contact and heads the broader team. He is technically sound, well-rounded and commercially-minded, always understanding what we need and how our fund works. He is reachable at all times and has impressive management skills, both with respect to his team, but also in terms of organizing local counsel and counsel from other Reed Smith practice groups. This is client service at its best. Matt Evans also deals with a lot of the day to day matters and he is a very articulate, detail-oriented and technically savvy lawyer.

Highly responsive. Well informed and capable.

Winston Penhall is extraordinarily sharp and dedicated.’

Schulte Roth & Zabel International LLP

Schulte Roth & Zabel International LLP's team demonstrates its expertise across a wide range of closed-end and hybrid fund structures. Jointly led by Josh Dambacher and Christopher Hilditch, the team provides comprehensive advice on fund structuring and formation, seed investments, co-investments, fund restructurings, spin-outs and secondary transactions, among various other matters. Clients include European and US investment managers, and institutional investors. Jim McNallyEmily Brown and Cathy Weist are among the key figures in the group.

Testimonials

In London the team is compact but efficient.

Jim McNally is highly experienced, highly intelligent, and responsive, and manifestly values us as a client. We have a complicated business, but we have not been able to come up with a concept that he can’t readily draft for!

Emily Brown is exactly what you would look for in your external counsel. She is both proactive and responsive, she really learns what your organisation’s risk appetites are and guides you through your investments on that basis.

Emily Brown – willingness to lead the client to a desirable outcome. Always commercial and realistic about what we ask for.’

Key clients

Arcis Capital

Blossom Capital

Emso Asset Management

Falcon Edge Capital

Kingsway Capital

Norland Capital

Work highlights

  • Advised Blossom Capital on the establishment of its second fund, which is focused on technology investments in Europe. The fund was set up in Guernsey and has a broad international investor base, including investors from the United States and Europe.
  • Launched an innovatively structured hybrid fund for Emso Asset Management Limited and developed and structured a bespoke multi-fund carry platform for use in that hybrid fund and potential future funds.
  • Advised Falcon Edge Capital on the establishment of a closed-end co-investment fund, on a short timeline, to acquire a large block of pre-IPO securities in a tech company.

Stephenson Harwood

At Stephenson HarwoodGabriel Boghossian advises European, North American and Asian sponsors and financial institutions on a wide range of issues, including fundraisings, recapitalisations and reorganisations. Boghossian is also  instructed to advise on GP-led liquidity offerings and secondary transactions. Investor-side work is also a mainstay of the practice, which includes advice on direct investments into funds and co-investments. William Saunders is the head of funds and financial services.

Practice head(s):

William Saunders

Other key lawyers:

Gabriel Boghossian

Testimonials

I have dealt with Gabriel Boghossian for close to 15 years at SH and at his prior firms and rate his command of GP-led secondary transactions, creativity, commercial approach and “user-friendliness“‘

Very thorough and commercial with good knowledge of the market.’

Professionalism, innovative thinking, critical spirit, supporting clients in a broad range of activities.’

Key clients

MDP Capital

Capiton AG

EMERAM

Five Arrows Managers SAS

Unigestion SA

Arcano Partners

LGT Vestra LLP

Lombard Odier

Schroder Adveq

Morgan Stanley Alternative Investment Partnership

Work highlights

  • Advised Capiton on a general partner-led single asset secondary transaction relating to the KD Pharma Group.
  • Acting for a syndicate of twenty purchasing entities on the tender offer process made to all investors in EMERAM Capital Partners Fund I, including the structuring of offers across both Jersey and Germany parallel funds and concurrent negotiations with a number of investors selling their interests.