Investment funds: local firms in Singapore
Providing full-service capabilities, Allen & Gledhill LLP is a 'market leader' for investment funds, where it advises on the structuring, establishment and marketing of retail and private funds, in addition to handling licensing, regulatory and securities law issues. Its sizeable team, led by Danny Tan on private funds and Tan Sai Hong on the retail funds side, has ' a unique breadth of expertise to provide specific legal advice': Jerry Koh is a 'standout lawyer' for REITs and business trusts; Foong Yuen Ping is also noted for REITs; Sarah Teo provides 'commercially sound advice' on retail collective investment schemes and exchange traded funds; and Shieh Lin Lai is 'very experienced' in retail offerings.
Danny Tan, Tan Sai Hong
‘Allen & Gledhill has a large number of lawyers, meaning it can provide specific legal advice by counsels specialising in very specific fields. Its extensive expertise in Singapore legal matters and efficiency is what distinguishes the practice from the competition.’
‘Allen & Gledhill benefits from being the largest local law firm with a strong and diverse practice plus good relationships with the regulator and ability to keep abreast of latest legal and regulatory developments.’
‘Allen & Gledhill provides legal analysis and advice that is always well thought through. The team thinks outside the box, not just construing the regulations, but is able to provide practical advice in line with industry practices.’
‘Lai Shieh Lin is always helpful and strives to keep the client informed of the status and expected time delivery. She is very practical and always thinks one step ahead.‘
- Advised an Indian logistics company on the INR20bn joint investment by two leading Singapore-based private equity houses.
- Assisted a private equity client with its establishment of a Myanmar-focused private equity fund.
- Advised a real estate investment fund on its establishment of a joint venture, to jointly invest in, acquire and develop predominantly healthcare-integrated mixed-use developments that are connected to high speed railway stations in China.
Rajah & Tann Singapore LLP fields 'one of the most highly regarded fund formation teams in Singapore', with additional 'strength in depth' in the formation, strategy and execution of funds for major hedge, private equity and and alternative investment funds. Department head Arnold Tan is 'the leading counsel in fund formation' according to one client; he has longstanding expertise in the establishment of onshore and offshore investment funds, regulatory matters and securities laws. Anne Yeo 'always keeps one step ahead of regulatory changes' and 'has the experience to provide advice on innovative and bespoke fund structures'. Other names to note are Jasmine Chew for hedge funds and hybrid funds, and Philip Yeo for private equity, venture capital and real estate funds.
‘Rajah & Tann has deep strength in depth and breadth, and is technically strong with a wealth of experience within the team.’
‘Leading player in the formation of Singapore-domiciled funds, the fund formation team is particularly highly regarded.’
‘Anne Yeo is always up-to-date with local Singapore law and regulatory changes and updates. Quickly understands the issue at hand and has the experience to provide advice on innovative and bespoke fund structures, taking into account tax, accounting, regulatory and practical considerations.’
‘Arnold Tan is regarded as the leading counsel in Singapore as regards fund formation.’
‘Philip Yeo is a strong up and coming partner; he is quick to understand, and astute in framing the problem. Succinct explanation and to the point with very practical advice.’
Havenport Asset Management
Tahan Capital Management
RV Capital Management
Mizuho Asia Partners
Longlead Capital Partners
Shook Lin & Bok LLP's trust, asset and wealth management practice is 'well versed in the area of fund management' and 'keeps abreast of the regulatory environment.' Core areas of expertise include listed REITs, and onshore and offshore hedge and private equity funds. Practice head and fund formation specialist, Tan Woon Hum is 'very knowledgeable' with the 'ability to think out of the box to provide commercially viable solutions to very complex issues'. Andrea Ng is another key name to note for real estate funds.
Tan Woon Hum
Other key lawyers:
‘The funds and wealth management team, led by Tan Woon Hum, is commercial and proactive in managing matters entrusted to it.‘
‘Shook Lin and Bok is a strong law firm that is well versed in the area of fund management work, and also always keeps abreast of the regulatory environment.’
‘Tan Woon Hum is an expert in the area of trust, asset management and wealth management. He is very commercial and has the ability to think out of the box to provide solutions to sometimes very complex matters.’
‘Tan Woon Hum is very knowledgeable and well respected in the industry as a professional who is able to provide sound advice as well as practical solutions to business requirements. He trains up a very good team that is responsive, diligent and dependable.’
- Assisted a fund management company with the establishment of a Cayman Islands corporate fund, with a targeted fund size of $150m.
- Acting for a Singapore venture capital fund management company on the establishment of a Singapore limited partnership fund.
- Advising an asset management firm on the establishment of a Singaporean corporate fund, with a fund size of $140m.
- Advising a venture capital fund manager on the appointment of a co-manager.
WongPartnership LLP's expertise in the funds space covers the core areas of private equity, hedge fund and infrastructure, with increased activity in the REIT space. Practice head Low Kah Keong is noted for fund formation, asset management and private equity. Private funds specialist Felicia Marie Ng acts for fund managers and sponsors, institutional investors and sovereign wealth funds as investors of alternative investment funds.
Low Kah Keong
Other key lawyers:
- Advised a private equity client on the establishment of its first discretionary real estate debt fund, with a target capital raising of $750m.
- Advised a Malaysian conglomerate and private investors on the launch of a $50m venture capital fund.
- Advised on the Singapore arm of the establishment of an investment management business in Japan.
Dentons Rodyk combines 'very good knowledge of the local regulatory environment with the bench strength of a large international firm'. The team assists local and foreign fund managers, private equity investors, venture capital funds, SMEs and start-ups on the establishment of local and offshore funds, unit trusts and private equity and venture capital funds. I-An Lim, S Sivanesan and Vyasa Arunachalam are the key figures.
‘Denton Rodyk has very good knowledge of the local regulatory environment with the bench strength and the high quality of a large international firm.’
J O Hambro Capital Management Limited
- Review of the offering documents / information memorandum for the J O Hambro Funds, restricted schemes domiciled in Ireland and the UK.
Drew & Napier LLC's team of 'knowledgeable, professional, and dedicated' corporate lawyers is experienced in all aspects of funds, funds management and private equity transactions, and is 'well versed in the local regulatory requirements as well as foreign market standards'. Co-head Petrus Huang is 'very skilled in fund formation', regularly acting for local and international clients, fund management companies and REITs. Fellow co-head Ron Cheng, who specialises in the structuring and listing of funds, 'manages a good team' and 'always delivers well thought out practical advice'.
Petrus Huang, Ron Cheng
‘The team at Drew and Napier is extremely well versed in the local regulatory requirements as well as foreign market standards. It is also technically sound, always available and extremely responsive.’
‘The team at Drew & Napier is very knowledgeable, professional, and dedicated.’
Raffles Venture Partners
Guotai Junan International Asset Management (Singapore)
Citicorp Trustee (Singapore) Limited
Foord Asset Management (Singapore)
PT. Nikko Sekuritas Indonesia
- Advising Raffles Ventures Partners on issuances, capital calls, redemptions, distributions and restructurings of several managed funds including Raffles Cayman Fund, Raffles Direct Fund and Raffles Co-Investment Fund.
- Acted as local counsel to SoftBank Vision Fund on the $4bn disposal of its interests in Flipkartto Walmart Inc.
Morgan Lewis Stamford LLC provides 'international expertise as well as Singapore law advice' to a broad client base ranging from global financial institutions and private equity houses to sovereign wealth funds. The practice has expanded its capabilities with the arrival of 'excellent funds lawyer' Joel Seow from Sidley Austin LLP; he is 'knowledgeable and savvy in negotiations', with expertise in private equity funds, venture capital and real estate. He also advises on non-traditional private investment fund setups, including fund platform structures and hybrid funds. Edward Bennett is 'very experienced and dependable'. Daniel Yong joined Withers KhattarWong LLP in September 2019.
Other key lawyers:
‘The team is extremely engaging, resourceful and efficient. The team is expert in its practice.’
‘The team is able to provide international expertise as well as Singapore law advice in relation to funds.’
‘Joel Seow is an excellent funds lawyer, responsive, reliable, knowledgeable and savvy in negotiations. He offers practical and sensible solutions and makes sure quality work is delivered time and again. Covers the big picture and the small details – definitely a team you want on your side.’
‘Edward Bennett is extremely engaging, very experienced and dependable- always ensuring that the client gets the best quality work.’
Everstone Capital Partners
Tikehau Investment Management Asia Pte. Ltd.
B Capital Group
Yamawa Asset Management Pte. Ltd.
HBM Healthcare Investments
Asian Development Bank
- Advised VEB Innovation on its joint venture with SREI Infrastructure Advisors Limited to establish a $200m IT and innovation fund platform.
- Assisted Tikehau Investment Management Asia with buying out the minority shareholder in IREIT Global Group, the manager of the SGX-ST listed IREIT Global, and subsequent sale of approximately 50% of the IGG shares to City Developments Limited.
- Advised HBM, a Swiss-based investment company, on its investment into Cure Everlife, a medical device and consumables distribution platform in South-East Asia.
- Advised Asian Development Bank as global counsel on its commitment to Exacta Asia Investment II, L. P.
- Advised Pantheon Ventures on various investments into various Asia-focused funds, such as Lightspeed China Partners IV, L.P., ChrysCapital VIII, LLC and Quadrant Growth Fund I.
With a core focus on venture capital, private equity and real estate, Baker McKenzie Wong & Leow's team is 'knowledgeable and experienced' in representing managers and investors in multiple jurisdictions, including Thailand, Malaysia and South Korea. Kelvin Poa and Derek Kwan are the lead practitioners.
Other key lawyers:
‘The team at Baker McKenzie Wong & Leow is very hands-on, knowledgeable and client oriented.’
Adams Street Partners
Affinity Equity Partners
Dymon Asia Capital
Fuchsia Venture Capital Company
- Advised Vertex on the formation of Vertex Growth Fund I, the first fund in a new series of funds managed by Vertex which focuses on growth-stage investments in mature start-ups.
- Advised Vertex on the formation of Vertex Ventures SEA Fund IV, the fourth fund in Vertex’s South-East Asia and India-focused VC fund series.
CNPLaw LLP's primary areas of activity include the establishment of asset management structures, including open-ended and closed-ended funds, and the administration of investment funds. The team also advises foreign clients on the licensing and registration of fund management companies in Singapore, as well as providing complementary expertise in tax incentives relating to fund management. Bill Jamieson and Amit Dhume are the practice co-heads.
Bill Jamieson; Amit Dhume
Gordian Capital Singapore Private Limited
Dios Asset Management Pte. Ltd.
Ginkgo Tree Asset Management Pte. Ltd.
R.E. Lee International Capital Pte. Ltd.
Lighthouse Canton Pte. Ltd.
- Advising on the structuring and launch of Tribay Capital Private Equity Asia LP, a Cayman Islands domiciled private equity fund with an investment focus predominantly on Asia.
- Assisted with the structuring and launch of Dios Asset Management SPC.
- Local counsel for the formation and launch of Ginkgo Tree Global Select Fund, an open-ended fund incorporated in the Cayman Islands.
- Assisted with the formation and structuring of LCM Global Growth Fund Pte. Ltd, a Singapore-domiciled fund with an investment focus primarily in the global (excluding USA) mid-cap equity asset class.