Allen & Gledhill LLP has a wide-ranging investment funds practice, noted especially for its expertise in collective investment schemes and REITs, along with its excellent track record in the listing of exchange traded funds (ETFs). The firm has advised on the establishment and listing of nearly all the REITs in Singapore. The firm is making a further impression in private funds, notably advising GLP on the establishment and final close of GLP Japan Development Partners IV, its flagship Japan logistics development fund. Managing partner Jerry Koh is a leader in the REIT field, while Sarah Teo and Lai Shieh Lin are senior names in retail collective investment schemes (including ETFs and VCCs). Jonathan Lee provides further expertise in private funds and REITs.
Investment funds: local firms in Singapore
‘The investment funds team generally provides prompt advice and high quality work product. Where required, the investment funds team is able collaborate with other practice areas within the firm to provide holistic advice.’
‘Lai Shieh Lin is knowledgeable about the relevant laws and regulations, as is to be expected. What we really appreciate as a client is the practical advice she provides for more complex issues based on her experience. Shieh Lin is also good at client management – she is responsive and ensures the delivery of quality work product from her team.’
‘The knowledge base and experience levels are high. But what really differentiates A&G from others is their proactivity, the quality of proposed solutions to problems, consistency of service and the relationship management is very high.’
‘Lai Shieh Lin is a very good listener and understands the needs and risk appetite of ours. Further, the tailoring of solutions for us whenever we have needed it is one of the key reasons we value her work.’
‘The team at the senior level has been stable and are very experienced in their subject matter. This translates into practical and constructive legal advice for the business. It is clear there is collaboration within the team.’
‘The A&G team is very commercial. It understands the needs of global asset managers and is able to give practical and actionable advice.’
‘Jonathan Lee’s team is always responsive and never fails to meet the deadlines. First rate team when it comes to REIT and fund transactions and structuring.’
‘Victoria Leong was very impressive even though she is a relatively young partner.’
- Acted as lead fund counsel to DBS Bank on the establishment of the DBS I.D.E.A. Fund.
- Acted as Singapore counsel to GLP on the establishment and final close of its flagship Japan logistics development fund, GLP Japan Development Partners IV.
- Advised GMO on the recognition and offer of the GMO Climate Change Investment Fund to the retail public in Singapore.
Rajah & Tann Singapore LLP has an extensive practice, principally in the private funds segment. The team frequently advises new funds in the private credit, private equity and venture capital sectors, and has extensive knowledge in Singapore’s VCC regime. It is at the forefront of key trends such as the emergence of private credit, particularly in relation to Indonesia, and has a growing presence in single investment engagements for deals in India, China and ASEAN. It has a highly-rated partner group including the highly-acclaimed Arnold Tan, department head Anne Yeo, and emerging talents Jasmine Chew and Philip Yeo. The team was further enhanced by the arrival of Zixiang Sun, who returned to the firm from Simmons & Simmons JWS in 2022.
Anne Yeo; Jasmine Chew; Philip Yeo
Other key lawyers:
Arnold Tan; Zixiang Sun; Carmen Lee
‘Responsible, competent and detailed oriented.’
‘They offer a one-stop-shop solution from setting up a fund management company and obtaining the requisite licence to launching your funds under management. At each stage, you have the best of class personnel to assist and address any queries promptly.’
‘Jasmine Chew has an in-depth knowledge of the funds industry and has consistently provided us with sound and timely advice on both the fund management company level and the funds. Her unwavering support has been instrument in our success as a fund management company in Singapore.’
‘R&T is able to provide a standard of care and expertise that is on par with some international law firms.’
‘R&T’s new partner, Zixiang Sun has a long-lasting relationship with us. He’s very savvy in private equity funds investment work, and has acted for us in many deals. He is a very conscientious and hands-on counsel, and prefers to directly take the reins in running the file and working with us (as opposed to delegating the process to an associate).’
‘The Singapore regulatory advisory and fund formation team at Rajah & Tann has been a market leading team in Singapore for over a decade and a half. The team is well known for their Singapore regulatory and investment funds formation expertise. The team’s in depth knowledge of Singapore regulation for investment fund managers is market leading and the partners have deep experience.’
‘Arnold Tan, Anne Yeo, Jasmine Chew and Philip Yeo have been long standing partners in the industry and are well known in the market. They bring years of experience to the deals they work on, often meeting tight frames. Carmen Lee and Zixiang Sun are partners to watch.’
Havenport Asset Management Pte Ltd
Tahan Capital Management Pte Ltd
Amansa Capital Pte Ltd
New Silk Road Investment Pte Ltd
Unison Capital Management Pte Ltd
RV Capital Management Pte Ltd
Nuvest Capital Pte Ltd
Mizuho Asia Partners Pte Ltd
Griha Pte Limited
Drew & Napier LLC has a rich background in open-ended fund structures, becoming a major player in the VCC segment. The firm has expanded its offering in connection with new VCC structures, including novel and first-of-their-kind vehicles, and works with a range of Singapore fund managers and international fund managers with a presence in the jurisdiction. Petrus Huang and Ron Cheng co-head the fund and fund management practice.
‘Drew & Napier is a top full suite law firm that provides unparalleled levels of professionalism and competency to their clients.’
‘The team at Drew & Napier has empowered fund managers to think out of the box and create investment products and structures that has never been done before with the team’s innovative solutions.’
‘Our fund documents drafted by Drew & Napier demonstrates a high level of dedication to tailored services that demands perfection.’
‘Drew & Napier provides a much higher level of responsiveness and transparency.’
‘Mr Ron Cheng, the co-head of investment funds at Drew & Napier, has demonstrated unparalleled levels of professionalism and competencies. His responsiveness to communications is unmatched by any other legal counsel we have worked with. His capability to clearly dissect and compartmentalise information has allowed him to comprehend and provide solutions for some of the most complex cases or structures we presented.’
‘Ron Cheng from Drew & Napier LLC is very experienced and knowledgeable on legal matters pertaining to fund structures. He is also very responsive and can explain legal concepts clearly to clients.’
Raffles Venture Partners
Harvest Fund Management Company
PT. Nikko Sekuritas Indonesia
Citicorp Trustee (Singapore) Limited
OurCrowd Management (Singapore) Pte. Ltd.
UBS Bank AG Investment Funds (Singapore branch)
Golden Horse Fund Management Pte. Ltd.
SG Trust Asia Ltd
- Acted as Singapore counsel to a Licensed Fund Management Company in advising and drafting the fund documentation for the establishment of a Limited partnership fund with a target fund size of $1bn.
- Acted for a Singapore RFMC in establishing an umbrella VCC and structured as a Fund of One, employing a fund-of-funds strategy, as well as convertible notes, to achieve the investment objectives of its various sub-funds.
- Acted for a foreign state-owned enterprise as sponsor and anchor investor of a new umbrella VCC which has strategies involving investments into non-performing loans of a public bank through various financial instruments (including Sukuks).
Shook Lin & Bok LLP has a wide-ranging and extensive investment funds practice that provides dedicated resources and expertise to mutual funds, REITs, private funds and private trusts. The large team has gained further ground in private funds and the private wealth space. The department features a number of fluent Mandarin speakers and several senior practitioners that have extensive experience in engaging with regulators. Its client base includes a number of major international and boutique fund managers, big institutional investors, and family offices and high-net-worth individuals. Tan Woon Hum has a notable track record in investment funds, REITs and trusts, while Andrea Ng is noted for her expertise in REITs, private funds and the growing influence of digital assets and tokens.
Tan Woon Hum
Other key lawyers:
Andrea Ng; Ian Chew; Andrew Chow; Xin Tian Yang
‘The team is very professional and gives true and fair suggestions. Very efficient and rich experience.’
‘Tan Woon Hum is very patient and professional. He makes the best effort to help the client.’
‘Tan Woon Hum is always accessible and makes time for us when needed.’
‘Client centric; good quality work product.’
‘Andrea Ng and Andrew Chow – always available to assist, good quality advice.’
- Acted for Perpetual (Asia) as the trustee of Digital Core REIT on its initial public offering and listing on the Singapore Exchange.
- Acted for a Singapore fund manager on the establishment of a Singapore umbrella VCC fund for the purposes of investing in underlying quantitative funds.
- Acted for a Singapore fund manager on establishing a $130m Cayman Islands standalone limited partnership fund investing in start-ups in Southeast Asia’s fast-growing technology industry.
WongPartnership LLP has a track record in the private equity segment, coupled with extensive expertise in real estate, infrastructure and venture capital mandates. The firm has achieved significant growth in the venture capital space, including advising sustainability-focused funds and those with an emphasis on Indonesia and Vietnam investments. The investment funds team has strong connections to major international and Asian asset managers such as TPG Capital, KKR Asia and Silver Lake Partners. Low Kah Keong is a leader in private equity matters and Felicia Marie Ng is rated for private equity, real estate and venture capital funds.
Low Kah Keong
Other key lawyers:
Felicia Marie Ng
‘Very knowledgeable team on all things related to the fund management industry.’
‘Felicia Marie Ng – very knowledgeable and helpful.’
‘A strong team with deep knowledge and experience in the funds space. The team is on the ball and is very responsive.’
‘Low Kah Keong – our go-to lawyer, knows our business very well, gives commercial, sound advice, and is very responsive.’
TPG Capital, L.P.
KKR Asia Limited.
Temasek Holdings (Private) Limited
Lendlease Investment Management
B Capital Group
Indies Capital Partners
Morgan Stanley Real Estate
Silver Lake Partners
ABC World Asia Pte. Ltd.
Tower Capital Asia
- Acted as Singapore counsel to GLP on the establishment of Japan’s largest private open-ended logistics real estate income fund, GLP Japan Income Fund.
- Acted for BofA Securities (Merrill Lynch (Singapore), Citigroup Global Markets Singapore and DBS Bank as the joint issue managers, global coordinators, bookrunners and underwriters in the initial public offering and listing of Digital Core REIT on the Main Board of the Singapore Exchange.
- Acted for RBC Investor Services Trust Singapore, in its capacity as trustee of ESR-REIT in relation to the acquisition of 10% of the issued units in ESR Australia Logistics Partnership from ESR Queensland Hold Trust.
CNPLaw LLP has a well developed investment funds practice, including extensive experience in Singapore’s VCC regime. The team has impressive Singapore and regional experience, and combines local and international expertise to assist private equity, real estate and mutual funds, among others. Amit Dhume is a notable funds expert with a strong background in fund formation and regulatory matters, while Bill Jamieson provides further cross-border experience in the funds field.
Bill Jamieson; Amit Dhume
‘Cost effective, high quality, practical advice.’
‘Amit Dhume – practical, knowledgeable, understands the real world and is able to interpret the law and how it impacts our business accordingly.’
Impact Capital Asset Management Pte. Ltd.
Lighthouse Canton Pte. Ltd
Seeds International Asset Management (Singapore) Pte. Ltd.
Gordian Capital Singapore Pte. Ltd.
Blue Ashva Capital Pte Ltd
Amicorp Asset Management Singapore Pte. Ltd.
Trru Capital Pte. Ltd.
Hera Capital Partners Pte. Ltd.
- Acted for Impact Capital Asset Management on the launch of a private equity variable capital structured fund which was set up to purchase certain selected assets from various exiting selling funds.
- Acted as Singapore counsel for Seeds Development Fund SP, a segregated portfolio of Seeds Development Fund SPC.
- Acted for Blue Ashva Capital on the successful launch of two sub-funds under its umbrella variable capital company structured fund, Blue Ashva Global VCC.
Dentons Rodyk is noted for its expertise in private equity and venture capital funds, along with REITs and mutual funds. It has extensive experience in the establishment and redomiciliation of funds under Singapore’s VCC regime, and has further developed its experience in cryptocurrency and blockchain-related funds, representing a range of asset managers and institutional investors. I-An Lim is the lead partner in the team and S Sivanesan is also recognised for venture capital funds.
I-An Lim; S Sivanesan
J O Hambro Capital Management Limited
OT Management LLC
Leo Technology Fund VCC
Signum Capital VCC
City Developments Limited
BNP Paribas Trust Services Singapore Limited
APS Asset Management Pte Ltd
DBS Trustee Limited
Vertex Venture Management Pte.
- Reviewed the offering documents/information memorandum for the J O Hambro Funds, restricted schemes domiciled in Ireland and the UK.
- Acted for lead investor OT Management in connection with its $15m investment in Karbon United.
- Advised Signum Capital Management on the review of offering documents and setting up the VCC and various sub-funds.
Withers KhattarWong LLP has attained a solid position in the market, handling impressive funds formation, regulatory and licensing engagements on a regular basis. The fund team has been able to build on the firm’s celebrated private wealth and tax platform, working with colleagues that have strong connections to institutional clients, including key partners in Tokyo such as Eric Roose. The group's client base now includes clients in the family office, private equity, real estate, infrastructure, data centre and venture capital sectors. Daniel Yong is a recognised investment funds specialist.
Other key lawyers:
‘Practical and relevant. Sensitive on cost aspect of client.‘
Everstone Capital Asia Pte. Ltd.
Green Growth Feeder Fund Pte. Ltd.
EverYondr Sg Co
Alto Partners Pte Ltd
Altara Ventures Pte Ltd
MDI Ventures and Finch Capital
- Acted as Singapore legal counsel to Everstone Capital Asia, a Singapore-based private equity group, on the formation of its highly successful fourth PE fund, Everstone Capital Partners IV.
- Acted as Singapore legal counsel to the Green Growth Feeder Fund, the Singapore-domiciled feeder fund for the Green Growth Equity Fund.
- Acted as Singapore counsel to the Everstone Group on its $1bn strategic partnership with the Yondr Group to develop and operate data centres in India.