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.
Investment funds in Scotland
Brodies LLP
Testimonials
‘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
MSCI Inc.
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
Testimonials
‘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
Greystar
Stafford Capital Partners Limited
NextEnergy
L Catterton
EIG Global Energy Partners
Fried, Frank, Harris, Shriver & Jacobson
Livingbridge EP LLP
Kirkland & Ellis
Macfarlanes
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.
CMS
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
Embark
Scottish Widows Schroders Personal Wealth
T. Bailey Fund Services Limited
Carvetian Capital Management
Phoenix Group
Scottish Friendly
Argonaut Capital Management
Sanlam Group
Aviva
Nomura
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
Atomos
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
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
Testimonials
‘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
Testimonials
‘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
ABRDN
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
NEST
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.