Firms To Watch: Private funds

Bristol-based Burges Salmon LLP has a solid record in mid-market private equity fundraising and advice to investment managers, with a particular focus on winding up funds at the end of their lifespans. The team is led by Jeremy Bell.

Private funds in London

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP has a broad funds offering, advising major fund managers on fund formation and operational issues across both the upper and lower mid-market private equity space, as well as advising credit and infrastructure funds. It also works with a solid share of the European  private funds market. The team is similarly broad, with practice head Richard Watkins playing a key role in high-value fundraisings for private equity clients, while Anand Damodaran is a leading figure in the debt funds space. Christopher Braunack is a prolific fundraising adviser to mid-market private equity, while Andy Shore has played a key role in a number of bulge-bracket mandates, particularly on behalf of new client Hg Capital. Theodore Cardos is noted for his secondaries practice, advising on a number of high-value transactions, and is US-qualified. Amala Ejikeme is active within the European market, and advises on traditional and alternative fund structures, including evergreen and parallel arrangements. The firm announced the hire of well regarded funds lawyer Amy Fox from Simpson Thacher & Bartlett LLP in summer 2021. She advises on fund formation, operational matters, and complex structures such as co-investments.

Practice head(s):

Richard Watkins

Other key lawyers:

Anand Damodaran; Christopher Braunack; Theodore Carlos; Andy Shore; Amala Ejikeme; Amy Fox; Aleksander Bakic

Testimonials

K&E’s fund formation practice in London has deep expertise and has been our best external counsel across all of the jurisdictions in which we operate for many years.

Richard Watkins is very well connected to a large range of LPs and this simplifies our fund formation efforts. He has an excellent handle on market practice. He negotiates well and can be relied upon to present our position.

Amy Fox is an excellent lawyer, practical, fast and decisive.’

The two things that immediately come to mind are  the fact that everyone I come across at K&E are just nice people who I enjoy working with and the strength in depth – they just seem to have a huge bench of top quality lawyers and you know that you are getting quality service no matter who you deal with.

Richard Watkins and Andrew Shore are our core team and have been, and continue to be, excellent. Richard is vastly experienced and you just know that he’s seen it all before and has a total grip on what the key issues are in any transaction. Andrew is just great to work with: commercial, sharp, always available, always on top of things and extremely good at coordinating across different departments to ensure we get a single clear line of communication.

‘Aleks Bakic is responsive, understands our business (beyond just a fund formation assignment) and helps identify solutions to challenges.‘

Key clients

BC Partners

Hg

IK Investment Partners

Livingbridge

Montagu Private Equity

Nordic Capital

TDR Capital

Triton Partners

Vitruvian Partners

Waterland Private Equity

Work highlights

  • Advised Basalt Infrastructure Partners on the closing of its third fund at $2.75bn.
  • Advised Nordic Capital on the closing of Fund X at €6.1bn.
  • Advised Montagu Private Equity on a €3.3bn raising for its Fund VI.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP remains a key fund counsel to top-tier private equity buyout funds, working on flagship fundraisings for an array of major clients. Alongside large-cap raisings, the team also handles smaller fundraisings for mid-market private equity, infrastructure, and social impact funds, and has a strong record in secondaries and ESG-related investments. Fund formation ‘iconJason Glover heads up the team, and is a vastly experienced adviser to top private equity clients, while Gareth Earl advised on CVC’s record-breaking €21.25bn European fundraising, the largest recorded in the market at the time of publication. Seema Shah and Robert Lee remain highly active in large-cap fundraising, while Daniel Lloyd handles both large-cap and smaller formations for an array of clients. Vandana Harris joined as a senior counsel in 2020 from an in-house role, and specialises in LP-side advice, alongside working with funds on transactional issues and investment strategy. Counsel Amy Fox is set to join Kirkland & Ellis International LLP .

Practice head(s):

Jason Glover; Gareth Earl; Seema Shah; Robert Lee; Dan Lloyd

Other key lawyers:

Amy Fox; Vandana Harris

Testimonials

Jason Glover is an icon in the PE world and deservedly so, probably the world’s most recognisable fund formation lawyer and a person of high ethics and admirable character. He impresses me with his EQ- he really does care about his associates and ensure that they get direct positive feedback from the client.’

Top end team that really delivers a premium product. Innovative, cutting edge, responsive and friendly.

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 CVC on its flagship buyout fund, which closed at €21.25bn.
  • Advised EQT on the €15bn raising of EQT IX.
  • Advised Coller International Equity on the €9bn raising of its eighth secondaries fund, Coller International Partners VIII.

Clifford Chance LLP

Clifford Chance LLP offers broad expertise across a variety of fund strategies, advising major institutional managers and investors on private equity, infrastructure, debt/credit, and emerging market fund formations and regulatory issues. The firm is well-versed in  particular ESG and Sustainable Finance Disclosure Regulation considerations and also has an active secondaries practice. The team is led by Nigel Hatfield, a senior figure within the market who advises top sponsor and investor clients on large-scale fund formations and structurings. Gerard Saviola continues to be a key player in European, African, and emerging markets funds, with a strong cross-border practice, while Alexandra Davidson has a growing specialism within the ESG space, handling a number of standout formations and investments in the past year. Alexander Chester is highly active in secondaries, including co-investments and separate accounts, while Jonathan Bray's strong contributions  were recognised with his promotion to partner in early 2021. Senior associate Lily Marcel specialises in ESG and sustainability work for both sponsors and investors, including sustainable investment models.

Practice head(s):

Nigel Hatfield

Other key lawyers:

Gerard Saviola; Alexandra Davidson; Alexander Chester; Jonathan Bray; Lily Marcel

Testimonials

The team’s strengths are deep market knowledge, international and cross-disciplinary practices that collaborate well, some exceptional individuals. Funds, litigation, tax and employment practices have worked together as one team (with one single principal point of contact) to deliver complex projects.

Alex Davidson is a tour de force – very strong on technical, legal and documentation issues; practical and solutions driven; very creative; knows LP preferences and market practice extremely well; understands commercial drivers; works unbelievably hard, Hands on and makes herself available; has built a strong team around her who work cohesively.

Nigel Hatfield – excellent lawyer with decades of experience in the PE and Infrastructure funds space. Very useful macro perspective on market practice and trends.

The team here are great and have a brilliant sense of what’s going on in the market, and stay up to date with changes to ensure we are considering the most up to date structures.

Gerard Saviola continues to deliver exceptional work, with a broad view of activities in the market and clear, concise advice.

A very client oriented team that works extremely hard to meet the client’s expectations on every front.

Key clients

Intriva Capital

Axcel Management A/S

Capital Dynamics

DWS

HSBC

Credit Suisse Asset Management

Arcus Infrastructure Partners

Elbrus Capital

EQT

Stirling Square Capital Partners

Alta Semper Capital

Octopus Renewables

ICG

Bridgepoint

Work highlights

  • Advising Bridgepoint on its high-profile acquisition and integration of EQT Credit from EQT at an undisclosed transaction value.
  • Advising HSBC on the launch of its new secondaries fund initiative with the formation of Private Equity Opportunities (1.4 Billion USD).
  • Advising Octopus Renewables on the launch of their £2bn target open-ended renewable energy fund.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP advises a diverse range of clients across all major investment strategies, handling fund formation, alternative capital raisings, secondaries, and regulatory matters for buyout, debt, sector-specific, and infrastructure funds. Clients include start-up managers, financial services investors, including insurance funds, and global asset management firms. The team enjoys strong relationships with its US colleagues, and also works on a pan-European basis. US-qualified Geoffrey Kittredge leads the London practice, and is a strong adviser across the private equity space, working for a number of top asset management clients. John Rife continues to work prolifically across fundraising and operational matters, and has a strong focus on alternative asset transactions, including GP-led secondaries. Matthew Dickman was promoted to partner in mid-2021, and is noted for his work with venture capital and tech investment funds. Counsel John Anderson rejoined the firm from an in-house position in 2020, and specialises in Luxembourg and non-EU fund structures and regulatory issues.

Practice head(s):

Geoffrey Kittredge

Other key lawyers:

John Rife; Matthew Dickman; John Anderson

Testimonials

Broad experience and expertise across jurisdictions’

‘Extensive experience.

Key clients

AfricInvest Group

AlbaCore Capital Partners

Apera Fund II

Canson Capital Partners

Centricus Asset Management

Credit Suisse Asset Management Limited

DBAY Advisors Limited

Development Partners International LLP

DN Capital (UK) LLP

Fifth Wall

FitzWalter Capital Limited

Glendower Capital

Intermediate Capital Group plc

LCM Capital LLP

LGT Capital Partners AG

Lorax Capital Partners

Novum – Fund II

Park Square Capital

Project Lighthouse

Wafra Inc.

Work highlights

  • Advised Credit Suisse’s Asset Management division on its formation of a multibillion dollar direct private credit platform in partnership with the Qatar Investment Authority.
  • Advising Development Partners International on the formation of its third private equity growth fund, targeting $800m.
  • Advising AfricInvest on AfricInvest Fund IV.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP combines regular work for blue-chip fund managers with advice to institutional and specialist fund sponsors, including venture capital and ESG-focused funds. Alongside work for private equity buyout, infrastructure, credit, and debt funds, the ‘knowledgeable and hardworking‘ team advises on secondaries, fund manager spin-outs, and platform launches. The practice is led by European private equity funds head Kate Downey, who advises high-profile fund managers on the structuring and raising of global and European-focused investment funds , alongside London managing partner Mark Mifsud, who remains highly active on fundraisings, secondaries, and co-investment structures. David Christmas has a particular emphasis on complex multi-jurisdictional fund structures, particularly within Europe, while Sam Wilson is also a standout team member, particularly within private equity fundraising and management matters. At senior associate level, Piers Harris is noted for his work on venture and ESG investments, with Karen Henderson active on behalf of many of the firm’s high-profile clients.

Practice head(s):

Kate Downey; Mark Mifsud

Other key lawyers:

David Christmas; Sam Wilson; Piers Harris; Karen Henderson

Testimonials

Great people with deep experience, particularly Mark Mifsud and Kate Downey. A good pool of associates coming through the ranks.

Mark Mifsud – very clever but also comes up with great strategic solutions for clients.

Kate Downey – super intelligent and very calm and measured.’

Kate Downey offers excellent service. Not only is she incredibly effective and adds value on every engagement, but she has a great network of peers in other fields and is always able to make appropriate introductions.’

Knowledgeable and hardworking team.

Mark Mifsud – a veteran of the funds industry with all of the experience and expertise that entails.

Key clients

Arcmont Asset Management

Bain Capital

Balderton Capital (UK) LLP

BlackRock

Bluebay Asset Management

Cairngorm Capital

Cambridge Innovation Capital

Corten Capital

Crescent Capital Europe

CVC Credit Partners

Danske Private Equity

FSN Capital

Goldman Sachs

Greencoat Capital

HSBC Asset Management

iCON Infrastructure

Investec Bank PLC

Kennet Partners

Neuberger Berman

Norvestor Equity

Octopus Investment Limited

Palatine Private Equity

Permira / Permira Credit

Pioneer Point Partners

RoundShield Partners

Rutland Partners LLP

VGO Capital Partners

Vision Capital

Vitol SA

Work highlights

  • Advised Permira Credit with the formation of their latest €3.5bn European direct lending fund, Permira Credit Solutions IV.
  • Advised BlackRock with the formation of BlackRock Europe Property Fund V €1.487bn which focuses on real estate assets across Europe with a specific focus on cities and is BlackRock’s largest value-add real estate fund to date.
  • Advised iCON Infrastructure on the raising of its latest flagship infrastructure fund, iCON Infrastructure Partners IV, which focuses on investments in infrastructure assets across Europe and North America.

Goodwin

Goodwin‘s broad funds practice encompasses mid-market and bulge bracket private equity fundraising, infrastructure and debt fund expertise, and an active secondaries offering. The London team is integrated with its US and Luxembourg offices, allowing it to handle complex cross-border mandates. Practice head Michael Halford advises major private equity clients on fund structuring and operations, with a particular focus on GP-led restructurings, while Ed Hall advises on fundraisings, co-investments, and fund of fund arrangements for a combination of private equity and infrastructure funds. Ravi Chopra co-leads the firm’s secondaries practice, with Ajay Pathak noted for his work on regulatory issues and spin-outs, and Shawn D’Aguiar handling innovative social impact, emerging markets, and sharia-compliant work. Counsel Benjamin Yeoh advises on fund formation, structuring, and investment matters.

Practice head(s):

Michael Halford

Other key lawyers:

Ed Hall; Ajay Pathak; Shawn D’Aguiar; Benjamin Yeoh; Ravi Chopra

Testimonials

They are one of the most reliable teams in the City. If you want something done no matter what the subject matter then go to Goodwin and you can rely on them.

Ed Hall is a standout fund formation lawyer in London who has the right combination of technical capabilities and practical commercial application.’

Key clients

Abingworth

Antin Infrastructure

Bregal Investments

Endless

Glennmont Partners

Intermediate Capital Group (ICG)

Investcorp

LGT

Macquarie

Patron Capital

Work highlights

  • Advised longstanding client Bregal on the structuring and fundraising of Bregal Unternehmerkapital III.
  • Advising Macquarie Green Investment Group on the structuring and fundraising of its latest fund, Macquarie GIG Renewable Energy Fund 2, which raised €1.635bn.

Proskauer Rose LLP

Proskauer Rose LLP advises top institutions including asset managers, buyout houses, funds of funds and new managers on fund formations across a diverse range of fund structures and asset classes, including private equity, infrastructure, special situations, and renewable energy funds. The firm combines this broad expertise with an active secondaries practice, including transactions, GP-led secondaries, and continuation funds. The team, praised for its ‘ superb breadth and depth of experience’ is led by Nigel van Zyl, an experienced practitioner who enjoys strong relationships with a variety of major funds clients, handling large-scale fund formation and operational mandates, including carried interest and co-investments, and internal governance issues. Bruno Bertrand-Delfau specialises in secondaries matters, advising on major transactions within the European and US markets, and is also active on behalf of institutional investors. The ‘commercial and pragmaticPeter Olds arrived from Weil, Gotshal & Manges (London) LLP in early 2021, and advises on fund formations and secondaries across a variety of asset classes, while ‘creative’ and ‘knowledgeable’ counsel Brendan Gallen is also a key member of the team. Aranpreet Randhawa was promoted to partner in late 2020.

Practice head(s):

Nigel van Zyl

Other key lawyers:

Peter Olds; Bruno Bertrand-Delfau; Brendan Gallen; Aranpreet Randhawa; Warren Allan ; Leith Moghli; Edward Lee ; Kirsten Lapham  ; Christopher Elson ; Jordan Hurwitz

Testimonials

Large and global team.One stop shop with all the required expertise to successfully close your transaction in time. Very strong track record, deep knowledge of the industry best practices and gold standards.

Pragmatic, knowledgable, helpful.

The team has superb breadth and depth of experience which allows clients to be confident that the documentation contains all the latest technology. The team is draws on all relevant areas of expertise of the firm eg tax.

Brendan Gallen is exceptionally hardworking and knowledgeable about the funds space and is absolutely on top of the detail. He is also good at maintaining contact and is very thoughtful about creative ideas for solving problems.

Very commercial but also down to earth and straightforward.

Peter Olds is extremely responsive, very commercial and pragmatic in seeking client-focused solutions and has a great insight into market terms and data.

Key clients

Hg

EMK Capital

Avedon Capital Partners

Tenzing Private Equity

Ardian

Preservation Capital

Priveq Advisory AB

Gilde Buy Out Partners

G Square Capital

One Peak Partners

Moonfire Ventures

Bencis Capital Partners

Work highlights

  • Advised Hg as lead fundraising counsel on their latest fundraisings totalling approximately $11bn across three vehicles.
  • Advised EMK Capital on its second fund, EMK Capital Partners II, which closed at its hard cap of €1.5bn.
  • Advised Avedon Capital Partners on Avedon Growth Capital IV, targeting €500m.

Weil, Gotshal & Manges (London) LLP

Weil, Gotshal & Manges (London) LLP offers integrated funds, tax, and regulatory expertise to its clients, which include well-known fund managers active within the private equity, infrastructure, and credit spaces. The team advises clients on large-scale fundraisings, operational and regulatory issues, secondary transactions, including innovative fund-to-fund structures, and fund restructurings. Practice head Ed Gander is an active adviser to top clients on fundraisings and operational issues, and has previously run his own private equity fund, while James Sargent advises on fundraisings, co-invests, and GP-led secondaries for funds across a diverse range of strategies. James Bromley has a growing market profile, and is noted particularly for his work on high-profile spin-outs and social impact funds.

Practice head(s):

Ed Gander

Other key lawyers:

James Sargent; James Bromley

Key clients

Advent International and Bain Capital

bd-capital Partners

Brookfield Asset Management Inc.

CapMan

Castleforge Partners Limited

Dalmore Capital

Revetas

Victory Advisors

Yoo Capital Fund II (GP) Limited

Work highlights

  • Advised Pai Partners on the raising of its €2bn PAI Strategic Partnerships Fund and the GP-led secondaries process for PAI Europe V.
  • Advised Brookfield Asset Management on its acquisition of a stake in Oaktree Capital to create a combination of asset managers with around $600bn of assets under management.
  • Advised InfraRed the establishment of InfraRed European Infrastructure Income Fund IV, targeting €1.5bn.

Akin Gump LLP

Akin Gump LLP advises high-profile international and European players, on fund formations across a range of asset classes, including buyout, credit, infrastructure, and venture capital funds. The team also works with institutional investors, and has a strong record in GP-led secondaries, securing a strong share of the transactional market. John Daghlian remains a key player in fundraisings and investor-side matters, with expertise in a range of asset classes. Daniel Quinn has notable capabilities in green energy funds and secondaries, while Mary Lavelle advises a number of sovereign wealth clients on investments and co-investments alongside GP-led restructurings and secondaries. Recently-promoted counsel Chris Jeanes and Simon Ellis have active secondaries practices.

Practice head(s):

John Daghlian; Daniel Quinn

Other key lawyers:

Mary Lavelle; Chris Jeanes; Simon Ellis

Testimonials

Very strong team in the private funds space, well known for their expertise and broad gauge knowledge of secondaries transactions. True partner-led practice and excellent support from related practice areas.

John Daghlian and his team are experts in fund formation issues – particularly on secondaries and restructurings.

The team has great fund formation and secondary experience.

Danny Quinn is an exceptional lawyer, he is both technically very strong and practical with great knowledge of the market.

Very commercial and solutions-oriented. Have good insight into market practice, and GP/LP dynamics.

Key clients

Adelis Equity Partners

Aksia Group SGR

Aliter Capital

Apollo Global Management

Coller Capital

eEquity AB

Everstone

Expedition Growth Capital

Glendower Capital

Government of Singapore Investment Corporation

Harbour Litigation Funding

Helios Investment Partners

Intermediate Capital Group

Key Capital

MVOF Management Limited

Oakfield Capital Partners

Ocean Fund LP

Oriens

Quinbrook Infrastructure Partners

RIT Capital

Rubicon Partners

Stratus Group

Sunridge Partners

Turkven Private Equity

Wren House Infrastructure Management Limited

Work highlights

  • Advised Harbour on the raising of their fifth fund, which targeted $1bn in commitments.
  • Advising Quinbrook on the raising of their newest platform, targeting £1bn in commitments, and focusing on renewable investments in the UK.
  • Advised longstanding client Helios on all fund-related aspects of its combination with the Toronto-listed Fairfax Africa, which created the premier pan Africa-focused alternative investment manager, Helios Fairfax Partners Corporation.

Allen & Overy LLP

Allen & Overy LLP is active in the public and private credit space, advising on fundraising, funds of one structures, and downstream investments, and also maintains an active institutional investor practice, advising major international sovereign wealth and pension funds. Matthew Huggett leads the team, advising alternative investment fund managers on fund formation matters across the full range of private fund strategies, alongside joint ventures and investments. MaameYaa Kwafo-Akoto was promoted to partner in mid-2021, in recognition of her leading institutional investor practice. Dominic Von Wulffen handles fund structuring and regulatory matters, while Paul Sampson advises funds and investors on large-scale fundraisings.

Practice head(s):

Matt Huggett

Other key lawyers:

MaameYaa Kwafo-Akoto; Paul Sampson; Dominic von Wulffen

Testimonials

The Allen & Overy Team is highly responsive and willing to show flexibility around our needs. They have proven helpful in providing resources to support our in-house legal team requirements. They have also worked alongside us to respond to innovative matters, showing great capacity to think outside the box and bringing their international experience to bear on the documentation and other aspects of the work.

Deep knowledge and experience, availability and flexibility, creativity and a result-oriented approach. MaameYaa has been consistently supportive to our legal and investment teams. She was at the forefront to the capacity building session organised by A&O for us.

Matt Huggett – always on top of his game.

Paul Sampson – excellent in negotiations.

Very responsive partners; heavy partner involvement; deep bench of associates; v quick turnaround times; regular and relevant know-how / legal development updates.

MaameYaa Kwafo-Akoto and Pavel Shevtsov are both excellent.

Key clients

Aviva Investors

Electra Private Equity

Macquarie

Corestate

Ashurst

Ashurst has an active private equity team, advising major fund managers and  institutional investors on fundraising, restructuring, and investment mandates, combining strong global and multi-jurisdictional capabilities, particularly in Asia and Luxembourg, with integrated tax and regulatory expertise. The team is led by Piers Warburton, an active fundraiser on behalf of major relationship clients, who handles complex and innovative structures. Nick Goddard and Nicola Hopkins combine strong sponsor and investor-side work, advising on high-value global raisings, co-investments, and joint ventures, while newly-promoted partner Catherine Gokah is noted for her active institutional investor practice.

Practice head(s):

Piers Warburton

Other key lawyers:

Nick Goddard; Nicola Hopkins; Catherine Gokah

Testimonials

‘The team was knowledgeable in the funds space and able to break down tricky concepts to all stakeholders at our end. They were helpful in negotiating a tricky agreement and also providing industry insight and guidance despite limited direct precedent for the arrangement in question.’

Nicola Hopkins was very easy to work with and always made herself available, even at short notice and with very tight timescales.’

‘Strong team, with excellent understanding of our needs (both in connection to the firm and the fund platforms).’

‘ Nick Goddard is able to provide feedback both ways with objective of providing excellent service across a range of different ‘products’.’

Key clients

Agilitas Private Equity LLPNo

BP Investment Management

Coutts & Co Ltd

Equitix

Foresight Energy Infrastructure Partners

General Atlantic

Intermediate Capital Group

Sprints Capital

Work highlights

  • Advised ICG on the establishment of the ICG Asia Pacific Fund IV.
  • Advised Agilitas on the establishment of the €565m Agilitas 2020 Private Equity Fund.
  • Advised on the establishment of General Atlantic Partners (Lux) SCSp, a Luxembourg fund to sit within the global investment platform of General Atlantic.

Latham & Watkins

Latham & Watkins advises fund managers and institutional investors across the full range of products and asset classes, including buyout, growth equity, venture capital, and infrastructure funds. The team handles fund formation, management and operational issues, and secondaries, as well as regularly advising investors on representation and strategy. Practice head Nick Benson has a diverse practice, with notable expertise in cross-border work in various jurisdictions, alongside industrial and technology investments. James McCrory is noted for his active venture capital practice.

Practice head(s):

Nick Benson

Other key lawyers:

James McCrory

Testimonials

The Latham team have demonstrated strong command of business/commercial sense on top of their superior proficiency.  They understand and appreciate relationship-building, which make us return to them as our go-to lawyers, especially in critical time sensitive tasks.

Team is proficient, professional and very knowledgeable. James McCrory is our lead funds lawyer and has consistently delivered excellent results.

The team is experienced, practical and efficient. They can bring top experts and expertise from any global market quickly and seamlessly.

The most client-centred legal team I have ever worked with. They really care about making the client successful, listening carefully to what the client wants, generating practical options for discussion, providing robust advice and creatively and efficiently navigating their way to the optimal solution.

Key clients

China Investment Corporation

OMERS Infrastructure

Waterfall Capital

LaSalle

VentureSouq

Generali

Quadriga Capital

Capvis

Chimera Capital

Flashpoint Venture Capital

Work highlights

  • Advised Waterfall in connection with its appointment as replacement investment manager of Pollen Street Secured Lending plc. (AUM >£700 million) an investment trust that invests into private credit assets across US and Europe.
  • Advising VentureSouq, a tech investment firm, raise its flagship venture capital fund. VentureSouq is one of the leading early stage investors in the Middle East. The team and fund is supported by very large anchor commitments from the Saudi sovereign wealth funds.
  • Advised 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. This transaction is not only commercially significant for the parties involved but is closely supported by the French and Chinese governments, in the context of their current diplomatic and trade initiatives.

Linklaters LLP

Linklaters LLP combines regular representation of major institutional fund managers with strong investor-side work, including a number of co-investments and joint ventures. On the sponsor side, the firm has bolstered its client base, as well as expanding its share of mandates from existing funds, and has been active on both fundraising and GP-led secondaries. The team is led by Matthew Keogh, who maintains a strong sponsor-side practice and regularly advises cornerstone investors. Rahul Manvatkar is noted for his work with Softbank on large-scale mandates, while Clare Baker made partner in early 2021 in recognition of her sophisticated work with LPs.

Practice head(s):

Matthew Keogh

Other key lawyers:

Rahul Manvaktar; Clare Baker

Testimonials

Rahul Manvatkar is our main relationship partner. He brings a great deal of experience and knowledge from his many years experience. He has a great network within Linklaters and is able to pull in the right specialists as required. We have a great personal and professional relationship.

The know the law, they know the market and they know our business. On top of that, they are great fun to work with! Nothing is too much trouble; they are incredibly responsive and they always deliver high quality work when they say they will.

They have outstanding knowledge and understanding of both the law and also the market more generally. They can apply their expertise to helping us deliver market-leading products and services for our clients and do so at all times with a sense of humour and easy-going style. Nothing is too much trouble and anything is possible, no matter how tight the deadline is.

Matt Keogh – very impressive knowledge of the law which he can apply to complex or business-specific situations. We have complete confidence in any advice he provides.

Clare Baker – in depth knowledge of our business and our product suite and how it all fits together. She’s really proactive and has incredibly strong technical skills and knowledge of the law. In negotiations with clients she has been firm but fair and has a real sense for what works for our business and where we can accommodate client requests.

Links have been very responsive- provided good guidance, advice and drafting- took ownership- built up trust to have them engage with clients directly.

Matthew Keogh and Clare Baker both worked diligently and managed the team well.

Very diligent and devoted team, with the ability to provide all the additional support you need from the firm’s other practices. We appreciate their ability to tailor their product to our needs, therefore delivering a better experience for each project we work on.

Matt Keogh is a true expert in his field. Approachable, committed and truly exceptional.’

Clare Baker has excelled in all of the work she has done for our organisation. From the beginning of our work with her, she has displayed exceptional legal skills, a practical and commercial approach and always finds a solution for us. A real rising star in her practice.

Key clients

Ardian

Ashmore

Barings

British Business Bank

Cerberus

DWS

Macquarie

Nestle Ventures Neuberger Berman Europe Limited

Partners Group

PSP Inve

Work highlights

  • Advised Neuberger Berman on the structuring, establishment, investor negotiations and closing of the NB Euro Crossroads 2018.
  • Advised Partners Group on a broad range of Luxembourg-based investment funds including flagship funds, niche funds, bespoke solutions and individual mandates tailored along the specific needs of specific investors.
  • Aadvised Commerz Real, a fund management subsidiary of Commerzbank AG, with respect to the structuring and establishment of its first impact fund, Klimavest.

Macfarlanes LLP

Macfarlanes LLP is 'a market leader for mid-market funds' with particular expertise in the preferred equity, credit, and distressed assets spaces. The team works with managers on complex, non-UK structures, including pan-European strategies, and is integrated closely with its tax practice on fundraising matters. The team is led by Stephen Robinson, who advises institutional managers on the formation of private equity, credit, and infrastructure funds. Christopher Good is noted for his work across formation, co-investments, and secondary transactions.

Practice head(s):

Stephen Robinson

Other key lawyers:

Christopher Good; Harriet Miller

Testimonials

Macfarlanes are a market leader for mid-market funds with a UK focus. They have been successful in carving out a niche for fund formation and structuring work. Technically strong and very active, they have a strong team from partner down the junior associate level.

Macfarlanes has supported us with our legal requirements related to fund formation and management for many years and we have always been delighted with the service and support we receive. The team is responsive, knowledgeable and commercial.

I work most with Chris Good, who is excellent.His manner, both with clients and counterparties is pitch perfect: professional and polite, always with a smile, but always getting the very best result for his client.’

The Macfarlanes team were always a pleasure to work with and always made themselves available on short notice. I know they were advising many other clients in addition to ourselves but they still managed to make us feel like they were our in-house team throughout the process. That’s quite a feat.

Key clients

Signal Capital Partners

KLAR Partners

CBPE

Alcentra

Aberdeen Standard Investments

Dawn Capital

SV Health Investors

Advent Life Sciences

Hayfin Capital Management

Muzinich & Co.

Cross Ocean Adviser LLP

17Capital

LGPS Central

Warwick Capital Management

Work highlights

  • Advised Signal Capital Partners on the successful fundraising of its asset-backed stressed and distressed capital structures fund which closed at €900m.
  • Advised European private equity firm KLAR Partners on its first fund, Klar Partners I, which held a final closing at its hard cap of €600m.
  • Advised CBPE Capital LLP (CBPE) on its latest fund, CBPE Capital Fund X, which closed at its hard cap of £561m, surpassing its £525m target.

Sidley Austin LLP

Sidley Austin LLP has a strong profile within the credit and distressed funds space, and is expanding its share of the private equity buyout and secondaries markets through Mateja Maher, who has attracted a number of new private equity clients. The team works closely with its European tax and regulatory teams on cross-border fundraisings and investments, as well as leveraging its strong US platform. The team is led by James Oussedik, who is highly active on behalf of credit fund managers and LPs, with Stephen Ross also a key figure.

Practice head(s):

James Oussedik

Other key lawyers:

Stephen Ross; Mateja Maher

Testimonials

Sidley Austin has been an exceptional partner in helping us launch a European investment fund. They not only provide top-notch legal work, but they have helped us work through numerous difficulties. They have been a true partner and definitely a value add.

Key clients

Alcentra Limited

AllianceBernstein

Chenavari Investment Managers

Ashgrove Capital LLP

Anthemis Capital Managers Limited

Lodbrok Capital LLP

North Wall Capital LLP

RoundShield LLP

Tailwind Entertainment

Queen’s Park Equity

Synthesis Capital

Ardian

AIMCo

Work highlights

  • Advising Alcentra on the continued raise of ASCOF IV.
  • Advised North Wall on several matters, including the launch of its maiden flagship fund, North Wall European Opportunities Fund.
  • Advising Chenavari on the launch of its Core Opportunities Fund, a new launch for Chenavari’s European credit platform.

Travers Smith LLP

Travers Smith LLP enjoys strong relationships with a number of private equity fund sponsors, working in close collaboration with its transactional teams throughout fund formation, operation, and transactions, including GP-led secondaries and traditional buyouts. The team also advises infrastructure and private debt funds.  Aaron Stocks oversees the team, with Sam Kay and Jeremy Elmore key players in the fund formation practice, working with major fund managers across private equity, infrastructure, debt and credit. Newly promoted partner Edward Ford is noted for his active GP-side practice.

Practice head(s):

Aaron Stocks

Other key lawyers:

Sam Kay; Jeremy Elmore; Edward Ford

Testimonials

‘All members of the team have good market knowledge, are pragmatic in their approach and strive to provide commercial solutions, putting the client first.’

‘Sam Kay and his team have a great working knowledge of the private funds market and terms. They are very experienced at running negotiations with investors and can advise well on which points to resist (and how to do so).’

‘Sam Kay is great to work with. He has a wealth of experience in the field and is very good at working through complicated problems to find a practical solution. He’s also very good at explaining complex points in an easy to digest way.’

‘The Travers team is genuinely partner led – you have instant access to the partners, who are truly involved with and invested in your matters. The Travers team have a deep understanding of our business and a great instinct for our risk appetite and commercial drivers. Their knowledge of the PE industry is excellent and their advice is both comprehensive and technically on point, delivered in an easy to follow, measured and truly unflappable manner. The PE team also benefits from having a dedicated funds finance practice and can also draw on the experience of sector specialists from across the PE space, including tax and regulatory.’

‘Sam Kaye and Ed Ford lead from the front. They are both hugely appreciated for their hands on approach to matters, their calmly delivered, well-considered, technically on-point and commercially astute advice and their depth of knowledge of both the PE industry generally and our business in particular.’

Key clients

Aberdeen Standard Investments

Abris Capital Partners

Ansor LLP

Augusta Ventures

PineBridge Benson Elliot

Bluegem Capital Partners

Bridgepoint Credit Advisers UK Limited

Element Ventures

Elysian Capital

GLIL Infrastructure

Hermes GPE

Index Ventures

Kester Capital LLP

Litigation Capital Management Limited

Local Pensions Partnership Investments

London LGPS CIV Limited

Medicxi

Melior Equity Partners

Njord Partners

SilverTree Equity

Social and Sustainable Capital

TA Associates

Templeton Asset Management Limited

Work highlights

  • Advised longstanding client Elysian Capital LLP on the fundraising of its third vintage fund Elysian Capital III LP.
  • Advised Medicxi on a €200m structured secondary transaction.
  • Advised London LGPS CIV Limited and London Pensions Partnership Investments Ltd on the establishment, structuring and fundraising of The London Fund.

Baker McKenzie

Baker McKenzie acts for a broad range of clients on the manager and investor side, including major institutional managers, investment banks, and family offices, alongside a strong international sovereign wealth fund portfolio. The firm leverages its international platform, working with clients in Africa and South-East Asia, with growth markets a focus for the practice, alongside an increasing share of ESG and sustainable finance work. The team is led by James Burdett, who has a wealth of expertise in fund formation and investments, particularly in the infrastructure space.

Practice head(s):

James Burdett

Testimonials

‘Their international platform and collaboration helps with cross-border transactions’

‘Good leveraging of associates and  senior associates when necessary’

‘A global law firm with offices in lots of jurisdictions, which gives them very good coverage’. 

Key clients

Pollination Capital Partners

Government Pension Fund of Thailand

Perinvest

Government of Singapore Investment Corporation

Arcus Infrastructure Partners

Mitsubishi UFJ Trust & Banking Corporation

Harwood Capital

HSBC Pollination Climate Asset Management

The Townsend Group

Allianz Capital Partners

Bregal Capital

Camco Clean Energy

First Sentier Investors

ARCH Emerging Markets Partners

Chatham Financial

Tikehau Capital

Olayan Group

Earth Capital Partners

Equinix

Work highlights

  • Advised Pollination Capital Partners and HSBC Pollination Climate Asset Management in relation to a number of matters concerning their establishment and related governance and regulatory matters.
  • Advised the Egyptian Government on the establishment of the Sovereign Fund of Egypt, Egypt’s sovereign wealth fund.

Dechert LLP

With a strong focus on private equity and credit funds, Dechert LLP advises fund managers focused on the UK, US, EU, and Asia, handling major fund formation and capital raisings. The funds team is bolstered by in-house regulatory and tax capabilities and also advises on GP-led secondaries, restructurings, and downstream investments. The practice is headed by the ‘technically excellent‘ Gus BlackChristopher Gardner is noted for his strong European work, while the ‘standout’ Thiha Tun is praised for his work on behalf of sponsors and investors on major raisings.

Practice head(s):

Gus Black

Other key lawyers:

Christopher Gardner; Thiha Tun

Testimonials

The team is solutions orientated. It is very experienced and is always open to sharing practical experience and guidance. This assists us as a client in navigating a number of areas within our business across the globe.

The team is very accessible and responsive. Gus Black is able to direct us to specific subject matter experts across the spectrum of legal or tax services we require. We view Dechert as our preferred supplier of international law services because of these factors.’

Broad market insight and ability to connect with specialists across the globe.

Gus Black is our go-to lawyer for complex fund structuring in Luxembourg among other jurisdictions. Gus is extremely commercial with advice and tailors every aspect to the specific facts, time-frames and inherent potential risks – highly recommended.

Strong brand and an industry leading firm in the investment fund and financial service sector.

The partner that really stands out is Thiha Tun. His character, willingness to go the extra mile and expertise in private investment funds make him a fantastic partner.

‘Christopher Gardner has exceptional knowledge and dedication that he brings to private equity groups and funds.’

Key clients

Apollo Global Management

AGC Equity Partners Limited

Amber Capital UK LLP

Columna Capital LLP

Pemberton Capital Advisors LLP

StepStone Group

Warburg-Serres Investments

Work highlights

  • Ongoing private credit fund formation work for Pemberton Capital Advisors LLP.
  • Ongoing private equity fund formation and secondaries work for Columna Capital.
  • Ongoing private credit fund formation work for Barings LLC.

Hogan Lovells International LLP

Hogan Lovells International LLP offers standout expertise in infrastructure funds work, with the firm regularly working on funds focused on concessionary infrastructure and PFI/PPP assets. The team advises major international fund managers and investment banks on primary formations and operational matters, co-investments, and secondaries, including GP-led transactions and restructurings. The firm works with its international offices in key jurisdictions including the US, Luxembourg and the Asia-Pacific. Nicholas Holman leads the team, advising private equity and infrastructure funds on international investments, with Jeremy Pickles also a key member of the team.

Practice head(s):

Nicholas Holman

Testimonials

Hogan Lovells provides excellent service from a team that understands the clients’ needs and requirements.

Nicholas Holman consistently provides timely and practical advice in technical areas (while maintaining a good sense of humour).

Nicholas Holman and his team are highly valued partners. Nicholas is extremely client focused and will make himself available as required. Supporting Nicholas is an extremely experienced team of senior associates.

Hogan Lovells provided high level services, comes with in-depth knowledge of the industry and offered well thought through tailored advice and recommendation for a very bespoke mandate.

Key clients

FMO

Aberdeen Standard Investments

Fengate Capital Management

Foundation Investment Partners

European Investment Bank

British Business Bank

Ares Management

Work highlights

  • Advised Aberdeen Standard in relation to a social infrastructure fund investing in the Andean region.
  • Advised Dutch Development Bank FMO in relation to its delivery of the novel Mobilising Finance for Forests Programme funded by the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS).
  • Advised a Canadian investment fund manager in relation to the launch of a new infrastructure fund.

Paul Hastings LLP

Paul Hastings LLP has a strong offering across the credit funds space, also advising fund managers on international private equity and infrastructure fund formations, alongside GP-led secondary transactions. The firm also has an active LP-side practice. Of particular note is the firm's work on risk retention funds, led by co-head Christian Parker. Other leaders in the team include Duncan Woollard, who enjoys productive relationships with a number of institutional fund managers, and Diala Minott, a standout figure in direct lending funds and structured finance transactions across Europe.

Practice head(s):

Diala Minott; Christian Parker; Duncan Woollard

Testimonials

A reliable, high-quality, team with a good attitude.

Duncan Woollard is experienced, knowledgeable, articulate and responsive. Having worked with Duncan for several years I trust him to provide good advice, to know the state of the market and to draft well.

Diala and her team are excellent laywers. They think out of the box which enable them to propose innovative ideas and schemes.

Diala is amazing. Whatever the issues, she is able to quickly propose solutions and address them perfectly.

Key clients

Angelo Gordon

Barings

Barclays Bank plc

The Government of Gibraltar

Cheyne Capital

JP Morgan Asset Management

Wells Fargo Asset Management

Oaktree Capital

CVC Credit Partners

Neuberger Berman

Fidelity Investments

Pemberton

Fair Oaks Capital

AlbaCore Capital

Acer Tree Investment Management

Work highlights

  • Advised Barings Capital on the establishment of Barings Mubadala Enterprise (BME), an evergreen origination platform with Mubadala Capital.
  • Advised on Acer Tree on its establishment as the first Irish fund for the previous head of CVC Credit Partners Europe  and a team of Castle Hill credit professionals. The deal has a target value of €500m.
  • Advised Pemberton on two fund structures for direct lending investments to be made by a group of European insurance companies.

Reed Smith LLP

Reed Smith LLP 's funds team offers an integrated service, working closely with its tax, corporate, and regulatory teams on complex, cross-border funds matters. This work includes fund formation, restructurings and mergers, and regulatory issues in a variety of key jurisdictions. Practice co-head Shervin Shameli joined from MJ Hudson in late 2020, and is a specialist private funds practitioner with a strong portfolio of asset management and institutional investor clients. Co-head Panos Katsambas  is dual UK and US-qualified, and has a focus on European-domiciled work.

Practice head(s):

Panos Katsambas; Shervin Shameli

Testimonials

‘Deep knowledge & understanding of the sector/industry. Reed Smith goes out of their way to support clients and we have had a fantastic experience dealing with them.

Shervin Shameli  is a very good listener and understands us and our needs very well. They have always gone out of their way to support a small client like us.’

Shervin Shameli – pragmatic, great understanding of the market, flexible.

Ropes & Gray LLP

Ropes & Gray LLP has established a notable practice in London with the arrival of practice head Tom Alabaster from Linklaters LLP in mid-2020, further bolstered by the arrival of Emily Brown from Schulte Roth & Zabel International LLP in early 2021. The team advises sponsors and investors on fund formations across a variety of strategies, including buyout funds, credit, and venture capital, working with major asset managers, funds, and institutional investors.

Practice head(s):

Tom Alabaster

Other key lawyers:

Emily Brown

Testimonials

‘The team is extremely responsive and professional. While a focused team in London, the team is also able to draw on significant expert from elsewhere within the Ropes & Gray network (for example in specialist areas such as tax, or in international jurisdictions). We also much appreciate the fact that the team is equally able to support us across all types of funds (private funds as well as hedge funds and idiosyncratic situations) as well as occasionally with direct deals or other one off situations.’

‘The London team is still growing, however it has plugged very efficiently into (and has benefitted from being a part of) the US and global offering, and is delivering a service that would be expected from a far larger team. Also impressive coordination between the funds team and the downstream private equity team.’

‘The team is first rate when providing practical but comprehensive legal advice. Ropes takes a multi-disciplinary approach to offer full service advice to its clients.’

‘In this context Tom Alabaster is the best funds legal adviser in London. Bar none.’

‘I mainly work with Tom Alabaster – he has been very proactive in investing time in building a relationship with our team and taking time to understand our needs. He is able to provide advice across a wide range of topic areas, as well as marshalling the wider resources of the team where necessary. Overall, we have been delighted with the level of service provided in what is still a relatively new relationship with the firm.’

‘Tom Alabaster has been a highly energised, and exciting addition. He has brought a great deal to the offering, and draws very well on his previous experience at UK and US firms. ‘

‘Tom Alabaster is at the forefront of funds lawyers in the UK. He is very responsive, offers great, practical advice, and foresees all of the big issues that might arise down the line.’

‘Tom Alabaster is a great client adviser. He has a very developed sense of when to get involved to provide a solution or to move a matter on, and when he can trust his team.’

Key clients

The Blackstone Group

Partners Group

Baillie Gifford

Nordic Capital

Averna Capital

UBS

Constitutional Capital Partners

Nexus Point

Northleaf Capital

Novacap

Sequoia Capital

Golding Capital Partners

TSG

Peal Capital Partners

Limerston Capital

Medicxi

SCOR SE

Cambridge University Endowment Fund

GHO Capital Management LLP

Work highlights

  • Advised Averna Capital on its establishment, and the fundraise for its investment in ClimateCare.

Stephenson Harwood

Stephenson Harwood has a strong specialism in secondary funds work, including GP-led secondaries, fund restructurings, and recapitalisation. The team also advises on fundraises for a number of funds, particularly infrastructure-focused bodies, and has particular expertise in continuity transactions, involving the sale of fund assets to new funds from the same manager. The team is led by Jonathan Pittal, a private equity specialist, while Gabriel Boghossian is highly active in the secondaries space. Sarah de Ste Croix  has been promoted to partner within the team.

Practice head(s):

Jonathan Pittal

Other key lawyers:

Gabriel Boghossian; Sarah de Ste Croix

Key clients

ICG Enterprise Trust PLC

Corre Energy

N4 Partners

Five Arrows Managers SAS

Unigestion SA

Henderson Alternative Strategies PLC

Hamburg Commercial Bank

Work highlights

  • Advised Corre Energy on a series of substantial transactions relating to: (i) the establishment of Corre Energy SCSp, the first hydrogen storage business of its kind, focused on a renewable energy storage business, in connection with its multi-jurisdictional corporate restructure; (ii) investor negotiations with cornerstone investor taking a stake in the manager, (iii) seed capital from third party investor, and (iv) receipt of financing from Infrastructure Capital.
  • Advising Unigestion on multiple transactions including co-investments, primary commitments and secondaries deals
  • Advising HAST in relation to its secondaries disposal of multiple interests, ranging from private limited companies incorporated in England and Wales to Lux funds and US partnerships

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP focuses on impact investment and green infrastructure funds, alongside growth equity and venture capital, particularly green tech funds. The team, led by Michael Newell, works with a combination of established and start-up managers, alongside institutional investors, on fund formation and secondary transactions in areas such as renewable energy and technology, alongside mainstream private equity. Associate Jack Kelly specialises in social infrastructure and renewable energy work.

Practice head(s):

Michael Newell

Other key lawyers:

Michael Gwydir ; Paolo Del Val

Testimonials

‘This team is excellent, very close to the operational teams to try to better understand the stakes of an operation for their client.’

‘Michael Gwydir, Michael Newell and Paolo Del Val have a very high technical level and are very pleasant to work with.’

‘Michael Gwydir is a creative lawyer with very good commercial sense. He has an excellent technical and practical knowledge of the market. He is also a fine negotiator with good listening and advisory skills. To me he is to the private funds practice what Christiano Ronaldo is to football’

Key clients

GP Bullhound Fund V SCSp

Consortium of PROPARCO; Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO); Obviam AG; CDC Group

Work highlights

  • Formation of a EUR300 million Luxembourg special limited partnership investing primarily in European and North American technology companies.
  • Advised the PROPARCO; Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO); Obviam AG; and CDC Group Consortium regarding subsequent closing of the Fund whereby the Consortium members would receive a new class of shares in exchange for their Commitment to the Fund.

Curtis, Mallet-Prevost, Colt & Mosle LLP

Curtis, Mallet-Prevost, Colt & Mosle LLP advises investment managers and banks on formations, capital raising, and investment matters, alongside notable work with high-net-worth individuals acting as LPs and sovereign wealth funds. The team has a particular focus on private equity, and offers bespoke US expertise alongside its UK and EU capabilities. The team is led by US-qualified Bradley Doline and Thomas Laurer.

Practice head(s):

Thomas Laurer; Bradley Doline

Testimonials

The level of client service provided by Thomas Laurer and his team is exceptional. I would never hesitate to refer clients to them.

The team is very knowledgeable, knows the need of their clients, and advises them in a timely basis.

Thomas Laurer is technically excellent and provides a highly responsive service.

Brad Doline is able to see the core issues clearly, is available at off hours, and always helpful.

They provide prompt solutions and collaborate incredibly well together as a team when one area is outside the scope of expertise of one of the partners.

Brad Doline is incredibly considerate as a person and exceptionally thorough as a lawyer. He is meticulous with every detail, always provides prompt and thorough responses and is ahead of the curve in providing solutions to any future issues that may arise.

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

Oman Investment Authority

Work highlights

  • Advising the Oman Investment Authority on its closed-ended fund investment program.
  • Advising the KIPCO Group and its subsidiaries United Gulf Bank and Burgan Bank on a private funds investment program.
  • 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 advises GPs and LPs across a variety of fund strategies, handling fund formations, regulatory issues, and secondary transactions. The firm has advised on a number of innovative fund formations, including green investment and litigation financing products, and works in close collaboration with its Asian and Australian platforms. Key names in the private funds team include international funds strategy head Jonathan Blake and Stephen Newby, who has experience from time in the firm's Singapore and Dubai offices.

Practice head(s):

Tim West

Other key lawyers:

Jonathan Blake; Stephen Newby

Testimonials

‘High level of expertise. Very good industry knowledge.

‘Ability to breath life contractually into innovative but complex fund structures whilst keeping regulatory and tax requirements in mind.’

‘Knowledgeable, practical, commercial advice. An ability to work across jurisdictions with equal quality. Interface well with other advisers. Proposals, engagement letters and regular billing updates are clear and concise.’

‘We have been working with HSF for a number of years. They have consistently been our number one, go-to legal firm. Their level of service and expertise has been consistently excellent and up to date every year. They are committed and disciplined with a razor focus on client needs, commercial, proactive and creative when needed.’

‘Stephen Newby – his technical competence made the deal happen for us.’

‘Stephen Newby – unflappable.’

Key clients

Acacia Research Corporation

AEW Europe LLP

Baillie Gifford & Co

Balance Legal Capital LLP

BlackRock

BlackRock Fund Managers Limited

Blackstone Strategic Partners

BNP Paribas Asset Management

Cabot Square Capital LLP

Cinven Partners LLP

CNIC Corporation Limited

CVC Capital Partners

Fidelity Investments Inc.

Floreat Private Limited

General Atlantic Ltd

HarbourVest Partners (UK) Limited

Hastings Investment Management Limited

HSBC Global Asset Management (UK) Limited

Insight Investment Management

JPMorgan Asset Management

KKR & Co. Inc.

Local Pensions Partnership Investments Ltd

M&G Investment Management Limited

Moorfield Group Limited

Neuberger Berman Private Equity

Niam Private Equity

Orchard Street Investment Management LLP

Pala Investments Limited

Permira

Quadria Capital

Signature Group

Stichting DNGB Fonds II

Sustainable Development Capital

Tristan Capital Partners

Vista Equity Partners

Work highlights

  • Advised Acacia Research Corporation on its £223.9m acquisition of a UK-based portfolio of interests and securities in 19 public and private life sciences companies from a former Woodford fund.
  • Advised HSBC on the establishment of their flagship green bond fund, HSBC Real Economy Green Investment Opportunity GEM Bond Fund.
  • Advised Balance Legal Capital LLP, a litigation financing business, on the establishment and launch of its first fund, Balance Legal Capital Fund I LP.

K&L Gates LLP

K&L Gates LLP established a London funds presence with the hire of Daniel Greenaway from Mishcon de Reya LLP in early 2021. Greenaway brings with him a portfolio of mid-market private equity clients, and advises on fund formations, secondary transactions, and complex co-investment and joint venture structuring. The team works in close collaboration with its US and European platforms.

Practice head(s):

Daniel Greenaway

Testimonials

‘The firm has the international exposure that we look for within a law firm. Daniel Greenaway can navigate the firm for us and find the best possible person to help solve any problems or activity that we require. The advice has been clear with robust recommendations or actions. Our firm covers many jurisdictions now so this breadth of expertise is paramount in terms of fund formation, regulatory advice and LP negotiations.’

‘Incredibly professional, commercial and responsive – all of the key attributes in an advisor.’

‘I chose to work with K&L Gates because of Daniel Greenaway, as I worked with him previously (while he was at Mishcon de Reya) and was satisfied with his services. I would specifically highlight that he is very commercial, which is a great strength in this business.’

‘Daniel Greenaway has been our coverage now for a number of years and we have moved law firms with him. Initially he advised on a single transaction but this has transitioned into him being an extension of our team. He is the firm’s trusted advisor who happily rolls up his sleeves to ensure the job is done, even with the tight time pressures we put on him.’

‘Daniel Greenaway is exceptional in every respect. Brilliant lawyer and adviser.’

Key clients

TriSpan

Flywheel Partners

Future Business Partnership

Frog Capital

Seek Ventures

Skylake Capital

Work highlights

  • Advising TriSpan on raising Opportunities Fund II, which focuses on lower mid-market buy-and-build in the United States and Europe.
  • Advising Flywheel Partners on closing private equity investment vehicles.
  • Advising on the establishment of Future Business Partnership, a fund investing in sustainable brands through raising ethically-motivated capital.

Morgan, Lewis & Bockius UK LLP

Morgan, Lewis & Bockius UK LLP has a strong focus on advising global financial institutions as sponsors, investors, and co-investors into funds, also advising alternative asset managers and sovereign wealth funds. The team, led by Simon Currie, advises on complex international formations, funds of funds, and secondaries transactions. Robert Mailer focuses on new technology investments, advising growth and venture capital clients.

Practice head(s):

Simon Currie

Other key lawyers:

Robert Mailer

Testimonials

It is among the best teams in London on regulatory questions.

Simon Currie is an impressive practitioner with unlimited experience and deep knowledge in regulatory questions.

The partners rely on a solid team of senior and junior associates, with strong legal capabilities but also with a general good knowledge of the industry and the practices.

Key clients

Seedcamp

Air Street Capital

Pantheon Ventures

JP Morgan Asset Management

Credit Suisse Group

Ada Ventures

Work highlights

  • Advised Pantheon on global primary and secondary investments in infrastructure, private equity and debt/credit funds, including a number of high value complex secondary transactions, direct secondaries and co- investments.
  • Advised Seedcamp on the £80m first and final close of its fifth fund.
  • Advised Ada Partners on the £30m close of its first fund and establishment of its management company.

Osborne Clarke LLP

Osborne Clarke LLP advises first-time and institutional asset managers, and financial institutions including pensions funds. Working across venture capital, tech and innovation, and private equity, the firm advises clients on fund formation, secondaries transactions, and continuous operational issues. The team is led by Tim Simmonds and also includes alternative funds specialist Simon Thomas and the highly-rated Helen Parsonage.

Practice head(s):

Tim Simmonds

Other key lawyers:

Simon Thomas; Helen Parsonage

Testimonials

Highly responsive, commercial and solution driven firm.

To-the-point advice, experienced people with commercial understanding of funds. Good experience and relevant knowledge.

Simon Thomas – excellent at explaining differences to terms of transactions. Efficient practitioner, especially in terms of time utilisation.

Helen Parsonage provides an excellent summary of options and is always pragmatic.

Key clients

Round Hill Ventures

firstminute capital LLP

Science Creates Ventures LLP

BAE Pension Schemes

Giant Ventures Global LLP

Illuminate Financial Management LLP

Pi Labs Manager Limited

RX Asset Management Limited

Salonica Capital Limited

Cadence Equity Partners Limited

Work highlights

  • Advised firstminute capital LLP on the establishment of its second venture capital fund, firstminute capital II.
  • Advised the newly formed RX Asset Management Limited, a subsidiary of the RX wealth management group on the formation of the RX Liquid Diversified Portfolios, an innovative ETF arbitrage fund.
  • Advised on the further closes of Notion Capital Managers’ fourth private equity fund, Notion Capital IV LP.

Pinsent Masons LLP

Pinsent Masons LLP combines regular work on behalf of asset managers with a strong investor-side practice, including a number of institutional investors in the financial services sector. The team's work on ESG and impact investments stands out, with innovative mandates relating to homelessness, debt relief, and poverty reduction in Africa, India, and Pakistan. Practice head Ian Warner plays a leading role in the Africa funds practice, and has a specialism in development finance. Oliver Crowley regularly advises on infrastructure fundraisings, and also plays a key role in the investor-side practice.

Practice head(s):

Ian Warner

Other key lawyers:

Oliver Crowley

Testimonials

Ian Warner has been very supportive and impressive on the mandates that we have worked with him on. He provided very effective advice on three closes for a new fund.

‘Strong partners, with good back up from associates.

The knowledge of the team, both on the technical front and also more generally on the marketplace and what is best market practice/investors would expect to see, is exceptional and superior to other teams I have used in the same space.

Ian Warner and Oliver Crowley – both exceptional technically; they really endeavour to understand our business and exactly what we want to do and to provide options and solutions to help us achieve this. Really enjoy working with them – both have a great sense of humour, are very personable and very commercial.

Ian Warner is excellent as our lead partner – nothing is too much trouble.

Key clients

Bricks Capital Limited

Clean Growth Investment Management LLP

Dalmore Capital Limited

HSBC Alternative Investments Limited

LCN Capital Partners

NEST Corporation

PfP Capital Limited

Railpen

Railpen Investments

Resonance Impact Investment Limited

Sango Capital Management

Strathclyde Pension Fund

Zamo Capital

Zebu Investment Partners

The World Bank

Work highlights

  • Advised Resonance on the establishment and launch of the £100m Women in Safe Homes fund, believed to be the first gender-lens property fund of its kind.
  • Advised on the establishment of Clean Growth Investment Management LLP and then advised them on the establishment and launch of the Clean Growth Fund (which they manage), seeded with £37m of government money and mentioned by the Prime Minister in a speech on the budget.
  • Advised Resonance on a London focused property fund, backed by GLA, designed to alleviate homelessness resulting from people leaving temporary accommodation sheltering them during the Covid pandemic

Schulte Roth & Zabel International LLP

Schulte Roth & Zabel International LLP advises fund sponsors within the alternative asset management and private equity sectors, advising on fund establishment and launch, secondaries, and regulatory compliance matters. The firm also has a strong investor-side practice, and regularly advises US -domiciled clients. The practice is led by Josh Dambacher and Christopher Hilditch, with Jim McNally a key figure, handling fundraising, corporate, and transactional considerations for sponsor clients. Managed accounts and restructuring specialist Lee Smith has been promoted to partner.

Practice head(s):

Josh Dambacher; Christopher Hilditch

Other key lawyers:

Jim McNally

Key clients

Bybrook Capital LLP

Kingsway Capital Partners Limited

Work highlights

  • Advising Bybrook Capital on the sale of its business and assets of the investment manager to Cairn Capital.
  • Advised Kingsway Capital on structuring, documenting and offering a closed-ended Cayman Islands corporate private equity vehicle as well as numerous co-investment vehicles.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

Skadden, Arps, Slate, Meagher & Flom (UK) LLP advises institutional fund managers focusing on private equity and infrastructure investments, regularly handling cross-border fund formation, regulatory issues, and secondary transactions in conjunction with its US and European offices. The team is led by newly-promoted partner Greg Norman, a specialist private funds practitioner with an emerging practice.

Practice head(s):

Greg Norman

Testimonials

We like Skadden’s approach. They are a commercial firm. They understand the asset class and they are very aware of the ever-changing dynamics from both a market and regulatory perspective. They are pragmatic in their approach. They are also extremely insightful and thoughtful in terms of advising us.

Greg Norman is exceptional. He is very well aware of the market, the regulation, the terms that are available and has always been extremely fast in turning around any requests.

Key clients

Neuberger Berman Group

LetterOne

Funds advised by Energy Infrastructure Partners AG

Arrow Global

Crosstree Real Estate Partners

Silver Lake Partners

Wilshire Associates Incorporated

A fund of funds manager

Sun Life Financial Inc.

Quest Fund Placement Ltd

SDC Capital Partners, LLC

Sovereign Wealth Fund

KCPE Opportunities Management Limited

Kedge Capital Fund Management Limited

AGG Capital Management Limited

Work highlights

  • Advising Neuberger Berman Group LLC on the business combination, reported at $12.5bn, of Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman to form Blue Owl Capital.
  • Advising LetterOne on certain arrangements in relation to the restructuring of the LetterOne Technology team.
  • Advised funds managed by Energy Infrastructure Partners AG on its acquisition of a 49% stake in renewable energy platform BayWa r.e. by means of a €530m capital increase.