Regarded as a ‘strong team with great exposure across the industry’, Clifford Chance LLP advises a host of fund managers and sponsors on real estate fund formation and structuring matters. Led by Alexandra Davidson, the team combines strong technical tax and regulatory knowledge with capabilities in debt funds, private equity, emerging market funds, and secondaries transactions. Its experience also includes GP M&A, GP stakes and minority investments, and sustainable funds. Gerard Saviola is recognised for his international experience, with a strong track record advising fund sponsors on fundraising across asset classes in developed and emerging markets. Lily Marcel, praised for her ’strategic mindset’, specialises in private fund establishment and operation, while Jonathan Bray is noted for his knowledge in the debt space, with experience across both closed- and open-end private funds and secondaries. Benjamin Harding advises private fund sponsors on the structuring and operation of investment arrangements across alternative investment strategies.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘Very insightful team. Very commercial and always has good suggestions on alternatives.’
‘Strong team with great exposure across the industry and clear views on complex topics. The team are experienced, available, and on the ball. They show up prepared every time.’
‘Gerard Saviola brings a great international view, particularly as he works across both London and New York practices, so he can speak to what big US PE shops are doing on both sides of the pond.’
- 'The team is one of the most unique in the market - truly collaborative both with their Tax and Regulatory specialists, but also with their entire global funds network. Their technical knowledge of fund formation, structuring, tax issues and regulatory considerations is matched by a deep commercial awareness that consistently adds value to clients. Always solution-oriented and creative in a space that is becoming increasingly challenging. They are a team that you always want in your corner.'
- 'Lily Marcel is a truly exceptional practitioner whose expertise extends far beyond the technical aspects of fund formation, structuring and investor negotiations. She brings a strategic mindset to every engagement - helping clients navigate market expectations while safeguarding long-term operational success. Her ability to distil complexity into clear, actionable advice instils confidence at every stage of the fund lifecycle. Lily works seamlessly with all stakeholders, demonstrating not only deep technical knowledge but also a profound understanding of her clients’ businesses, investment strategies, and long-term objectives. Jonathan Bray's market knowledge, particularly in the debt space, is exceptional. His concise, commercial and "let's talk shop" approach is refreshing, highly appreciated and consistently delivers real value to clients navigating complex transactions. Gabby Kellogg brings a remarkable depth of knowledge and a widely respected collaborative approach to every engagement. Her extensive knowledge of fund structures is matched by a nuanced understanding of investor expectations and market trends. The combination of technical excellence and personable, solution-oriented approach makes her an invaluable asset to the business.'
- 'Partners are available and hands-on, contributing to quick solution finding.'
- 'Benjamin Harding is thoughtful, inventive and creative. He is always ready to provide interesting perspectives on new technology and trends in the private capital world across funds, recaps and GP M&A.'
Key clients
- M&G Asset Management
- Climate Asset Management
- BentallGreenOak
- Ares
- Legal & General
- Hillwood
- Nuveen
- DWS
- DRC Savills Investment Management
- CBRE IM
- Apollo Asset Management
- Intermediate Capital Group (ICG)
- DigitalBridge
- Schroders
- Aventicum
- EQT Exeter
- AIG
- Hillwood
- Barings
- Realterm
Work highlights
Advising BentallGreenOak on simultaneous fundraisings of all of its UK and EU debt mandates across its platform.
Advising M&G Investment Management on its Real Estate Debt Finance funds.
Advising Apollo on the Real Estate Debt fund (and all other funds) within its multi-strategy retail fund (including Apollo Alternatives Global Private Market Fund).
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Jonathan Bray
Lily Marcel
Leading associates
Leading associates with regular involvement in their team's key work, and recognition from peers or clients as being ones to watch.
Practice head
Alexandra Davidson
Other key lawyers
Gerard Saviola; Lily Marcel; Jonathan Bray; Benjamin Harding