Investment funds: local firms in Singapore

Allen & Gledhill LLP

Highly reputable investment funds practice, Allen & Gledhill LLP is sought after by leading domestic and international fund managers, financial institutions, sovereign wealth funds, and government entities. Key areas of work include structuring and formation of private equity funds, hedge funds and real estate, venture capital funds, and REITS. Jerry Koh spearheads the private funds and REITS offering, and recently acted alongside Long Pee Hua and Teh Hoe Yue on the first UK-focused REIT listed IPO on the Singapore Stock Exchange, the £130m listing of Elite Commercial REIT. Sarah Teo and Shieh Lin Lai are experts in retail collective investment schemes and exchange-traded funds.

Practice head(s):

Jerry Koh

Work highlights

  • Advised Elite Partners Capital, as fund counsel, in relation to the establishment of Elite UK, Commercial Fund I.
  • Advised Elite Commercial REIT Management Pte. Ltd., as manager of Elite Commercial REIT, as transaction counsel and Singapore legal adviser, on the £130.9m initial public offering and listing of Elite Commercial REIT on the Singapore Exchange.
  • Advised Astrea V on its issuance of S$315m Class A-1 Secured Fixed Rate Bonds Due 2029, US$230 million Class A-2 Secured Fixed Rate Bonds Due 2029, and US$140 million Class B Secured Fixed Rate Bonds Due 2029.

Rajah & Tann Singapore LLP

Rajah & Tann Singapore LLP has 'extensive experience and in-depth understanding of the hedge fund space from a legal, regulatory and operational perspective' and is a renowned practice for the establishment and management of private funds. Aside from the core aspects, the team is distinguished for its expertise in corporate reorganisation and M&A transactions involving Singapore-based managers and investment funds and the fund related aspects of M&A deals. Arnold Tan is a renowned figure in the private investment funds space. Anne Yeo has a strong relationship with fund managers in the formation, restructuring, and advisory arrangements for hedge, private equity, venture capital, and real estate funds. Jasmine Chew specialises in the formation of onshore and offshore investment vehicles. Carmen Lee joined from a leading global mutual funds group in March 2020.

Practice head(s):

Arnold TAN; Anne YEO

Other key lawyers:

Jasmine Chew

Testimonials

‘Extensive experience and in-depth understanding of the hedge fund space from a legal, regulatory, and operational perspective (both at the fund and fund manager level).’

‘Jasmine Chew is always available no matter how busy she is or can be. I can count on her for sound advice and guidance especially when there are new regulations or inquiries from investors.’

Key clients

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

Drew & Napier LLC

The investment funds department at Drew & Napier LLC is led by Petrus Huang and Ron Cheng, who are often instructed by managers and trustees on fund formation and structuring, management work with an additional level of expertise in relevant tax incentives. Huang is particularly recommended for the establishment of real estate investment funds, while Cheng 'provides exception innovative strategy' in alternative investment funds.

Testimonials

‘Drew & Napier LLC is a professional and well-established firm for the market’s top-tier clients. The team is reputable for their professional knowledge and overall competencies. And given the extremely competitive investment management market, I really appreciate them for being the firm that has the lowest turnaround time for tasks assigned to them.’

‘Petrus Huang and Ron Cheng – work closely together and advice is always timely and they operate very efficiently and there are never any surprises with them.’

‘Ron Cheng is capable to analyse complex fund structure, provide exception innovative strategy, and execute his task effectively and efficiently.’

Key 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

Shook Lin & Bok LLP

Shook Lin & Bok LLP has a good spread across REITs, retail unit trusts, hedge and private equity funds. The team is also able to assist with equity fund-raising, debt financing, and securitisation. Key partner Woon Hum Tan handles various funds through Singapore funds and offshore funds vehicles, such as Cayman LP funds and segregated portfolio companies. Andrea Ng is recommended for REITs, trust, asset, and wealth management work.

Practice head(s):

Tan Woon Hum

Other key lawyers:

Andrea Ng

Testimonials

‘The SLB partner, Woon Hum, and his team that we work with are very knowledgeable, reliable, and prompt in their advice and replies. SLB has also participated in the pilot launch of Singapore VCC fund structure and in numerous regulatory updates and panel talks. This keeps the team at the forefront of the ever-changing regulatory landscape.’

‘Woon Hum has been such a wonderful legal counsel to our firm. He is always providing us business-friendly advice and frequent industry updates as well. He is very knowledgeable in fund management regulations and provides very valuable advice in fund structuring.’

Work highlights

  • Acted for DBS Trustee Limited, the trustee of Prime US Reit, in relation to Prime US Reit’s initial public offering and listing on the Singapore Exchange to yield approximately $612m.
  • Acting for HSBC Institutional Trust Services, trustee for CapitaLand Commercial Trust and CapitaLand Mall Trust , in the proposed merger to form a diversified commercial real estate investment trust to be named CapitaLand Integrated Commercial Trust.
  • Advising DBS Trustee Limited, the trustee of Mapletree Commercial Trust, in the acquisition of 100% stake in Mapletree Business City (Phase 2), for S$1.55bn.

WongPartnership LLP

WongPartnership LLP's extensive cross-border investment expertise spans private equity, hedge funds, real estate, and collective investment schemes, among others. Low Kah Keong regularly acts for domestic and foreign sponsors and fund managers in asset management, fund formation, and private equity transactions. Infrastructure, REITs, tax, and regulatory aspects of transactions are also key areas of work. Felicia Marie Ng is a name to note in alternative investment funds.

Practice head(s):

LOW Kah Keong

Other key lawyers:

Felicia Marie Ng

Key clients

TPG Capital, L.P.

KKR Asia Limited.

OCBC Bank

L Catterton

Temasek Holdings (Private) Limited.

Providence Equity Partners

Morgan Stanley Real Estate

Keppel Capital

CapitaLand Limited

Lendlease Investment Management

B Capital Group

East Ventures

Indies Capital Partners

ABC World Asia Pte Ltd

Pierfront Capital Fund Management Pte. Ltd

Work highlights

  • Advising Temasek Trust, Pavilion Capital and Seletar Fund Investments as sponsors on the establishment of ABC World Asia Fund I LP, an impact investment fund focussed on Asian markets.
  • Advising Lendlease Investment Management Pte Ltd and Lendlease Singapore Holding Pty Limited as investment advisor and co-sponsor of Lendlease Data Centre Partners, an investment trust dedicated to developing and investing in data centre projects in South-East Asia, Japan, China and Australia.
  • Advising B Capital Group as Singapore legal counsel and Singapore tax counsel on the ongoing fund-raising and establishment of B Capital Fund II, L.P., a fund to invest in technology-enabled startups at the venture growth stage.

CNPLaw LLP

CNPLaw LLP's investment funds practice is co-headed by Bill Jamieson,  a well-rounded expert in corporate, banking, and securities laws, and Amit Dhume. As an experienced foreign lawyer, Jamieson assists foreign clients in investment flows through Singapore, in activities such as investment fund set-up and venture capital and private equity transactions. Dhume works with fund managers in setting up funds in Singapore and across various jurisdictions, primarily in the areas of private equity and wealth management.

Practice head(s):

Bill Jamieson; Amit Dhume

Testimonials

‘The partners we work with come across as solid professionals with thorough domain knowledge. Not even once, have we got the impression that the advice rendered is not from a position of strength and robust domain knowledge.’

‘Amit Dhume – Amit is a master at his trade with robust domain knowledge. The advice that we see coming from Amit is always in the best interest of the client and we can trust him with looking after the client’s interest in full.’

Key clients

Taikun Capital Pte Ltd

Hera Capital Partners Holdings V Pte. Ltd.

Smith Tan Asia Phoenix Fund

Centrum International Services Pte. Ltd.

White Oak Capital Partners Pte. Ltd.

Hera Capital Partners Holdings IV Pte. Ltd.

Work highlights

  • Acted as lead counsel for Maiora Asset Management, in the formation and successful launch of Maiora Renewables Fund II, a Cayman Islands domiciled private equity fund with a focus on alternative renewable energy projects predominantly in the Asia Pacific region, in particular, solar power plants in Taiwan.
  • Acted as Singapore counsel on the establishment of Hera Capital Partners Holdings V Pte. Ltd., a Singapore domiciled single asset fund, which is an investor in a Series C investment round by Alodokter, led by insurer Sequis Life.
  • Advised Centrum International Services Pte. Ltd., a fund manager, with the establishment of a new business line involving managed accounts.

Dentons Rodyk

Focusing on end-to-end investment funds support with added expertise from a network of global offices, Dentons Rodyk & Davidson LLP concentrates its practice in Singapore registered REITS, the establishment of offshore mutual funds, private equity, and venture capital. I-An Lim is experienced in structuring and establishing unit trusts in Singapore, advising local and overseas fund managers and trustees on regulatory, compliance, and operational issues. He is also the lead figure for fund management and downstream divestments.

Practice head(s):

I-An Lim

Testimonials

‘Strong commercial knowledge of the new changes especially of the recent vcc act.’

‘Accessible, and always willing to provide ad-hoc advice. Also has strong commercial knowledge and is willing to go over and above the normal scope of work.’

Key clients

J O Hambro Capital Management Limited

City Developments Limited

Work highlights

  • Review of the offering documents / information memorandum for the J O Hambro Funds. To date there are 14 sub-funds under the J O Hambro Funds each targeting different jurisdictions and investment sectors.
  • Acted for the fund manager in the establishment of a Singapore domiciled unit trust fund with an AUM of $50m.
  • Acted for City Developments Limited in the review of a joint venture agreement and fund establishment.

Morgan Lewis Stamford LLC

Morgan Lewis Stamford LLC's 'solid and reliable investment funds practice', headed by Joel Seow and Edward Bennett acts for banks, pension funds, corporations, and private equity funds across various asset classes and jurisdictions, with particular strengths in fund management and licensing and regulatory requirements. The team is also increasingly active in non-traditional private investment fund setups and advising on the establishment of new variable capital companies fund vehicles, following its launch in early 2020.

Practice head(s):

Joel Seow; Edward Bennett

Testimonials

‘Morgan Lewis has a solid and reliable investment funds practice. We appreciate their diligence and patience in getting the deal across the line. They are very commercial in their advice.’

‘Joel Seow is a very capable partner who provides solid and reliable advice – highly recommended.’

Key clients

Asian Development Bank

Pantheon Ventures

Dymon Asia Capital

Work highlights

  • Aadvised Asian Development Bank as global counsel on its commitment to the Indian Government-sponsored National Infrastructure Investment Fund of $100m.
  • Advised Asian Development Bank as global counsel on its commitment to China, People’s Republic of: CDH Venture and Growth Capital Fund II.
  • Advised Dymon Asia in connection with the establishment of a China-focused long-only fund.

Baker McKenzie Wong & Leow

At Baker McKenzie Wong & Leow, Kelvin Poa is the lead principal for investment fund services, focusing primarily on venture capital and private equity transactions across Singapore and Asia. He assists leading names in the industry in structuring their investment acquisitions, restructurings, and exits.

Practice head(s):

Kelvin Poa