Next Generation Partners

Rising Stars

Investment funds in Scotland

Brodies LLP

The funds group at Brodies LLP operates at the apex of the Scottish market, offering extensive expertise across the gamut of relevant areas, from initial structuring and tax planning through to implementation, restructurings and the resolution of disputes. The practice is particularly well regarded for its capacity to design and implement innovative fund structures, such as asset-backed funding utilising Special limited partnership (SLP) structures. The offering is spearheaded by Andrew Akintewe, who is a trusted advisor to a broad range of major corporates, investment managers and banks. Paul McLaughlin is a key contact and specialises in Limited Liability Partnerships (LLPs), general partnerships and SLPs, with particular expertise of renewables such as offshore and onshore wind and solar spaces. Fund finance expert Alan Knowles has an established and growing practice advising lenders on cross-border deals involving Scottish funds.

Practice head(s):

Andrew Akintewe 

Other key lawyers:

Paul McLaughlin ; Alan Knowles 


‘Great team composed by very skilled and talented lawyers.’

‘Andrew Akintewe and his team are very efficient in tasks that are new and novel.’

‘Great team with a commercial outlook.’

Key clients

Gresham House Asset Management


North East Scotland Pension Fund

Freshfields Bruckhaus Deringer LLP

Promethean Investments LLP

Hermes Real Estate

Arjun Infrastructure Partners

Ropes & Gray LLP

Simpson Thacher & Bartlett LLP

TPG Europe LLP

University of Edinburgh

Grosvenor Estates

Work highlights

  • Advised Gresham House Asset Management on Gresham House Forest Growth & Sustainability LP, a £200m forest carbon fund with a strong ESG investment profile.
  • Advised Promethean Investments LLP on a series of investment fund vehicles in its third private equity fund (Fund 3), including structuring UK – US cross-border elements.
  • Advised North East Scotland Pension Fund, one of Scotland’s major public sector pension funds (which holds over £4bn of assets) on the terms of a series of investments into investment fund vehicles.

Burness Paull LLP

Burness Paull LLP offers clients end-to-end funds advice encompassing structuring, formation and lifetime work, with an up-tick in the amount of tail-end structuring including GP-led secondaries and follow-on funds. Paula Kennedy commands a fantastic reputation in the market for private funds structures involving Scottish limited partnerships, spanning fund and feeder vehicles, carried interest partnerships and acquisition structures. Andrew Christie, whose expertise has a particular emphasis on security structures, regularly handles complex international structures with global clients. Ruaridh Cole is a key member of the team and regularly works with the European Investment Fund, as well as ground-breaking schemes in relation to pensions liabilities for local authorities.

Practice head(s):

Paula Kennedy

Other key lawyers:

Andrew Christie; Ruaridh Cole


‘Always responsive and oriented to solving problems.’

‘Ruaridh Cole takes ownership of issues and ensures they are completed.’

‘The team are incredibly responsive, helpful and they really go the extra mile.’

‘They are our go-to firm in Scotland.’

‘Paula Kennedy really goes above and beyond to assist. She is a pleasure to work with.’

‘No better Scots law funds team.’

‘Andrew Christie is exceptional.’

‘Commercially minded, well-informed about both a client’s business and the wider market, personable and a smooth extension of the in-house team.’

Key clients

European Investment Fund


Stafford Capital Partners Limited


L Catterton

EIG Global Energy Partners

Fried, Frank, Harris, Shriver & Jacobson

Livingbridge EP LLP

Kirkland & Ellis


Work highlights

  • Advised L Catterton on a series of new alternative investment vehicles for their latest flagship funds which are their largest private equity vehicles to date.
  • Advising EIG Partners on fund formation and transactional work.
  • Advised Stafford Capital Partners Limited on various secondary market transactions in the infrastructure sector.


With dedicated funds teams in the UK’s key financial centres of Edinburgh, Glasgow and London, CMS consistently demonstrates in-depth market knowledge across the spectrum of fund types and asset classes, establishing itself as a market leader in cutting-edge areas of asset tokenisation and cryptocurrencies. Co-heading the team is open-ended fund specialist Karagh Gilliatt, who acts for some of the largest retail funds in the UK. Colin Lawrie also leads the team and advises on partnership structures in funds and JVs, and has a wealth of experience of both onshore and offshore alternative vehicles. Aidan Campbell is a leading authority on authorised funds, with over two decades of experience advising on Financial Conduct Authority (FCA) compliance and other regulatory aspects of unregulated funds.

Practice head(s):

Karagh Gilliatt; Colin Lawrie

Other key lawyers:

Aidan Campbell

Key clients

Baillie Gifford & Co Limited


Scottish Widows Schroders Personal Wealth

T. Bailey Fund Services Limited

Carvetian Capital Management

Phoenix Group

Scottish Friendly

Argonaut Capital Management

Sanlam Group



Aegon Asset Management UK plc

CMS DeBacker Luxembourg

SVM Asset Management Limited

Alberta Investment Management Corporation

Qatari Diar

Scottish National Investment Bank

SSE plc

Columbia Threadneedle Investment Business Limited (formerly BMO Global Asset Management)

TechStart Ventures LLP

The Royal Bank of Scotland plc

GE Capital

Clyde Blowers Capital IM LLP


Lloyds Banking Group

Work highlights

  • Advised National Grid Property Holdings Limited (“NGPH”), the property arm of FTSE 100 National Grid plc, on a £912m sale to Berkeley Homes plc.
  • Acted for T. Bailey Fund Services Limited in the launch of the TB Guinness Sustainable Energy Fund, a sub-fund of a UK UCITS.
  • Advised Baillie Gifford on a range of changes across its UK fund range, including to the outperformance target of Baillie Gifford Investment Grade Bond Fund.


Dentons investment funds and asset management group consider private funds, listed funds and fund regulation to be key disciplines, recently handling more mandates for clients spanning the closed-ended listed fund space including investment trusts, real estate trusts and offshore investment listed companies. Managing partner for Scotland and funds and corporate finance specialist Claire Armstrong heads the team, her practice particularly focusing on acting for closed-ended listed funds in both an advisory and transactional capacity. Owen McLennan, who was promoted to partner in May 2022, has established a strong private fund and fund regulation practice and is particularly well known for expertise in impact investing.

Practice head(s):

Claire Armstrong

Other key lawyers:

Owen McLennan


‘Excellent, practical and super responsive. Could not recommend more highly.’

‘A well-resourced and proactive team that understands the requirements of the client.’

‘Extremely knowledgeable, industry aware and very responsive and supportive.’

‘Expertise, responsiveness, commercial acumen, flexibility and high levels of client servicing.’

Key clients

Foreign Commonwealth and Development Office

abrdn plc

Chorus Aviation Inc

Investec Bank plc

Nederlandse Financierings-Maatschappij voor Ontwikkelingslan (FMO)

Fair4All Finance

Edinburgh Investment Trust

Harwood Private Capital LLP

Work highlights

  • Advised the Foreign Commonwealth and Development Office on MOBILIST’s investment into the HELIOS fund.
  • Advised Nederlandse Financierings Maatschappij voor Ontwikkelingslan(FMO) on multiple impact investment mandates.
  • ADvised Edinburgh Investment Trust on a range of transactional and advisory matters.

Pinsent Masons LLP

Considering its Scottish practice as central to the firm’s international offering, Pinsent Masons LLP provides ‘both depth and breadth of knowledge in the funds market’, advising top fund managers and investors on establishment and fund-raising, structuring, investments, JVs and consortium agreements, as well as ad hoc portfolio advice. David Young leads the practice and brings two decades of both advisory and transactional experience, with particular expertise in the alternative assets space. Private equity funds ‘go-to’ and legal director Elaine MacGregor is a crucial contact, most notable for her institutional investor expertise, including development finance and local government pension schemes. Rebecca Clark was promoted to senior associate in May 2022 and regularly advises on alternative fund structuring, investor work and transactional advice.

Practice head(s):

David Young

Other key lawyers:

Elaine MacGregor; Rebecca Clark


‘Pinsent Masons has an encyclopedic knowledge base of negotiated fund terms, acting as it does globally for a wide variety of managers and investors, including other multilateral and development finance institutions.’

‘The firm has a real passion for the application of ESG and gender equity principles to the industry, which s is reflected in the diversity of the team itself.’

‘Elaine MacGregor is a go-to director on private equity funds. She is equally knowledgeable technically, commercial and pragmatic, arguing effectively on red line issues.’

Key clients


Accelerated Digital Ventures Limited (L&G)

Aegon Asset Management

Aegon Private Equity Pool

Asian Development Bank

British International Investment plc

Bricks Capital Limited

Coal Pension Trustees Limited

Dalmore Capital Limited

Environment Agency Pension Fund

Fife Pension Fund

HSBC Alternative Investments Limited

International Finance Corporation

Gresham House

LCN Capital Partners

Lothian Pension Fund

Merseyside Pension Fund

Michelin Pension Trustees


NILGOSC (The Northern Ireland Local Government Officers’ Superannuation Committee)

North East Scotland Pension Fund

PfP Capital Limited

Phoenix Life

Railpen Investments

Resonance Impact Investment Limited

RWE/E.ON Trustees

Sango Private Equity

Scottish National Investment Bank

Scottish Widows

Southwark Pension Fund

Stichting Pensioenfonds KPN

Strathclyde Pension Fund

Systemiq Capital

TKPI Real Estate Fund

Unilever UK Central Resources Limited

University of Liverpool Pension Fund

West Yorkshire Combined Authority

Work highlights

  • Supporting Unilever on its joint venture with AXA and Tikehau to establish a $1bn impact fund focussing on regenerative agriculture, facilitating Unilever’s net-zero targets with regard to global supply chain infrastructure.
  • Advising British International Investment plc on its investment into Amethis MENA Fund II which will invest in fast growing SME enterprises in Morocco, Egypt, Tunisia and Jordan. The fund’s sustainability strategy is focused on climate, job quality and gender equality.
  • Assisting in the launch of Systemiq Capital’s second fund which is targeting $200m to back the best early stage climate tech entrepreneurs.