Investment funds in Netherlands
Allen & Overy LLP
Allen & Overy LLP remains one of the key firms for funds work in the Netherlands, with significant experience in fund formation, restructuring, and regulatory work, as well as a solid list of limited partner clients, which it advises on investments into funds. Ellen Cramer-de Jong heads the team, and is particularly strong on structuring and establishment of funds and Godfried Kinnegim is a key contact for tax-related work in the funds sector. Senior associate Leonie Kraakman is also recommended for the more corporate side of funds work, advising investors as well as fund managers on their investments and corporate structuring.
Practice head(s):
Testimonials
‘We have a long standing relationship with the A&O investment funds team. We are very happy with the services they provide and the value for work done. The team is very pragmatic and focused on getting the deal done.‘
‘Ellen Cramer-de Jong is the partner and is always available and very pragmatic.‘
‘Leonie Kraakman is a very hard-working associate who delivers excellent quality work.‘
‘Quick response, to the point, experts on this subject‘
‘Ellen Cramer-de Jong is pleasant to work with. She is very structured, responds asap and remains calm under pressure.‘
Key clients
Life Science Partners
Aegon Asset Management
NN Group
NN Investment Partners
JP Morgan
Goldman Sachs
Rabobank Private Equity
Robeco
Manulife
Credit Suisse
Deutsche Bank Asset Management
Vesteda Investment Management
Oaktree
BNP Paribas
Annexum
ILX
Bouwinvest
Anterra Capital
Vendis Capital
Achmea Investment Management
Cambridge
Tradeweb
Work highlights
- Advised Vendis Capital management on the structuring and implementation of its third fund, in conjunction with Belgian corporate and tax law teams.
- Acting for ILX on its formation of a novel fund which will invest in an unlevered pool of diversified, depository financial institution-originated medium- and long-term B-loans and parallel loans
- Advising LSP Management Group on the restructuring of its carry structure and the corporate structure of its fund manager.
De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek houses an integrated funds team that provides the full range of legal and tax services to clients across the investment funds sector. The firm has a very strong base of fund manager clients, as well as receiving a steady flow of limited partner-side instructions for review and negotiation mandates. Key figures include Kees Groffen, who undertakes a wide range of regulatory and structuring work, pensions specialist René Maatman, and corporate-focused senior associate Mariska Enzerink. Bernard Spoor returned to practice following a stint as a full-time member of the firm's management board.
Practice head(s):
Testimonials
‘De Brauw is without any doubt one of the best law firms in the country; they have been holding this position for decades. The Financial Markets Regulation team (which covers Investment Funds) is clearly outstanding, with all partners being recognized as top tier specialists in their fields of knowledge. Their Dutch client base is convincing evidence thereof. They combine best in class legal expertise and skills with in-depth knowledge of their client’s markets. They have a firm finger on the pulse of any new developments through their omnipresence in this field.‘
‘The team delivers what we ask of them: the team has excellent knowledge of all relevant matters in the investment funds business, they have the necessary experience and they deliver the work flawlessly within the time frames.‘
‘Both Rene Maatman and Kees Groffen have in-depth knowledge of financial regulatory law. As they also frequently liaise with the legislator and supervisors, they are able to advise adequately and take into account any potential future changes of the law and the supervisor’s stand point on matters.‘
‘Kees Groffen is the perfect embodiment of what a business lawyer should be. He gives clear, concise and very much to the point practical legal advice. In a 5 minutes call with Kees you get most of what you need and then he follows up very quickly with his advice in writing. For that reason, he is better value than many of his peers.‘
‘Mariska Enzerink is a rising star in this field, with great potential. Mariska is very knowledgeable, sharp, fast and to the point. She delivers great availability and excellent quality advice apparently without effort. Highly recommended.‘
‘Mariska Enzerink is mature, knowledgeable, and provides value for money. ‘
Key clients
Achmea Investment Management
ACTIAM
Aegon Asset Management
Allianz Paraplufonds
APG Asset Management
ASR Vermogensbeheer
Avedon Capital Partners
European Assets Trust
NN Investment Partners
Prime Ventures
Redevco Investment Management
Robeco Institutional Asset Management
SPF Beheer B.V.
Triodos Investment Management
Pensioenfonds ING
Work highlights
- Acted for NN Investment Partners B.V. on the integration of its Luxembourg-licensed asset management entity into the Dutch licensed asset management entity.
- Advised ASR Vermogensbeheer on the merger of its two licensed AIFMD entities into an integrated Dutch management company for all its AIFMD/MiFID activities.
- Assisted Aegon Asset Management with the set up of a direct lending fund structure, targeting the acquisition of a diversified loan portfolio from consumers and SMEs throughout Europe.
Houthoff
Houthoff is strong on both sides of the aisle in funds work, advising a wide range of manager-side and investor-side clients, with a particularly strong showing in the pensions sector. The 'knowledgeable, reachable, and up-to-date' team is led by Oscar van Angeren, whose practice focuses largely on formation work. The firm also provides funds-related tax advice in the form of Sylvia Dikmans, who advises on both Dutch and Luxembourg tax law, while the junior end of the team is not lacking for quality either, with counsel Daan Horsthuis and senior associate Harm-Paul Plas key names.
Practice head(s):
Testimonials
‘The team understands the fund prospectus through and through! Since 2006 we have worked together with Oscar van Angeren, Daan Horsthuis and Harm-Paul Plas in the alternative investment field. The team, managed by Oscar with his elephant brain, truly understands the business from the perspective of the fund manager as well as from the asset manager side (such as pension funds).‘
‘Up to date knowledge, easily accessible, pleasant contact and realistic in their approach. If there is a game you cannot win they tell you to avoid unnecessary costs for the client. ‘
‘Oscar van Angeren, Daan Horsthuis and Harm-Paul Plas’ strengths are: good knowledge of laws and regulations, and good knowledge of our business.‘
Key clients
Man Group
CBRE Global Investors
Candriam Asset Management (previously Dexia Asset Management)
Pension Fund for the Healthcare Industry (PFZW/PGGM)
Transport Industry Pension Fund
Pension Fund (Campina)
A.S.R.
Pension Fund for the Bakeries
Pension Fund for the Medical Specialists
bpfBOUW
Work highlights
- Advising the Pension fund for Medical Specialists on various contracts and on its investments
- Acted for CBRE Global Investment Partners on the formation and restructuring of the Dutch Student and Young Professional Housing Fund.
- Assisting BpfBouw with all legal matters concerning its relationships with APG.
Loyens & Loeff
Loyens & Loeff
provides a wide range of services for clients operating in the funds space, with recent instructions involving fund formation, restructuring, and fundraising. Practice head Marco de Lignie's practice centres primarily on the tax aspects - domestic and international - of fund formation and management. Mark van Dam is a key contact for alternative investment funds and private equity clients, with a particular focus on clients based in the US, as he is dual-qualified, while at the more junior level, fund formation and investment management arrangement specialist Vilmar Feenstra is emerging as a notable practitioner, having been made partner at the beginning of 2020.
Practice head(s):
Testimonials
‘Excellent service and availability. Speed is key in our field and they deliver.‘
Key clients
EQT
Standard Investment
MN Services
Forbion Capital
Nimbus
Egeria Capital Management BV
Gilde Buy Out Partners
Gilde Equity Management Benelux
Karmijn Kapitaal
Omni Bridgeway
Torqx Capital Partners
Bencis Capital Partners
AlpInvest Partners
Waterland Private Equity
Value Enhancement Partners
Main Capital Partners
Finch Capital
DIF Management BV
Round Hill Capital
Lone Star Funds
Work highlights
- Advised Newport Capital on the fundraising of NewPort Buyout Fund I with commitments in excess of €90m.
- Assisted Peak Capital with the structuring and establishment of Peak Capital IV which closed at its hard cap of €60m.
- Acted for Wealth Management Partners on the formation of WMP Private Equity Pool NL I, a fund-of-funds investing primarily in Dutch private equity funds with commitments of approx. €143m.
NautaDutilh
NautaDutilh is home to a strong regulatory, structuring, and fund formation offering, with particular experience of all types of fund licence. The firm is highly active in the real estate funds arena, covering residential and commercial focused-funds. The team is instructed by substantial international clients as well as maintaining a strong domestic base, and is particularly prominent on the fund manager side. Regulatory specialists Larissa Silverentand and Frans van der Eerden lead the group.
Practice head(s):
Testimonials
‘The team houses some of the absolute top regulatory specialists. Combined with extensive experience in setting up and structuring of investment funds, the team provides excellent legal support for fund managers who want to set up complex fund structures.‘
‘Larissa Silverentand’s team specialize in investment funds and multi-jurisdictional offering.‘
‘Nauta’s team consists of highly skilled professionals with thorough knowledge of financial services regulation.‘
‘Frans van der Eerden is a very skilled lawyer with a thorough knowledge of financial services regulation. He is able to translate very complex material into readable and practical memos, essays or other legal products. He is very well informed of developments in the banking and finance sector.‘
‘Larissa Silverentand rises above the team. Her in-depth knowledge of the regulatory playing field combined with her knowledge of the market, supervisory authorities, market parties and market developments ensure that she comes up with creative, but sound workable solutions.‘
Key clients
ABN AMRO
Achmea Investment Management
Alliance Bernstein
ASR
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
JPMorgan
Kempen
Morgan Stanley
NIBC Bank
Nomura
Orix/Robeco
Rabobank
RNHB
Shell Asset Management Company
Société Générale
Stichting Stimuleringsfonds Volkshuisvesting Nederlandse Gemeenten (SVn)
Syntrus Achmea
TPG Sixth Street Partners (TSSP)
Triodos
Triple Jump
T Rowe Price
Van Lanschot
VanWonen
Volksbank
Wells Fargo
Work highlights
- Assisted Dynamic Credit, an innovative asset management and mortgage firm, with the set-up and extension of its mortgage investment platform.
- Advised Brand New Day on the structuring of its umbrella funds.
- Regularly assisting VanWonen with its regulatory compliance following the set-up of the VanWonen Woningfonds (VanWonen Residential Fund).
Clifford Chance
Senior counsel Marian Scheele and counsel Robert Smits head the funds and investment management practice at Clifford Chance, which provides a full service across the sector, including high-level regulatory advice on AIFMD, UCITSD and MiFID licensing, as well as other structuring advice on jurisdictions, operational formats, and governments. The firm also has strong tax structuring capabilities, with head of tax Michiel Sunderman a key name in this area.
Practice head(s):
Testimonials
‘I would highly recommend Clifford Chance as advisor in the investment fund business. Investment funds and their managers are heavily regulated today and the fund documentation can become very complex. I have appreciated Clifford Chance’s expertise in this specific area. ‘
‘Clifford Chance has excellent capabilities in a number of different jurisdictions. This ensures that they can provide integrated advice on cross border fund structures. ‘
‘The investment fund team at Clifford Chance combines expert knowledge on all relevant legal and regulatory fields with a practical approach. This offers clients an efficient one-stop shop for their legal and fiscal questions relating to investment funds.‘
‘Marian Scheele has advised us on various matters in relation to investment fund documentation. The case was well researched and had a clearly defined strategy, with the focus on getting the client an actual result. Marian was excellent in client communication, a great person to have on your side. ‘
‘Michiel Sunderman is an excellent tax lawyer for fund structuring. Michiel has great in depth knowledge about Dutch tax aspects of fund structures. ‘
‘Marian Scheele is a great advisor on AIFMD and MiFID. Very client oriented.‘
Key clients
BNP Paribas Asset Management
EQT
Aegon Asset Management
Rabobank
Blue Sky Group
Multifund
Antler
State Street Global Advisors
Orange Capital Partners
Work highlights
- Instructed by BNP Paribas Asset Management on several restructuring mandates.
- Advising Orange Capital Partners on fund structuring and drafting fund documentation in view of the application for a license under AIFMD, including financial regulatory and tax advice.
- Assisted EQT with the establishment of carried interest schemes in relation to EQT funds VII, Ventures, Mid Market Credit and Mid Market US, Real Estate, Infrastructure III, Mid Market Europe and Credit Opportunities III.
Jones Day
The funds practice at Jones Day is highly experienced in fund formation, restructuring, and capital-raising mandates, as well as providing tax advice. The team is jointly led by Quirine Eenhorst and Ate Veenstra; the duo are experienced in a wide range of regulatory, tax and structuring work. The firm is notable for its work with green funds as well as those focused on consumer credit, and emerging markets.
Practice head(s):
Key clients
Amvest REIM
Averest Capital
Blue Sky Group
BPD Bouwfonds
Carne / Amundi
CBRE Group
Climate Fund Managers
Dexteritas Investment Management
Dimensional Fund Advisors
DMFCo / DSF Capital Partners
Dutch Mezzanine Fund
FMO IM
Frontclear Management
Gilde Healthcare (PE)
Gilde Healthcare (Services)
Greystar
Hartelt Fund Management
Helt Capital
Henderson Park
Highbrook Capital
Ice Lake Capital Management
IDH Sustainable Trade Initiative
Life Science Partners
Macquarie Capital
NN Group
Penta Beheer
PGGM Vermogensbeheer
Privium Fund Management
Providence Capital
Rabobank / Vista
Rialto Capital Management
TCX Investment Management Company
Technical University of Delft (TTO)
Victus Participations
Work highlights
- Advising Gilde Healthcare, a specialized European healthcare investor, on the fundraising of €350m for its fifth venture and growth capital fund, Gilde Healthcare V.
- Advising on the capital raising and restructuring of The Currency Exchange Fund, including the admission of additional investors
- Assisted Climate Fund Managers with the structuring and closing of FMO Climate Investor One Fund and the set-up of FMO Climate Investor Two Fund.
Stibbe
Stibbe has a broad funds practice, with a strong following on both the general partner and limited partne-sides of the market, often working in conjunction with its other offices to provide an integrated funds service across the Benelux area. The firm is particularly specialised in the structuring of private equity and alternative investment funds, including international tax structuring, as well as providing a strong service in the regulatory space. This dual specialism is highlighted in the organisation of the practice, which is led jointly by tax specialist Jeroen Smits and the regulation-focused Rogier Raas. Senior associate Suzanne Kröner-Rosmalen is also noted.
Practice head(s):
Key clients
Aktia Asset Management
APG
Aquiline Capital Partners
Alceda
Alinda
Altor
Atrium
AQR
Baillie Gifford
Blackstone
BNP Paribas
Canada Life
Carlyle
Cohen & Steers
Coller Capital
Charles Schwab
Dasym Investment Strategies
Egeria
ETF Securities
First Reserve
Generali
GMO
Goldman Sachs
Granite REIT
Hg Capital
HPE Growth Capital
Industrial & Infrastructure Fund Investment Corporation
ING
Internos
Intertrust
Japan Retail Fund Investment Corporation
KSL Capital Partners
Lend Lease Investment Management
Lexington
Lombard Odier
Macquarie
Mid Europa Partners
Mitsubishi Corporation
Neuberger Berman
NIBC
NN Group
Northleaf Capital
Nuveen Investments
Oaktree Capital
OMERS
Pershing Square Capital Management
Pioneer
Praxis Private Office
Prisma Capital
Proprium Capital Partners
Quadrant Capital Advisors
Reverence Capital
Rhône Capital
Rockspring
Silver Lake
SMBC Nikko Securities
Softbank Fund
Standard Life
Stonebridge
Trafaltin
Vistra
Warburg Pincus
Work highlights
- Assisting ING Bank with the formation of a Ucits umbrella fund and several sub-funds, managed by a Luxembourg manager.
- Advising Baillie Gifford on the impact of Brexit on its funds.
- Advising Trafaltin on the set-up of an AIFMD fund investing in trade finance and trade receivables
Finnius
The investment funds team at Finnius is highly specialised in the field of fund regulation, providing expert advice on the full range of licensing structures to private equity funds, listed funds, hedge funds and real estate funds, as well as more niche operations including crypto funds, and funds of funds. The firm is well-regarded for its strong performance before the authorised fund manager, and ability to solve deadlocks with the regulator. Rosemarijn Labeur heads the practice, while senior associate Tim de Wit is a name to watch for the future.
Practice head(s):
Testimonials
‘Rosemarijn Labeur is very knowledgable about regulation in the field of asset management and the relevant supervisory practices of the Dutch regulator. She has very well advised us in our project by providing detailed insight into legal requirements and helping translate them into a practical approach. She is also a nice person to work with.‘
‘Finnius is specialised in financial law, with experts for different legal entities, thorough in their advice and yet practical in their presentation, and quicker than most in responding to requests.‘
‘Finnius has in-depth knowledge of the asset management industry in The Netherlands, and is able to vary from strategic to operational matters. Short response times, efficient and value for money. ‘
‘Complete focus on regulatory matters related to investment funds and asset managers. Highly specialised in this area, unlike many other firms who also provide a lot of generalist legal work. The team has in-depth knowledge of all the regulatory issues we face and has always been able to provide us with guidance as to how we should deal with regulators or how to structure our in-house procedures. Very no-nonsense and practical approach.‘
‘Tim de Wit has an outstanding legal knowledge when it comes to the AIFMD, but is not reluctant to assist in more operational organizational matters. Accessible. Rosemarijn Labeur is also very accessible, and has a very good understanding of MiFID II. Although they both are excellent lawyers, they stay practical.‘
Key clients
OBAM Investment Management
Certitudo Investment Management
Vesteda Investment Management
Juno Investment Partners
Transtrend
Jaran Capital
Momentum Capital
Duinweide Investeringen
IBS Fund Management
Meesman Index Investments
Veris Investments
Hanzevast Capital
Sentinel Real Estate
Wire Group
Cyber Capital
Work highlights
- Advising Obam Investment Management B.V. on the Ucits licence application for managing Obam N.V., following a management buyout.
- Assisted Certitudo with setting up its Residential Real Estate Investment Fund and its Commercial Real Estate Investment Fund, both launched in 2019.
- Advised Juno Investment Partners on its AIFMD licence application.
Orange Clover Law
Boutique firm Orange Clover Law is home to a team that has experience across a wide range of funds matters including licensing, formation, restructuring, and fundraising. Marcel van den Nieuwenhuijzen heads the team, and is active across the range of services provided by the firm, and acts for both manager-side and investor-side clients. Other key names include Machiel Galjaart, who is particularly experienced in cross-border structuring work, and regulatory specialist Alex Gonzalez.
Practice head(s):
Testimonials
‘Knowledgable and capable. A good small team outside of the traditional firms in the region. Strong not just at partner level.‘
Key clients
Blackrock
DWS
Pemberton Asset Management
Vanguard
Triodos Investment Management
New York Stock Exchange
ICE Endex
Kazyna Capital Management
IPM
Stichting Pensioenfonds Hoogovens / Tata Steel
Orthogon Partners
Andlinger & Company
Echostreet Capital Management
MVision
01Ventures
Legal & General Investment Management
Carlyle Asia Partners
KB Mosc Capital
Cinven
Hines Real Estate
NIBC Bank
Work highlights
- Advised Pemberton Asset Management on the structuring and setting up of its Amsterdam office including advice on the regulatory implications.
- Assisting 01Ventures with the setting up of its asset management business including its venture capital in the Netherlands.
- Advised two DWS infrastructure funds on the (re-)structuring of their downstream entities in relation to the acquisition of data centres.
Simmons & Simmons
Simmons & Simmons' funds team is particularly focused on hedge funds and pension funds, acting on both sides of the aisle in matters concerning such funds. René van Eldonk specialises in international tax planning and fellow co-head Rezah Stegeman is a key contact on the regulatory side, particularly for work concerning MiFID II.
Practice head(s):
Key clients
AXA Investment Managers
Bluecrest
British Land
Dimensional
BMO Global Asset Management
Insight Investment Capital
Lansdowne
Nova Capital
Candlewood Investment Group
Mason Capital
Van Lanschot
Aegon Asset Management
Kempen & Co
NN
Amundi
Schroders Investment Management
Redbird Capital
Delta Lloyd Asset Management
Work highlights
- Advising Insight Investment Capital on the ongoing (re-) structuring of its $250m+ Guernsey Fund investing in farmland projects across the globe
Van Campen Liem
Van Campen Liem handles work in the alternative investments space, in addition to its work for private equity, real estate, and hedge fund clients. The firm advises on regulatory matters, fundraising, and tax issues, in addition to formation and structuring. Key individuals include Svetlana Baraban, Marcello Distaso, and Marc Van Campen.