Investment funds in Scotland

Burness Paull LLP

Home to a dedicated funds team, Burness Paull LLP excels on structuring, formation, regulatory and finance matters, directing the bulk of its emphasis towards investor representation, both domestic and international. Paula Kennedy heads the practice and serves as one of the market’s foremost experts in the operation and formation of Scottish limited partnerships within the context of private fund structures. The team excels in its handling of primary investments and secondary deals, in addition to co-investments, and is also home to Andrew Christie, a fund finance authority who acts on NAV, hybrid facility, subscription line, GP and management fee facilities, demonstrating a particular tenacity for security structures. At the more junior end of the partnership spectrum, Ruaridh Cole is particularly accomplished on fund structing matters, often serving as advisor to leading asset managers.

Practice head(s):

Paula Kennedy

Other key lawyers:

Andrew Christie; Ruaridh Cole


‘Burness have an unrivalled knowledge of investment funds in Scotland. They are user friendly and responsive.’

‘They are pragmatic, which cannot be said for all of their competitors.’

‘Andrew Christie and Ruaridh Cole are excellent.’

‘Excellent commercial team. Knowledgeable about the subject matter and very reliable.’

‘Andrew Christie is exceptional.’

‘This is the firm that I call first if I want no-nonsense, clear feedback and opinions without multiple carve outs and caveats. They provide consistently error-free work, outstripping the magic circle and US firms for their client-focused service, consistently well-staffed teams and quality technical resources. Excellent firm.’

‘For investments funds, Ruaridh Cole is an excellent source of knowledge and a genuine sounding block on more complicated questions and scenarios.’

Key clients

European Investment Fund


Livingbridge EP LLP

Vitruvian Partners

L Catterton

EIG Global Energy Partners


The Pension SuperFund

Kirkland & Ellis

Proskauer Rose

Clayton, Dubilier & Rice

Work highlights

  • Advised the European Investment Fund in relation to two rounds of investment in Yield Lab Europe, a pan-Europe agri-tech fund with an impact focus.
  • Acted for Greystar in connection with Scots law matters on a number of its UK and European ventures. This included work on the set up of Scottish limited partnerships forming part of Greystar investment structures.
  • Advising Livingbridge as their lead counsel on their latest subscription line facility with Investec Bank and on facilities with Lloyds Bank Corporate Markets for their Enterprise 2 and Enterprise 3 structures as well as Fund 6.


CMS fields funds lawyers in Edinburgh and Glasgow, in addition to London, and demonstrates a capacity for the full array of relevant matters, from investment manager establishment through to fund closings and terminations. Karagh Gilliatt co-heads the practice and is a go-to for open-ended funds operating within Scotland meanwhile Aidan Campbell caters to a number of investment funds on matters including the establishment, reconstructing and terminating authorised funds, marketing and regulatory affairs, and FCA COLL rule compliance. Sector expertise include real estate, private equity, technology and life sciences.

Practice head(s):

Karagh Gilliatt; Colin Lawrie

Other key lawyers:

Aidan Campbell


‘The lawyers deliver great value for money and are happy to support their clients with any challenge. They demonstrate an exceptional level of availability as well as a thorough knowledge of the rules and market practice in their area and maintain an excellent working relationship with the regulator which provides their clients with very useful insights to regulator thinking.’

‘Karagh Gilliatt is excellent. Very knowledgeable in her subject areas and has the confidence to bring in other experts in her firm when required. Karagh displays excellent attention to her client’s needs and is solution orientated.’

‘Good knowledge of fund market and regulatory requirements. Plus a knowledge of the history and make-up of our fund range.’

‘The team are responsive and pragmatic which has assisted in meeting internal deadlines. The spotlights provided on consumer duty were excellently presented and have been well received.’

Key clients


Baillie Gifford


Scottish Widows Schroders Personal Wealth

T. Bailey Fund Services

Carvetian Capital Management

Phoenix Group

Scottish Friendly

Argonaut Capital Management

Sanlam Group




Aegon Asset Management UK plc

Work highlights

  • Advised Embark Investments on changes to the investment objectives and policies of their range of well-known multi-asset Embark Horizon Funds (with AUM in excess of £600m).
  • Advised on the development, structuring and launch of the TB Amati Strategic Metals Fund, a fund which marries expertise in global mining practice with investment expertise.
  • Advised on the investment policy changes to the £972m Baillie Gifford UK Equity Alpha Fund.

Brodies LLP

Lawyers at Brodies LLP are knowledge of the full array of fund structuring, formation, regulatory, restructuring, tax, finance and dispute affairs, serving a client roster which includes prominent institutional investors and global advisory firms. Practice head Andrew Akintewe  is particularly renowned for his investment fund formation and structuring work and is supported by Paul McLaughlin , a Scottish limited partnership specialist. Alan Knowles  is the other partner within the team, often deploying his fund finance expertise within the context of large, multijurisdictional deals, meanwhile senior associate Jennifer Mellor supports on regulatory, private equity investment and secondary sale matters.

Practice head(s):

Andrew Akintewe

Other key lawyers:

Paul McLaughlin; Alan Knowles; Jennifer Mellor


‘Deep sector knowledge and a long term relationship provide the opportunity for Brodies to bring added value to our clients by suggesting deal structuring and opportunities.’

‘Andrew Akintewe is our lead partner: very knowledgable and approachable. Calm, considered and thoughtful.’

‘Good quality team across a range of services.’

‘Able to take a commercial view.’

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 Royal Bank of Scotland International Limited on $230m investment trust financings in aggregate to Scottish Mortgage Investment Trust (SMIT), $40m to BG China Growth Trust plc, £25m to Keystone Positive Change Investment Trust plc, £20m to BG UK Growth Trust plc and €45m to European Assets Trust plc.


Dentons’s practice is home to Claire Armstrong, the firm’s managing partner for Scotland and a specialist in investment funds and corporate finance who possesses an extensive history in closed-ended listed fund representation; her key fields of expertise include fund establishment, partnership law structuring and restructuring, direct and co-investments, regulatory advice and investment management agreements. The department recently bolstered its numbers at partnership-level through the promotion of the ‘first-rateOwen McLennan and has handled a number of investment company consolidations and fundraisings of late.

Practice head(s):

Claire Armstrong

Other key lawyers:

Stuart Fitzsimmons; James Wilson; Owen McLennan


‘The  team is technically strong, commercially focused and responsive.’

‘Claire Armstrong and the team are hugely experienced and bring tremendous problem solving skills to the table time and time again.’

‘They are pragmatic, commercial and easy to deal with.’

‘Owen McLennan (newly promoted partner) is first rate.’

‘Very proactive, commercially minded and practical.’

‘The funds team across the firm seems to be very collaborative’

‘Claire Armstrong stands out for technical skill and commercial acumen. Particular experience in the listed fund sector.’

Work highlights

  • Advised on the legal aspects of flagship MOBILIST programme, catalysing investment in underdeveloped markets.
  • Advised on the sale of an LP portfolio of over 160 interests for the value of $475m from 18 separate sellers (all represented by abrdn) to ICG.
  • Lead Advisors on the merger of two Jersey investment companies by means of contractual scheme of reconstruction.

Pinsent Masons LLP

Pinsent Masons LLP’s investment funds team in Scotland is closely integrated with the firm’s national and international practices, rendering it well placed to advise on matters spanning the UK, Germany, Ireland and Singapore, among other locations. Practice head David Young is proficient in advising at all stage of the fund lifecycle and demonstrates specific prowess in the structuring and establishment of alternative asset investment funds; his team also benefits from the expertise of legal director Elaine MacGregor, an institutional investment specialist who often represents government development finance and government pension scheme investors.

Practice head(s):

David Young

Other key lawyers:

Elaine MacGregor; Rebecca Clark


‘Very knowledgeable about alternative markets (private equity, private credit) and always very proactive in finding solutions to legal or commercial issues. The team is always ready to support the client on time-sensitive mandates.’

‘I interact mainly with David Young and his team. David is extremely skilled, patient, calm and has a natural ability to explain complex topics in very simple terms. He is a pleasure to work with and has never missed a deadline.’

‘Strong team representing both GPs and growing experience representing DFIs as LPs who are very able but pragmatic and without ego.’

‘Elaine MacGregor is an excellent legal director. Very knowledgeable and great at communicating both with clients and with counterparties.’

‘My experience of Pinsent Masons has been one of approachable professionalism. The firm transitioned to working from home during the pandemic, but to my knowledge there was no decline in the service delivered and the use of technology to facilitate calls with clients has worked very well. Successful collaboration within the team is evident, picking up from each other if a member is on leave or absent, and service delivery has been unaffected by any external activity.’

‘I have worked directly with Rebecca Clark and Elaine MacGregor on various infrastructure investment opportunities. Both have patiently and knowledgeably assisted me enormously over the 18 months in the review of the opportunities that have arisen. While maintaining constant professionalism, both have built up a good working relationship with me, where I feel at ease to ask any question or raise any point. Their knowledge of the industry and attention to detail shines through. I have found both Rebecca and Elaine’s approachable manner and evident thoroughness extremely comforting during what has been a busy period for us as a client.’

Key clients


Aegon Absolute Return Pool

Aegon Private Equity Pool

Asian Development Bank

Bricks Capital Limited

Cargill Pension Plan

CDC Group plc

Costain Pension Scheme

Croda Pension Scheme

Dalmore Capital Limited

Environment Agency Pension Fund

Fife Pension Fund

HSBC Alternative Investments Limited

LCN Capital Partners

Lothian Pension Fund

Martin Currie

Merseyside Pension Fund


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

PfP Capital Limited

Phoenix Life


Railpen Investments

Resonance Impact Investment Limited

RWE/E.ON Trustees

Sango Private Equity

Scottish Widows

Southwark Pension Fund

Stichting Pensioenfonds KPN

Strathclyde Pension Fund

TKPI Real Estate Fund

West Yorkshire Combined Authority

Work highlights

  • Advised Asian Development Bank on the development of an innovative Energy Transition Mechanism (ETM) across South-East Asia (including Indonesia, Vietnam and the Philippines).
  • Advising a consortium of development finance institutions, including CDC Group plc, BIO and Proparco on their investment in Incofin India Progress Fund – an India-focused impact fund making private equity investments in the Indian agri-food value chain and in financial inclusion for rural entrepreneurs in India.
  • Engaged by West Yorkshire Combined Authority in relation to the structuring, establishment and procurement aspects of their Business Accelerator Fund.