Investment funds in Netherlands

Allen & Overy LLP

Allen & Overy LLP‘s multidisciplinary investment management offering in Amsterdam draws upon the strengths of the firm’s corporate, pensions, regulatory and tax experts to provide a full suite of services to clients. Ellen Cramer-de Jong and Godfried Kinnegim jointly lead the practice, which generates mandates from Dutch and international asset managers, institutional investors and other financial institutions. The Netherlands-based group is knowledgeable about UCITS, private equity buyout funds, venture capital funds, infrastructure funds and various other fund types. It works closely with practitioners in other offices on cross-border fund structurings and investments. In addition, it is at the forefront of matters concerning AIFMD, MiFID II and Brexit, among other key regulatory topics. On the tax side, Rens Bondrager has expertise in domestic and international tax law. Recent work included Cramer-de Jong and others acting for Vesteda Residential Fund (a €4.5bn real estate fund) on all of its investment-related matters, as well as SFDR and AFM related issues. Leonie Kraakman joined De Nederlandsche Bank in October 2021.

Practice head(s):

Ellen Cramer-de Jong; Godfried Kinnegim

Other key lawyers:

Rens Bondrager; Leonie Kraakman

Key clients

Life Sciences Partners

Vesteda Investment Management

LSP Management Group


Anterra Capital

Private Equity Investments B.V./NN

Private Debt Investments B.V./NN



M&G Luxembourg S.A.

Aegon Bank N.V.

Aegon Investment Management

Rabobank/Corporate Investments

Work highlights

  • Advised LSP Management Group, one of the largest European life sciences venture capital firms, on the structuring and establishment of its two new funds LSP Dementia Fund and LSP 7 and coordinating all regulatory advice for their global fundraising in more than 15 countries, and on the establishment of a SPAC.
  • Advised LSP Management Group on the corporate restructuring of the group management company and implementing all changes in the fund documents of the existing LSP funds in connection to the extension of the license of LSP Advisory B.V. and the appointment of this LSP entity as the new AIFM of such existing funds.
  • Advised Anterra on the conversion from a semi-captive fund into a third party fund with multiple large investors and on the transferring of US based warehoused investments to the new third party fund.

De Brauw Blackstone Westbroek

Noted for its expertise in both highly-regulated and private equity-type fund structures, De Brauw Blackstone Westbroek‘s cross-practice team in Amsterdam acts for a sizeable number of the largest and most active asset managers in the Dutch investment funds market. In 2020, practice head Kees Groffen and senior associate Mariska Enzerink were among the advisers to Waterland Private Equity Investments on the launch of its eighth institutional fund, Waterland Private Equity Fund VIII, which reached a final close at €2.5bn. Elsewhere, beyond handling the structuring and formation of funds, the group has expertise in the gamut of other corporate, tax and regulatory issues impacting funds and their managers. Wiebe Dijkstra and senior associate Martin Reuling are also recommended. René Maatman and Minke Hoekstra departed for Keijser Van der Velden advocaten in early 2021.

Practice head(s):

Kees Groffen

Other key lawyers:

Wiebe Dijkstra; Mariska Enzerink; Martin Reuling


‘The investment funds practice at De Brauw Blackstone Westbroek is in line with what one would expect from this firm: absolutely top tier in the Netherlands. They combine exceptional legal quality in the regulatory and civil law fields with in-depth knowledge of the market and a very practical, efficient and hands on-approach. When necessary this is supported by excellent foreign firms from their network, coordinated by De Brauw as if one is advised by one single firm. Excellent value for money.’

‘Stand-out partner Kees Groffen is of truly exceptional quality. In the regulatory arena, he is practically in a league of his own: absolutely top tier. His wealth of legal and technical knowledge and skills together with in depth knowledge of the market are translated into very clear and concise advice, and a very efficient and practical approach of matters.’

‘De Brauw has a very thorough knowledge of the PE and VC industry and the internal workings of a fund or GP.’

‘The very best knowledge and experience in the Dutch market money can buy. In addition to that, super smart practice members. They see and know what the future is bringing and they fully understand the business drivers. If you have an issue, they need little time to to understand the problem. Second to none in NL.’

‘Kees Groffen, the absolute top individual. If Kees doesn’t have the solution, there just isn’t one. Mariska Enzerink is also very knowledgeable.’

Key clients

DIF Management B.V.

Waterland Private Equity Investments


Robeco Institutional Asset Management B.V. (RIAM)

APG Asset Management

NN Investment Partners

Achmea Investment Management

Aegon Investment Management


Van Lanschot Kempen







Prime Ventures


Russell Investments



Work highlights

  • Drafting and negotiating fund (governance) documents for newly-established (private equity, infrastructure, real estate etc) investment funds for both licensed and sub-threshold managers, including the highly reputable private equity boutiques Waterland and DIF Management.


Houthoff‘s investment management department has a strong profile among both leading fund managers and institutional investors. Led by Oscar van Angeren, the team handles the entire funds life cycle of a myriad of vehicles, including hedge funds, private equity buyout funds, funds-of-funds and real estate funds. Van Angeren is advising Man Group on its flagship Dutch fund Man AHL Diversified Markets EU, and also on Dutch regulatory matters. In addition, he is assisting Dutch real estate fund manager Hof Capital with forming a new investment fund known as HC Woningen. Sylvia Dikmans specialises in international tax planning, private equity and fund structuring, advising on both Dutch and Luxembourg tax law. Counsel Marthe Bollen is a recent hire from Robeco. Daan Horsthuis and Harm-Paul Plas joined Van Doorne in August 2021.

Practice head(s):

Oscar van Angeren

Other key lawyers:

Sylvia Dikmans; Marthe Bollen; Parmiss Mirshekar


‘They outperform other Dutch law firms with regard to their knowledge of investment funds/entities. They have highly qualified lawyers. They are quick, practical and have good knowledge. We agree beforehand on the deadlines. These are always met.’

‘Oscar is very experienced and knowledgeable and has been considered a top leader in his field already for many years now. So when you hire him you know you have authority on the case.’

‘Not only do they have many fund managers as their client but they also represent many institutional investors such as pension funds and insurance companies who invest in investment funds so they see both sides of the coin!’

Key clients

Man Group

CBRE Global Investors

Candriam Asset Management

Hof Capital


GLP Pte Ltd


Transport Industry Pension Fund



Work highlights

  • Advising A.S.R. on a continuous basis on their Dutch real estate fund called A.S.R. Dutch Science Park Fund; this fund is one of the most talked-about and high profile new funds in the Netherlands in recent years.
  • Advising the London Stock Exchange-listed Man Group, one of the largest hedge fund managers worldwide on their Dutch flagship fund Man AHL Diversified Markets EU “MAHLDMEU” as well as on Dutch regulatory matters.
  • Advising Candriam Asset Management, one of the largest asset managers in Belgium, on the set-up of its investment / fund management structure in the Netherlands (including its Dutch AIFM/UCITS branch).

Jones Day

As part of a global group of funds experts, Jones Day‘ team in Amsterdam handles a wide ambit of mandates for clients such as Dutch and international regulated, private and alternative funds, as well as fund managers and sponsors, and institutional investors. Its work covers matters concerning private equity buyout funds, venture capital funds, hedge funds, real estate funds, infrastructure funds and hedge funds, among others. Ate van IJlzinga Veenstra, Manuel Manders and associate Marierose Kouwenberg acted for Rabo Fund Management on the restructuring and fundraising of its multibillion-euro mortgage loan platform, and also the structuring of the Rabo Dutch Mortgages Fund Yellow. Veenstra co-heads the practice with Quirine Eenhorst. Another key individual is Harmen Wielens, who was promoted to counsel in January 2021.

Practice head(s):

Ate van IJlzinga Veenstra; Quirine Eenhorst

Other key lawyers:

Harmen Wielens; Pim Stokman; Marierose Kouwenberg; Manuel Manders


‘They understand what we are looking for and come up with good and creative solutions.’

‘Key contact was Marierose Kouwenberg. She is very responsive and delivers high quality work. She is an associate in the Amsterdam team, but delivers at partner level. She is backed by Quirine Eenhorst and Ate Veenstra, two partners in the team, who are always available to support.’

‘The Jones Day team is a solid mix of legal, tax and notary skills that provides for a complete service to set up your fund and feeders. In the Netherlands they are uniquely positioned because of their all-round expertise and the experience they have in private equity and private debt areas.’

‘Ate Veenstra has extensive experience in fund structuring and regulatory aspects and his combination with Quirine Eenhorst who focuses on all legal elements provides for a strong service.’

‘Ate Veenstra and Quirine Eenhorst combine excellent and deep tax and regulatory knowledge on PE/VC funds. This combination is what makes them stand out in general. Their warm and professional personalities make them a pleasure to work with, and stand out in particular.’

Key clients

APG Asset Management

Beaureale CenterParcs

Capital A

DSM Pension Services

Lion’s Head Global Partners

MN Services

Amvest REIM

BNP Paribas

Climate Fund Managers

Dexteritas Investment Management

DM Capital/Dutch Mezzanine Fund

DMFCO / DSF Partners

Enterprising Finance


Gilde Healthcare Partners

Hartelt Fund Management

Ice Lake Capital Management

IDH Sustainable Trade Initiative

Kempen Capital Management

NN Group (Investment Partners)

PGGM Vermogensbeheer

Rabobank (Rabo Fund Management)

Technical University of Delft (Teggwings IA)

TCX Investment Management Company

Victus Participations

Work highlights

  • Advised Gilde Healthcare, a specialized European healthcare investor, on the fundraising of €416m for its fifth venture and growth capital fund, Gilde Healthcare V.
  • Advised Rabo Fund Management on the restructuring and fundraising of its multibillion euro mortgage loan platform and the structuring of the Rabo Dutch Mortgages Fund Yellow.
  • Advised Climate Fund Managers on the set-up of Climate Investor Two, a financing fund for water, sanitation, and ocean projects in emerging markets.

Loyens & Loeff

Loyens & Loeff, which acts for the majority of fund managers in the Netherlands, is able to combine legal, tax and regulatory expertise to provide an integrated service to clients. Marco de Lignie, who leads the team, has expertise in the domestic and international tax aspects of fund formation and management participation, as well as private equity buyout deals and venture capital transactions. Also noted for their tax expertise are Roderik BeckersBartjan Zoetmulder, Michiel Beudeker and Guido DerckxJoep Ottervanger and Vilmar Feenstra have extensive experience of handling fund investments and fund formation mandates. Another key figure is counsel Roderik Boogaard, who leads the funds regulatory practice. The team’s recent highlights included assisting Avedon Capital Partners with the formation of Avedon Growth Capital Fund IV. It also advised Gilde Equity Management on the formation and fundraising of Gilde Equity Management (GEM) Benelux Fund V, which reached its hard cap of €600m.

Practice head(s):

Marco de Lignie

Other key lawyers:

Joep Ottervanger; Roderik Beckers; Bartjan Zoetmulder; Michiel Beudeker; Guido Derckx; Vilmar Feenstra; Roderik Boogaard; Robert Veenhoven; Michaël Maters


‘I can put it simply: although a relatively large law firm, the team has always served us in a very pragmatic way. The right answer at the right time.’

‘Joep Ottervanger: always available. Quick and sharp. Robert Veenhoven: speedy and pragmatic.’

Key clients

Active Capital Company

AlpInvest Partners

Altera Vastgoed

Avedon Capital Partners

Bencis Capital Partners

Biogeneration Ventures

CBRE Global Investors

DIF Capital Partners

Egeria Capital Partners

Endeit Capital


ERES (Capreit)

Finch Capital


Gilde Buy Out Partners

Gilde Equity Management

Griffin Real Estate

HighBrook Investors

Karmijn Kapitaal

Keen Venture Partners

Life Sciences Partners

Lone Star Funds

Main Capital Partners

Mentha Capital


Parcom Capital

Round Hill Capital

Torqx Capital Partners

Value Enhancement Partners

Waterland Private Equity Investments

Work highlights

  • Assisted Bencis Capital Partners, an independent private equity firm, as lead tax counsel, Dutch and Luxembourg regulatory and legal counsel in the formation of their sixth mid-market private equity fund Bencis VI.
  • Advised Forbion, a leading venture capital firm that works closely with entrepreneurs to build life sciences companies that transform people’s lives, as tax and legal lead counsel and Dutch regulatory counsel on the formation and fundraising of Forbion Growth Opportunities Fund with a target fund size of €360m and Forbion Capital Fund V with a hard cap of €460m, exceeding its original target size.
  • Advised leading private equity firm Gilde Equity Management (GEM) as tax and legal lead counsel and Dutch regulatory counsel on the formation and fundraising of Gilde Equity Management (GEM) Benelux Fund V. The fund was oversubscribed and closed at its hard cap of €600m.


NautaDutilh is mainly known for its work for funds and fund managers, although it is also equally capable acting for institutional investors, fund distributors and other service providers. Larissa Silverentand and Frans Van Der Eerden co-head the team, which acts for numerous Dutch and international clients, and is particularly noted for its expertise in real estate and mortgage funds. It handles a broad cross-section of matters for clients, such as fund structuring and formation, regulatory advice and assistance with asset management arrangements. In 2020, van der Eerden led the advice to Syntrus Achmea Real Estate and Finance B.V. on the set-up of the Achmea Mortgages Investment Platform for investments in Dutch mortgage loans. Elsewhere, the practice has seen an uptick in sustainability-related work and it is also increasingly active in private equity fund investments in the Dutch financial sector.

Other key lawyers:

Jasha Sprecher; Roderick Watson


‘Hands on, knowing what the client wants (based on a relationship that lasts for years).’

‘First of all, nice people to work with and outstandingly intelligent. Responsive and easy to get in contact with.’

Key clients


Achmea Investment Management

Alliance Bernstein


Bank of America Merrill Lynch

Brand New Day

CarVal Investors

CBRE Global Investors

Credit Suisse

Delta Lloyd

Deutsche Bank

Dynamic Credit

IBS Capital Management

ING Bank



Morgan Stanley






Shell Asset Management Company

Sixth Street Partners

Société Générale

Stichting Stimuleringsfonds Volkshuisvesting Nederlandse Gemeenten (SVn)

Syntrus Achmea


Triple Jump

T Rowe Price

Van Lanschot



Wells Fargo

Work highlights

  • Assisted Syntrus Achmea Real Estate and Finance B.V. with the set-up of their multiple investors Achmea Mortgages Investment Platform for investments in Dutch mortgage loans.
  • Assisting with the set-up of the Dutch “Warmth Fund”, a government initiative for a €5bn fund to support sustainability initiatives by granting loans to consumers and businesses.
  • Assisted ASR Asset Management (AVB) with the set-up of a new type of funds within the fund portfolio, namely am ESG Private Debt Fund.

Clifford Chance

Clifford Chance has a strong track record handling all aspects of the funds life cycle for Dutch and international asset managers and fund managers; its work in this space ranges from fund formation and marketing to advice on day-to-day operational issues, as well as secondary transactions, among other matters. In addition, the cross-practice team leverages its expertise in areas such as corporate, tax and regulatory to handle the gamut of issues that impact the businesses of fund managers. Other key clients of the practice include institutional investors, fund depositaries and fund administrators. A recent highlight saw a group including Mark-Jan Arends, Tjerk de Jonge and Daan Smole act for EQT on the establishment of carried interest schemes in relation to several EQT funds. Senior counsel Marian Scheele and counsel Robert Smits jointly lead the team, which also includes Michiel Sunderman.

Practice head(s):

Marian Scheele; Robert Smits

Other key lawyers:

Michiel Sunderman; Mark-Jan Arends; Tjerk de Jonge; Daan Smole


‘Great and knowledgeable team, taking on board local expertise on cross-border investments (for instance, London and Amsterdam representatives).’

‘The team adapts their advice to the specific client. The company that I work for is very specific as to our needs and the team was able to fulfill our requirements very quickly. The team was always available for support, and was proactive and collaborative.’

‘The team provides excellent advice across a range of different legal topics arising when investing. This is both at the structuring side – including tax structuring – and at the side of the actual investment document. I especially value the ability of the team to provide integrated cross-border advice, which deals with legal issues in different jursidictions.’

‘Marian Scheele has been a top-notch funds lawyer for years, and continues to be best in class counsel on investment fund matters. Michiel Sunderman – great at structuring fund investments, with expert knowledge of the tax aspects.’

‘A good legal adviser I regularly work with is Tjerk de Jonge. He is sharp, delivers swiftly and satisfactorily.’

Key clients

Connected Capital & Partners

Medical Credit Fund

BNP Paribas Asset Management

Blue Sky Group





Athora Netherlands

APG Investment Management

Aegon Investment Management

Shell Asset Management

DREF Asset Management

DSM Pension Services

CBRE Global Investors

JP Morgan Asset Management

State Street Global Advisors

Wellington Asset Management

Millennium Europe

Neuberger Berman



MFS International


Partners Group


Circle Partners

EQIQ (formerly SSG)

Northern Trust

State Street

BNP Paribas

JP Morgan



Lucerne Fund Management

Work highlights

  • Advised Connected Capital & Partners, a Dutch-based private equity firm, on the fundraising of its second fund, targeting commitments from a global investor base, in order to target small cap companies offering Software-as-a-Service (SaaS) solutions to business clients, with a focus on Northern Europe.
  • Advised Medical Credit Fund, on the fundraising of its second fund, Medical Credit Fund II (MCFII), targeting commitments from a global investor base to provide loans to SME companies in the health care sector in sub-Saharan Africa that find it difficult to secure formal bank loans.
  • Advised Rabobank on structuring and setting up the AGRI3 Fund for sustainable agriculture, to catalyse private and public financial resources for forest protection and sustainable agriculture, with the aim of unlocking at least $1bn in finance.

Orange Clover Law

Orange Clover Law‘s investment management team is adept at advising investment funds and their managers on all the intricacies associated with structuring, forming, listing and marketing investment funds and fund-like vehicles. A particular value-add is its extensive expertise in regulatory issues impacting the funds arena, such as those relating to AIFMD, MiFID II/MiFIR and UCITS IV/5, among others. The practice is led by Marcel van den Nieuwenhuijzen, who is working with Alex Gonzalez and others to advise NFA on setting up a new private equity fund that focuses on the pharmaceutical markets. Also recommended is Machiel Galjaart, who has over 23 years of experience in the investment management space.

Practice head(s):

Marcel van den Nieuwenhuijzen

Other key lawyers:

Alex Gonzalez; Machiel Galjaart


‘I worked with Marcel van den Nieuwenhuijzen, who was a pleasure to deal with. He was very attentive to his clients, very responsive and able to get the issue at hand expertly.’

‘Top skilled team who have all been trained at premium law firms, but which now offer their services at much more competetive rates at Orange Clover. Collaboration is always pleasant and there is a lot of partner involvement.’

‘The best team in the Netherlands for financial regulatory advice in our experience.’

‘Alex Gonzalez is very knowledgeable, clear, confident and user-friendly. The partners are clearly inspiring a quality team, notably including Ademir Sehomerovic.’

‘The team of partners is very experienced with a small team of senior laywers. So, no junior there that handles your business. Very easy and practical team to work with.’

‘Marcel van den Nieuwenhuijzen is a good and practical notary public. Calm guy that knows his stuff and has broad experience with cross border fund structures.’

‘They are extremely savvy in the investment fund business.’

‘Marcel van de Nieuwenhuijzen is one of a kind.’

Key clients

MN Services

Pemberton Asset Management

APG Asset Management

New York Stock Exchange

Stichting Pensioenfonds Hoogovens

Avedon Capital Partners

Stichting Pensioenfonds Achmea


NFA Management


Persépolis Investments


Secondstage Ventures

Orthogon Partners

Stichting Pensioenfonds Metaal & Techniek

Stichting Pensioenfonds van de Metalelektro

01 Ventures

Andreas Capital

Triodos Investment Management

Legal & General Investment Management

Urban Impact Ventures

Work highlights

  • Acting as lead counsel to MN Services on behalf of Stichting Pensioenfonds Metaal & Techniek and Stichting Pensioenfonds van de Metalelektro on its investment in infrastructure debt.
  • Assisting Urban Impact Ventures with setting up a fund which will qualify as a qualifying venture capital fund under the EuVECA regulation and assisting with obtaining the required regulatory status.
  • Advising NFA on setting up a private equity fund in the pharmaceutical area.


Financial law boutique Finnius has carved out an excellent reputation for providing regulatory services to a multitude of fund clients, including private equity funds, UCITS funds, real estate funds, hedge funds and crypto funds, as well as listed and non-listed equity funds. Its team has experience of acting for clients on their dealings with the AFM or Dutch Central Bank, such as in the context of AIFMD/UCITS licence applications, regulatory investigations and related enforcement matters. In addition, clients turn to the firm for assistance with standalone regulatory issues impacting their businesses. Practice head Rosemarijn Labeur recently led the advice to Farringdon on the launch of a new alternative investment fund, which is known as the Farringdon European Opportunities Fund, and will also be available for retail investors in the Netherlands. She works with Tim de Wit, who made partner in January 2021. In addition, other key practitioners are senior associates Marijke Kuilman and Marieke Spee, who joined from the Dutch Central Bank and Van Campen Liem respectively.

Practice head(s):

Rosemarijn Labeur

Other key lawyers:

Tim de Wit; Marijke Kuilman; Marieke Spee


‘Hands-on and very knowledgeable partner involvement. Easygoing and very responsive.’

‘Tim – eager, hands-on, very approachable. Rosemarijn – very senior and knowledgeable’

‘Very good expertise in financial regulatory law, one-stop shop given its expertise in a broad range of prudential and market conduct matters. Frequent availability for calls, hands-on, down to earth, focused on pragmatic advice, diverse and inclusive team.’

‘Rosemarijn Labeur offers good practical advice, which is to the point.’

Key clients

Fincy Management

Quadrum Beheer

Klaverblad Verzekeringen

Privium Fund Management

NLC Fund Management

OBAM Investment Management

Certitudo Investment Management

Vesteda Investment Management



Jaran Capital

Momentum Capital

Duinweide Investeringen

IBS Fund Management

Meesman Index Investments

Veris Investments

Hanzevast Capital

Sentinel Real Estate

Wire Group

Cyber Capital

Frontclear Management

Commodity Discovery Fund

Juno Investment Partners

Work highlights

  • Assisted Fincy Management with obtaining a UCITS license from the AFM for managing and marketing the UCITS fund Fincy Fund.
  • Assisted Certitudo Investment Management with setting up a €25m real estate fund, in cooperation with Langham Hall Management S.à r.l. acting as Luxembourg license AIFM.
  • Assisted Quadrum Beheer with its application for a EuVECA label from the AFM, for managing a €250m private equity fund.

Simmons & Simmons

At Simmons & Simmons, Iris Dingemans was recruited from PwC Nederland in January 2021 to lead the firm’s asset management and investment funds practice in Amsterdam. Underlining her excellent reputation in the market, Dingemans was recently appointed as chair of the fund regulation committee of the Dutch Fund and Asset Management Association (DUFAS). On the private practice side, Dingemans undertakes a mix of transactional, advisory and regulatory work for fund managers and institutional investors. The team also includes Netherlands managing partner (and head of the tax practice) René van Eldonk and supervising associate Pim Duteweert, who are assisting Insight Investment Capital with the ongoing restructuring of a Guernsey fund that invests in farmland projects worldwide.

Practice head(s):

Iris Dingemans

Other key lawyers:

René van Eldonk; Pim Duteweert


‘Iris is very hands-on and skilled, and understands clients’ needs. She is a very nice person to work with.’

Key clients

AEGON Asset Management

Arcus Infrastructure Partners

Atream SAS

AXA Investment Managers


Avenue Capital



BMO Global Asset Management

British Land

Candlewood Group

Cambridge Associates

DIF Capital Partners

Franklin Templeton

&Green Fund

Kempen Capital Management

IFM Investors (Netherlands) B.V.

Insight Investment

MN Services

NN Investment Partners


Nova Capital

Mason Capital




Redbird Capital



Stichting Pensioenfonds van ABN AMRO N.V

Surmount Ventures

Work highlights

  • Advised Aegon Asset Management on the conversion of its branches in Spain and Germany from branches of Aegon Asset Management Pan-Europe B.V. (an investment firm) to branches of Aegon Investment Management B.V. (a fund manager).